NPORT-EX 2 JPMMCGF.htm PART F EDGAR HTML
JPMorgan Mid Cap Growth Fund
Schedule of Portfolio Investments as of March 31, 2026
(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., 2026.
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2026 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 99.0%
Aerospace & Defense — 8.4%
Axon Enterprise, Inc. *
225
95,344
BWX Technologies, Inc.
526
107,636
FTAI Aviation Ltd. (a)
574
140,655
HEICO Corp., Class A
682
143,905
Howmet Aerospace, Inc.
1,713
394,790
Rocket Lab Corp. *
1,109
71,242
 
953,572
Automobiles — 0.5%
Thor Industries, Inc.
684
54,637
Biotechnology — 10.2%
Alkermes plc *
1,776
62,797
Alnylam Pharmaceuticals, Inc. *
701
231,933
Bridgebio Pharma, Inc. *
331
24,556
Caris Life Sciences, Inc. * (a)
1,691
30,238
Disc Medicine, Inc. *
386
24,662
Insmed, Inc. *
1,550
253,442
Ionis Pharmaceuticals, Inc. * (a)
807
60,573
Natera, Inc. *
845
168,982
Neurocrine Biosciences, Inc. *
1,207
159,043
Nuvalent, Inc., Class A *
607
62,233
Rhythm Pharmaceuticals, Inc. *
597
51,938
uniQure NV (Netherlands) *
563
9,216
Xenon Pharmaceuticals, Inc. (Canada) *
426
24,772
 
1,164,385
Broadline Retail — 0.4%
Coupang, Inc. (South Korea) *
2,357
44,494
Building Products — 1.1%
Carlisle Cos., Inc. (a)
181
60,433
Trane Technologies plc
147
61,419
 
121,852
Capital Markets — 5.2%
Ares Management Corp., Class A
194
21,197
Bank of New York Mellon Corp. (The)
573
68,016
Interactive Brokers Group, Inc., Class A
544
36,495
LPL Financial Holdings, Inc.
209
62,864
MSCI, Inc.
293
157,609
Raymond James Financial, Inc.
741
107,261
Robinhood Markets, Inc., Class A *
1,078
74,701
Tradeweb Markets, Inc., Class A
538
63,308
 
591,451
Commercial Services & Supplies — 1.4%
Rollins, Inc.
1,758
93,898
Veralto Corp.
734
64,862
 
158,760
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Communications Equipment — 0.9%
Ciena Corp. *
272
105,617
Construction & Engineering — 5.4%
Comfort Systems USA, Inc.
211
291,601
Quanta Services, Inc.
602
330,358
 
621,959
Construction Materials — 0.4%
James Hardie Industries plc, ADR *
2,740
51,887
Consumer Finance — 0.3%
Figure Technology Solutions, Inc., Class A * (a)
1,016
34,482
Consumer Staples Distribution & Retail — 2.1%
Casey's General Stores, Inc.
168
122,790
Performance Food Group Co. *
1,317
112,792
 
235,582
Diversified Consumer Services — 0.4%
Bright Horizons Family Solutions, Inc. *
506
41,562
Electrical Equipment — 4.5%
AMETEK, Inc.
504
107,968
Canva, Inc. ‡ * (b)
5
7,790
Databricks ‡ * (b)
104
19,850
Vertiv Holdings Co., Class A
1,527
382,624
 
518,232
Electronic Equipment, Instruments & Components — 1.8%
Fabrinet (Thailand) *
193
100,454
Teledyne Technologies, Inc. *
178
108,025
 
208,479
Energy Equipment & Services — 0.7%
TechnipFMC plc (United Kingdom)
1,087
75,125
Entertainment — 3.7%
Live Nation Entertainment, Inc. * (a)
1,036
158,043
ROBLOX Corp., Class A *
2,113
119,523
Take-Two Interactive Software, Inc. *
709
139,920
 
417,486
Financial Services — 0.7%
Affirm Holdings, Inc., Class A *
379
17,351
Rocket Cos., Inc., Class A *
4,837
68,933
 
86,284
Health Care Equipment & Supplies — 2.6%
Dexcom, Inc. *
1,783
111,988
IDEXX Laboratories, Inc. *
240
134,500
IRhythm Holdings, Inc. *
224
26,447
Penumbra, Inc. *
77
25,312
 
298,247
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Health Care Providers & Services — 2.5%
Cencora, Inc.
903
283,678
Health Care Technology — 1.2%
Veeva Systems, Inc., Class A *
788
138,503
Hotels, Restaurants & Leisure — 10.0%
Chipotle Mexican Grill, Inc., Class A *
1,768
56,597
DoorDash, Inc., Class A *
469
70,439
Expedia Group, Inc.
170
39,184
Flutter Entertainment plc *
279
28,499
Hilton Worldwide Holdings, Inc.
1,282
389,708
Planet Fitness, Inc., Class A *
610
45,402
Royal Caribbean Cruises Ltd.
1,285
353,540
Texas Roadhouse, Inc.
411
67,807
Wingstop, Inc. (a)
169
26,171
Wynn Resorts Ltd.
604
61,348
 
1,138,695
Household Durables — 1.6%
Garmin Ltd.
260
60,206
Somnigroup International, Inc.
1,697
125,465
 
185,671
Independent Power and Renewable Electricity Producers — 1.3%
Vistra Corp.
1,030
154,828
Insurance — 0.6%
Arthur J Gallagher & Co.
300
65,003
Interactive Media & Services — 0.9%
Reddit, Inc., Class A *
728
97,987
IT Services — 4.9%
Cloudflare, Inc., Class A *
1,220
251,799
DigitalOcean Holdings, Inc. *
372
31,867
MongoDB, Inc., Class A *
297
72,746
Okta, Inc. *
713
56,084
Snowflake, Inc., Class A *
427
64,424
Twilio, Inc., Class A *
661
83,222
 
560,142
Life Sciences Tools & Services — 1.5%
Agilent Technologies, Inc.
507
57,757
IQVIA Holdings, Inc. *
385
65,781
Mettler-Toledo International, Inc. *
39
48,914
 
172,452
Machinery — 2.7%
Esab Corp.
622
60,097
Ingersoll Rand, Inc.
776
62,218
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Machinery — continued
ITT, Inc.
663
126,278
PACCAR, Inc.
497
57,446
 
306,039
Oil, Gas & Consumable Fuels — 4.0%
Cheniere Energy, Inc.
704
199,875
EOG Resources, Inc.
727
105,060
Williams Cos., Inc. (The)
2,074
150,938
 
455,873
Professional Services — 0.8%
Broadridge Financial Solutions, Inc.
564
91,603
Real Estate Management & Development — 1.1%
CBRE Group, Inc., Class A *
934
126,466
Residential REITs — 0.5%
Equity LifeStyle Properties, Inc.
867
54,128
Semiconductors & Semiconductor Equipment — 4.1%
MKS, Inc.
328
75,424
Monolithic Power Systems, Inc.
122
132,850
ON Semiconductor Corp. *
1,787
110,651
Rambus, Inc. *
608
52,270
Teradyne, Inc.
346
102,694
 
473,889
Software — 4.1%
Datadog, Inc., Class A *
1,338
157,951
HubSpot, Inc. *
352
85,901
JFrog Ltd. *
1,323
62,105
Palo Alto Networks, Inc. *
405
64,835
Procore Technologies, Inc. *
1,121
63,919
Rubrik, Inc., Class A *
757
37,081
 
471,792
Specialty Retail — 5.3%
AutoZone, Inc. *
31
105,242
Burlington Stores, Inc. *
555
180,681
Carvana Co., Class A *
632
198,730
Ulta Beauty, Inc. *
230
119,925
 
604,578
Textiles, Apparel & Luxury Goods — 1.2%
Levi Strauss & Co., Class A (a)
3,400
62,865
On Holding AG, Class A (Switzerland) *
2,118
72,046
 
134,911
Total Common Stocks
(Cost $9,012,968)
11,300,331
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Short-Term Investments — 1.6%
Investment Companies — 0.8%
JPMorgan Prime Money Market Fund Class IM Shares, 3.75% (c) (d)
(Cost $86,087)
86,085
86,094
Investment of Cash Collateral from Securities Loaned — 0.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.67% (c) (d)
(Cost $93,259)
93,259
93,259
Total Short-Term Investments
(Cost $179,346)
179,353
Total Investments — 100.6%
(Cost $9,192,314)
11,479,684
Liabilities in Excess of Other Assets — (0.6)%
(70,742
)
NET ASSETS — 100.0%
11,408,942
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
REIT
Real Estate Investment Trust
 
‡
Value determined using significant unobservable inputs.
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at March 31, 2026. The total value of securities on loan at March 31, 2026 is $97,236.
(b)
Fund is subject to legal or contractual restrictions on the resale of the security.
(c)
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.
(d)
The rate shown is the current yield as of March 31, 2026.
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2026 (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 "1940 Act"), the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (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.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
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: 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Aerospace & Defense
$953,572
$—
$—
$953,572
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Automobiles
$54,637
$—
$—
$54,637
Biotechnology
1,164,385
—
—
1,164,385
Broadline Retail
44,494
—
—
44,494
Building Products
121,852
—
—
121,852
Capital Markets
591,451
—
—
591,451
Commercial Services & Supplies
158,760
—
—
158,760
Communications Equipment
105,617
—
—
105,617
Construction & Engineering
621,959
—
—
621,959
Construction Materials
51,887
—
—
51,887
Consumer Finance
34,482
—
—
34,482
Consumer Staples Distribution & Retail
235,582
—
—
235,582
Diversified Consumer Services
41,562
—
—
41,562
Electrical Equipment
490,592
—
27,640
518,232
Electronic Equipment, Instruments & Components
208,479
—
—
208,479
Energy Equipment & Services
75,125
—
—
75,125
Entertainment
417,486
—
—
417,486
Financial Services
86,284
—
—
86,284
Health Care Equipment & Supplies
298,247
—
—
298,247
Health Care Providers & Services
283,678
—
—
283,678
Health Care Technology
138,503
—
—
138,503
Hotels, Restaurants & Leisure
1,138,695
—
—
1,138,695
Household Durables
185,671
—
—
185,671
Independent Power and Renewable Electricity Producers
154,828
—
—
154,828
Insurance
65,003
—
—
65,003
Interactive Media & Services
97,987
—
—
97,987
IT Services
560,142
—
—
560,142
Life Sciences Tools & Services
172,452
—
—
172,452
Machinery
306,039
—
—
306,039
Oil, Gas & Consumable Fuels
455,873
—
—
455,873
Professional Services
91,603
—
—
91,603
Real Estate Management & Development
126,466
—
—
126,466
Residential REITs
54,128
—
—
54,128
Semiconductors & Semiconductor Equipment
473,889
—
—
473,889
Software
471,792
—
—
471,792
Specialty Retail
604,578
—
—
604,578
Textiles, Apparel & Luxury Goods
134,911
—
—
134,911
Total Common Stocks
11,272,691
—
27,640
11,300,331
Short-Term Investments
Investment Companies
86,094
—
—
86,094
Investment of Cash Collateral from Securities Loaned
93,259
—
—
93,259
Total Short-Term Investments
179,353
—
—
179,353
Total Investments in Securities
$11,452,044
$—
$27,640
$11,479,684
As of March 31, 2026, the Fund held restricted securities, other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act, as follows: 
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
Security
Acquisition
Date
Cost
Market
Value
Percentage
of Fund's
Net Assets
Databricks - Common Stocks
7/24/2025
$14,572
$19,850
0.2
%
Canva, Inc. - Common Stocks
10/6/2025
7,790
7,790
0.1
%
 
$22,362
$27,640
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. 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, 2026
Security Description
Value at
June 30,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2026
Shares at
March 31,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM
Shares, 3.75%  (a) (b)
$26,249
$2,222,907
$2,163,042
$(20
)
$—
(c)
$86,094
86,085
$4,049
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.67%  (a) (b)
141,650
1,214,780
1,263,171
—
—
93,259
93,259
4,201
—
Total
$167,899
$3,437,687
$3,426,213
$(20
)
$—
(c)
$179,353
$8,250
$—
 
 
(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, 2026.
(c)
Amount rounds to less than one thousand.