NPORT-EX 2 JPMMCGF.htm EDGAR HTML
JPMorgan Mid Cap Growth 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 Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 97.9%
Aerospace & Defense — 3.6%
Axon Enterprise, Inc. *
200
105,256
HEICO Corp., Class A
905
190,912
Howmet Aerospace, Inc.
683
88,649
 
384,817
Automobiles — 0.5%
Thor Industries, Inc.
645
48,863
Banks — 0.8%
NU Holdings Ltd., Class A (Brazil) *
8,180
83,764
Biotechnology — 6.2%
Alkermes plc *
1,385
45,735
Alnylam Pharmaceuticals, Inc. *
703
189,850
Blueprint Medicines Corp. *
446
39,440
Insmed, Inc. *
1,197
91,311
Natera, Inc. *
1,153
163,025
Neurocrine Biosciences, Inc. *
573
63,314
Revolution Medicines, Inc. *
769
27,185
Vaxcyte, Inc. *
375
14,175
Viking Therapeutics, Inc. * (a)
1,147
27,709
 
661,744
Building Products — 1.7%
AAON, Inc.
837
65,408
Simpson Manufacturing Co., Inc.
406
63,765
Trane Technologies plc
154
51,823
 
180,996
Capital Markets — 11.2%
Ares Management Corp.
1,103
161,720
Coinbase Global, Inc., Class A *
272
46,904
FactSet Research Systems, Inc.
244
111,089
Interactive Brokers Group, Inc., Class A
517
85,632
Jefferies Financial Group, Inc.
1,326
71,052
LPL Financial Holdings, Inc.
515
168,332
Moody's Corp.
108
50,009
MSCI, Inc.
214
121,020
Raymond James Financial, Inc.
498
69,199
Robinhood Markets, Inc., Class A *
2,038
84,811
TPG, Inc.
920
43,652
Tradeweb Markets, Inc., Class A
1,165
172,952
 
1,186,372
Commercial Services & Supplies — 1.6%
Copart, Inc. *
1,878
106,279
MSA Safety, Inc.
415
60,854
 
167,133
Communications Equipment — 0.4%
Ciena Corp. *
741
44,767
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Construction & Engineering — 2.1%
Comfort Systems USA, Inc.
241
77,501
Quanta Services, Inc.
558
141,915
 
219,416
Construction Materials — 0.8%
Eagle Materials, Inc.
406
90,198
Consumer Staples Distribution & Retail — 2.0%
Casey's General Stores, Inc.
319
138,477
Performance Food Group Co. *
878
69,057
 
207,534
Distributors — 1.0%
Pool Corp.
319
101,657
Diversified Consumer Services — 1.2%
Bright Horizons Family Solutions, Inc. *
1,010
128,257
Electrical Equipment — 2.1%
AMETEK, Inc.
525
90,342
Hubbell, Inc.
145
47,940
Vertiv Holdings Co., Class A
1,211
87,435
 
225,717
Electronic Equipment, Instruments & Components — 0.9%
Teledyne Technologies, Inc. *
187
93,017
Energy Equipment & Services — 0.9%
TechnipFMC plc (United Kingdom)
3,133
99,277
Entertainment — 1.8%
ROBLOX Corp., Class A *
1,387
80,855
Take-Two Interactive Software, Inc. *
542
112,319
 
193,174
Financial Services — 0.7%
Rocket Cos., Inc., Class A (a)
6,307
76,122
Ground Transportation — 1.6%
JB Hunt Transport Services, Inc.
415
61,388
Saia, Inc. *
305
106,578
 
167,966
Health Care Equipment & Supplies — 2.5%
Cooper Cos., Inc. (The) *
999
84,293
Dexcom, Inc. *
1,033
70,534
Inspire Medical Systems, Inc. *
221
35,129
Penumbra, Inc. *
279
74,633
 
264,589
Health Care Providers & Services — 1.3%
McKesson Corp.
209
140,603
Health Care Technology — 1.4%
Veeva Systems, Inc., Class A *
620
143,575
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — 6.0%
Chipotle Mexican Grill, Inc. *
1,071
53,764
DoorDash, Inc., Class A *
653
119,356
Flutter Entertainment plc (United Kingdom) *
435
96,485
Hilton Worldwide Holdings, Inc.
967
220,069
Las Vegas Sands Corp.
1,149
44,385
Planet Fitness, Inc., Class A *
1,044
100,872
 
634,931
Household Durables — 1.1%
Garmin Ltd.
286
62,040
Somnigroup International, Inc. (a)
940
56,286
 
118,326
Independent Power and Renewable Electricity Producers — 1.0%
Vistra Corp.
911
106,999
Insurance — 1.3%
Arthur J Gallagher & Co.
402
138,733
IT Services — 6.0%
Cloudflare, Inc., Class A *
966
108,864
Gartner, Inc. *
418
175,399
Globant SA *
250
29,429
GoDaddy, Inc., Class A *
320
57,587
MongoDB, Inc. *
375
65,837
Okta, Inc. *
689
72,449
Snowflake, Inc., Class A *
466
68,160
Twilio, Inc., Class A *
634
62,118
 
639,843
Life Sciences Tools & Services — 2.2%
Agilent Technologies, Inc.
575
67,201
IQVIA Holdings, Inc. *
286
50,468
Mettler-Toledo International, Inc. *
64
75,804
West Pharmaceutical Services, Inc.
181
40,513
 
233,986
Machinery — 3.2%
Esab Corp.
903
105,169
Ingersoll Rand, Inc.
717
57,378
ITT, Inc.
811
104,758
Westinghouse Air Brake Technologies Corp.
425
77,039
 
344,344
Media — 0.7%
Trade Desk, Inc. (The), Class A *
1,290
70,615
Oil, Gas & Consumable Fuels — 3.6%
Cheniere Energy, Inc.
700
161,967
JPMorgan Mid Cap Growth 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
EOG Resources, Inc.
782
100,301
Williams Cos., Inc. (The)
2,022
120,811
 
383,079
Personal Care Products — 0.4%
elf Beauty, Inc. * (a)
683
42,913
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.
447
46,760
Real Estate Management & Development — 0.7%
CBRE Group, Inc., Class A *
601
78,549
Semiconductors & Semiconductor Equipment — 3.4%
Entegris, Inc.
751
65,703
Marvell Technology, Inc.
580
35,669
Monolithic Power Systems, Inc.
60
34,852
ON Semiconductor Corp. *
1,016
41,349
Onto Innovation, Inc. *
371
45,043
Rambus, Inc. *
1,030
53,330
Teradyne, Inc.
1,017
84,026
 
359,972
Software — 14.7%
AppLovin Corp., Class A *
789
208,912
Atlassian Corp., Class A *
433
91,876
Confluent, Inc., Class A *
3,452
80,912
Coreweave, Inc., Class A *
575
21,310
Crowdstrike Holdings, Inc., Class A *
125
44,166
CyberArk Software Ltd. *
271
91,573
Datadog, Inc., Class A *
1,335
132,471
Gitlab, Inc., Class A *
720
33,815
HubSpot, Inc. *
335
191,348
Monday.com Ltd. *
256
62,354
Nutanix, Inc., Class A *
1,684
117,572
Palantir Technologies, Inc., Class A *
4,228
356,862
Rubrik, Inc., Class A *
581
35,443
Tyler Technologies, Inc. *
168
97,700
 
1,566,314
Specialized REITs — 0.4%
Crown Castle, Inc.
440
45,913
Specialty Retail — 5.2%
AutoZone, Inc. *
30
114,719
Burlington Stores, Inc. *
568
135,414
Floor & Decor Holdings, Inc., Class A *
561
45,155
Tractor Supply Co.
2,939
161,926
Ulta Beauty, Inc. *
266
97,480
 
554,694
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — 0.7%
On Holding AG, Class A (Switzerland) *
1,623
71,297
Trading Companies & Distributors — 0.6%
Air Lease Corp.
1,328
64,138
Total Common Stocks
(Cost $8,758,709)
10,410,964
Short-Term Investments — 3.5%
Investment Companies — 2.3%
JPMorgan Prime Money Market Fund Class IM Shares, 4.43% (b) (c)
(Cost $242,744)
242,681
242,754
Investment of Cash Collateral from Securities Loaned — 1.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.38% (b) (c)
(Cost $128,875)
128,875
128,875
Total Short-Term Investments
(Cost $371,619)
371,629
Total Investments — 101.4%
(Cost $9,130,328)
10,782,593
Liabilities in Excess of Other Assets — (1.4)%
(144,435
)
NET ASSETS — 100.0%
10,638,158
 
Percentages indicated are based on net assets.
 
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 $118,374.
(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 Growth 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)
$10,782,593
$—
$—
$10,782,593
 
 
(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 Growth 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)
$175,763
$2,407,791
$2,340,833
$28
$5
$242,754
242,681
$7,135
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.38%  (a) (b)
108,380
428,717
408,231
—
(c)
9
128,875
128,875
954
—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 4.31%  (a) (b)
12,884
74,443
87,327
—
—
—
—
57
—
Total
$297,027
$2,910,951
$2,836,391
$28
$14
$371,629
$8,146
$—
 
 
(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.