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1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to<span style="white-space: nowrap;"> </span>Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund<br/>(Class A Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>117</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.09<span>%</span></td> </tr> </table> 117 0.0109 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class A Shares, without a sales charge, returned 15.77% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell Midcap Value Index returned 26.62% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the information technology and financials sectors detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the real estate and industrials sectors contributed to performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's underweight allocation to Sandisk and not owning Corning detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's overweight allocation to MKS Instruments and Jabil contributed to performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g141032chartimages_5475932.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund (Class A Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">April 30, 2001</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.70</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">6.29<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">8.28<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund (Class A Shares) - excluding sales charge</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.77</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">7.44</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">8.86</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell Midcap Value Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">26.62</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.48</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">10.63</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Mid Cap Value Fund (Class A Shares) 2001-04-30 0.0970 0.0629 0.0828 JPMorgan Mid Cap Value Fund (Class A Shares) - excluding sales charge 0.1577 0.0744 0.0886 Russell 3000 Index 0.2282 0.1231 0.1506 Russell Midcap Value Index 0.2662 0.0948 0.1063 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 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. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11,164,037</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">105</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">68</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>63,719</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 11164037000 105 0.68 63719000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g141032chartimages_5475977.jpg" style="width: 275pt;"/> </div> JPMorgan Mid Cap Value Fund Class C Shares JCMVX This annual shareholder report contains important information about the JPMorgan Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to<span style="white-space: nowrap;"> </span>Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund<br/>(Class C Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>171</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.59<span>%</span></td> </tr> </table> 171 0.0159 <div style="font-weight: 400; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <p style="font-family: 'Arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0;"><b>How did the Fund Perform?</b></p> </div> <div style="font-weight: 400; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0; background-color: rgb(235, 240, 242); background-image: initial; padding: 0; border: initial none initial;"> <p style="font-weight: 400; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0;">The Fund's Class C Shares, without a sales charge, returned 15.23% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell Midcap Value Index returned 26.62% for the twelve months ended June 30, 2026.</p> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <p style="font-weight: 400; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0;">The Fund's security selection in the information technology and financials sectors detracted from performance.</p> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <p style="font-weight: 400; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0;">The Fund's security selection in the real estate and industrials sectors contributed to performance.</p> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <p style="font-weight: 400; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0;">The Fund's underweight allocation to Sandisk and not owning Corning detracted from performance.</p> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <p style="font-weight: 400; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0;">The Fund's overweight allocation to MKS Instruments and Jabil contributed to performance.</p> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g141032chartimages_5475933.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund (Class C Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">April 30, 2001</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">14.23</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">6.91<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">8.42<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund (Class C Shares) - excluding sales charge</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.23</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">6.91</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">8.42</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell Midcap Value Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">26.62</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.48</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">10.63</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Mid Cap Value Fund (Class C Shares) 2001-04-30 0.1423 0.0691 0.0842 JPMorgan Mid Cap Value Fund (Class C Shares) - excluding sales charge 0.1523 0.0691 0.0842 Russell 3000 Index 0.2282 0.1231 0.1506 Russell Midcap Value Index 0.2662 0.0948 0.1063 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 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. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11,164,037</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">105</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">68</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>63,719</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 11164037000 105 0.68 63719000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g141032chartimages_5475978.jpg" style="width: 275pt;"/> </div> JPMorgan Mid Cap Value Fund Class I Shares JMVSX This annual shareholder report contains important information about the JPMorgan Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to<span style="white-space: nowrap;"> </span>Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund<br/>(Class I Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>90</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.84<span>%</span></td> </tr> </table> 90 0.0084 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class I Shares returned 16.08% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell Midcap Value Index returned 26.62% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the information technology and financials sectors detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the real estate and industrials sectors contributed to performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's underweight allocation to Sandisk and not owning Corning detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's overweight allocation to MKS Instruments and Jabil contributed to performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g141032chartimages_5475934.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund (Class I Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">October 31, 2001</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">16.08</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">7.71<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.14<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell Midcap Value Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">26.62</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.48</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">10.63</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Mid Cap Value Fund (Class I Shares) 2001-10-31 0.1608 0.0771 0.0914 Russell 3000 Index 0.2282 0.1231 0.1506 Russell Midcap Value Index 0.2662 0.0948 0.1063 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 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. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11,164,037</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">105</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">68</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>63,719</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 11164037000 105 0.68 63719000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g141032chartimages_5475979.jpg" style="width: 275pt;"/> </div> JPMorgan Mid Cap Value Fund Class L Shares FLMVX This annual shareholder report contains important information about the JPMorgan Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to<span style="white-space: nowrap;"> </span>Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund<br/>(Class L Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>76</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.70<span>%</span></td> </tr> </table> 76 0.0070 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class L Shares returned 16.22% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell Midcap Value Index returned 26.62% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the information technology and financials sectors detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the real estate and industrials sectors contributed to performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's underweight allocation to Sandisk and not owning Corning detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's overweight allocation to MKS Instruments and Jabil contributed to performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g141032chartimages_5475940.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund (Class L Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">November 13, 1997<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">16.22</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">7.87<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.34<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell Midcap Value Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">26.62</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.48</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">10.63</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Mid Cap Value Fund (Class L Shares) 1997-11-13 0.1622 0.0787 0.0934 Russell 3000 Index 0.2282 0.1231 0.1506 Russell Midcap Value Index 0.2662 0.0948 0.1063 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 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. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11,164,037</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">105</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">68</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>63,719</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 11164037000 105 0.68 63719000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g141032chartimages_5475985.jpg" style="width: 275pt;"/> </div> JPMorgan Mid Cap Value Fund Class R2 Shares JMVZX This annual shareholder report contains important information about the JPMorgan Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to<span style="white-space: nowrap;"> </span>Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund<br/>(Class R2 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>145</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.35<span>%</span></td> </tr> </table> 145 0.0135 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class R2 Shares returned 15.48% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell Midcap Value Index returned 26.62% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the information technology and financials sectors detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the real estate and industrials sectors contributed to performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's underweight allocation to Sandisk and not owning Corning detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's overweight allocation to MKS Instruments and Jabil contributed to performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g141032chartimages_5475935.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund (Class R2 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">November 3, 2008<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.48</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">7.16<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">8.58<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell Midcap Value Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">26.62</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.48</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">10.63</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Mid Cap Value Fund (Class R2 Shares) 2008-11-03 0.1548 0.0716 0.0858 Russell 3000 Index 0.2282 0.1231 0.1506 Russell Midcap Value Index 0.2662 0.0948 0.1063 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 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. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11,164,037</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">105</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">68</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>63,719</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 11164037000 105 0.68 63719000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g141032chartimages_5475980.jpg" style="width: 275pt;"/> </div> JPMorgan Mid Cap Value Fund Class R3 Shares JMVPX This annual shareholder report contains important information about the JPMorgan Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to<span style="white-space: nowrap;"> </span>Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund<br/>(Class R3 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>118</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.10<span>%</span></td> </tr> </table> 118 0.0110 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class R3 Shares returned 15.78% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell Midcap Value Index returned 26.62% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the information technology and financials sectors detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the real estate and industrials sectors contributed to performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's underweight allocation to Sandisk and not owning Corning detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's overweight allocation to MKS Instruments and Jabil contributed to performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g141032chartimages_5475936.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund (Class R3 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">September 9, 2016<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.78</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">7.43<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">8.86<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell Midcap Value Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">26.62</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.48</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">10.63</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Mid Cap Value Fund (Class R3 Shares) 2016-09-09 0.1578 0.0743 0.0886 Russell 3000 Index 0.2282 0.1231 0.1506 Russell Midcap Value Index 0.2662 0.0948 0.1063 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 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. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11,164,037</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">105</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">68</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>63,719</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 11164037000 105 0.68 63719000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g141032chartimages_5475981.jpg" style="width: 275pt;"/> </div> JPMorgan Mid Cap Value Fund Class R4 Shares JMVQX This annual shareholder report contains important information about the JPMorgan Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to<span style="white-space: nowrap;"> </span>Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund<br/>(Class R4 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>92</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.85<span>%</span></td> </tr> </table> 92 0.0085 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class R4 Shares returned 16.06% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell Midcap Value Index returned 26.62% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the information technology and financials sectors detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the real estate and industrials sectors contributed to performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's underweight allocation to Sandisk and not owning Corning detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's overweight allocation to MKS Instruments and Jabil contributed to performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g141032chartimages_5475937.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund (Class R4 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">September 9, 2016<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">16.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">7.70<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.13<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell Midcap Value Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">26.62</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.48</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">10.63</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Mid Cap Value Fund (Class R4 Shares) 2016-09-09 0.1606 0.0770 0.0913 Russell 3000 Index 0.2282 0.1231 0.1506 Russell Midcap Value Index 0.2662 0.0948 0.1063 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 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. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11,164,037</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">105</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">68</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>63,719</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 11164037000 105 0.68 63719000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g141032chartimages_5475982.jpg" style="width: 275pt;"/> </div> JPMorgan Mid Cap Value Fund Class R5 Shares JMVRX This annual shareholder report contains important information about the JPMorgan Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to<span style="white-space: nowrap;"> </span>Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund<br/>(Class R5 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>75</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.70<span>%</span></td> </tr> </table> 75 0.0070 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class R5 Shares returned 16.23% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell Midcap Value Index returned 26.62% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the information technology and financials sectors detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the real estate and industrials sectors contributed to performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's underweight allocation to Sandisk and not owning Corning detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's overweight allocation to MKS Instruments and Jabil contributed to performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g141032chartimages_5475938.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund (Class R5 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">September 9, 2016</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">16.23</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">7.86<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.30<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell Midcap Value Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">26.62</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.48</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">10.63</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Mid Cap Value Fund (Class R5 Shares) 2016-09-09 0.1623 0.0786 0.0930 Russell 3000 Index 0.2282 0.1231 0.1506 Russell Midcap Value Index 0.2662 0.0948 0.1063 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 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. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11,164,037</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">105</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">68</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>63,719</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 11164037000 105 0.68 63719000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g141032chartimages_5475983.jpg" style="width: 275pt;"/> </div> JPMorgan Mid Cap Value Fund Class R6 Shares JMVYX This annual shareholder report contains important information about the JPMorgan Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to<span style="white-space: nowrap;"> </span>Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund<br/>(Class R6 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>65</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.60<span>%</span></td> </tr> </table> 65 0.0060 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class R6 Shares returned 16.36% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell Midcap Value Index returned 26.62% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the information technology and financials sectors detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's security selection in the real estate and industrials sectors contributed to performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's underweight allocation to Sandisk and not owning Corning detracted from performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund's overweight allocation to MKS Instruments and Jabil contributed to performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g141032chartimages_5475939.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Mid Cap Value Fund (Class R6 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">September 9, 2016</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">16.36</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">7.97<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.40<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell Midcap Value Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">26.62</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.48</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">10.63</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Mid Cap Value Fund (Class R6 Shares) 2016-09-09 0.1636 0.0797 0.0940 Russell 3000 Index 0.2282 0.1231 0.1506 Russell Midcap Value Index 0.2662 0.0948 0.1063 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 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. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11,164,037</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">105</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">68</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>63,719</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 11164037000 105 0.68 63719000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g141032chartimages_5475984.jpg" style="width: 275pt;"/> </div>