NPORT-EX 2 JPMMIDCAPEQ.htm EDGAR HTML
JPMorgan Mid Cap Equity Fund
Schedule of Portfolio Investments as of March 31, 2025
(Unaudited) 
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2025.
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 96.4%
Aerospace & Defense — 1.6%
Axon Enterprise, Inc. *
32
16,642
HEICO Corp., Class A
143
30,185
Howmet Aerospace, Inc.
108
14,016
Woodward, Inc.
110
20,124
 
80,967
Automobiles — 0.2%
Thor Industries, Inc.
102
7,726
Banks — 3.4%
Columbia Banking System, Inc.
517
12,884
Fifth Third Bancorp
914
35,834
First Citizens BancShares, Inc., Class A
22
41,306
M&T Bank Corp.
223
39,799
NU Holdings Ltd., Class A (Brazil) *
1,293
13,244
Regions Financial Corp.
1,357
29,483
 
172,550
Beverages — 1.1%
Constellation Brands, Inc., Class A
109
20,041
Keurig Dr Pepper, Inc.
1,041
35,609
 
55,650
Biotechnology — 2.0%
Alkermes plc *
219
7,231
Alnylam Pharmaceuticals, Inc. *
111
30,017
Blueprint Medicines Corp. *
71
6,236
Insmed, Inc. *
189
14,437
Natera, Inc. *
182
25,776
Neurocrine Biosciences, Inc. *
91
10,012
Revolution Medicines, Inc. *
122
4,298
Vaxcyte, Inc. *
59
2,241
Viking Therapeutics, Inc. *
181
4,381
 
104,629
Building Products — 1.8%
AAON, Inc.
133
10,342
Carlisle Cos., Inc.
98
33,376
Fortune Brands Innovations, Inc.
501
30,522
Simpson Manufacturing Co., Inc.
64
10,082
Trane Technologies plc
24
8,194
 
92,516
Capital Markets — 7.4%
Ameriprise Financial, Inc.
124
60,069
Ares Management Corp.
174
25,570
Blue Owl Capital, Inc.
1,023
20,511
Coinbase Global, Inc., Class A *
43
7,416
FactSet Research Systems, Inc.
39
17,564
Interactive Brokers Group, Inc., Class A
82
13,539
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Capital Markets — continued
Jefferies Financial Group, Inc.
210
11,234
LPL Financial Holdings, Inc.
81
26,615
Moody's Corp.
17
7,907
MSCI, Inc.
34
19,134
Northern Trust Corp.
108
10,642
Raymond James Financial, Inc.
448
62,191
Robinhood Markets, Inc., Class A *
322
13,409
State Street Corp.
533
47,706
TPG, Inc.
146
6,902
Tradeweb Markets, Inc., Class A
184
27,345
 
377,754
Chemicals — 0.7%
RPM International, Inc.
291
33,638
Commercial Services & Supplies — 1.1%
Copart, Inc. *
297
16,804
MSA Safety, Inc.
65
9,621
Veralto Corp.
320
31,152
 
57,577
Communications Equipment — 0.1%
Ciena Corp. *
117
7,078
Construction & Engineering — 0.7%
Comfort Systems USA, Inc.
38
12,254
Quanta Services, Inc.
88
22,438
 
34,692
Construction Materials — 1.0%
Eagle Materials, Inc.
64
14,261
Martin Marietta Materials, Inc.
78
37,160
 
51,421
Consumer Finance — 0.3%
Discover Financial Services
86
14,708
Consumer Staples Distribution & Retail — 1.8%
Casey's General Stores, Inc.
51
21,895
Kroger Co. (The)
631
42,721
Performance Food Group Co. *
139
10,919
US Foods Holding Corp. *
266
17,441
 
92,976
Containers & Packaging — 2.6%
Ball Corp.
500
26,014
Graphic Packaging Holding Co.
677
17,573
International Paper Co.
779
41,568
Packaging Corp. of America
104
20,646
Silgan Holdings, Inc.
548
28,016
 
133,817
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Distributors — 1.0%
Genuine Parts Co.
280
33,373
Pool Corp.
51
16,073
 
49,446
Diversified Consumer Services — 0.4%
Bright Horizons Family Solutions, Inc. *
160
20,278
Electric Utilities — 1.8%
PG&E Corp.
2,520
43,302
Xcel Energy, Inc.
703
49,751
 
93,053
Electrical Equipment — 3.0%
Acuity, Inc.
121
31,837
AMETEK, Inc.
388
66,754
Hubbell, Inc.
130
43,166
Vertiv Holdings Co., Class A
192
13,824
 
155,581
Electronic Equipment, Instruments & Components — 3.3%
Flex Ltd. *
258
8,544
Jabil, Inc.
227
30,923
TD SYNNEX Corp.
322
33,451
Teledyne Technologies, Inc. *
129
64,252
Zebra Technologies Corp., Class A *
114
32,223
 
169,393
Energy Equipment & Services — 1.0%
Baker Hughes Co.
831
36,516
TechnipFMC plc (United Kingdom)
495
15,697
 
52,213
Entertainment — 1.4%
ROBLOX Corp., Class A *
219
12,784
Take-Two Interactive Software, Inc. *
151
31,326
Warner Music Group Corp., Class A
906
28,399
 
72,509
Financial Services — 2.7%
Block, Inc. *
309
16,786
Fidelity National Information Services, Inc.
820
61,257
MGIC Investment Corp.
1,846
45,733
Rocket Cos., Inc., Class A (a)
997
12,036
 
135,812
Food Products — 2.0%
General Mills, Inc.
794
47,485
Hershey Co. (The)
122
20,842
Post Holdings, Inc. *
271
31,548
 
99,875
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Ground Transportation — 1.2%
JB Hunt Transport Services, Inc.
290
42,810
Saia, Inc. *
48
16,851
 
59,661
Health Care Equipment & Supplies — 2.1%
Cooper Cos., Inc. (The) *
158
13,327
Dexcom, Inc. *
163
11,152
GE HealthCare Technologies, Inc.
406
32,766
Globus Medical, Inc., Class A *
416
30,406
Inspire Medical Systems, Inc. *
35
5,554
Penumbra, Inc. *
44
11,800
 
105,005
Health Care Providers & Services — 3.9%
Cencora, Inc.
180
50,096
Henry Schein, Inc. *
645
44,136
Humana, Inc.
105
27,779
McKesson Corp.
33
22,231
Quest Diagnostics, Inc.
314
53,148
 
197,390
Health Care REITs — 0.5%
Ventas, Inc.
390
26,823
Health Care Technology — 0.4%
Veeva Systems, Inc., Class A *
98
22,701
Hotel & Resort REITs — 0.5%
Host Hotels & Resorts, Inc.
1,871
26,591
Hotels, Restaurants & Leisure — 3.0%
Chipotle Mexican Grill, Inc. *
169
8,500
Darden Restaurants, Inc.
141
29,337
DoorDash, Inc., Class A *
103
18,871
Expedia Group, Inc.
148
24,905
Flutter Entertainment plc (United Kingdom) *
69
15,255
Hilton Worldwide Holdings, Inc.
153
34,795
Las Vegas Sands Corp.
182
7,018
Planet Fitness, Inc., Class A *
165
15,949
 
154,630
Household Durables — 1.0%
Garmin Ltd.
45
9,809
Mohawk Industries, Inc. *
283
32,362
Somnigroup International, Inc.
149
8,899
 
51,070
Independent Power and Renewable Electricity Producers — 0.3%
Vistra Corp.
144
16,917
Insurance — 4.9%
Arch Capital Group Ltd.
593
57,009
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Insurance — continued
Arthur J Gallagher & Co.
63
21,935
Hartford Insurance Group, Inc. (The)
435
53,851
Loews Corp.
762
70,056
WR Berkley Corp.
663
47,150
 
250,001
Interactive Media & Services — 0.5%
IAC, Inc. *
572
26,276
IT Services — 2.6%
Cloudflare, Inc., Class A *
153
17,213
Gartner, Inc. *
66
27,732
Globant SA *
39
4,621
GoDaddy, Inc., Class A *
230
41,445
MongoDB, Inc. *
59
10,409
Okta, Inc. *
109
11,455
Snowflake, Inc., Class A *
74
10,777
Twilio, Inc., Class A *
100
9,821
 
133,473
Life Sciences Tools & Services — 1.2%
Agilent Technologies, Inc.
91
10,625
IQVIA Holdings, Inc. *
196
34,523
Mettler-Toledo International, Inc. *
10
11,985
West Pharmaceutical Services, Inc.
28
6,405
 
63,538
Machinery — 4.5%
Dover Corp.
237
41,614
Esab Corp.
143
16,628
Ingersoll Rand, Inc.
610
48,768
ITT, Inc.
405
52,349
Lincoln Electric Holdings, Inc.
189
35,759
Middleby Corp. (The) *
135
20,567
Westinghouse Air Brake Technologies Corp.
67
12,181
 
227,866
Media — 0.2%
Trade Desk, Inc. (The), Class A *
204
11,165
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.
561
21,219
Multi-Utilities — 3.6%
CMS Energy Corp.
715
53,685
NiSource, Inc.
1,006
40,313
Public Service Enterprise Group, Inc.
249
20,535
WEC Energy Group, Inc.
618
67,395
 
181,928
Oil, Gas & Consumable Fuels — 4.3%
Cheniere Energy, Inc.
222
51,339
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Coterra Energy, Inc.
1,502
43,421
Diamondback Energy, Inc.
223
35,669
EOG Resources, Inc.
124
15,859
Williams Cos., Inc. (The)
1,273
76,095
 
222,383
Personal Care Products — 0.1%
elf Beauty, Inc. * (a)
108
6,785
Pharmaceuticals — 0.6%
Jazz Pharmaceuticals plc *
240
29,817
Professional Services — 1.4%
Booz Allen Hamilton Holding Corp.
71
7,393
Parsons Corp. *
425
25,184
UL Solutions, Inc., Class A
653
36,823
 
69,400
Real Estate Management & Development — 0.8%
CBRE Group, Inc., Class A *
314
41,039
Residential REITs — 2.0%
American Homes 4 Rent, Class A
961
36,337
AvalonBay Communities, Inc.
178
38,182
Mid-America Apartment Communities, Inc.
161
26,992
 
101,511
Retail REITs — 0.9%
Regency Centers Corp.
616
45,415
Semiconductors & Semiconductor Equipment — 1.4%
Entegris, Inc.
119
10,388
Marvell Technology, Inc.
92
5,640
Monolithic Power Systems, Inc.
9
5,510
ON Semiconductor Corp. *
570
23,206
Onto Innovation, Inc. *
59
7,122
Rambus, Inc. *
163
8,432
Teradyne, Inc.
161
13,285
 
73,583
Software — 4.8%
AppLovin Corp., Class A *
124
32,952
Atlassian Corp., Class A *
68
14,526
Confluent, Inc., Class A *
546
12,793
Crowdstrike Holdings, Inc., Class A *
20
6,963
CyberArk Software Ltd. *
43
14,479
Datadog, Inc., Class A *
211
20,945
Gitlab, Inc., Class A *
114
5,346
HubSpot, Inc. *
53
30,254
Monday.com Ltd. *
41
9,859
Nutanix, Inc., Class A *
266
18,589
Palantir Technologies, Inc., Class A *
668
56,423
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Software — continued
Rubrik, Inc., Class A *
92
5,588
Tyler Technologies, Inc. *
27
15,448
 
244,165
Specialized REITs — 1.9%
Crown Castle, Inc.
70
7,296
Public Storage
87
26,256
SBA Communications Corp.
141
30,989
Weyerhaeuser Co.
1,115
32,641
 
97,182
Specialty Retail — 3.7%
AutoZone, Inc. *
14
54,645
Bath & Body Works, Inc.
632
19,165
Best Buy Co., Inc.
370
27,243
Burlington Stores, Inc. *
90
21,410
Floor & Decor Holdings, Inc., Class A *
89
7,140
Ross Stores, Inc.
159
20,368
Tractor Supply Co.
465
25,602
Ulta Beauty, Inc. *
42
15,412
 
190,985
Textiles, Apparel & Luxury Goods — 1.1%
Carter's, Inc.
487
19,936
On Holding AG, Class A (Switzerland) *
257
11,273
Ralph Lauren Corp.
121
26,646
 
57,855
Trading Companies & Distributors — 0.2%
Air Lease Corp.
210
10,141
Total Common Stocks
(Cost $3,900,842)
4,932,374
Short-Term Investments — 3.4%
Investment Companies — 3.0%
JPMorgan Prime Money Market Fund Class IM Shares, 4.43% (b) (c)
(Cost $152,549)
152,517
152,562
Investment of Cash Collateral from Securities Loaned — 0.4%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.38% (b) (c)
(Cost $18,524)
18,524
18,524
Total Short-Term Investments
(Cost $171,073)
171,086
Total Investments — 99.8%
(Cost $4,071,915)
5,103,460
Other Assets in Excess of Liabilities — 0.2%
12,418
NET ASSETS — 100.0%
5,115,878
 
Percentages indicated are based on net assets.
 
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
Abbreviations
 
REIT
Real Estate Investment Trust
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at March 31, 2025. The total value of securities on loan at March 31, 2025 is $16,556.
(b)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment
Management Inc.
(c)
The rate shown is the current yield as of March 31, 2025.
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$5,103,460
$—
$—
$5,103,460
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers.
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended March 31, 2025
Security Description
Value at
June 30,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2025
Shares at
March 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM
Shares, 4.43%  (a) (b)
$100,859
$1,880,593
$1,828,896
$3
$3
$152,562
152,517
$5,132
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.38%  (a) (b)
12,384
147,582
141,443
—
(c)
1
18,524
18,524
170
—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 4.31%  (a) (b)
1,716
16,518
18,234
—
—
—
—
14
—
Total
$114,959
$2,044,693
$1,988,573
$3
$4
$171,086
$5,316
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of March 31, 2025.
(c)
Amount rounds to less than one thousand.