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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-08189
J.P. Morgan Fleming Mutual Fund Group, Inc.
(Exact name of registrant as specified in charter)
277 Park Avenue
New York, NY 10172
(Address of principal executive offices) (Zip code)
Gregory S. Samuels
277 Park Avenue
New York, NY 10172
(Name and Address of Agent for Service)
Registrant’s telephone number, including area code: (800) 480-4111
Date of fiscal year end: June 30
Date of reporting period: July 1, 2019 through June 30, 2020
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
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ITEM 1. REPORTS TO STOCKHOLDERS.
The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
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Annual Report
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2020
JPMorgan Growth Advantage Fund
JPMorgan Mid Cap Equity Fund
JPMorgan Mid Cap Growth Fund
JPMorgan Mid Cap Value Fund
JPMorgan Value Advantage Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.
You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).
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Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
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JULY 28, 2020 (Unaudited)
Dear Shareholders,
While every epoch holds challenges and opportunities, the current year has brought unprecedented challenges that impacted communities both globally and locally. J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.
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“J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.” |
The advent of the COVID-19 pandemic and the ensuing closure of large parts of global, national and local economies also brought severe stress to financial markets. Daily market volatility spiked and yields on U.S. Treasury bonds fell to record lows in March 2020 and by the end of the first quarter of 2020, the value of the S&P 500 Index had declined by 20%. However, the U.S. Federal Reserve, along with other leading central banks, slashed interest rates and unleashed a range of initiatives to seek to ensure liquidity and stability in financial markets. From their lows on March 23, 2020 to the end of the reporting period, the S&P 500 and the Bloomberg Barclays U.S.
Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.
Many have faced significant challenges throughout the past year, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. JPMorgan Chase & Co. has recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion for JPMorgan Chase & Co., recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion web site.
On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.
Sincerely yours,
Andrea L. Lisher
Head of Americas, Client
J.P. Morgan Asset Management
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 1 |
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J.P. Morgan Mid Cap/Multi-Cap Funds
TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)
While U.S. equity markets generally outperformed other financial markets in the second half of 2019, global prices for a broad range of assets fell sharply in the first quarter of 2020 as large sectors of global, national and local economies shut down in response to the COVID-19 pandemic. However, equity markets rebounded somewhat in the final three months of the reporting period as stimulus programs from leading central banks and governments took hold and countries in Asia and Europe showed progress in halting the spread of virus.
In late July 2019, the U.S. Federal Reserve (the “Fed”) cut interest rates for the first time in more than a decade as U.S. economic growth showed signs of slowing, even as U.S. unemployment remained at historically low levels. The central bank followed with two more interest rate cuts in September and October 2019. In response to lower rates and improved or stable economic data, equity prices in the U.S. generally rose in the final months of 2019.
Further support for U.S. equity markets came from a “Phase One” trade agreement between the U.S. and China that reduced existing tariffs and headed off the implementation of new tariffs scheduled to take effect December 15, 2019. U.S. investor sentiment remained positive through January 2020 and weathered a brief flare up in military tension between the U.S. and Iran.
While the S&P 500 reached six new closing highs in February — the last one on February 19 — the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. By the end of the first quarter of 2020, the S&P 500 had declined by 20%.
A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the Fed’s decision to slash interest rates further and restart its quantitative easing asset purchasing program — along with a range of other stimulus programs — provided support for U.S. and global equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose. Within U.S. equity markets, large cap stocks generally outperformed mid cap and small cap stocks and growth stocks outperformed value stocks during the reporting period.
2 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
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JPMorgan Growth Advantage Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class A Shares, without a sales charge)* | 27.87% | |||
Russell 3000 Growth Index | 21.94% | |||
Net Assets as of 6/30/2020 (In Thousands) | $ | 10,810,205 |
INVESTMENT OBJECTIVE**
The JPMorgan Growth Advantage Fund (the “Fund”) seeks to provide long-term capital growth.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class A Shares, without a sales charge, outperformed the Russell 3000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s overweight position and security selection in the consumer discretionary sector and its security selection in the information technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection and overweight position in the energy sector and its overweight position in the financials sector were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla, Inc. and Teladoc Health Inc. and its underweight position in Boeing Co. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose amid a faster-than-expected schedule for production of its Model Y vehicles and efficient production output from its Shanghai factory. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Boeing, an aircraft and aerospace manufacturer, fell amid investor concerns about the future of its 737 Max aircraft as well as a sharp decline in airline traffic in response to the COVID-19 pandemic.
Leading individual detractors from relative performance included the Fund’s underweight position in Apple Inc., its out-of-Benchmark position in EOG Resources Inc. and its overweight position in Charles Schwab Corp. Shares of Apple, a maker of mobile devices, computers, software and relative services, rose amid better-than-expected earnings growth and positive investor sentiment over the company’s planned launch of new products and upgrades. Shares of EOG Resources, a petroleum and natural gas producer, fell amid a sharp decline in global oil prices in the second half of the reporting period. Shares of Charles Schwab, a financial services provider, fell amid investor concerns about the impact of lower interest rates and a weakening economy on the financial sector.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies across market capitalizations in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
1. | Microsoft Corp. | 7.6 | % | |||||
2. | Amazon.com, Inc. | 7.1 | ||||||
3. | Apple, Inc. | 5.5 | ||||||
4. | Alphabet, Inc., Class C | 3.9 | ||||||
5. | Tesla, Inc. | 2.7 | ||||||
6. | UnitedHealth Group, Inc. | 2.5 | ||||||
7. | Mastercard, Inc., Class A | 2.3 | ||||||
8. | PayPal Holdings, Inc. | 2.1 | ||||||
9. | Home Depot, Inc. (The) | 2.0 | ||||||
10. | NVIDIA Corp. | 2.0 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 37.4 | % | ||
Consumer Discretionary | 20.3 | |||
Health Care | 14.7 | |||
Industrials | 8.8 | |||
Communication Services | 8.5 | |||
Financials | 5.5 | |||
Materials | 0.9 | |||
Short-Term Investments | 3.9 |
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
*** | Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 3 |
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JPMorgan Growth Advantage Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | October 29, 1999 | |||||||||||||
With Sales Charge* | 21.14 | % | 14.65 | % | 17.60 | % | ||||||||
Without Sales Charge | 27.87 | 15.89 | 18.23 | |||||||||||
CLASS C SHARES | May 1, 2006 | |||||||||||||
With CDSC** | 26.20 | 15.31 | 17.63 | |||||||||||
Without CDSC | 27.20 | 15.31 | 17.63 | |||||||||||
CLASS I SHARES | May 1, 2006 | 28.15 | 16.16 | 18.48 | ||||||||||
CLASS R2 SHARES | July 31, 2017 | 27.48 | 15.59 | 17.93 | ||||||||||
CLASS R3 SHARES | May 31, 2017 | 27.80 | 15.89 | 18.23 | ||||||||||
CLASS R4 SHARES | May 31, 2017 | 28.15 | 16.18 | 18.52 | ||||||||||
CLASS R5 SHARES | January 8, 2009 | 28.32 | 16.33 | 18.69 | ||||||||||
CLASS R6 SHARES | December 23, 2013 | 28.49 | 16.47 | 18.77 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R2 and Class R3 Shares prior to their inception dates are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.
Returns for Class R4 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been different to those shown because Class R4 Shares have different expenses to Class I Shares.
Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares from January 8, 2009 to December 22, 2013 and Class I Shares prior to January 8, 2009. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth Advantage Fund and the Russell 3000 Growth
Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 3000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Growth Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.
Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
4 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
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FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 2.48% | |||
Russell Midcap Index | (2.24)% | |||
Net Assets as of 6/30/2020 (In Thousands) | $ | 1,637,182 |
INVESTMENT OBJECTIVE**
The JPMorgan Mid Cap Equity Fund (the “Fund”) seeks long-term capital growth.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares outperformed the Russell Midcap Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection and overweight position in the information technology sector and its security selection in the consumer discretionary sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the real estate and consumer staples sectors was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Teladoc Health Inc. and Advanced Micro Devices Inc. and its out-of-Benchmark position in Tesla, Inc. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Advanced Micro Devices, a semiconductor manufacturer, rose on growth in revenue and market share during the first half of the reporting period. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose amid a faster-than-expected schedule for production of its Model Y vehicles and efficient production output from its Shanghai factory.
Leading individual detractors from relative performance included the Fund’s overweight positions in Diamondback Energy Inc. and Loews Inc. and its underweight position in Newmont Corp. Shares of Diamondback Energy, a petroleum and natural gas producer operating in U.S. shale formations, fell as global oil prices fell sharply in the second half of the reporting period. Shares of Loews, a holding company operating in the energy, insurance and hotels sectors, fell after the company reported a loss for the first quarter of 2020. Shares of Newmont, a gold mining and processing company not held in the Fund, rose due to increased investor demand for commodity gold amid financial market volatility in response to the COVID-19 pandemic.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing a portfolio based on
company fundamentals, quantitative screening and proprietary fundamental analysis. The Fund’s portfolio managers sought to identify dominant franchises with predictable business models they deemed capable of achieving, in their view, sustained growth, as well as undervalued companies with the potential to grow their intrinsic value per share.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
1. | Synopsys, Inc. | 1.4 | % | |||||
2. | Ball Corp. | 1.2 | ||||||
3. | O’Reilly Automotive, Inc. | 1.2 | ||||||
4. | Amphenol Corp., Class A | 1.1 | ||||||
5. | Splunk, Inc. | 1.0 | ||||||
6. | Keysight Technologies, Inc. | 1.0 | ||||||
7. | AMETEK, Inc. | 1.0 | ||||||
8. | Tractor Supply Co. | 1.0 | ||||||
9. | Spotify Technology SA | 1.0 | ||||||
10. | Xcel Energy, Inc. | 0.9 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 19.5 | % | ||
Industrials | 14.0 | |||
Financials | 13.5 | |||
Health Care | 13.5 | |||
Consumer Discretionary | 13.0 | |||
Real Estate | 6.4 | |||
Utilities | 5.0 | |||
Communication Services | 4.2 | |||
Materials | 3.8 | |||
Consumer Staples | 2.5 | |||
Energy | 2.1 | |||
Short-Term Investments | 2.5 |
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
*** | Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 5 |
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JPMorgan Mid Cap Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | November 2, 2009 | |||||||||||||
With Sales Charge* | (3.16 | )% | 5.98 | % | 12.23 | % | ||||||||
Without Sales Charge | 2.20 | 7.13 | 12.83 | |||||||||||
CLASS C SHARES | November 2, 2009 | |||||||||||||
With CDSC** | 0.71 | 6.59 | 12.28 | |||||||||||
Without CDSC | 1.71 | 6.59 | 12.28 | |||||||||||
CLASS I SHARES | January 1, 1997 | 2.48 | 7.45 | 13.20 | ||||||||||
CLASS R2 SHARES | March 14, 2014 | 1.96 | 6.86 | 12.66 | ||||||||||
CLASS R5 SHARES | March 14, 2014 | 2.62 | 7.58 | 13.29 | ||||||||||
CLASS R6 SHARES | March 14, 2014 | 2.72 | 7.66 | 13.34 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares from December 31, 2009 to March 13, 2014. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares.
Returns for Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns of Class R5 and Class R6 Shares would have been different because Class R5 and Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of JPMorgan Mid Cap Equity Fund and the Russell Midcap Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes
reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the bench mark, if applicable. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
6 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
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FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 20.70% | |||
Russell Midcap Growth Index | 11.91% | |||
Net Assets as of 6/30/2020 (In Thousands) | $ | 5,481,067 |
INVESTMENT OBJECTIVE**
The JPMorgan Mid Cap Growth Fund (the “Fund”) seeks growth of capital.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares outperformed the Russell Midcap Growth Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection in the information technology sector and its security selection and underweight position in the communications services sector were leading contributors to performance relative to the Benchmark, while the Fund’s overweight position in the materials sector and its security selection in the real estate sector were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Teladoc Health Inc. and DexCom Inc. and its out-of-Benchmark position in Tesla, Inc. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of DexCom, a medical device manufacturer, rose after the company reported better-than-expected earnings and revenue for several consecutive quarters. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose amid a faster-than-expected schedule for production of its Model Y vehicles and efficient production output from its Shanghai factory.
Leading individual detractors from relative performance included the Fund’s underweight positions in DocuSign Inc. and Wayfair Inc., and its out-of-Benchmark position in Concho Resources Inc. Shares of DocuSign, a provider of electronic document services, rose amid increased demand for its services as businesses adopted work-from-home policies in response to the COVID-19 pandemic. Shares of Wayfair, an online retailer of home furnishings, rose after the company reported better-than-expected results for the first quarter of 2020 as consumers increased online purchases during at-home quarantines in response to the COVID-19 pandemic. Shares of Concho Resources, a petroleum and gas producer operating in U.S. shale formations, fell amid a sharp decline in global oil prices during the second half of the reporting period.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct a portfolio of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
1. | O’Reilly Automotive, Inc. | 2.3 | % | |||||
2. | Splunk, Inc. | 1.9 | ||||||
3. | Tractor Supply Co. | 1.9 | ||||||
4. | Spotify Technology SA | 1.9 | ||||||
5. | Synopsys, Inc. | 1.7 | ||||||
6. | Trade Desk, Inc. (The), Class A | 1.7 | ||||||
7. | ResMed, Inc. | 1.7 | ||||||
8. | Lululemon Athletica, Inc. | 1.5 | ||||||
9. | Teladoc Health, Inc. | 1.3 | ||||||
10. | Ball Corp. | 1.3 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 30.3 | % | ||
Health Care | 18.7 | |||
Industrials | 16.3 | |||
Consumer Discretionary | 15.8 | |||
Financials | 6.8 | |||
Communication Services | 4.7 | |||
Materials | 1.9 | |||
Real Estate | 0.5 | |||
Short-Term Investments | 5.0 |
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
*** | Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 7 |
Table of Contents
JPMorgan Mid Cap Growth Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | February 18, 1992 | |||||||||||||
With Sales Charge* | 13.97 | % | 10.79 | % | 15.22 | % | ||||||||
Without Sales Charge | 20.30 | 11.99 | 15.84 | |||||||||||
CLASS C SHARES | November 4, 1997 | |||||||||||||
With CDSC** | 18.72 | 11.44 | 15.26 | |||||||||||
Without CDSC | 19.72 | 11.44 | 15.26 | |||||||||||
CLASS I SHARES | March 2, 1989 | 20.70 | 12.35 | 16.20 | ||||||||||
CLASS R2 SHARES | June 19, 2009 | 20.00 | 11.75 | 15.63 | ||||||||||
CLASS R3 SHARES | September 9, 2016 | 20.30 | 11.99 | 15.84 | ||||||||||
CLASS R4 SHARES | September 9, 2016 | 20.63 | 12.28 | 16.13 | ||||||||||
CLASS R5 SHARES | November 1, 2011 | 20.86 | 12.50 | 16.34 | ||||||||||
CLASS R6 SHARES | November 1, 2011 | 20.91 | 12.56 | 16.40 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for the Class R3, Class R4, Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Class I Shares. Prior performance for Class R3 and Class R4 Shares has been adjusted to reflect the differences in expenses between classes. The actual returns of Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Mid Cap Growth Fund and the Russell Midcap Growth Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Mid-
cap Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell Midcap Growth Index is an unmanaged index which measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
8 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class L Shares)* | (13.71)% | |||
Russell Midcap Value Index | (11.81)% | |||
Net Assets as of 6/30/2020 (In Thousands) | $ | 12,714,587 |
INVESTMENT OBJECTIVE**
The JPMorgan Mid Cap Value Fund (the “Fund”) seeks growth from capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class L Shares underperformed the Russell Midcap Value Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection in the real estate and industrials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the utilities and information technology sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s underweight position in Newmont Corp. and its overweight positions in Middleby Corp. and Loews Corp.
Shares of Newmont, a gold mining and processing company not held in the Fund, rose due to increased investor demand for commodity gold amid financial market volatility in response to the COVID-19 pandemic. Shares of Middleby, a food service equipment manufacturer, fell amid investor concerns about the business impact of the COVID-19 pandemic as well as lower-than-expected sales for the third quarter of 2019. Shares of Loews, a holding company operating in the energy, insurance and hotels sectors, fell after the company reported a loss for the first quarter of 2020.
Leading individual contributors to relative performance included the Fund’s overweight positions in T. Rowe Price Group Inc., Tiffany & Co. and Synopsys Inc. Shares of T. Rowe Price Group, a provider of mutual funds and other investment services, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2020. Shares of Tiffany, a luxury retailer, rose after the company agreed to a $16.2 billion acquisition by LVMH Moet Hennessey Louis Vuitton SE. Shares of Synopsys, a provider of software and consulting to the semiconductor industry, rose after the company reported better-than-expected earnings and revenue for its fiscal second quarter.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in their view, sustainable levels of free cash flow.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
1. | Xcel Energy, Inc. | 1.9 | % | |||||
2. | CMS Energy Corp. | 1.8 | ||||||
3. | WEC Energy Group, Inc. | 1.7 | ||||||
4. | T. Rowe Price Group, Inc. | 1.7 | ||||||
5. | Ameriprise Financial, Inc. | 1.7 | ||||||
6. | AutoZone, Inc. | 1.6 | ||||||
7. | Loews Corp. | 1.6 | ||||||
8. | M&T Bank Corp. | 1.5 | ||||||
9. | Zimmer Biomet Holdings, Inc. | 1.5 | ||||||
10. | Best Buy Co., Inc. | 1.5 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Financials | 20.2 | % | ||
Real Estate | 12.5 | |||
Industrials | 11.1 | |||
Utilities | 10.0 | |||
Consumer Discretionary | 9.7 | |||
Health Care | 7.7 | |||
Information Technology | 7.6 | |||
Materials | 5.6 | |||
Consumer Staples | 5.0 | |||
Energy | 4.3 | |||
Communication Services | 3.5 | |||
Short-Term Investments | 2.8 |
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
*** | Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 9 |
Table of Contents
JPMorgan Mid Cap Value Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | April 30, 2001 | |||||||||||||
With Sales Charge* | (18.64 | )% | 0.85 | % | 9.13 | % | ||||||||
Without Sales Charge | (14.13 | ) | 1.94 | 9.73 | ||||||||||
CLASS C SHARES | April 30, 2001 | |||||||||||||
With CDSC** | (15.55 | ) | 1.43 | 9.17 | ||||||||||
Without CDSC | (14.55 | ) | 1.43 | 9.17 | ||||||||||
CLASS I SHARES | October 31, 2001 | (13.90 | ) | 2.20 | 10.00 | |||||||||
CLASS L SHARES | November 13, 1997 | (13.71 | ) | 2.44 | 10.27 | |||||||||
CLASS R2 SHARES | November 3, 2008 | (14.36 | ) | 1.68 | 9.44 | |||||||||
CLASS R3 SHARES | September 9, 2016 | (14.13 | ) | 1.94 | 9.73 | |||||||||
CLASS R4 SHARES | September 9, 2016 | (13.93 | ) | 2.19 | 10.00 | |||||||||
CLASS R5 SHARES | September 9, 2016 | (13.79 | ) | 2.37 | 10.23 | |||||||||
CLASS R6 SHARES | September 9, 2016 | (13.70 | ) | 2.45 | 10.27 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R3 Shares prior to their inception dates are based on the performance of Class A Shares. The actual returns of Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares.
Returns for the Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been lower because Class R4 Shares have higher expenses than Class I Shares.
Returns for the Class R5 and R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares would have been lower than those shown because Class R5 Shares have higher expenses than Class L Shares. The actual returns for Class R6 Shares would have been similar to those shown because Class R6 Shares have similar expenses to Class L Shares.
The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Mid Cap Value Fund and the Russell Midcap
Value Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell Midcap Value Index is an unmanaged index which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.
Class L Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
10 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class L Shares)* | (13.26)% | |||
Russell 3000 Value Index | (9.42)% | |||
Net Assets as of 6/30/2020 (In Thousands) . . | $ | 8,699,919 |
INVESTMENT OBJECTIVE**
The JPMorgan Value Advantage Fund (the “Fund”) seeks to provide long-term total return from a combination of income and capital gains.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class L Shares underperformed the Russell 3000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection and underweight positions in the financials and consumer staples sectors were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the energy and utilities sectors was a leading contributor to leading relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Delta Air Lines Inc., Loews Inc. and Entercom Communications Corp. Shares of Delta Air Lines, a passenger airline, fell as global air travel was restricted in response to the COVID-19 pandemic. Shares of Loews, a holding company operating in the energy, insurance and hotels sectors, fell after the company reported a loss for the first quarter of 2020. Shares of Entercom Communications, a media and entertainment provider, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2020 as its live events business was shuttered in response to the COVID-19 pandemic.
Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in T. Rowe Price Group Inc., Tiffany & Co. and Morgan Stanley. Shares of T. Rowe Price Group, provider of mutual funds and other investment services, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2020. Shares of Tiffany, a luxury retailer, rose after the company agreed to a $16.2 billion acquisition by LVMH Moet Hennessey Louis Vuitton SE. Shares of Morgan Stanley, a financial services provider, rose amid investor expectations that it would maintain dividend payments to shareholders.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in the portfolio managers’ view, significant levels of free cash flow.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
1. | Bank of America Corp. | 3.6 | % | |||||
2. | Berkshire Hathaway, Inc., Class B | 2.1 | ||||||
3. | Bristol-Myers Squibb Co. | 2.0 | ||||||
4. | PNC Financial Services Group, Inc. (The) | 1.9 | ||||||
5. | Loews Corp. | 1.9 | ||||||
6. | Verizon Communications, Inc. | 1.8 | ||||||
7. | Johnson & Johnson | 1.8 | ||||||
8. | Procter & Gamble Co. (The) | 1.6 | ||||||
9. | Travelers Cos., Inc. (The) | 1.6 | ||||||
10. | Wells Fargo & Co. | 1.6 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Financials | 30.1 | % | ||
Health Care | 11.4 | |||
Energy | 7.6 | |||
Industrials | 7.1 | |||
Real Estate | 6.9 | |||
Consumer Discretionary | 6.8 | |||
Communication Services | 6.0 | |||
Utilities | 5.6 | |||
Consumer Staples | 5.3 | |||
Information Technology | 5.2 | |||
Materials | 4.0 | |||
Short-Term Investments | 4.0 |
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
*** | Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 11 |
Table of Contents
JPMorgan Value Advantage Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | February 28, 2005 | |||||||||||||
With Sales Charge* | (18.12 | )% | 1.64 | % | 8.91 | % | ||||||||
Without Sales Charge | (13.60 | ) | 2.74 | 9.49 | ||||||||||
CLASS C SHARES | February 28, 2005 | |||||||||||||
With CDSC** | (15.04 | ) | 2.22 | 8.95 | ||||||||||
Without CDSC | (14.04 | ) | 2.22 | 8.95 | ||||||||||
CLASS I SHARES | February 28, 2005 | (13.39 | ) | 3.00 | 9.76 | |||||||||
CLASS L SHARES | February 28, 2005 | (13.26 | ) | 3.19 | 10.01 | |||||||||
CLASS R2 SHARES | July 31, 2017 | (13.82 | ) | 2.48 | 9.22 | |||||||||
CLASS R3 SHARES | September 9, 2016 | (13.60 | ) | 2.73 | 9.49 | |||||||||
CLASS R4 SHARES | September 9, 2016 | (13.40 | ) | 2.99 | 9.76 | |||||||||
CLASS R5 SHARES | September 9, 2016 | (13.25 | ) | 3.17 | 10.00 | |||||||||
CLASS R6 SHARES | September 9, 2016 | (13.18 | ) | 3.25 | 10.04 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R2 and Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.
Returns for the Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares.
Returns for the Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns for Class R5 and Class R6 Shares would have been different to those shown because Class R5 and Class R6 Shares have different expenses to Class L Shares.
The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Value Advantage Fund and the Russell 3000 Value Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 3000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Value Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.
Class L Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
12 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
JPMorgan Growth Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2020
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.9% |
| |||||||
Automobiles — 3.5% |
| |||||||
Tesla, Inc. * (a) | 281 | 303,639 | ||||||
Thor Industries, Inc. (a) | 705 | 75,085 | ||||||
|
| |||||||
378,724 | ||||||||
|
| |||||||
Banks — 1.0% |
| |||||||
East West Bancorp, Inc. | 866 | 31,384 | ||||||
First Republic Bank | 767 | 81,243 | ||||||
|
| |||||||
112,627 | ||||||||
|
| |||||||
Biotechnology — 5.0% |
| |||||||
Alnylam Pharmaceuticals, Inc. * | 370 | 54,781 | ||||||
Amgen, Inc. | 872 | 205,600 | ||||||
Exact Sciences Corp. * (a) | 839 | 72,979 | ||||||
Exelixis, Inc. * | 3,059 | 72,621 | ||||||
Intercept Pharmaceuticals, Inc. * (a) | 323 | 15,473 | ||||||
Regeneron Pharmaceuticals, Inc. * | 199 | 124,042 | ||||||
|
| |||||||
545,496 | ||||||||
|
| |||||||
Building Products — 1.2% |
| |||||||
Fortune Brands Home & Security, Inc. | 1,149 | 73,474 | ||||||
Trane Technologies plc | 601 | 53,448 | ||||||
|
| |||||||
126,922 | ||||||||
|
| |||||||
Capital Markets — 3.6% |
| |||||||
BlackRock, Inc. | 166 | 90,556 | ||||||
Blackstone Group, Inc. (The), Class A | 776 | 43,993 | ||||||
Charles Schwab Corp. (The) | 2,561 | 86,407 | ||||||
Nasdaq, Inc. | 641 | 76,580 | ||||||
S&P Global, Inc. | 293 | 96,585 | ||||||
|
| |||||||
394,121 | ||||||||
|
| |||||||
Commercial Services & Supplies — 1.5% |
| |||||||
Copart, Inc. * | 774 | 64,481 | ||||||
Waste Connections, Inc. | 996 | 93,376 | ||||||
|
| |||||||
157,857 | ||||||||
|
| |||||||
Communications Equipment — 0.5% |
| |||||||
Arista Networks, Inc. * (a) | 234 | 49,238 | ||||||
|
| |||||||
Containers & Packaging — 0.9% |
| |||||||
Ball Corp. | 1,354 | 94,055 | ||||||
|
| |||||||
Electrical Equipment — 1.7% |
| |||||||
AMETEK, Inc. | 778 | 69,497 | ||||||
Generac Holdings, Inc. * | 925 | 112,836 | ||||||
|
| |||||||
182,333 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 2.1% |
| |||||||
Amphenol Corp., Class A | 622 | 59,594 | ||||||
Keysight Technologies, Inc. * | 709 | 71,463 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Electronic Equipment, Instruments & Components — continued |
| |||||||
Zebra Technologies Corp., Class A * | 384 | 98,197 | ||||||
|
| |||||||
229,254 | ||||||||
|
| |||||||
Entertainment — 2.7% |
| |||||||
Netflix, Inc. * | 289 | 131,341 | ||||||
Spotify Technology SA * (a) | 337 | 86,937 | ||||||
Take-Two Interactive Software, Inc. * | 509 | 71,024 | ||||||
|
| |||||||
289,302 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 1.8% |
| |||||||
DexCom, Inc. * | 248 | 100,365 | ||||||
Intuitive Surgical, Inc. * (a) | 165 | 93,936 | ||||||
|
| |||||||
194,301 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.1% |
| |||||||
McKesson Corp. | 400 | 61,387 | ||||||
UnitedHealth Group, Inc. | 931 | 274,554 | ||||||
|
| |||||||
335,941 | ||||||||
|
| |||||||
Health Care Technology — 0.9% |
| |||||||
Teladoc Health, Inc. * (a) | 533 | 101,767 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.6% |
| |||||||
Las Vegas Sands Corp. | 1,398 | 63,680 | ||||||
|
| |||||||
Household Durables — 1.2% |
| |||||||
Garmin Ltd. (a) | 1,355 | 132,108 | ||||||
|
| |||||||
Insurance — 1.0% |
| |||||||
Progressive Corp. (The) | 1,304 | 104,449 | ||||||
|
| |||||||
Interactive Media & Services — 5.4% |
| |||||||
Alphabet, Inc., Class C * | 306 | 432,464 | ||||||
Facebook, Inc., Class A * | 668 | 151,592 | ||||||
|
| |||||||
584,056 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 8.4% |
| |||||||
Amazon.com, Inc. * | 287 | 792,397 | ||||||
Booking Holdings, Inc. * | 70 | 112,137 | ||||||
|
| |||||||
904,534 | ||||||||
|
| |||||||
IT Services — 7.3% |
| |||||||
Booz Allen Hamilton Holding Corp. (a) | 1,149 | 89,350 | ||||||
Global Payments, Inc. | 806 | 136,747 | ||||||
Mastercard, Inc., Class A | 875 | 258,688 | ||||||
MongoDB, Inc. * (a) | 297 | 67,170 | ||||||
PayPal Holdings, Inc. * | 1,338 | 233,185 | ||||||
|
| |||||||
785,140 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 2.3% |
| |||||||
Illumina, Inc. * | 215 | 79,676 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 13 |
Table of Contents
JPMorgan Growth Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2020 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Life Sciences Tools & Services — continued |
| |||||||
Mettler-Toledo International, Inc. * | 79 | 64,000 | ||||||
Thermo Fisher Scientific, Inc. | 290 | 105,087 | ||||||
|
| |||||||
248,763 | ||||||||
|
| |||||||
Machinery — 2.0% |
| |||||||
Ingersoll Rand, Inc. * (a) | 1,405 | 39,502 | ||||||
Nordson Corp. (a) | 411 | 77,883 | ||||||
Stanley Black & Decker, Inc. | 733 | 102,206 | ||||||
|
| |||||||
219,591 | ||||||||
|
| |||||||
Media — 0.6% |
| |||||||
New York Times Co. (The), Class A (a) | 1,608 | 67,581 | ||||||
|
| |||||||
Pharmaceuticals — 2.0% |
| |||||||
Catalent, Inc. * | 1,158 | 84,875 | ||||||
Jazz Pharmaceuticals plc * | 488 | 53,835 | ||||||
Royalty Pharma plc, Class A * | 1,554 | 75,440 | ||||||
|
| |||||||
214,150 | ||||||||
|
| |||||||
Professional Services — 1.4% |
| |||||||
FTI Consulting, Inc. * (a) | 806 | 92,383 | ||||||
IHS Markit Ltd. | 840 | 63,444 | ||||||
|
| |||||||
155,827 | ||||||||
|
| |||||||
Road & Rail — 1.2% |
| |||||||
Lyft, Inc., Class A * (a) | 1,355 | 44,735 | ||||||
Old Dominion Freight Line, Inc. | 521 | 88,383 | ||||||
|
| |||||||
133,118 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 7.9% |
| |||||||
Advanced Micro Devices, Inc. * | 2,616 | 137,610 | ||||||
Enphase Energy, Inc. * (a) | 1,820 | 86,567 | ||||||
Entegris, Inc. (a) | 1,234 | 72,896 | ||||||
Lam Research Corp. | 337 | 108,890 | ||||||
Microchip Technology, Inc. (a) | 513 | 54,055 | ||||||
NVIDIA Corp. | 574 | 218,206 | ||||||
QUALCOMM, Inc. | 1,914 | 174,541 | ||||||
|
| |||||||
852,765 | ||||||||
|
| |||||||
Software — 15.3% |
| |||||||
Cadence Design Systems, Inc. * | 697 | 66,921 | ||||||
Crowdstrike Holdings, Inc., Class A * | 765 | 76,715 | ||||||
Intuit, Inc. | 354 | 104,939 | ||||||
Medallia, Inc. * (a) | 1,097 | 27,679 | ||||||
Microsoft Corp. | 4,183 | 851,325 | ||||||
ServiceNow, Inc. * | 248 | 100,523 | ||||||
Splunk, Inc. * (a) | 543 | 107,944 | ||||||
Synopsys, Inc. * | 476 | 92,783 | ||||||
Trade Desk, Inc. (The), Class A * (a) | 301 | 122,491 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Software — continued |
| |||||||
Zscaler, Inc. * (a) | 814 | 89,082 | ||||||
|
| |||||||
1,640,402 | ||||||||
|
| |||||||
Specialty Retail — 6.7% |
| |||||||
CarMax, Inc. * (a) | 853 | 76,343 | ||||||
Home Depot, Inc. (The) | 898 | 225,018 | ||||||
National Vision Holdings, Inc. * | 1,154 | 35,233 | ||||||
O’Reilly Automotive, Inc. * | 253 | 106,777 | ||||||
Ross Stores, Inc. | 932 | 79,466 | ||||||
Tractor Supply Co. | 1,263 | 166,497 | ||||||
Ulta Beauty, Inc. * | 195 | 39,667 | ||||||
|
| |||||||
729,001 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 5.6% |
| |||||||
Apple, Inc. | 1,665 | 607,485 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.5% |
| |||||||
Lululemon Athletica, Inc. * | 179 | 55,825 | ||||||
|
| |||||||
Total Common Stocks | 10,690,413 | |||||||
|
| |||||||
Short-Term Investments — 4.1% |
| |||||||
Investment Companies — 1.0% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) | 105,321 | 105,416 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 3.1% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c) | 302,408 | 302,529 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c) | 31,490 | 31,490 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 334,019 | |||||||
|
| |||||||
Total Short-Term Investments | 439,435 | |||||||
|
| |||||||
Total Investments — 103.0% | 11,129,848 | |||||||
Liabilities in Excess of Other Assets — (3.0)% | (319,643 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 10,810,205 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $331,253,000. | |
(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 June 30, 2020. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
14 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2020
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.5% |
| |||||||
Aerospace & Defense — 0.3% |
| |||||||
HEICO Corp., Class A | 69 | 5,608 | ||||||
|
| |||||||
Airlines — 0.4% |
| |||||||
Southwest Airlines Co. | 174 | 5,936 | ||||||
|
| |||||||
Auto Components — 0.4% |
| |||||||
BorgWarner, Inc. | 170 | 5,986 | ||||||
|
| |||||||
Automobiles — 0.7% |
| |||||||
Tesla, Inc. * | 5 | 5,399 | ||||||
Thor Industries, Inc. | 59 | 6,285 | ||||||
|
| |||||||
11,684 | ||||||||
|
| |||||||
Banks — 4.2% |
| |||||||
Citizens Financial Group, Inc. | 331 | 8,358 | ||||||
East West Bancorp, Inc. | 63 | 2,300 | ||||||
Fifth Third Bancorp | 524 | 10,102 | ||||||
First Republic Bank | 129 | 13,704 | ||||||
Huntington Bancshares, Inc. | 573 | 5,176 | ||||||
M&T Bank Corp. | 118 | 12,225 | ||||||
Regions Financial Corp. | 613 | 6,822 | ||||||
TCF Financial Corp. | 198 | 5,821 | ||||||
Zions Bancorp NA | 131 | 4,447 | ||||||
|
| |||||||
68,955 | ||||||||
|
| |||||||
Beverages — 0.8% |
| |||||||
Constellation Brands, Inc., Class A | 48 | 8,329 | ||||||
Keurig Dr Pepper, Inc. | 165 | 4,673 | ||||||
|
| |||||||
13,002 | ||||||||
|
| |||||||
Biotechnology — 2.6% |
| |||||||
Agios Pharmaceuticals, Inc. * | 79 | 4,217 | ||||||
Alnylam Pharmaceuticals, Inc. * | 57 | 8,387 | ||||||
BioMarin Pharmaceutical, Inc. * | 34 | 4,199 | ||||||
Exact Sciences Corp. * | 96 | 8,388 | ||||||
Exelixis, Inc. * | 258 | 6,130 | ||||||
Intercept Pharmaceuticals, Inc. * | 26 | 1,243 | ||||||
Neurocrine Biosciences, Inc. * | 51 | 6,198 | ||||||
Seattle Genetics, Inc. * | 25 | 4,180 | ||||||
|
| |||||||
42,942 | ||||||||
|
| |||||||
Building Products — 1.8% |
| |||||||
AZEK Co., Inc. (The) * | 94 | 3,001 | ||||||
Fortune Brands Home & Security, Inc. | 227 | 14,509 | ||||||
Trane Technologies plc | 65 | 5,767 | ||||||
Trex Co., Inc. * | 48 | 6,269 | ||||||
|
| |||||||
29,546 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Capital Markets — 5.2% |
| |||||||
Ameriprise Financial, Inc. | 90 | 13,454 | ||||||
Blackstone Group, Inc. (The), Class A | 57 | 3,207 | ||||||
Charles Schwab Corp. (The) | 109 | 3,684 | ||||||
Evercore, Inc., Class A | 54 | 3,199 | ||||||
MarketAxess Holdings, Inc. | 18 | 9,167 | ||||||
MSCI, Inc. | 28 | 9,368 | ||||||
Nasdaq, Inc. | 40 | 4,737 | ||||||
Northern Trust Corp. | 118 | 9,362 | ||||||
Raymond James Financial, Inc. | 135 | 9,307 | ||||||
S&P Global, Inc. | 14 | 4,459 | ||||||
T. Rowe Price Group, Inc. | 107 | 13,249 | ||||||
TD Ameritrade Holding Corp. | 77 | 2,790 | ||||||
|
| |||||||
85,983 | ||||||||
|
| |||||||
Chemicals — 0.6% |
| |||||||
Sherwin-Williams Co. (The) | 17 | 9,807 | ||||||
|
| |||||||
Commercial Services & Supplies — 1.0% |
| |||||||
Copart, Inc. * | 112 | 9,367 | ||||||
Waste Connections, Inc. | 79 | 7,448 | ||||||
|
| |||||||
16,815 | ||||||||
|
| |||||||
Communications Equipment — 0.7% |
| |||||||
Arista Networks, Inc. * | 30 | 6,270 | ||||||
CommScope Holding Co., Inc. * | 263 | 2,190 | ||||||
Motorola Solutions, Inc. | 26 | 3,704 | ||||||
|
| |||||||
12,164 | ||||||||
|
| |||||||
Construction Materials — 0.5% |
| |||||||
Martin Marietta Materials, Inc. | 42 | 8,591 | ||||||
|
| |||||||
Consumer Finance — 0.3% |
| |||||||
Discover Financial Services | 85 | 4,257 | ||||||
|
| |||||||
Containers & Packaging — 2.6% |
| |||||||
Avery Dennison Corp. | 46 | 5,208 | ||||||
Ball Corp. | 280 | 19,428 | ||||||
Packaging Corp. of America | 50 | 5,022 | ||||||
Silgan Holdings, Inc. | 246 | 7,956 | ||||||
Westrock Co. | 203 | 5,744 | ||||||
|
| |||||||
43,358 | ||||||||
|
| |||||||
Distributors — 0.4% |
| |||||||
Genuine Parts Co. | 67 | 5,822 | ||||||
|
| |||||||
Electric Utilities — 2.1% |
| |||||||
Edison International | 181 | 9,822 | ||||||
Entergy Corp. | 100 | 9,377 | ||||||
Xcel Energy, Inc. | 242 | 15,097 | ||||||
|
| |||||||
34,296 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 15 |
Table of Contents
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2020 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Electrical Equipment — 2.4% |
| |||||||
Acuity Brands, Inc. | 75 | 7,205 | ||||||
AMETEK, Inc. | 178 | 15,896 | ||||||
Generac Holdings, Inc. * | 77 | 9,338 | ||||||
Hubbell, Inc. | 59 | 7,372 | ||||||
|
| |||||||
39,811 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 3.9% |
| |||||||
Amphenol Corp., Class A | 196 | 18,821 | ||||||
CDW Corp. | 76 | 8,787 | ||||||
Keysight Technologies, Inc. * | 161 | 16,243 | ||||||
SYNNEX Corp. | 75 | 9,005 | ||||||
Zebra Technologies Corp., Class A * | 41 | 10,400 | ||||||
|
| |||||||
63,256 | ||||||||
|
| |||||||
Entertainment — 1.5% |
| |||||||
Spotify Technology SA * | 61 | 15,732 | ||||||
Take-Two Interactive Software, Inc. * | 67 | 9,293 | ||||||
|
| |||||||
25,025 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 5.4% |
| |||||||
American Campus Communities, Inc. | 96 | 3,359 | ||||||
American Homes 4 Rent, Class A | 250 | 6,738 | ||||||
AvalonBay Communities, Inc. | 63 | 9,733 | ||||||
Boston Properties, Inc. | 103 | 9,331 | ||||||
Brixmor Property Group, Inc. | 393 | 5,041 | ||||||
Essex Property Trust, Inc. | 25 | 5,685 | ||||||
Federal Realty Investment Trust | 66 | 5,666 | ||||||
Host Hotels & Resorts, Inc. | 222 | 2,396 | ||||||
JBG SMITH Properties | 114 | 3,360 | ||||||
Kimco Realty Corp. | 379 | 4,866 | ||||||
Outfront Media, Inc. | 235 | 3,332 | ||||||
Rayonier, Inc. | 264 | 6,541 | ||||||
Regency Centers Corp. | 89 | 4,101 | ||||||
Ventas, Inc. | 83 | 3,028 | ||||||
Vornado Realty Trust | 151 | 5,768 | ||||||
Weyerhaeuser Co. | 267 | 6,003 | ||||||
WP Carey, Inc. | 64 | 4,299 | ||||||
|
| |||||||
89,247 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.7% |
| |||||||
Kroger Co. (The) | 252 | 8,539 | ||||||
US Foods Holding Corp. * | 142 | 2,797 | ||||||
|
| |||||||
11,336 | ||||||||
|
| |||||||
Food Products — 0.5% |
| |||||||
Post Holdings, Inc. * | 88 | 7,752 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Gas Utilities — 0.5% |
| |||||||
National Fuel Gas Co. | 194 | 8,142 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 2.7% |
| |||||||
Cooper Cos., Inc. (The) | 16 | 4,453 | ||||||
DexCom, Inc. * | 16 | 6,390 | ||||||
Insulet Corp. * | 39 | 7,659 | ||||||
ResMed, Inc. | 73 | 14,024 | ||||||
Zimmer Biomet Holdings, Inc. | 101 | 12,109 | ||||||
|
| |||||||
44,635 | ||||||||
|
| |||||||
Health Care Providers & Services — 4.5% |
| |||||||
Acadia Healthcare Co., Inc. * | 94 | 2,354 | ||||||
Amedisys, Inc. * | 27 | 5,361 | ||||||
AmerisourceBergen Corp. | 106 | 10,714 | ||||||
Centene Corp. * | 83 | 5,249 | ||||||
Cigna Corp. | 45 | 8,512 | ||||||
Henry Schein, Inc. * | 106 | 6,188 | ||||||
Humana, Inc. | 14 | 5,392 | ||||||
Laboratory Corp. of America Holdings * | 70 | 11,692 | ||||||
McKesson Corp. | 64 | 9,788 | ||||||
Universal Health Services, Inc., Class B | 88 | 8,147 | ||||||
|
| |||||||
73,397 | ||||||||
|
| |||||||
Health Care Technology — 1.4% |
| |||||||
Teladoc Health, Inc. * | 58 | 11,153 | ||||||
Veeva Systems, Inc., Class A * | 47 | 10,965 | ||||||
|
| |||||||
22,118 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.1% |
| |||||||
Chipotle Mexican Grill, Inc. * | 10 | 10,990 | ||||||
Darden Restaurants, Inc. | 22 | 1,634 | ||||||
Las Vegas Sands Corp. | 101 | 4,609 | ||||||
|
| |||||||
17,233 | ||||||||
|
| |||||||
Household Durables — 2.2% |
| |||||||
Garmin Ltd. | 103 | 10,083 | ||||||
Helen of Troy Ltd. * | 22 | 4,167 | ||||||
Mohawk Industries, Inc. * | 78 | 7,904 | ||||||
Newell Brands, Inc. | 486 | 7,722 | ||||||
NVR, Inc. * | 2 | 5,406 | ||||||
|
| |||||||
35,282 | ||||||||
|
| |||||||
Household Products — 0.5% |
| |||||||
Energizer Holdings, Inc. | 161 | 7,641 | ||||||
|
| |||||||
Industrial Conglomerates — 0.9% |
| |||||||
Carlisle Cos., Inc. | 125 | 14,912 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
16 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Insurance — 3.8% |
| |||||||
Alleghany Corp. | 10 | 5,094 | ||||||
Hartford Financial Services Group, Inc. (The) | 236 | 9,095 | ||||||
Lincoln National Corp. | 110 | 4,047 | ||||||
Loews Corp. | 386 | 13,251 | ||||||
Marsh & McLennan Cos., Inc. | 79 | 8,510 | ||||||
Progressive Corp. (The) | 175 | 14,013 | ||||||
Selectquote, Inc. * | 107 | 2,718 | ||||||
WR Berkley Corp. | 100 | 5,750 | ||||||
|
| |||||||
62,478 | ||||||||
|
| |||||||
Interactive Media & Services — 0.5% |
| |||||||
Match Group, Inc. * | 76 | 8,179 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.6% |
| |||||||
Booking Holdings, Inc. * | 4 | 5,892 | ||||||
Expedia Group, Inc. | 43 | 3,551 | ||||||
|
| |||||||
9,443 | ||||||||
|
| |||||||
IT Services — 3.5% |
| |||||||
Booz Allen Hamilton Holding Corp. | 141 | 10,995 | ||||||
FleetCor Technologies, Inc. * | 32 | 8,049 | ||||||
Global Payments, Inc. | 51 | 8,685 | ||||||
Jack Henry & Associates, Inc. | 37 | 6,870 | ||||||
MongoDB, Inc. * | 33 | 7,379 | ||||||
Okta, Inc. * | 52 | 10,315 | ||||||
Square, Inc., Class A * | 44 | 4,586 | ||||||
|
| |||||||
56,879 | ||||||||
|
| |||||||
Leisure Products — 0.3% |
| |||||||
Brunswick Corp. | 72 | 4,634 | ||||||
|
| |||||||
Life Sciences Tools & Services — 0.8% |
| |||||||
Illumina, Inc. * | 11 | 4,072 | ||||||
Mettler-Toledo International, Inc. * | 10 | 8,298 | ||||||
|
| |||||||
12,370 | ||||||||
|
| |||||||
Machinery — 4.2% |
| |||||||
IDEX Corp. | 55 | 8,647 | ||||||
Ingersoll Rand, Inc. * | 150 | 4,221 | ||||||
ITT, Inc. | 240 | 14,077 | ||||||
Lincoln Electric Holdings, Inc. | 102 | 8,623 | ||||||
Middleby Corp. (The) * | 102 | 8,073 | ||||||
Nordson Corp. | 43 | 8,072 | ||||||
Snap-on, Inc. | 67 | 9,270 | ||||||
Stanley Black & Decker, Inc. | 58 | 8,117 | ||||||
|
| |||||||
69,100 | ||||||||
|
| |||||||
Media — 2.2% |
| |||||||
Discovery, Inc., Class C * | 396 | 7,635 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Media — continued |
| |||||||
DISH Network Corp., Class A * | 84 | 2,909 | ||||||
Liberty Broadband Corp., Class C * | 61 | 7,537 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C * | 303 | 10,440 | ||||||
New York Times Co. (The), Class A | 159 | 6,689 | ||||||
|
| |||||||
35,210 | ||||||||
|
| |||||||
Multiline Retail — 0.3% |
| |||||||
Kohl’s Corp. | 141 | 2,937 | ||||||
Nordstrom, Inc. | 115 | 1,789 | ||||||
|
| |||||||
4,726 | ||||||||
|
| |||||||
Multi-Utilities — 2.4% |
| |||||||
CMS Energy Corp. | 244 | 14,273 | ||||||
Sempra Energy | 92 | 10,818 | ||||||
WEC Energy Group, Inc. | 158 | 13,855 | ||||||
|
| |||||||
38,946 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.1% |
| |||||||
Cabot Oil & Gas Corp. | 379 | 6,519 | ||||||
Diamondback Energy, Inc. | 263 | 11,016 | ||||||
EQT Corp. | 374 | 4,452 | ||||||
Equitrans Midstream Corp. | 377 | 3,129 | ||||||
Williams Cos., Inc. (The) | 512 | 9,737 | ||||||
|
| |||||||
34,853 | ||||||||
|
| |||||||
Personal Products — 0.1% |
| |||||||
Coty, Inc., Class A | 293 | 1,311 | ||||||
|
| |||||||
Pharmaceuticals — 1.6% |
| |||||||
Catalent, Inc. * | 89 | 6,498 | ||||||
Horizon Therapeutics plc * | 141 | 7,848 | ||||||
Jazz Pharmaceuticals plc * | 51 | 5,582 | ||||||
Royalty Pharma plc, Class A * | 118 | 5,705 | ||||||
|
| |||||||
25,633 | ||||||||
|
| |||||||
Professional Services — 2.2% |
| |||||||
CoStar Group, Inc. * | 13 | 9,094 | ||||||
Equifax, Inc. | 50 | 8,560 | ||||||
FTI Consulting, Inc. * | 65 | 7,498 | ||||||
IHS Markit Ltd. | 135 | 10,211 | ||||||
|
| |||||||
35,363 | ||||||||
|
| |||||||
Real Estate Management & Development — 1.0% |
| |||||||
CBRE Group, Inc., Class A * | 299 | 13,509 | ||||||
Cushman & Wakefield plc * | 200 | 2,487 | ||||||
|
| |||||||
15,996 | ||||||||
|
| |||||||
Road & Rail — 0.8% |
| |||||||
Lyft, Inc., Class A * | 105 | 3,464 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 17 |
Table of Contents
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2020 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Road & Rail — continued |
| |||||||
Old Dominion Freight Line, Inc. | 55 | 9,260 | ||||||
|
| |||||||
12,724 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.1% |
| |||||||
Advanced Micro Devices, Inc. * | 137 | 7,205 | ||||||
Analog Devices, Inc. | 56 | 6,874 | ||||||
Cree, Inc. * | 41 | 2,409 | ||||||
Enphase Energy, Inc. * | 186 | 8,824 | ||||||
Entegris, Inc. | 127 | 7,511 | ||||||
KLA Corp. | 49 | 9,596 | ||||||
Lam Research Corp. | 18 | 5,903 | ||||||
Microchip Technology, Inc. | 87 | 9,122 | ||||||
Xilinx, Inc. | 100 | 9,860 | ||||||
|
| |||||||
67,304 | ||||||||
|
| |||||||
Software — 7.2% |
| |||||||
Cadence Design Systems, Inc. * | 115 | 11,026 | ||||||
Coupa Software, Inc. * | 21 | 5,679 | ||||||
Crowdstrike Holdings, Inc., Class A * | 91 | 9,078 | ||||||
HubSpot, Inc. * | 29 | 6,551 | ||||||
Intuit, Inc. | 16 | 4,865 | ||||||
Medallia, Inc. * | 86 | 2,168 | ||||||
RingCentral, Inc., Class A * | 38 | 10,856 | ||||||
ServiceNow, Inc. * | 11 | 4,366 | ||||||
Slack Technologies, Inc., Class A * | 121 | 3,759 | ||||||
Splunk, Inc. * | 82 | 16,357 | ||||||
Synopsys, Inc. * | 117 | 22,851 | ||||||
Trade Desk, Inc. (The), Class A * | 35 | 14,347 | ||||||
Zscaler, Inc. * | 68 | 7,485 | ||||||
|
| |||||||
119,388 | ||||||||
|
| |||||||
Specialty Retail — 5.6% |
| |||||||
AutoZone, Inc. * | 12 | 13,187 | ||||||
Best Buy Co., Inc. | 137 | 11,945 | ||||||
Burlington Stores, Inc. * | 34 | 6,628 | ||||||
CarMax, Inc. * | 75 | 6,716 | ||||||
Gap, Inc. (The) | 379 | 4,789 | ||||||
National Vision Holdings, Inc. * | 145 | 4,423 | ||||||
O’Reilly Automotive, Inc. * | 46 | 19,353 | ||||||
Ross Stores, Inc. | 58 | 4,903 | ||||||
Tractor Supply Co. | 120 | 15,761 | ||||||
Ulta Beauty, Inc. * | 30 | 6,184 | ||||||
|
| |||||||
93,889 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.4% |
| |||||||
Carter’s, Inc. | 41 | 3,281 | ||||||
Lululemon Athletica, Inc. * | 40 | 12,365 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Textiles, Apparel & Luxury Goods — continued |
| |||||||
PVH Corp. | 34 | 1,649 | ||||||
Ralph Lauren Corp. | 87 | 6,315 | ||||||
|
| |||||||
23,610 | ||||||||
|
| |||||||
Total Common Stocks | 1,596,575 | |||||||
|
| |||||||
Short-Term Investments — 2.5% |
| |||||||
Investment Companies — 2.5% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b) | 40,575 | 40,612 | ||||||
|
| |||||||
Total Investments — 100.0% | 1,637,187 | |||||||
Liabilities in Excess of Other Assets — 0.0% (c) | (5 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 1,637,182 | |||||||
|
|
Percentages indicated are based on net assets.
(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 June 30, 2020. | |
(c) | Amount rounds to less than 0.1% of net assets. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
18 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2020
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 99.2% |
| |||||||
Aerospace & Defense — 0.7% |
| |||||||
HEICO Corp., Class A | 466 | 37,832 | ||||||
|
| |||||||
Automobiles — 1.4% |
| |||||||
Tesla, Inc. * | 34 | 36,282 | ||||||
Thor Industries, Inc. (a) | 398 | 42,417 | ||||||
|
| |||||||
78,699 | ||||||||
|
| |||||||
Banks — 1.0% |
| |||||||
East West Bancorp, Inc. | 428 | 15,509 | ||||||
First Republic Bank | 388 | 41,113 | ||||||
|
| |||||||
56,622 | ||||||||
|
| |||||||
Biotechnology — 5.3% |
| |||||||
Agios Pharmaceuticals, Inc. * (a) | 532 | 28,451 | ||||||
Alnylam Pharmaceuticals, Inc. * | 382 | 56,534 | ||||||
BioMarin Pharmaceutical, Inc. * | 229 | 28,282 | ||||||
Exact Sciences Corp. * (a) | 651 | 56,582 | ||||||
Exelixis, Inc. * | 1,742 | 41,350 | ||||||
Intercept Pharmaceuticals, Inc. * (a) | 175 | 8,373 | ||||||
Neurocrine Biosciences, Inc. * | 343 | 41,809 | ||||||
Seattle Genetics, Inc. * | 166 | 28,190 | ||||||
|
| |||||||
289,571 | ||||||||
|
| |||||||
Building Products — 2.6% |
| |||||||
AZEK Co., Inc. (The) * | 635 | 20,241 | ||||||
Fortune Brands Home & Security, Inc. | 644 | 41,190 | ||||||
Trane Technologies plc | 437 | 38,884 | ||||||
Trex Co., Inc. * (a) | 325 | 42,292 | ||||||
|
| |||||||
142,607 | ||||||||
|
| |||||||
Capital Markets — 5.0% |
| |||||||
Blackstone Group, Inc. (The), Class A | 382 | 21,644 | ||||||
Charles Schwab Corp. (The) | 737 | 24,860 | ||||||
Evercore, Inc., Class A (a) | 367 | 21,594 | ||||||
MarketAxess Holdings, Inc. | 123 | 61,713 | ||||||
MSCI, Inc. | 190 | 63,260 | ||||||
Nasdaq, Inc. (a) | 268 | 31,970 | ||||||
S&P Global, Inc. | 92 | 30,157 | ||||||
TD Ameritrade Holding Corp. | 517 | 18,824 | ||||||
|
| |||||||
274,022 | ||||||||
|
| |||||||
Commercial Services & Supplies — 2.1% |
| |||||||
Copart, Inc. * | 759 | 63,185 | ||||||
Waste Connections, Inc. | 535 | 50,205 | ||||||
|
| |||||||
113,390 | ||||||||
|
| |||||||
Communications Equipment — 0.8% |
| |||||||
Arista Networks, Inc. * | 201 | 42,283 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Containers & Packaging — 2.0% |
| |||||||
Avery Dennison Corp. | 308 | 35,117 | ||||||
Ball Corp. (a) | 1,075 | 74,670 | ||||||
|
| |||||||
109,787 | ||||||||
|
| |||||||
Electrical Equipment — 2.0% |
| |||||||
AMETEK, Inc. | 497 | 44,435 | ||||||
Generac Holdings, Inc. * | 517 | 62,977 | ||||||
|
| |||||||
107,412 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 3.6% |
| |||||||
Amphenol Corp., Class A | 658 | 63,037 | ||||||
Keysight Technologies, Inc. * | 645 | 64,993 | ||||||
Zebra Technologies Corp., Class A * | 274 | 70,105 | ||||||
|
| |||||||
198,135 | ||||||||
|
| |||||||
Entertainment — 3.1% |
| |||||||
Spotify Technology SA * | 411 | 106,013 | ||||||
Take-Two Interactive Software, Inc. * | 449 | 62,639 | ||||||
|
| |||||||
168,652 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 4.0% |
| |||||||
Cooper Cos., Inc. (The) (a) | 106 | 30,037 | ||||||
DexCom, Inc. * | 107 | 43,216 | ||||||
Insulet Corp. * | 266 | 51,634 | ||||||
ResMed, Inc. | 493 | 94,618 | ||||||
|
| |||||||
219,505 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.8% |
| |||||||
Acadia Healthcare Co., Inc. * (a) | 632 | 15,887 | ||||||
Amedisys, Inc. * | 182 | 36,174 | ||||||
Centene Corp. * | 557 | 35,417 | ||||||
McKesson Corp. | 431 | 66,047 | ||||||
|
| |||||||
153,525 | ||||||||
|
| |||||||
Health Care Technology — 2.7% |
| |||||||
Teladoc Health, Inc. * (a) | 394 | 75,234 | ||||||
Veeva Systems, Inc., Class A * | 316 | 73,972 | ||||||
|
| |||||||
149,206 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.9% |
| |||||||
Chipotle Mexican Grill, Inc. * (a) | 71 | 74,192 | ||||||
Las Vegas Sands Corp. | 682 | 31,076 | ||||||
|
| |||||||
105,268 | ||||||||
|
| |||||||
Household Durables — 2.4% |
| |||||||
Garmin Ltd. | 698 | 68,029 | ||||||
Helen of Troy Ltd. * | 149 | 28,152 | ||||||
NVR, Inc. * | 11 | 36,172 | ||||||
|
| |||||||
132,353 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 19 |
Table of Contents
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2020 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Industrial Conglomerates — 0.7% |
| |||||||
Carlisle Cos., Inc. | 314 | 37,624 | ||||||
|
| |||||||
Insurance — 1.1% |
| |||||||
Progressive Corp. (The) | 535 | 42,827 | ||||||
Selectquote, Inc. * | 724 | 18,329 | ||||||
|
| |||||||
61,156 | ||||||||
|
| |||||||
Interactive Media & Services — 1.0% |
| |||||||
Match Group, Inc. * (a) | 516 | 55,184 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.7% |
| |||||||
Booking Holdings, Inc. * | 25 | 39,649 | ||||||
|
| |||||||
IT Services — 6.2% |
| |||||||
Booz Allen Hamilton Holding Corp. (a) | 953 | 74,165 | ||||||
FleetCor Technologies, Inc. * | 216 | 54,305 | ||||||
Global Payments, Inc. | 346 | 58,604 | ||||||
MongoDB, Inc. * (a) | 220 | 49,727 | ||||||
Okta, Inc. * | 347 | 69,560 | ||||||
Square, Inc., Class A * (a) | 295 | 30,905 | ||||||
|
| |||||||
337,266 | ||||||||
|
| |||||||
Leisure Products — 0.6% |
| |||||||
Brunswick Corp. (a) | 488 | 31,262 | ||||||
|
| |||||||
Life Sciences Tools & Services — 1.5% |
| |||||||
Illumina, Inc. * | 74 | 27,582 | ||||||
Mettler-Toledo International, Inc. * | 69 | 55,744 | ||||||
|
| |||||||
83,326 | ||||||||
|
| |||||||
Machinery — 3.1% |
| |||||||
Ingersoll Rand, Inc. * (a) | 1,012 | 28,464 | ||||||
ITT, Inc. | 566 | 33,259 | ||||||
Nordson Corp. (a) | 287 | 54,485 | ||||||
Stanley Black & Decker, Inc. | 393 | 54,761 | ||||||
|
| |||||||
170,969 | ||||||||
|
| |||||||
Media — 0.8% |
| |||||||
New York Times Co. (The), Class A (a) | 1,073 | 45,115 | ||||||
|
| |||||||
Pharmaceuticals — 3.1% |
| |||||||
Catalent, Inc. * | 598 | 43,833 | ||||||
Horizon Therapeutics plc * | 952 | 52,934 | ||||||
Jazz Pharmaceuticals plc * | 341 | 37,656 | ||||||
Royalty Pharma plc, Class A * | 787 | 38,209 | ||||||
|
| |||||||
172,632 | ||||||||
|
| |||||||
Professional Services — 4.4% |
| |||||||
CoStar Group, Inc. * | 86 | 61,260 | ||||||
Equifax, Inc. (a) | 336 | 57,769 | ||||||
FTI Consulting, Inc. * (a) | 441 | 50,551 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Professional Services — continued |
| |||||||
IHS Markit Ltd. | 912 | 68,856 | ||||||
|
| |||||||
238,436 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.5% |
| |||||||
CBRE Group, Inc., Class A * | 572 | 25,881 | ||||||
|
| |||||||
Road & Rail — 1.6% |
| |||||||
Lyft, Inc., Class A * (a) | 708 | 23,358 | ||||||
Old Dominion Freight Line, Inc. | 368 | 62,401 | ||||||
|
| |||||||
85,759 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 7.4% |
| |||||||
Advanced Micro Devices, Inc. * | 924 | 48,612 | ||||||
Cree, Inc. * (a) | 275 | 16,265 | ||||||
Enphase Energy, Inc. * (a) | 1,251 | 59,510 | ||||||
Entegris, Inc. (a) | 858 | 50,671 | ||||||
KLA Corp. | 333 | 64,723 | ||||||
Lam Research Corp. | 123 | 39,912 | ||||||
Microchip Technology, Inc. (a) | 584 | 61,512 | ||||||
Xilinx, Inc. | 676 | 66,481 | ||||||
|
| |||||||
407,686 | ||||||||
|
| |||||||
Software — 13.7% |
| |||||||
Cadence Design Systems, Inc. * | 775 | 74,359 | ||||||
Coupa Software, Inc. * (a) | 138 | 38,259 | ||||||
Crowdstrike Holdings, Inc., Class A * | 610 | 61,217 | ||||||
HubSpot, Inc. * | 197 | 44,107 | ||||||
Intuit, Inc. | 111 | 32,877 | ||||||
Medallia, Inc. * (a) | 580 | 14,632 | ||||||
RingCentral, Inc., Class A * (a) | 257 | 73,276 | ||||||
ServiceNow, Inc. * | 73 | 29,437 | ||||||
Slack Technologies, Inc., Class A * (a) | 815 | 25,348 | ||||||
Splunk, Inc. * (a) | 555 | 110,345 | ||||||
Synopsys, Inc. * | 498 | 97,032 | ||||||
Trade Desk, Inc. (The), Class A * (a) | 238 | 96,666 | ||||||
Zscaler, Inc. * (a) | 461 | 50,458 | ||||||
|
| |||||||
748,013 | ||||||||
|
| |||||||
Specialty Retail — 7.9% |
| |||||||
Burlington Stores, Inc. * (a) | 227 | 44,762 | ||||||
CarMax, Inc. * (a) | 506 | 45,312 | ||||||
National Vision Holdings, Inc. * | 977 | 29,827 | ||||||
O’Reilly Automotive, Inc. * | 310 | 130,508 | ||||||
Ross Stores, Inc. | 388 | 33,038 | ||||||
Tractor Supply Co. | 806 | 106,275 | ||||||
Ulta Beauty, Inc. * | 205 | 41,660 | ||||||
|
| |||||||
431,382 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
20 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Textiles, Apparel & Luxury Goods — 1.5% |
| |||||||
Lululemon Athletica, Inc. * | 267 | 83,400 | ||||||
|
| |||||||
Total Common Stocks | 5,433,609 | |||||||
|
| |||||||
Short-Term Investments — 5.2% |
| |||||||
Investment Companies — 0.9% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) | 51,514 | 51,560 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 4.3% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c) | 211,004 | 211,088 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c) | 24,377 | 24,377 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 235,465 | |||||||
|
| |||||||
Total Short-Term Investments | 287,025 | |||||||
|
| |||||||
Total Investments — 104.4% | 5,720,634 | |||||||
Liabilities in Excess of | (239,567 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 5,481,067 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $231,676,000. | |
(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 June 30, 2020. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 21 |
Table of Contents
JPMorgan Mid Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2020
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.6% |
| |||||||
Airlines — 0.7% |
| |||||||
Southwest Airlines Co. (a) | 2,689 | 91,910 | ||||||
|
| |||||||
Auto Components — 0.8% |
| |||||||
BorgWarner, Inc. (a) | 2,753 | 97,171 | ||||||
|
| |||||||
Banks — 7.6% |
| |||||||
Citizens Financial Group, Inc. (a) | 5,267 | 132,928 | ||||||
Fifth Third Bancorp | 8,296 | 159,941 | ||||||
First Republic Bank | 1,136 | 120,452 | ||||||
Huntington Bancshares, Inc. | 9,304 | 84,063 | ||||||
M&T Bank Corp. | 1,911 | 198,692 | ||||||
Regions Financial Corp. (a) | 9,757 | 108,496 | ||||||
TCF Financial Corp. | 3,143 | 92,458 | ||||||
Zions Bancorp NA (a) | 2,066 | 70,231 | ||||||
|
| |||||||
967,261 | ||||||||
|
| |||||||
Beverages — 1.6% |
| |||||||
Constellation Brands, Inc., Class A | 753 | 131,822 | ||||||
Keurig Dr Pepper, Inc. (a) | 2,601 | 73,863 | ||||||
|
| |||||||
205,685 | ||||||||
|
| |||||||
Building Products — 1.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 2,080 | 132,979 | ||||||
|
| |||||||
Capital Markets — 5.7% |
| |||||||
Ameriprise Financial, Inc. (a) | 1,420 | 213,086 | ||||||
Northern Trust Corp. (a) | 1,868 | 148,222 | ||||||
Raymond James Financial, Inc. | 2,141 | 147,351 | ||||||
T. Rowe Price Group, Inc. | 1,741 | 215,066 | ||||||
|
| |||||||
723,725 | ||||||||
|
| |||||||
Chemicals — 1.2% |
| |||||||
Sherwin-Williams Co. (The) | 271 | 156,695 | ||||||
|
| |||||||
Communications Equipment — 0.7% |
| |||||||
CommScope Holding Co., Inc. * | 4,142 | 34,505 | ||||||
Motorola Solutions, Inc. | 409 | 57,353 | ||||||
|
| |||||||
91,858 | ||||||||
|
| |||||||
Construction Materials — 1.1% |
| |||||||
Martin Marietta Materials, Inc. | 658 | 135,965 | ||||||
|
| |||||||
Consumer Finance — 0.5% |
| |||||||
Discover Financial Services (a) | 1,324 | 66,302 | ||||||
|
| |||||||
Containers & Packaging — 3.4% |
| |||||||
Ball Corp. (a) | 1,917 | 133,240 | ||||||
Packaging Corp. of America (a) | 784 | 78,206 | ||||||
Silgan Holdings, Inc. | 3,889 | 125,958 | ||||||
Westrock Co. (a) | 3,214 | 90,831 | ||||||
|
| |||||||
428,235 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Distributors — 0.7% |
| |||||||
Genuine Parts Co. (a) | 1,059 | 92,051 | ||||||
|
| |||||||
Electric Utilities — 4.3% |
| |||||||
Edison International | 2,864 | 155,547 | ||||||
Entergy Corp. | 1,583 | 148,497 | ||||||
Xcel Energy, Inc. (a) | 3,827 | 239,186 | ||||||
|
| |||||||
543,230 | ||||||||
|
| |||||||
Electrical Equipment — 2.9% |
| |||||||
Acuity Brands, Inc. (a) | 1,165 | 111,559 | ||||||
AMETEK, Inc. | 1,650 | 147,417 | ||||||
Hubbell, Inc. | 911 | 114,259 | ||||||
|
| |||||||
373,235 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 4.2% |
| |||||||
Amphenol Corp., Class A | 1,566 | 150,058 | ||||||
CDW Corp. | 1,197 | 139,095 | ||||||
Keysight Technologies, Inc. * (a) | 1,037 | 104,483 | ||||||
SYNNEX Corp. | 1,171 | 140,242 | ||||||
|
| |||||||
533,878 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 11.1% |
| |||||||
American Campus Communities, Inc. (a) | 1,516 | 52,986 | ||||||
American Homes 4 Rent, Class A | 4,020 | 108,141 | ||||||
AvalonBay Communities, Inc. (a) | 1,010 | 156,210 | ||||||
Boston Properties, Inc. | 1,634 | 147,694 | ||||||
Brixmor Property Group, Inc. | 6,165 | 79,036 | ||||||
Essex Property Trust, Inc. (a) | 398 | 91,246 | ||||||
Federal Realty Investment Trust (a) | 1,055 | 89,861 | ||||||
Host Hotels & Resorts, Inc. (a) | 3,437 | 37,090 | ||||||
JBG SMITH Properties | 1,794 | 53,039 | ||||||
Kimco Realty Corp. | 5,985 | 76,843 | ||||||
Outfront Media, Inc. | 3,711 | 52,578 | ||||||
Rayonier, Inc. (a) | 4,174 | 103,469 | ||||||
Regency Centers Corp. | 1,411 | 64,746 | ||||||
Ventas, Inc. (a) | 1,303 | 47,707 | ||||||
Vornado Realty Trust (a) | 2,423 | 92,583 | ||||||
Weyerhaeuser Co. | 4,225 | 94,902 | ||||||
WP Carey, Inc. (a) | 1,032 | 69,791 | ||||||
|
| |||||||
1,417,922 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.4% |
| |||||||
Kroger Co. (The) | 4,068 | 137,710 | ||||||
US Foods Holding Corp. * | 2,209 | 43,564 | ||||||
|
| |||||||
181,274 | ||||||||
|
| |||||||
Food Products — 1.0% |
| |||||||
Post Holdings, Inc. * | 1,400 | 122,707 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
22 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Gas Utilities — 1.0% |
| |||||||
National Fuel Gas Co. (a) | 3,074 | 128,888 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 1.5% |
| |||||||
Zimmer Biomet Holdings, Inc. | 1,607 | 191,792 | ||||||
|
| |||||||
Health Care Providers & Services — 6.3% |
| |||||||
AmerisourceBergen Corp. | 1,701 | 171,364 | ||||||
Cigna Corp. | 718 | 134,755 | ||||||
Henry Schein, Inc. * | 1,693 | 98,848 | ||||||
Humana, Inc. | 215 | 83,434 | ||||||
Laboratory Corp. of America Holdings * (a) | 1,115 | 185,183 | ||||||
Universal Health Services, Inc., Class B | 1,389 | 128,979 | ||||||
|
| |||||||
802,563 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.2% |
| |||||||
Darden Restaurants, Inc. | 336 | 25,454 | ||||||
|
| |||||||
Household Durables — 1.9% |
| |||||||
Mohawk Industries, Inc. * | 1,229 | 125,027 | ||||||
Newell Brands, Inc. (a) | 7,693 | 122,158 | ||||||
|
| |||||||
247,185 | ||||||||
|
| |||||||
Household Products — 1.0% |
| |||||||
Energizer Holdings, Inc. (a) | 2,546 | 120,916 | ||||||
|
| |||||||
Industrial Conglomerates — 1.1% |
| |||||||
Carlisle Cos., Inc. | 1,214 | 145,321 | ||||||
|
| |||||||
Insurance — 6.6% |
| |||||||
Alleghany Corp. | 165 | 80,524 | ||||||
Hartford Financial Services Group, Inc. (The) | 3,735 | 143,979 | ||||||
Lincoln National Corp. (a) | 1,738 | 63,925 | ||||||
Loews Corp. | 6,121 | 209,893 | ||||||
Marsh & McLennan Cos., Inc. (a) | 1,255 | 134,730 | ||||||
Progressive Corp. (The) | 1,490 | 119,338 | ||||||
WR Berkley Corp. | 1,574 | 90,186 | ||||||
|
| |||||||
842,575 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.5% |
| |||||||
Expedia Group, Inc. | 700 | 57,518 | ||||||
|
| |||||||
IT Services — 0.9% |
| |||||||
Jack Henry & Associates, Inc. | 594 | 109,342 | ||||||
|
| |||||||
Machinery — 5.4% |
| |||||||
IDEX Corp. | 866 | 136,907 | ||||||
ITT, Inc. | 2,465 | 144,810 | ||||||
Lincoln Electric Holdings, Inc. (a) | 1,620 | 136,488 | ||||||
Middleby Corp. (The) * (a) | 1,618 | 127,721 | ||||||
Snap-on, Inc. (a) | 1,060 | 146,755 | ||||||
|
| |||||||
692,681 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Media — 3.6% |
| |||||||
Discovery, Inc., Class C * | 6,275 | 120,850 | ||||||
DISH Network Corp., Class A * | 1,361 | 46,975 | ||||||
Liberty Broadband Corp., Class C * | 962 | 119,302 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C * | 4,809 | 165,671 | ||||||
|
| |||||||
452,798 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.0% (b) |
| |||||||
Starwood Property Trust, Inc. | 339 | 5,077 | ||||||
|
| |||||||
Multiline Retail — 0.6% |
| |||||||
Kohl’s Corp. | 2,229 | 46,305 | ||||||
Nordstrom, Inc. (a) | 1,817 | 28,144 | ||||||
|
| |||||||
74,449 | ||||||||
|
| |||||||
Multi-Utilities — 4.9% |
| |||||||
CMS Energy Corp. | 3,870 | 226,109 | ||||||
Sempra Energy | 1,465 | 171,690 | ||||||
WEC Energy Group, Inc. | 2,504 | 219,500 | ||||||
|
| |||||||
617,299 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 4.3% |
| |||||||
Cabot Oil & Gas Corp. (a) | 6,006 | 103,177 | ||||||
Diamondback Energy, Inc. (a) | 4,172 | 174,459 | ||||||
EQT Corp. (a) | 5,914 | 70,380 | ||||||
Equitrans Midstream Corp. | 5,941 | 49,370 | ||||||
Williams Cos., Inc. (The) | 7,970 | 151,586 | ||||||
|
| |||||||
548,972 | ||||||||
|
| |||||||
Personal Products — 0.2% |
| |||||||
Coty, Inc., Class A | 4,579 | 20,469 | ||||||
|
| |||||||
Real Estate Management & Development — 1.5% |
| |||||||
CBRE Group, Inc., Class A * (a) | 3,386 | 153,093 | ||||||
Cushman & Wakefield plc * | 3,204 | 39,923 | ||||||
|
| |||||||
193,016 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 0.9% |
| |||||||
Analog Devices, Inc. | 887 | 108,743 | ||||||
|
| |||||||
Software — 1.1% |
| |||||||
Synopsys, Inc. * | 686 | 133,762 | ||||||
|
| |||||||
Specialty Retail — 3.8% |
| |||||||
AutoZone, Inc. * | 187 | 210,425 | ||||||
Best Buy Co., Inc. (a) | 2,168 | 189,187 | ||||||
Gap, Inc. (The) (a) | 6,147 | 77,570 | ||||||
|
| |||||||
477,182 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.4% |
| |||||||
Carter’s, Inc. | 642 | 51,783 | ||||||
PVH Corp. (a) | 535 | 25,683 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 23 |
Table of Contents
JPMorgan Mid Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2020 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Textiles, Apparel & Luxury Goods — continued |
| |||||||
Ralph Lauren Corp. (a) | 1,378 | 99,896 | ||||||
|
| |||||||
177,362 | ||||||||
|
| |||||||
Total Common Stocks | 12,535,447 | |||||||
|
| |||||||
Short-Term Investments — 2.8% |
| |||||||
Investment Companies — 1.3% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d) | 170,149 | 170,302 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 1.5% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (c) (d) | 168,007 | 168,074 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d) | 23,472 | 23,472 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 191,546 | |||||||
|
| |||||||
Total Short-Term Investments | 361,848 | |||||||
|
| |||||||
Total Investments — 101.4% | 12,897,295 | |||||||
Liabilities in Excess of | (182,708 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 12,714,587 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $188,161,000. | |
(b) | Amount rounds to less than 0.1% of net assets. | |
(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 June 30, 2020. | |
* | Non-income producing security. | |
SEE NOTES TO FINANCIAL STATEMENTS.
24 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2020
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 96.8% |
| |||||||
Aerospace & Defense — 1.6% |
| |||||||
General Dynamics Corp. | 354 | 52,909 | ||||||
Raytheon Technologies Corp. | 1,342 | 82,686 | ||||||
|
| |||||||
135,595 | ||||||||
|
| |||||||
Airlines — 0.5% |
| |||||||
Southwest Airlines Co. | 1,319 | 45,090 | ||||||
|
| |||||||
Banks — 13.4% |
| |||||||
Bank of America Corp. | 13,126 | 311,737 | ||||||
Citigroup, Inc. | 2,005 | 102,432 | ||||||
Citizens Financial Group, Inc. | 3,277 | 82,699 | ||||||
Fifth Third Bancorp | 2,059 | 39,691 | ||||||
First Republic Bank | 371 | 39,287 | ||||||
M&T Bank Corp. | 952 | 98,971 | ||||||
PNC Financial Services Group, Inc. (The) | 1,612 | 169,595 | ||||||
Truist Financial Corp. | 2,868 | 107,680 | ||||||
US Bancorp | 2,176 | 80,106 | ||||||
Wells Fargo & Co. | 5,503 | 140,866 | ||||||
|
| |||||||
1,173,064 | ||||||||
|
| |||||||
Beverages — 0.5% |
| |||||||
Keurig Dr Pepper, Inc. | 1,533 | 43,525 | ||||||
|
| |||||||
Biotechnology — 2.1% |
| |||||||
AbbVie, Inc. | 1,420 | 139,415 | ||||||
Amgen, Inc. | 184 | 43,327 | ||||||
|
| |||||||
182,742 | ||||||||
|
| |||||||
Building Products — 0.4% |
| |||||||
Trane Technologies plc | 345 | 30,716 | ||||||
|
| |||||||
Capital Markets — 4.8% |
| |||||||
Charles Schwab Corp. (The) | 2,690 | 90,754 | ||||||
Invesco Ltd. (a) | 1,945 | 20,931 | ||||||
Morgan Stanley | 2,809 | 135,686 | ||||||
Northern Trust Corp. | 735 | 58,295 | ||||||
T. Rowe Price Group, Inc. | 879 | 108,524 | ||||||
|
| |||||||
414,190 | ||||||||
|
| |||||||
Chemicals — 0.0% (b) |
| |||||||
AdvanSix, Inc. * | 261 | 3,059 | ||||||
|
| |||||||
Communications Equipment — 1.3% |
| |||||||
Cisco Systems, Inc. | 1,553 | 72,455 | ||||||
CommScope Holding Co., Inc. * | 4,845 | 40,359 | ||||||
|
| |||||||
112,814 | ||||||||
|
| |||||||
Construction Materials — 1.2% |
| |||||||
Martin Marietta Materials, Inc. | 498 | 102,867 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Consumer Finance — 2.5% |
| |||||||
American Express Co. (a) | 932 | 88,764 | ||||||
Capital One Financial Corp. | 2,115 | 132,403 | ||||||
|
| |||||||
221,167 | ||||||||
|
| |||||||
Containers & Packaging — 2.8% |
| |||||||
Ball Corp. | 809 | 56,201 | ||||||
Graphic Packaging Holding Co. | 4,516 | 63,178 | ||||||
Packaging Corp. of America | 742 | 74,012 | ||||||
Westrock Co. | 1,802 | 50,918 | ||||||
|
| |||||||
244,309 | ||||||||
|
| |||||||
Diversified Financial Services — 2.1% |
| |||||||
Berkshire Hathaway, Inc., Class B * | 1,033 | 184,312 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.8% |
| |||||||
Verizon Communications, Inc. | 2,895 | 159,622 | ||||||
|
| |||||||
Electric Utilities — 5.7% |
| |||||||
American Electric Power Co., Inc. | 1,498 | 119,326 | ||||||
Duke Energy Corp. | 694 | 55,442 | ||||||
Edison International | 834 | 45,268 | ||||||
Entergy Corp. | 482 | 45,207 | ||||||
NextEra Energy, Inc. | 479 | 114,943 | ||||||
Xcel Energy, Inc. (a) | 1,809 | 113,041 | ||||||
|
| |||||||
493,227 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.5% |
| |||||||
Arrow Electronics, Inc. * | 664 | 45,632 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 6.2% |
| |||||||
American Homes 4 Rent, Class A | 2,193 | 58,996 | ||||||
Boston Properties, Inc. | 257 | 23,255 | ||||||
Brixmor Property Group, Inc. | 3,687 | 47,268 | ||||||
EastGroup Properties, Inc. | 280 | 33,210 | ||||||
Federal Realty Investment Trust | 481 | 40,977 | ||||||
Kimco Realty Corp. | 2,706 | 34,751 | ||||||
Mid-America Apartment Communities, Inc. | 660 | 75,722 | ||||||
Outfront Media, Inc. | 1,765 | 25,013 | ||||||
Public Storage (a) | 454 | 87,080 | ||||||
Rayonier, Inc. | 2,481 | 61,509 | ||||||
Weyerhaeuser Co. | 2,171 | 48,761 | ||||||
|
| |||||||
536,542 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.1% |
| |||||||
Sysco Corp. | 360 | 19,656 | ||||||
Walgreens Boots Alliance, Inc. | 1,872 | 79,333 | ||||||
|
| |||||||
98,989 | ||||||||
|
| |||||||
Food Products — 0.9% |
| |||||||
Post Holdings, Inc. * | 862 | 75,490 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 25 |
Table of Contents
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2020 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Health Care Equipment & Supplies — 0.9% |
| |||||||
Medtronic plc | 859 | 78,786 | ||||||
|
| |||||||
Health Care Providers & Services — 2.3% |
| |||||||
AmerisourceBergen Corp. | 669 | 67,405 | ||||||
HCA Healthcare, Inc. | 318 | 30,840 | ||||||
UnitedHealth Group, Inc. | 351 | 103,420 | ||||||
|
| |||||||
201,665 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.4% |
| |||||||
Las Vegas Sands Corp. | 757 | 34,492 | ||||||
|
| |||||||
Household Durables — 0.6% |
| |||||||
Newell Brands, Inc. | 3,053 | 48,477 | ||||||
|
| |||||||
Household Products — 2.6% |
| |||||||
Energizer Holdings, Inc. (a) | 1,691 | 80,294 | ||||||
Procter & Gamble Co. (The) | 1,187 | 141,898 | ||||||
|
| |||||||
222,192 | ||||||||
|
| |||||||
Industrial Conglomerates — 1.6% |
| |||||||
Carlisle Cos., Inc. | 375 | 44,818 | ||||||
Honeywell International, Inc. | 642 | 92,786 | ||||||
|
| |||||||
137,604 | ||||||||
|
| |||||||
Insurance — 7.5% |
| |||||||
Alleghany Corp. | 78 | 38,298 | ||||||
American International Group, Inc. | 1,399 | 43,618 | ||||||
Chubb Ltd. | 596 | 75,497 | ||||||
CNA Financial Corp. | 331 | 10,642 | ||||||
Fairfax Financial Holdings Ltd. (Canada) | 160 | 49,268 | ||||||
Hartford Financial Services Group, Inc. (The) | 1,556 | 59,994 | ||||||
Loews Corp. | 4,815 | 165,089 | ||||||
Marsh & McLennan Cos., Inc. | 599 | 64,362 | ||||||
Travelers Cos., Inc. (The) | 1,243 | 141,772 | ||||||
|
| |||||||
648,540 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.8% |
| |||||||
Booking Holdings, Inc. * | 43 | 67,834 | ||||||
|
| |||||||
Machinery — 3.1% |
| |||||||
Dover Corp. | 1,054 | 101,804 | ||||||
Illinois Tool Works, Inc. (a) | 327 | 57,207 | ||||||
ITT, Inc. | 703 | 41,268 | ||||||
Middleby Corp. (The) * | 564 | 44,491 | ||||||
Otis Worldwide Corp. | 446 | 25,347 | ||||||
|
| |||||||
270,117 | ||||||||
|
| |||||||
Media — 3.5% |
| |||||||
Charter Communications, Inc., Class A * (a) | 164 | 83,641 | ||||||
Discovery, Inc., Class C * | 2,185 | 42,079 | ||||||
DISH Network Corp., Class A * | 1,862 | 64,255 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Media — continued |
| |||||||
Nexstar Media Group, Inc., Class A (a) | 774 | 64,746 | ||||||
ViacomCBS, Inc. (a) | 2,030 | 47,341 | ||||||
|
| |||||||
302,062 | ||||||||
|
| |||||||
Multiline Retail — 0.7% |
| |||||||
Kohl’s Corp. (a) | 1,701 | 35,319 | ||||||
Nordstrom, Inc. (a) | 1,930 | 29,896 | ||||||
|
| |||||||
65,215 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 7.7% |
| |||||||
Cabot Oil & Gas Corp. | 1,881 | 32,322 | ||||||
Chevron Corp. (a) | 1,487 | 132,675 | ||||||
ConocoPhillips | 2,427 | 102,002 | ||||||
Diamondback Energy, Inc. | 731 | 30,575 | ||||||
EQT Corp. (a) | 2,839 | 33,782 | ||||||
Equitrans Midstream Corp. | 5,187 | 43,105 | ||||||
Kinder Morgan, Inc. | 4,716 | 71,542 | ||||||
Marathon Petroleum Corp. (a) | 1,681 | 62,847 | ||||||
PBF Energy, Inc., Class A | 476 | 4,870 | ||||||
Phillips 66 | 952 | 68,455 | ||||||
Williams Cos., Inc. (The) | 4,637 | 88,198 | ||||||
|
| |||||||
670,373 | ||||||||
|
| |||||||
Personal Products — 0.2% |
| |||||||
Coty, Inc., Class A | 4,781 | 21,372 | ||||||
|
| |||||||
Pharmaceuticals — 6.1% |
| |||||||
Bristol-Myers Squibb Co. | 2,958 | 173,942 | ||||||
Johnson & Johnson | 1,132 | 159,224 | ||||||
Merck & Co., Inc. | 1,065 | 82,391 | ||||||
Pfizer, Inc. | 3,648 | 119,277 | ||||||
|
| |||||||
534,834 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.8% |
| |||||||
CBRE Group, Inc., Class A * | 1,565 | 70,751 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 2.7% |
| |||||||
Analog Devices, Inc. | 803 | 98,480 | ||||||
QUALCOMM, Inc. | 265 | 24,192 | ||||||
Texas Instruments, Inc. | 856 | 108,745 | ||||||
|
| |||||||
231,417 | ||||||||
|
| |||||||
Software — 0.8% |
| |||||||
Microsoft Corp. | 344 | 70,032 | ||||||
|
| |||||||
Specialty Retail — 3.4% |
| |||||||
AutoZone, Inc. * | 92 | 104,074 | ||||||
Best Buy Co., Inc. (a) | 775 | 67,667 | ||||||
Home Depot, Inc. (The) | 284 | 71,250 |
SEE NOTES TO FINANCIAL STATEMENTS.
26 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Specialty Retail — continued |
| |||||||
Murphy USA, Inc. * | 438 | 49,305 | ||||||
|
| |||||||
292,296 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.0% |
| |||||||
Columbia Sportswear Co. (a) | 641 | 51,647 | ||||||
Ralph Lauren Corp. | 458 | 33,192 | ||||||
|
| |||||||
84,839 | ||||||||
|
| |||||||
Wireless Telecommunication Services — 0.7% |
| |||||||
T-Mobile US, Inc. * | 602 | 62,667 | ||||||
|
| |||||||
Total Common Stocks | 8,418,517 | |||||||
|
| |||||||
NO. OF RIGHTS | ||||||||
Rights — 0.0% (b) |
| |||||||
Media — 0.0% (b) |
| |||||||
Media General, Inc., CVR * ‡ | 2,982 | — | (c) | |||||
|
| |||||||
Wireless Telecommunication Services — 0.0% (b) |
| |||||||
T-Mobile US, Inc., expiring 7/27/2020 * | 279 | 47 | ||||||
|
| |||||||
Total Rights | 47 | |||||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 4.0% |
| |||||||
Investment Companies — 2.2% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (d) (e) | 193,652 | 193,827 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 1.8% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (d) (e) | 139,070 | 139,126 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (d) (e) | 15,136 | 15,136 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 154,262 | |||||||
|
| |||||||
Total Short-Term Investments | 348,089 | |||||||
|
| |||||||
Total Investments — 100.8% | 8,766,653 | |||||||
Liabilities in Excess of | (66,734 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 8,699,919 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
CVR | Contingent Value Rights | |
(a) | The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $150,467,000. | |
(b) | Amount rounds to less than 0.1% of net assets. | |
(c) | Amount rounds to less than one thousand. | |
(d) | 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. | |
(e) | The rate shown is the current yield as of June 30, 2020. | |
* | Non-income producing security. | |
‡ | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 27 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2020
(Amounts in thousands, except per share amounts)
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | JPMorgan Mid Cap Growth Fund | ||||||||||
ASSETS: |
| |||||||||||
Investments in non-affiliates, at value | $ | 10,690,413 | $ | 1,596,575 | $ | 5,433,609 | ||||||
Investments in affiliates, at value | 105,416 | 40,612 | 51,560 | |||||||||
Investment of cash collateral received from securities loaned, at value (See Note 2.B.) | 334,019 | — | 235,465 | |||||||||
Cash | 52 | 15 | 22 | |||||||||
Receivables: | ||||||||||||
Due from custodian | 89,144 | 879 | 13,663 | |||||||||
Investment securities sold | 47,918 | 3,343 | — | |||||||||
Fund shares sold | 12,783 | 2,381 | 7,275 | |||||||||
Dividends from non-affiliates | 937 | 1,686 | 940 | |||||||||
Dividends from affiliates | 1 | 1 | 1 | |||||||||
Securities lending income (See Note 2.B.) | 149 | 5 | 430 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 11,280,832 | 1,645,497 | 5,742,965 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: |
| |||||||||||
Payables: | ||||||||||||
Investment securities purchased | 89,144 | 5,314 | 16,828 | |||||||||
Collateral received on securities loaned (See Note 2.B.) | 334,019 | — | 235,465 | |||||||||
Fund shares redeemed | 39,626 | 1,785 | 5,533 | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 4,762 | 779 | 2,837 | |||||||||
Administration fees | 652 | 38 | 314 | |||||||||
Distribution fees | 1,002 | 107 | 307 | |||||||||
Service fees | 1,103 | 152 | 452 | |||||||||
Custodian and accounting fees | 73 | 26 | 38 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | — | (a) | — | (a) | ||||||
Other | 246 | 114 | 124 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 470,627 | 8,315 | 261,898 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 10,810,205 | $ | 1,637,182 | $ | 5,481,067 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
28 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | JPMorgan Mid Cap Growth Fund | ||||||||||
NET ASSETS: |
| |||||||||||
Paid-in-Capital | $ | 5,190,760 | $ | 1,029,894 | $ | 3,371,965 | ||||||
Total distributable earnings (loss) | 5,619,445 | 607,288 | 2,109,102 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 10,810,205 | $ | 1,637,182 | $ | 5,481,067 | ||||||
|
|
|
|
|
| |||||||
Net Assets: |
| |||||||||||
Class A | $ | 2,032,870 | $ | 405,857 | $ | 1,141,467 | ||||||
Class C | 942,512 | 20,753 | 86,046 | |||||||||
Class I | 2,827,894 | 341,317 | 1,205,433 | |||||||||
Class R2 | 239 | 623 | 39,404 | |||||||||
Class R3 | 1,076 | — | 42,573 | |||||||||
Class R4 | 17,739 | — | 11,194 | |||||||||
Class R5 | 133,780 | 871 | 519,097 | |||||||||
Class R6 | 4,854,095 | 867,761 | 2,435,853 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 10,810,205 | $ | 1,637,182 | $ | 5,481,067 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) |
| |||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 80,461 | 8,598 | 31,330 | |||||||||
Class C | 44,002 | 462 | 3,169 | |||||||||
Class I | 107,559 | 7,100 | 27,962 | |||||||||
Class R2 | 10 | 13 | 988 | |||||||||
Class R3 | 43 | — | 1,001 | |||||||||
Class R4 | 675 | — | 260 | |||||||||
Class R5 | 4,967 | 18 | 11,848 | |||||||||
Class R6 | 178,744 | 18,026 | 55,269 | |||||||||
Net Asset Value (a): | ||||||||||||
Class A — Redemption price per share | $ | 25.27 | $ | 47.20 | $ | 36.43 | ||||||
Class C — Offering price per share (b) | 21.42 | 44.95 | 27.15 | |||||||||
Class I — Offering and redemption price per share | 26.29 | 48.07 | 43.11 | |||||||||
Class R2 — Offering and redemption price per share | 25.05 | 46.64 | 39.90 | |||||||||
Class R3 — Offering and redemption price per share | 25.27 | — | 42.53 | |||||||||
Class R4 — Offering and redemption price per share | 26.29 | — | 43.00 | |||||||||
Class R5 — Offering and redemption price per share | 26.93 | 48.11 | 43.81 | |||||||||
Class R6 — Offering and redemption price per share | 27.16 | 48.14 | 44.07 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | $ | 26.67 | $ | 49.82 | $ | 38.45 | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 5,882,056 | $ | 1,113,790 | $ | 3,814,083 | ||||||
Cost of investments in affiliates | 105,359 | 40,601 | 51,532 | |||||||||
Investment securities on loan, at value (See Note 2.B.) | 331,253 | — | 231,676 | |||||||||
Cost of investment of cash collateral (See Note 2.B.) | 334,021 | — | 235,466 |
(a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
(b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 29 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2020 (continued)
(Amounts in thousands, except per share amounts)
JPMorgan Mid Cap Value Fund | JPMorgan Value | |||||||
ASSETS: |
| |||||||
Investments in non-affiliates, at value | $ | 12,535,447 | $ | 8,418,564 | ||||
Investments in affiliates, at value | 170,302 | 193,827 | ||||||
Investment of cash collateral received from securities loaned, at value (See Note 2.B.) | 191,546 | 154,262 | ||||||
Cash | — | 86 | ||||||
Receivables: | ||||||||
Investment securities sold | 66,614 | 65,136 | ||||||
Fund shares sold | 16,937 | 87,939 | ||||||
Dividends from non-affiliates | 24,741 | 8,458 | ||||||
Dividends from affiliates | 2 | 2 | ||||||
Securities lending income (See Note 2.B.) | 62 | 44 | ||||||
|
|
|
| |||||
Total Assets | 13,005,651 | 8,928,318 | ||||||
|
|
|
| |||||
LIABILITIES: |
| |||||||
Payables: | ||||||||
Due to custodian | 1,064 | — | ||||||
Investment securities purchased | 53,270 | 57,956 | ||||||
Collateral received on securities loaned (See Note 2.B.) | 191,546 | 154,262 | ||||||
Fund shares redeemed | 35,493 | 9,941 | ||||||
Accrued liabilities: | ||||||||
Investment advisory fees | 6,807 | 3,966 | ||||||
Administration fees | 672 | 528 | ||||||
Distribution fees | 343 | 399 | ||||||
Service fees | 853 | 781 | ||||||
Custodian and accounting fees | 130 | 98 | ||||||
Trustees’ and Chief Compliance Officer’s fees | 1 | — | (a) | |||||
Other | 885 | 468 | ||||||
|
|
|
| |||||
Total Liabilities | 291,064 | 228,399 | ||||||
|
|
|
| |||||
Net Assets | $ | 12,714,587 | $ | 8,699,919 | ||||
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
30 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
JPMorgan Mid Cap Value Fund | JPMorgan Value Advantage Fund | |||||||
NET ASSETS: |
| |||||||
Paid-in-Capital | $ | 8,959,744 | $ | 7,359,222 | ||||
Total distributable earnings (loss) | 3,754,843 | 1,340,697 | ||||||
|
|
|
| |||||
Total Net Assets | $ | 12,714,587 | $ | 8,699,919 | ||||
|
|
|
| |||||
Net Assets: |
| |||||||
Class A | $ | 1,171,139 | $ | 736,715 | ||||
Class C | 84,827 | 332,229 | ||||||
Class I | 2,164,300 | 2,047,640 | ||||||
Class L | 5,976,033 | 1,593,954 | ||||||
Class R2 | 59,200 | 182 | ||||||
Class R3 | 63,836 | 1,519 | ||||||
Class R4 | 24,576 | 32,555 | ||||||
Class R5 | 69,110 | 5,529 | ||||||
Class R6 | 3,101,566 | 3,949,596 | ||||||
|
|
|
| |||||
Total | $ | 12,714,587 | $ | 8,699,919 | ||||
|
|
|
| |||||
Outstanding units of beneficial interest (shares) |
| |||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||
Class A | 37,636 | 24,951 | ||||||
Class C | 2,849 | 11,307 | ||||||
Class I | 68,676 | 68,927 | ||||||
Class L | 187,008 | 53,606 | ||||||
Class R2 | 1,995 | 6 | ||||||
Class R3 | 2,071 | 52 | ||||||
Class R4 | 784 | 1,101 | ||||||
Class R5 | 2,166 | 186 | ||||||
Class R6 | 97,106 | 132,936 | ||||||
Net Asset Value (a): | ||||||||
Class A — Redemption price per share | $ | 31.12 | $ | 29.53 | ||||
Class C — Offering price per share (b) | 29.77 | 29.38 | ||||||
Class I — Offering and redemption price per share | 31.51 | 29.71 | ||||||
Class L — Offering and redemption price per share | 31.96 | 29.73 | ||||||
Class R2 — Offering and redemption price per share | 29.67 | 29.31 | ||||||
Class R3 — Offering and redemption price per share | 30.83 | 29.21 | ||||||
Class R4 — Offering and redemption price per share | 31.34 | 29.56 | ||||||
Class R5 — Offering and redemption price per share | 31.90 | 29.67 | ||||||
Class R6 — Offering and redemption price per share | 31.94 | 29.71 | ||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | ||||
Class A maximum public offering price per share | $ | 32.84 | $ | 31.17 | ||||
|
|
|
| |||||
Cost of investments in non-affiliates | $ | 9,603,853 | $ | 7,161,197 | ||||
Cost of investments in affiliates | 170,132 | 193,831 | ||||||
Investment securities on loan, at value (See Note 2.B.) | 188,161 | 150,467 | ||||||
Cost of investment of cash collateral (See Note 2.B.) | 191,547 | 154,262 |
(a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
(b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 31 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2020
(Amounts in thousands)
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | JPMorgan Mid Cap Growth Fund | ||||||||||
INVESTMENT INCOME: |
| |||||||||||
Interest income from non-affiliates | $ | 2 | $ | — | (a) | $ | 1 | |||||
Interest income from affiliates | 1 | 2 | — | (a) | ||||||||
Dividend income from non-affiliates | 68,437 | 25,839 | 26,119 | |||||||||
Dividend income from affiliates | 3,057 | 1,079 | 1,973 | |||||||||
Income from securities lending (net) (See Note 2.B.) | 975 | 169 | 1,417 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 72,472 | 27,089 | 29,510 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: |
| |||||||||||
Investment advisory fees | 52,077 | 12,606 | 30,824 | |||||||||
Administration fees | 6,991 | 1,455 | 3,557 | |||||||||
Distribution fees: | ||||||||||||
Class A | 4,752 | 1,140 | 2,525 | |||||||||
Class C | 6,118 | 164 | 605 | |||||||||
Class R2 | — | (a) | 3 | 192 | ||||||||
Class R3 | 2 | — | 91 | |||||||||
Service fees: | ||||||||||||
Class A | 4,752 | 1,140 | 2,525 | |||||||||
Class C | 2,039 | 55 | 202 | |||||||||
Class I | 5,535 | 695 | 2,683 | |||||||||
Class R2 | — | (a) | 1 | 96 | ||||||||
Class R3 | 2 | — | 91 | |||||||||
Class R4 | 42 | — | 24 | |||||||||
Class R5 | 118 | 4 | 472 | |||||||||
Custodian and accounting fees | 260 | 74 | 137 | |||||||||
Interest expense to affiliates | — | — | (a) | — | ||||||||
Professional fees | 155 | 78 | 106 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 59 | 34 | 43 | |||||||||
Printing and mailing costs | 483 | 191 | 276 | |||||||||
Registration and filing fees | 312 | 125 | 181 | |||||||||
Transfer agency fees (See Note 2.E.) | 310 | 57 | 391 | |||||||||
Other | 199 | 38 | 69 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 84,206 | 17,860 | 45,090 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (1,374 | ) | (2,334 | ) | (1,495 | ) | ||||||
Less expense reimbursements | (7 | ) | — | (a) | (38 | ) | ||||||
|
|
|
|
|
| |||||||
Net expenses | 82,825 | 15,526 | 43,557 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | (10,353 | ) | 11,563 | (14,047 | ) | |||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: |
| |||||||||||
Investments in non-affiliates | 1,432,143 | 457,269 | 659,083 | |||||||||
Investments in affiliates | 72 | 20 | 14 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 1,432,215 | 457,289 | 659,097 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation on: |
| |||||||||||
Investments in non-affiliates | 972,027 | (437,744 | ) | 281,307 | ||||||||
Investments in affiliates | 20 | (3 | ) | 2 | ||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | 972,047 | (437,747 | ) | 281,309 | ||||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | 2,404,262 | 19,542 | 940,406 | |||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 2,393,909 | $ | 31,105 | $ | 926,359 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
32 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
JPMorgan Mid Cap Value Fund | JPMorgan Value Advantage Fund | |||||||
INVESTMENT INCOME: |
| |||||||
Interest income from non-affiliates | $ | 1 | $ | 2 | ||||
Interest income from affiliates | — | — | (a) | |||||
Dividend income from non-affiliates | 324,601 | 262,978 | ||||||
Dividend income from affiliates | 6,799 | 4,895 | ||||||
Income from securities lending (net) (See Note 2.B.) | 962 | 838 | ||||||
|
|
|
| |||||
Total investment income | 332,363 | 268,713 | ||||||
|
|
|
| |||||
EXPENSES: |
| |||||||
Investment advisory fees | 99,765 | 58,076 | ||||||
Administration fees | 10,119 | 7,592 | ||||||
Distribution fees: | ||||||||
Class A | 3,624 | 2,774 | ||||||
Class C | 952 | 3,429 | ||||||
Class R2 | 337 | 1 | ||||||
Class R3 | 178 | 4 | ||||||
Service fees: | ||||||||
Class A | 3,624 | 2,774 | ||||||
Class C | 317 | 1,143 | ||||||
Class I | 6,118 | 5,698 | ||||||
Class L | 7,702 | 2,235 | ||||||
Class R2 | 169 | — | (a) | |||||
Class R3 | 177 | 5 | ||||||
Class R4 | 66 | 68 | ||||||
Class R5 | 85 | 7 | ||||||
Custodian and accounting fees | 450 | 315 | ||||||
Interest expense to affiliates | — | — | (a) | |||||
Professional fees | 234 | 173 | ||||||
Trustees’ and Chief Compliance Officer’s fees | 83 | 64 | ||||||
Printing and mailing costs | 1,099 | 529 | ||||||
Registration and filing fees | 291 | 326 | ||||||
Transfer agency fees (See Note 2.E.) | 692 | 241 | ||||||
Other | 323 | 145 | ||||||
|
|
|
| |||||
Total expenses | 136,405 | 85,599 | ||||||
|
|
|
| |||||
Less fees waived | (7,606 | ) | (1,510 | ) | ||||
Less expense reimbursements | (32 | ) | (23 | ) | ||||
|
|
|
| |||||
Net expenses | 128,767 | 84,066 | ||||||
|
|
|
| |||||
Net investment income (loss) | 203,596 | 184,647 | ||||||
|
|
|
| |||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||
Net realized gain (loss) on transactions from: |
| |||||||
Investments in non-affiliates | 860,635 | 159,216 | ||||||
Investments in affiliates | 216 | 151 | ||||||
|
|
|
| |||||
Net realized gain (loss) | 860,851 | 159,367 | ||||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation on: |
| |||||||
Investments in non-affiliates | (3,168,290 | ) | (1,858,448 | ) | ||||
Investments in affiliates | 75 | (37 | ) | |||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation | (3,168,215 | ) | (1,858,485 | ) | ||||
|
|
|
| |||||
Net realized/unrealized gains (losses) | (2,307,364 | ) | (1,699,118 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from operations | $ | (2,103,768 | ) | $ | (1,514,471 | ) | ||
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 33 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | |||||||||||||||
Year Ended June 30, 2020 | Year Ended June 30, 2019 | Year Ended June 30, 2020 | Year Ended June 30, 2019 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (10,353 | ) | $ | (10,145 | ) | $ | 11,563 | $ | 20,621 | ||||||
Net realized gain (loss) | 1,432,215 | 629,057 | 457,289 | 205,661 | ||||||||||||
Change in net unrealized appreciation/depreciation | 972,047 | 213,962 | (437,747 | ) | 42,746 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 2,393,909 | 832,874 | 31,105 | 269,028 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | (176,120 | ) | (137,182 | ) | (38,917 | ) | (41,313 | ) | ||||||||
Class C | (88,186 | ) | (69,324 | ) | (1,879 | ) | (2,590 | ) | ||||||||
Class I | (199,341 | ) | (147,315 | ) | (23,411 | ) | (31,866 | ) | ||||||||
Class R2 | (12 | ) | (5 | ) | (49 | ) | (47 | ) | ||||||||
Class R3 | (61 | ) | (27 | ) | — | — | ||||||||||
Class R4 | (1,510 | ) | (957 | ) | — | — | ||||||||||
Class R5 | (10,297 | ) | (8,804 | ) | (518 | ) | (621 | ) | ||||||||
Class R6 | (359,755 | ) | (334,548 | ) | (159,341 | ) | (209,503 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (835,282 | ) | (698,162 | ) | (224,115 | ) | (285,940 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | (137,511 | ) | 562,790 | (961,205 | ) | 74,601 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 1,421,116 | 697,502 | (1,154,215 | ) | 57,689 | |||||||||||
Beginning of period | 9,389,089 | 8,691,587 | 2,791,397 | 2,733,708 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 10,810,205 | $ | 9,389,089 | $ | 1,637,182 | $ | 2,791,397 | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
34 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund | |||||||||||||||
Year Ended June 30, 2020 | Year Ended June 30, 2019 | Year Ended June 30, 2020 | Year Ended June 30, 2019 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (14,047 | ) | $ | (10,571 | ) | $ | 203,596 | $ | 262,116 | ||||||
Net realized gain (loss) | 659,097 | 269,037 | 860,851 | 854,560 | ||||||||||||
Change in net unrealized appreciation/depreciation | 281,309 | 351,539 | (3,168,215 | ) | (449,626 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 926,359 | 610,005 | (2,103,768 | ) | 667,050 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | (82,704 | ) | (64,068 | ) | (76,720 | ) | (113,824 | ) | ||||||||
Class C | (8,737 | ) | (6,859 | ) | (6,335 | ) | (11,787 | ) | ||||||||
Class I | (75,633 | ) | (66,577 | ) | (133,060 | ) | (180,706 | ) | ||||||||
Class L | — | — | (443,822 | ) | (790,206 | ) | ||||||||||
Class R2 | (2,939 | ) | (2,466 | ) | (3,525 | ) | (5,220 | ) | ||||||||
Class R3 | (2,669 | ) | (1,655 | ) | (3,809 | ) | (4,506 | ) | ||||||||
Class R4 | (679 | ) | (921 | ) | (1,419 | ) | (1,721 | ) | ||||||||
Class R5 | (33,403 | ) | (18,376 | ) | (4,996 | ) | (5,681 | ) | ||||||||
Class R6 | (138,679 | ) | (90,888 | ) | (181,586 | ) | (86,808 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (345,443 | ) | (251,810 | ) | (855,272 | ) | (1,200,459 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 341,659 | 283,053 | (1,341,858 | ) | (734,957 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 922,575 | 641,248 | (4,300,898 | ) | (1,268,366 | ) | ||||||||||
Beginning of period | 4,558,492 | 3,917,244 | 17,015,485 | 18,283,851 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 5,481,067 | $ | 4,558,492 | $ | 12,714,587 | $ | 17,015,485 | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 35 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Value Advantage Fund | ||||||||
Year Ended June 30, 2020 | Year Ended June 30, 2019 | |||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||
Net investment income (loss) | $ | 184,647 | $ | 207,703 | ||||
Net realized gain (loss) | 159,367 | 344,698 | ||||||
Change in net unrealized appreciation/depreciation | (1,858,485 | ) | 219,801 | |||||
|
|
|
| |||||
Change in net assets resulting from operations | (1,514,471 | ) | 772,202 | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Class A | (44,981 | ) | (75,407 | ) | ||||
Class C | (16,494 | ) | (31,120 | ) | ||||
Class I | (99,554 | ) | (161,614 | ) | ||||
Class L | (100,871 | ) | (175,343 | ) | ||||
Class R2 | (3 | ) | (3 | ) | ||||
Class R3 | (70 | ) | (123 | ) | ||||
Class R4 | (1,174 | ) | (1,103 | ) | ||||
Class R5 | (334 | ) | (451 | ) | ||||
Class R6 | (204,414 | ) | (263,786 | ) | ||||
|
|
|
| |||||
Total distributions to shareholders | (467,895 | ) | (708,950 | ) | ||||
|
|
|
| |||||
CAPITAL TRANSACTIONS: | ||||||||
Change in net assets resulting from capital transactions | (143,475 | ) | (621,729 | ) | ||||
|
|
|
| |||||
NET ASSETS: | ||||||||
Change in net assets | (2,125,841 | ) | (558,477 | ) | ||||
Beginning of period | 10,825,760 | 11,384,237 | ||||||
|
|
|
| |||||
End of period | $ | 8,699,919 | $ | 10,825,760 | ||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
36 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | |||||||||||||||
Year Ended June 30, 2020 | Year Ended June 30, 2019 | Year Ended June 30, 2020 | Year Ended June 30, 2019 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 424,450 | $ | 403,155 | $ | 123,140 | $ | 104,599 | ||||||||
Distributions reinvested | 171,962 | 134,593 | 38,873 | 41,253 | ||||||||||||
Cost of shares redeemed | (690,381 | ) | (459,409 | ) | (176,855 | ) | (96,097 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (93,969 | ) | $ | 78,339 | $ | (14,842 | ) | $ | 49,755 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 152,886 | $ | 156,438 | $ | 2,246 | $ | 2,104 | ||||||||
Distributions reinvested | 83,431 | 66,057 | 1,879 | 2,589 | ||||||||||||
Cost of shares redeemed | (200,570 | ) | (164,414 | ) | (5,867 | ) | (7,756 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 35,747 | $ | 58,081 | $ | (1,742 | ) | $ | (3,063 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 971,337 | $ | 749,623 | $ | 147,037 | $ | 49,175 | ||||||||
Distributions reinvested | 183,814 | 135,181 | 23,288 | 31,662 | ||||||||||||
Cost of shares redeemed | (804,519 | ) | (558,012 | ) | (114,553 | ) | (100,951 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 350,632 | $ | 326,792 | $ | 55,772 | $ | (20,114 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 157 | $ | 44 | $ | 391 | $ | 65 | ||||||||
Distributions reinvested | 12 | 5 | 42 | 40 | ||||||||||||
Cost of shares redeemed | (52 | ) | (5 | ) | (313 | ) | (21 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 117 | $ | 44 | $ | 120 | $ | 84 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Proceeds from shares issued | $ | 501 | $ | 184 | $ | — | $ | — | ||||||||
Distributions reinvested | 61 | 27 | — | — | ||||||||||||
Cost of shares redeemed | (126 | ) | (41 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 436 | $ | 170 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Proceeds from shares issued | $ | 2,017 | $ | 4,852 | $ | — | $ | — | ||||||||
Distributions reinvested | 1,510 | 957 | — | — | ||||||||||||
Cost of shares redeemed | (4,951 | ) | (2,115 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | (1,424 | ) | $ | 3,694 | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 23,475 | $ | 21,008 | $ | 674 | $ | 62 | ||||||||
Distributions reinvested | 10,290 | 8,803 | 517 | 621 | ||||||||||||
Cost of shares redeemed | (37,782 | ) | (26,114 | ) | (6,310 | ) | (1,088 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | (4,017 | ) | $ | 3,697 | $ | (5,119 | ) | $ | (405 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 1,257,140 | $ | 705,912 | $ | 348,033 | $ | 259,016 | ||||||||
Distributions reinvested | 358,754 | 333,918 | 159,315 | 209,472 | ||||||||||||
Cost of shares redeemed | (2,040,927 | ) | (947,857 | ) | (302,027 | ) | (420,144 | ) | ||||||||
Redemptions in-kind (See Note 8) | — | — | (1,200,715 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | (425,033 | ) | $ | 91,973 | $ | (995,394 | ) | $ | 48,344 | ||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (137,511 | ) | $ | 562,790 | $ | (961,205 | ) | $ | 74,601 | ||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 37 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | |||||||||||||||
Year Ended June 30, 2020 | Year Ended June 30, 2019 | Year Ended June 30, 2020 | Year Ended June 30, 2019 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 19,559 | 19,276 | 2,661 | 2,159 | ||||||||||||
Reinvested | 8,088 | 7,186 | 853 | 952 | ||||||||||||
Redeemed | (30,991 | ) | (22,010 | ) | (3,845 | ) | (1,995 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (3,344 | ) | 4,452 | (331 | ) | 1,116 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 8,221 | 8,466 | 54 | 45 | ||||||||||||
Reinvested | 4,615 | 4,060 | 43 | 63 | ||||||||||||
Redeemed | (10,900 | ) | (9,125 | ) | (133 | ) | (167 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 1,936 | 3,401 | (36 | ) | (59 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 42,055 | 34,535 | 3,117 | 996 | ||||||||||||
Reinvested | 8,317 | 6,986 | 501 | 719 | ||||||||||||
Redeemed | (36,324 | ) | (26,418 | ) | (2,381 | ) | (2,083 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 14,048 | 15,103 | 1,237 | (368 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | 8 | 2 | 7 | 1 | ||||||||||||
Reinvested | 1 | — | (a) | 1 | 1 | |||||||||||
Redeemed | (3 | ) | — | (a) | (6 | ) | — | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 6 | 2 | 2 | 2 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Issued | 26 | 9 | — | — | ||||||||||||
Reinvested | 3 | 1 | — | — | ||||||||||||
Redeemed | (6 | ) | (2 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 23 | 8 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Issued | 90 | 238 | — | — | ||||||||||||
Reinvested | 68 | 50 | — | — | ||||||||||||
Redeemed | (212 | ) | (96 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | (54 | ) | 192 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | 992 | 934 | 14 | 2 | ||||||||||||
Reinvested | 455 | 446 | 11 | 14 | ||||||||||||
Redeemed | (1,630 | ) | (1,188 | ) | (125 | ) | (22 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | (183 | ) | 192 | (100 | ) | (6 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 53,895 | 31,785 | 7,401 | 5,236 | ||||||||||||
Reinvested | 15,742 | 16,814 | 3,444 | 4,754 | ||||||||||||
Redeemed | (86,443 | ) | (43,117 | ) | (6,434 | ) | (8,527 | ) | ||||||||
Redemptions in-kind (See Note 8) | — | — | (25,455 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | (16,806 | ) | 5,482 | (21,044 | ) | 1,463 | ||||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
38 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund | |||||||||||||||
Year Ended June 30, 2020 | Year Ended June 30, 2019 | Year Ended June 30, 2020 | Year Ended June��30, 2019 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 143,119 | $ | 114,825 | $ | 209,763 | $ | 232,702 | ||||||||
Distributions reinvested | 80,011 | 61,839 | 69,743 | 101,729 | ||||||||||||
Cost of shares redeemed | (203,777 | ) | (170,138 | ) | (484,932 | ) | (588,500 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 19,353 | $ | 6,526 | $ | (205,426 | ) | $ | (254,069 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 11,326 | $ | 14,313 | $ | 12,682 | $ | 18,374 | ||||||||
Distributions reinvested | 8,149 | 6,348 | 5,516 | 10,374 | ||||||||||||
Cost of shares redeemed | (22,446 | ) | (24,318 | ) | (56,184 | ) | (86,785 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | (2,971 | ) | $ | (3,657 | ) | $ | (37,986 | ) | $ | (58,037 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 306,997 | $ | 238,900 | $ | 900,902 | $ | 746,983 | ||||||||
Distributions reinvested | 71,080 | 63,129 | 123,076 | 166,354 | ||||||||||||
Cost of shares redeemed | (382,936 | ) | (444,249 | ) | (1,051,200 | ) | (1,161,145 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | (4,859 | ) | $ | (142,220 | ) | $ | (27,222 | ) | $ | (247,808 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 1,165,380 | $ | 1,602,921 | ||||||||
Distributions reinvested | — | — | 394,599 | 713,339 | ||||||||||||
Cost of shares redeemed | — | — | (3,139,666 | ) | (4,636,220 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class L capital transactions | $ | — | $ | — | $ | (1,579,687 | ) | $ | (2,319,960 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 11,105 | $ | 15,230 | $ | 15,289 | $ | 14,477 | ||||||||
Distributions reinvested | 2,875 | 2,347 | 3,405 | 4,936 | ||||||||||||
Cost of shares redeemed | (22,776 | ) | (14,882 | ) | (20,258 | ) | (24,713 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | (8,796 | ) | $ | 2,695 | $ | (1,564 | ) | $ | (5,300 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Proceeds from shares issued | $ | 17,057 | $ | 8,791 | $ | 15,417 | $ | 25,594 | ||||||||
Distributions reinvested | 2,669 | 1,655 | 3,652 | 4,297 | ||||||||||||
Cost of shares redeemed | (11,619 | ) | (9,229 | ) | (14,432 | ) | (17,703 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 8,107 | $ | 1,217 | $ | 4,637 | $ | 12,188 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Proceeds from shares issued | $ | 3,625 | $ | 4,725 | $ | 11,128 | $ | 11,792 | ||||||||
Distributions reinvested | 679 | 921 | 1,419 | 1,720 | ||||||||||||
Cost of shares redeemed | (3,668 | ) | (11,309 | ) | (10,446 | ) | (3,466 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | 636 | $ | (5,663 | ) | $ | 2,101 | $ | 10,046 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 143,113 | $ | 199,729 | $ | 14,343 | $ | 26,423 | ||||||||
Distributions reinvested | 31,744 | 17,215 | 4,992 | 5,681 | ||||||||||||
Cost of shares redeemed | (169,555 | ) | (109,050 | ) | (29,341 | ) | (19,629 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 5,302 | $ | 107,894 | $ | (10,006 | ) | $ | 12,475 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 776,302 | $ | 565,276 | $ | 1,587,348 | $ | 2,480,879 | ||||||||
Distributions reinvested | 137,892 | 90,442 | 174,996 | 82,670 | ||||||||||||
Cost of shares redeemed | (589,307 | ) | (339,457 | ) | (1,249,049 | ) | (448,041 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 324,887 | $ | 316,261 | $ | 513,295 | $ | 2,115,508 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 341,659 | $ | 283,053 | $ | (1,341,858 | ) | $ | (734,957 | ) | ||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 39 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund | |||||||||||||||
Year Ended June 30, 2020 | Year Ended June 30, 2019 | Year Ended June 30, 2020 | Year Ended June 30, 2019 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 4,392 | 3,765 | 6,133 | 6,269 | ||||||||||||
Reinvested | 2,499 | 2,301 | 1,812 | 2,966 | ||||||||||||
Redeemed | (6,309 | ) | (5,639 | ) | (14,044 | ) | (15,628 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 582 | 427 | (6,099 | ) | (6,393 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 461 | 610 | 374 | 538 | ||||||||||||
Reinvested | 341 | 306 | 150 | 315 | ||||||||||||
Redeemed | (930 | ) | (1,023 | ) | (1,787 | ) | (2,429 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (128 | ) | (107 | ) | (1,263 | ) | (1,576 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 8,021 | 6,807 | 28,169 | 20,189 | ||||||||||||
Reinvested | 1,879 | 2,019 | 3,157 | 4,798 | ||||||||||||
Redeemed | (10,235 | ) | (12,716 | ) | (31,853 | ) | (30,988 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | (335 | ) | (3,890 | ) | (527 | ) | (6,001 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Issued | — | — | 34,257 | 41,784 | ||||||||||||
Reinvested | — | — | 9,979 | 20,337 | ||||||||||||
Redeemed | — | — | (87,974 | ) | (124,718 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class L Shares | — | — | (43,738 | ) | (62,597 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | 313 | 460 | 458 | 404 | ||||||||||||
Reinvested | 82 | 80 | 93 | 150 | ||||||||||||
Redeemed | (645 | ) | (451 | ) | (599 | ) | (692 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | (250 | ) | 89 | (48 | ) | (138 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Issued | 447 | 248 | 452 | 680 | ||||||||||||
Reinvested | 71 | 53 | 96 | 127 | ||||||||||||
Redeemed | (307 | ) | (267 | ) | (421 | ) | (469 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 211 | 34 | 127 | 338 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Issued | 94 | 134 | 308 | 313 | ||||||||||||
Reinvested | 18 | 30 | 37 | 50 | ||||||||||||
Redeemed | (96 | ) | (325 | ) | (284 | ) | (92 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | 16 | (161 | ) | 61 | 271 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | 3,638 | 5,532 | 392 | 697 | ||||||||||||
Reinvested | 826 | 544 | 126 | 162 | ||||||||||||
Redeemed | (4,377 | ) | (3,055 | ) | (798 | ) | (517 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 87 | 3,021 | (280 | ) | 342 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 19,998 | 15,732 | 44,485 | 66,731 | ||||||||||||
Reinvested | 3,570 | 2,842 | 4,428 | 2,355 | ||||||||||||
Redeemed | (15,241 | ) | (9,571 | ) | (35,794 | ) | (11,820 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 8,327 | 9,003 | 13,119 | 57,266 | ||||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
40 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
JPMorgan Value Advantage Fund | ||||||||
Year Ended June 30, 2020 | Year Ended June 30, 2019 | |||||||
CAPITAL TRANSACTIONS: | ||||||||
Class A | ||||||||
Proceeds from shares issued | $ | 225,893 | $ | 232,481 | ||||
Distributions reinvested | 42,378 | 70,886 | ||||||
Cost of shares redeemed | (562,591 | ) | (426,883 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class A capital transactions | $ | (294,320 | ) | $ | (123,516 | ) | ||
|
|
|
| |||||
Class C | ||||||||
Proceeds from shares issued | $ | 31,902 | $ | 49,965 | ||||
Distributions reinvested | 14,740 | 28,077 | ||||||
Cost of shares redeemed | (152,885 | ) | (149,047 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class C capital transactions | $ | (106,243 | ) | $ | (71,005 | ) | ||
|
|
|
| |||||
Class I | ||||||||
Proceeds from shares issued | $ | 873,832 | $ | 990,121 | ||||
Distributions reinvested | 87,746 | 145,394 | ||||||
Cost of shares redeemed | (965,662 | ) | (990,428 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class I capital transactions | $ | (4,084 | ) | $ | 145,087 | |||
|
|
|
| |||||
Class L | ||||||||
Proceeds from shares issued | $ | 566,706 | $ | 682,284 | ||||
Distributions reinvested | 96,694 | 161,936 | ||||||
Cost of shares redeemed | (1,203,324 | ) | (1,552,416 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class L capital transactions | $ | (539,924 | ) | $ | (708,196 | ) | ||
|
|
|
| |||||
Class R2 | ||||||||
Proceeds from shares issued | $ | 128 | $ | 33 | ||||
Distributions reinvested | 2 | 2 | ||||||
Cost of shares redeemed | (23 | ) | (6 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R2 capital transactions | $ | 107 | $ | 29 | ||||
|
|
|
| |||||
Class R3 | ||||||||
Proceeds from shares issued | $ | 359 | $ | 1,084 | ||||
Distributions reinvested | 69 | 109 | ||||||
Cost of shares redeemed | (887 | ) | (69 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R3 capital transactions | $ | (459 | ) | $ | 1,124 | |||
|
|
|
| |||||
Class R4 | ||||||||
Proceeds from shares issued | $ | 23,194 | $ | 4,132 | ||||
Distributions reinvested | 1,174 | 1,103 | ||||||
Cost of shares redeemed | (8,710 | ) | (2,174 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R4 capital transactions | $ | 15,658 | $ | 3,061 | ||||
|
|
|
| |||||
Class R5 | ||||||||
Proceeds from shares issued | $ | 2,112 | $ | 2,695 | ||||
Distributions reinvested | 334 | 451 | ||||||
Cost of shares redeemed | (3,498 | ) | (1,340 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R5 capital transactions | $ | (1,052 | ) | $ | 1,806 | |||
|
|
|
| |||||
Class R6 | ||||||||
Proceeds from shares issued | $ | 2,406,252 | $ | 581,176 | ||||
Distributions reinvested | 203,530 | 263,676 | ||||||
Cost of shares redeemed | (1,822,940 | ) | (714,971 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R6 capital transactions | $ | 786,842 | $ | 129,881 | ||||
|
|
|
| |||||
Total change in net assets resulting from capital transactions | $ | (143,475 | ) | $ | (621,729 | ) | ||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 41 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Value Advantage Fund | ||||||||
Year Ended June 30, 2020 | Year Ended June 30, 2019 | |||||||
SHARE TRANSACTIONS: | ||||||||
Class A | ||||||||
Issued | 7,038 | 6,752 | ||||||
Reinvested | 1,145 | 2,205 | ||||||
Redeemed | (17,957 | ) | (12,282 | ) | ||||
|
|
|
| |||||
Change in Class A Shares | (9,774 | ) | (3,325 | ) | ||||
|
|
|
| |||||
Class C | ||||||||
Issued | 966 | 1,459 | ||||||
Reinvested | 401 | 875 | ||||||
Redeemed | (4,876 | ) | (4,326 | ) | ||||
|
|
|
| |||||
Change in Class C Shares | (3,509 | ) | (1,992 | ) | ||||
|
|
|
| |||||
Class I | ||||||||
Issued | 28,338 | 28,239 | ||||||
Reinvested | 2,357 | 4,502 | ||||||
Redeemed | (30,342 | ) | (28,665 | ) | ||||
|
|
|
| |||||
Change in Class I Shares | 353 | 4,076 | ||||||
|
|
|
| |||||
Class L | ||||||||
Issued | 17,778 | 19,446 | ||||||
Reinvested | 2,596 | 5,015 | ||||||
Redeemed | (38,762 | ) | (43,889 | ) | ||||
|
|
|
| |||||
Change in Class L Shares | (18,388 | ) | (19,428 | ) | ||||
|
|
|
| |||||
Class R2 | ||||||||
Issued | 5 | 1 | ||||||
Reinvested | — | (a) | — | (a) | ||||
Redeemed | (1 | ) | — | (a) | ||||
|
|
|
| |||||
Change in Class R2 Shares | 4 | 1 | ||||||
|
|
|
| |||||
Class R3 | ||||||||
Issued | 11 | 31 | ||||||
Reinvested | 2 | 3 | ||||||
Redeemed | (25 | ) | (2 | ) | ||||
|
|
|
| |||||
Change in Class R3 Shares | (12 | ) | 32 | |||||
|
|
|
| |||||
Class R4 | ||||||||
Issued | 741 | 120 | ||||||
Reinvested | 32 | 34 | ||||||
Redeemed | (250 | ) | (62 | ) | ||||
|
|
|
| |||||
Change in Class R4 Shares | 523 | 92 | ||||||
|
|
|
| |||||
Class R5 | ||||||||
Issued | 62 | 77 | ||||||
Reinvested | 9 | 14 | ||||||
Redeemed | (110 | ) | (38 | ) | ||||
|
|
|
| |||||
Change in Class R5 Shares | (39 | ) | 53 | |||||
|
|
|
| |||||
Class R6 | ||||||||
Issued | 70,239 | 16,654 | ||||||
Reinvested | 5,469 | 8,179 | ||||||
Redeemed | (55,634 | ) | (20,665 | ) | ||||
|
|
|
| |||||
Change in Class R6 Shares | 20,074 | 4,168 | ||||||
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
42 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 43 |
Table of Contents
FOR THE PERIODS INDICATED
Per share operating performance | ||||||||||||||||||||
�� | Investment operations | Distributions | ||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net realized gain | ||||||||||||||||
JPMorgan Growth Advantage Fund | ||||||||||||||||||||
Class A | ||||||||||||||||||||
Year Ended June 30, 2020 | $ | 21.78 | $ | (0.08 | ) | $ | 5.74 | $ | 5.66 | $ | (2.17 | ) | ||||||||
Year Ended June 30, 2019 | 21.73 | (0.08 | ) | 1.89 | 1.81 | (1.76 | ) | |||||||||||||
Year Ended June 30, 2018 | 17.95 | (0.12 | ) | 4.74 | 4.62 | (0.84 | ) | |||||||||||||
Year Ended June 30, 2017 | 14.42 | (0.09 | ) | 3.62 | 3.53 | — | ||||||||||||||
Year Ended June 30, 2016 | 15.74 | (0.08 | ) | (0.71 | ) | (0.79 | ) | (0.53 | ) | |||||||||||
Class C | ||||||||||||||||||||
Year Ended June 30, 2020 | 18.86 | (0.16 | ) | 4.89 | 4.73 | (2.17 | ) | |||||||||||||
Year Ended June 30, 2019 | 19.16 | (0.16 | ) | 1.62 | 1.46 | (1.76 | ) | |||||||||||||
Year Ended June 30, 2018 | 15.99 | (0.19 | ) | 4.20 | 4.01 | (0.84 | ) | |||||||||||||
Year Ended June 30, 2017 | 12.91 | (0.15 | ) | 3.23 | 3.08 | — | ||||||||||||||
Year Ended June 30, 2016 | 14.22 | (0.14 | ) | (0.64 | ) | (0.78 | ) | (0.53 | ) | |||||||||||
Class I | ||||||||||||||||||||
Year Ended June 30, 2020 | 22.53 | (0.02 | ) | 5.95 | 5.93 | (2.17 | ) | |||||||||||||
Year Ended June 30, 2019 | 22.36 | (0.03 | ) | 1.96 | 1.93 | (1.76 | ) | |||||||||||||
Year Ended June 30, 2018 | 18.40 | (0.07 | ) | 4.87 | 4.80 | (0.84 | ) | |||||||||||||
Year Ended June 30, 2017 | 14.75 | (0.05 | ) | 3.70 | 3.65 | — | ||||||||||||||
Year Ended June 30, 2016 | 16.06 | (0.06 | ) | (0.72 | ) | (0.78 | ) | (0.53 | ) | |||||||||||
Class R2 | ||||||||||||||||||||
Year Ended June 30, 2020 | 21.67 | (0.13 | ) | 5.68 | 5.55 | (2.17 | ) | |||||||||||||
Year Ended June 30, 2019 | 21.68 | (0.13 | ) | 1.88 | 1.75 | (1.76 | ) | |||||||||||||
July 31, 2017 (f) through June 30, 2018 | 18.47 | (0.14 | ) | 4.19 | 4.05 | (0.84 | ) | |||||||||||||
Class R3 | ||||||||||||||||||||
Year Ended June 30, 2020 | 21.79 | (0.08 | ) | 5.73 | 5.65 | (2.17 | ) | |||||||||||||
Year Ended June 30, 2019 | 21.74 | (0.07 | ) | 1.88 | 1.81 | (1.76 | ) | |||||||||||||
Year Ended June 30, 2018 | 17.96 | (0.11 | ) | 4.73 | 4.62 | (0.84 | ) | |||||||||||||
May 31, 2017 (f) through June 30, 2017 | 17.85 | (0.01 | ) | 0.12 | 0.11 | — | ||||||||||||||
Class R4 | ||||||||||||||||||||
Year Ended June 30, 2020 | 22.53 | (0.02 | ) | 5.95 | 5.93 | (2.17 | ) | |||||||||||||
Year Ended June 30, 2019 | 22.36 | (0.03 | ) | 1.96 | 1.93 | (1.76 | ) | |||||||||||||
Year Ended June 30, 2018 | 18.40 | (0.03 | ) | 4.83 | 4.80 | (0.84 | ) | |||||||||||||
May 31, 2017 (f) through June 30, 2017 | 18.29 | — | (g) | 0.11 | 0.11 | — | ||||||||||||||
Class R5 | ||||||||||||||||||||
Year Ended June 30, 2020 | 23.00 | 0.01 | 6.09 | 6.10 | (2.17 | ) | ||||||||||||||
Year Ended June 30, 2019 | 22.76 | 0.01 | 1.99 | 2.00 | (1.76 | ) | ||||||||||||||
Year Ended June 30, 2018 | 18.69 | (0.04 | ) | 4.95 | 4.91 | (0.84 | ) | |||||||||||||
Year Ended June 30, 2017 | 14.96 | (0.03 | ) | 3.76 | 3.73 | — | ||||||||||||||
Year Ended June 30, 2016 | 16.25 | (0.03 | ) | (0.73 | ) | (0.76 | ) | (0.53 | ) | |||||||||||
Class R6 | ||||||||||||||||||||
Year Ended June 30, 2020 | 23.15 | 0.03 | 6.15 | 6.18 | (2.17 | ) | ||||||||||||||
Year Ended June 30, 2019 | 22.87 | 0.03 | 2.01 | 2.04 | (1.76 | ) | ||||||||||||||
Year Ended June 30, 2018 | 18.76 | (0.02 | ) | 4.97 | 4.95 | (0.84 | ) | |||||||||||||
Year Ended June 30, 2017 | 15.00 | (0.01 | ) | 3.77 | 3.76 | — | ||||||||||||||
Year Ended June 30, 2016 | 16.27 | (0.01 | ) | (0.73 | ) | (0.74 | ) | (0.53 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(f) | Commencement of offering of class of shares. |
(g) | Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
44 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (c)(d) | period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 25.27 | 27.87 | % | $ | 2,032,870 | 1.14 | % | (0.36 | )% | 1.16 | % | 47 | % | |||||||||||||
21.78 | 9.63 | 1,825,607 | 1.14 | (0.38 | ) | 1.25 | 40 | |||||||||||||||||||
21.73 | 26.22 | 1,724,681 | 1.16 | (0.57 | ) | 1.25 | 31 | |||||||||||||||||||
17.95 | 24.48 | 1,550,092 | 1.24 | (0.56 | ) | 1.32 | 34 | |||||||||||||||||||
14.42 | (5.07 | ) | 1,643,136 | 1.25 | (0.55 | ) | 1.35 | 46 | ||||||||||||||||||
21.42 | 27.20 | 942,512 | 1.64 | (0.86 | ) | 1.66 | 47 | |||||||||||||||||||
18.86 | 9.06 | 793,489 | 1.64 | (0.88 | ) | 1.75 | 40 | |||||||||||||||||||
19.16 | 25.60 | 740,817 | 1.66 | (1.07 | ) | 1.76 | 31 | |||||||||||||||||||
15.99 | 23.86 | 605,999 | 1.74 | (1.06 | ) | 1.82 | 34 | |||||||||||||||||||
12.91 | (5.55 | ) | 594,190 | 1.75 | (1.04 | ) | 1.85 | 46 | ||||||||||||||||||
26.29 | 28.15 | 2,827,894 | 0.89 | (0.11 | ) | 0.90 | 47 | |||||||||||||||||||
22.53 | 9.91 | 2,107,041 | 0.89 | (0.12 | ) | 1.00 | 40 | |||||||||||||||||||
22.36 | 26.56 | 1,753,505 | 0.92 | (0.32 | ) | 1.00 | 31 | |||||||||||||||||||
18.40 | 24.75 | 1,691,899 | 1.00 | (0.31 | ) | 1.04 | 34 | |||||||||||||||||||
14.75 | (4.91 | ) | 922,981 | 1.08 | (0.41 | ) | 1.09 | 46 | ||||||||||||||||||
25.05 | 27.48 | 239 | 1.39 | (0.59 | ) | 1.88 | 47 | |||||||||||||||||||
21.67 | 9.36 | 88 | 1.39 | (0.61 | ) | 2.24 | 40 | |||||||||||||||||||
21.68 | 22.39 | 43 | 1.41 | (0.77 | ) | 1.59 | 31 | |||||||||||||||||||
25.27 | 27.80 | 1,076 | 1.14 | (0.36 | ) | 1.24 | 47 | |||||||||||||||||||
21.79 | 9.63 | 448 | 1.14 | (0.36 | ) | 1.40 | 40 | |||||||||||||||||||
21.74 | 26.20 | 266 | 1.15 | (0.53 | ) | 1.28 | 31 | |||||||||||||||||||
17.96 | 0.62 | 20 | 1.25 | (0.55 | ) | 1.25 | 34 | |||||||||||||||||||
26.29 | 28.15 | 17,739 | 0.89 | (0.11 | ) | 0.90 | 47 | |||||||||||||||||||
22.53 | 9.91 | 16,423 | 0.89 | (0.12 | ) | 1.00 | 40 | |||||||||||||||||||
22.36 | 26.56 | 12,005 | 0.88 | (0.16 | ) | 1.00 | 31 | |||||||||||||||||||
18.40 | 0.60 | 20 | 0.99 | (0.29 | ) | 1.00 | 34 | |||||||||||||||||||
26.93 | 28.32 | 133,780 | 0.74 | 0.04 | 0.76 | 47 | ||||||||||||||||||||
23.00 | 10.05 | 118,449 | 0.74 | 0.02 | 0.85 | 40 | ||||||||||||||||||||
22.76 | 26.74 | 112,830 | 0.77 | (0.18 | ) | 0.85 | 31 | |||||||||||||||||||
18.69 | 24.93 | 95,952 | 0.85 | (0.17 | ) | 0.88 | 34 | |||||||||||||||||||
14.96 | (4.72 | ) | 82,358 | 0.89 | (0.20 | ) | 0.90 | 46 | ||||||||||||||||||
27.16 | 28.49 | 4,854,095 | 0.64 | 0.14 | 0.65 | 47 | ||||||||||||||||||||
23.15 | 10.18 | 4,527,544 | 0.64 | 0.12 | 0.75 | 40 | ||||||||||||||||||||
22.87 | 26.86 | 4,347,440 | 0.67 | (0.07 | ) | 0.75 | 31 | |||||||||||||||||||
18.76 | 25.07 | 3,153,928 | 0.74 | (0.06 | ) | 0.75 | 34 | |||||||||||||||||||
15.00 | (4.59 | ) | 2,720,935 | 0.76 | (0.07 | ) | 0.76 | 46 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 45 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (a) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Mid Cap Equity Fund |
| |||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | $ | 50.52 | $ | 0.13 | $ | 0.78 | $ | 0.91 | $ | (0.30 | ) | $ | (3.93 | ) | $ | (4.23 | ) | |||||||||||
Year Ended June 30, 2019 | 51.57 | 0.18 | 4.04 | 4.22 | (0.13 | ) | (5.14 | ) | (5.27 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 48.53 | — | (d) | 5.89 | 5.89 | — | (2.85 | ) | (2.85 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 42.95 | (0.02 | ) | 7.02 | 7.00 | (0.05 | ) | (1.37 | ) | (1.42 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 47.12 | (0.01 | ) | (2.02 | ) | (2.03 | ) | (0.03 | ) | (2.11 | ) | (2.14 | ) | |||||||||||||||
Class C |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 48.32 | (0.10 | ) | 0.71 | 0.61 | (0.05 | ) | (3.93 | ) | (3.98 | ) | |||||||||||||||||
Year Ended June 30, 2019 | 49.66 | (0.04 | ) | 3.84 | 3.80 | — | (5.14 | ) | (5.14 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 47.05 | (0.24 | ) | 5.70 | 5.46 | — | (2.85 | ) | (2.85 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 41.85 | (0.25 | ) | 6.82 | 6.57 | — | (1.37 | ) | (1.37 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 46.16 | (0.23 | ) | (1.97 | ) | (2.20 | ) | — | (2.11 | ) | (2.11 | ) | ||||||||||||||||
Class I |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 51.35 | 0.25 | 0.80 | 1.05 | (0.40 | ) | (3.93 | ) | (4.33 | ) | ||||||||||||||||||
Year Ended June 30, 2019 | 52.32 | 0.33 | 4.07 | 4.40 | (0.23 | ) | (5.14 | ) | (5.37 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 49.13 | 0.14 | 5.97 | 6.11 | (0.07 | ) | (2.85 | ) | (2.92 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 43.41 | 0.14 | 7.09 | 7.23 | (0.14 | ) | (1.37 | ) | (1.51 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 47.47 | 0.11 | (1.99 | ) | (1.88 | ) | (0.07 | ) | (2.11 | ) | (2.18 | ) | ||||||||||||||||
Class R2 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 49.96 | 0.01 | 0.76 | 0.77 | (0.16 | ) | (3.93 | ) | (4.09 | ) | ||||||||||||||||||
Year Ended June 30, 2019 | 51.08 | 0.05 | 4.00 | 4.05 | (0.03 | ) | (5.14 | ) | (5.17 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 48.21 | (0.14 | ) | 5.86 | 5.72 | — | (2.85 | ) | (2.85 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 42.75 | (0.14 | ) | 6.98 | 6.84 | (0.01 | ) | (1.37 | ) | (1.38 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 46.98 | (0.13 | ) | (1.99 | ) | (2.12 | ) | — | (2.11 | ) | (2.11 | ) | ||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 51.37 | 0.30 | 0.83 | 1.13 | (0.46 | ) | (3.93 | ) | (4.39 | ) | ||||||||||||||||||
Year Ended June 30, 2019 | 52.35 | 0.41 | 4.06 | 4.47 | (0.31 | ) | (5.14 | ) | (5.45 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 49.17 | 0.24 | 5.94 | 6.18 | (0.15 | ) | (2.85 | ) | (3.00 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 43.43 | 0.18 | 7.11 | 7.29 | (0.18 | ) | (1.37 | ) | (1.55 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 47.49 | 0.18 | (2.03 | ) | (1.85 | ) | (0.10 | ) | (2.11 | ) | (2.21 | ) | ||||||||||||||||
Class R6 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 51.41 | 0.37 | 0.81 | 1.18 | (0.52 | ) | (3.93 | ) | (4.45 | ) | ||||||||||||||||||
Year Ended June 30, 2019 | 52.39 | 0.43 | 4.09 | 4.52 | (0.36 | ) | (5.14 | ) | (5.50 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 49.18 | 0.27 | 5.96 | 6.23 | (0.17 | ) | (2.85 | ) | (3.02 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 43.44 | 0.21 | 7.09 | 7.30 | (0.19 | ) | (1.37 | ) | (1.56 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 47.49 | 0.20 | (2.02 | ) | (1.82 | ) | (0.12 | ) | (2.11 | ) | (2.23 | ) |
(a) | Calculated based upon average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(d) | Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
46 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (b) | Net assets, end of period (000’s) | Net expenses (c) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate | ||||||||||||||||||||
$ | 47.20 | 2.20 | % | $ | 405,857 | 1.14 | % | 0.28 | % | 1.26 | % | 49 | % | |||||||||||||
50.52 | 9.92 | 451,118 | 1.13 | 0.37 | 1.26 | 34 | ||||||||||||||||||||
51.57 | 12.37 | 402,897 | 1.17 | 0.01 | 1.25 | 31 | ||||||||||||||||||||
48.53 | 16.61 | 378,055 | 1.24 | (0.05 | ) | 1.37 | 38 | |||||||||||||||||||
42.95 | (4.17 | ) | 335,424 | 1.25 | (0.03 | ) | 1.43 | 39 | ||||||||||||||||||
44.95 | 1.69 | 20,753 | 1.64 | (0.23 | ) | 1.76 | 49 | |||||||||||||||||||
48.32 | 9.37 | 24,071 | 1.63 | (0.09 | ) | 1.76 | 34 | |||||||||||||||||||
49.66 | 11.83 | 27,666 | 1.67 | (0.50 | ) | 1.76 | 31 | |||||||||||||||||||
47.05 | 16.01 | 30,596 | 1.74 | (0.56 | ) | 1.92 | 38 | |||||||||||||||||||
41.85 | (4.64 | ) | 32,045 | 1.75 | (0.54 | ) | 1.96 | 39 | ||||||||||||||||||
48.07 | 2.46 | 341,317 | 0.89 | 0.53 | 1.01 | 49 | ||||||||||||||||||||
51.35 | 10.20 | 301,071 | 0.88 | 0.65 | 1.00 | 34 | ||||||||||||||||||||
52.32 | 12.68 | 326,026 | 0.89 | 0.26 | 1.00 | 31 | ||||||||||||||||||||
49.13 | 17.01 | 778,378 | 0.89 | 0.30 | 1.08 | 38 | ||||||||||||||||||||
43.41 | (3.81 | ) | 622,440 | 0.90 | 0.25 | 1.20 | 39 | |||||||||||||||||||
46.64 | 1.96 | 623 | 1.39 | 0.03 | 1.55 | 49 | ||||||||||||||||||||
49.96 | 9.63 | 524 | 1.38 | 0.10 | 1.57 | 34 | ||||||||||||||||||||
51.08 | 12.09 | 443 | 1.43 | (0.28 | ) | 1.57 | 31 | |||||||||||||||||||
48.21 | 16.30 | 600 | 1.49 | (0.31 | ) | 1.69 | 38 | |||||||||||||||||||
42.75 | (4.38 | ) | 688 | 1.50 | (0.30 | ) | 1.81 | 39 | ||||||||||||||||||
48.11 | 2.62 | 871 | 0.74 | 0.61 | 0.86 | 49 | ||||||||||||||||||||
51.37 | 10.37 | 6,073 | 0.73 | 0.81 | 0.86 | 34 | ||||||||||||||||||||
52.35 | 12.83 | 6,499 | 0.75 | 0.47 | 0.85 | 31 | ||||||||||||||||||||
49.17 | 17.14 | 1,804 | 0.79 | 0.40 | 0.87 | 38 | ||||||||||||||||||||
43.43 | (3.73 | ) | 2,840 | 0.80 | 0.42 | 0.91 | 39 | |||||||||||||||||||
48.14 | 2.72 | 867,761 | 0.64 | 0.75 | 0.76 | 49 | ||||||||||||||||||||
51.41 | 10.48 | 2,008,540 | 0.63 | 0.87 | 0.75 | 34 | ||||||||||||||||||||
52.39 | 12.93 | 1,970,177 | 0.67 | 0.51 | 0.75 | 31 | ||||||||||||||||||||
49.18 | 17.18 | 1,619,045 | 0.74 | 0.45 | 0.75 | 38 | ||||||||||||||||||||
43.44 | (3.66 | ) | 1,370,912 | 0.74 | 0.46 | 0.77 | 39 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 47 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net realized gain | ||||||||||||||||
JPMorgan Mid Cap Growth Fund |
| |||||||||||||||||||
Class A |
| |||||||||||||||||||
Year Ended June 30, 2020 | $ | 32.94 | $ | (0.20 | ) | $ | 6.50 | $ | 6.30 | $ | (2.81 | ) | ||||||||
Year Ended June 30, 2019 | 30.84 | (0.17 | ) | 4.42 | 4.25 | (2.15 | ) | |||||||||||||
Year Ended June 30, 2018 | 27.99 | (0.19 | ) | 5.18 | 4.99 | (2.14 | ) | |||||||||||||
Year Ended June 30, 2017 | 23.43 | (0.14 | ) | 4.71 | 4.57 | (0.01 | ) | |||||||||||||
Year Ended June 30, 2016 | 27.71 | (0.15 | ) | (2.67 | ) | (2.82 | ) | (1.46 | ) | |||||||||||
Class C |
| |||||||||||||||||||
Year Ended June 30, 2020 | 25.34 | (0.28 | ) | 4.90 | 4.62 | (2.81 | ) | |||||||||||||
Year Ended June 30, 2019 | 24.37 | (0.25 | ) | 3.37 | 3.12 | (2.15 | ) | |||||||||||||
Year Ended June 30, 2018 | 22.64 | (0.27 | ) | 4.14 | 3.87 | (2.14 | ) | |||||||||||||
Year Ended June 30, 2017 | 19.05 | (0.22 | ) | 3.82 | 3.60 | (0.01 | ) | |||||||||||||
Year Ended June 30, 2016 | 22.93 | (0.22 | ) | (2.20 | ) | (2.42 | ) | (1.46 | ) | |||||||||||
Class I |
| |||||||||||||||||||
Year Ended June 30, 2020 | 38.37 | (0.12 | ) | 7.67 | 7.55 | (2.81 | ) | |||||||||||||
Year Ended June 30, 2019 | 35.44 | (0.09 | ) | 5.17 | 5.08 | (2.15 | ) | |||||||||||||
Year Ended June 30, 2018 | 31.79 | (0.10 | ) | 5.89 | 5.79 | (2.14 | ) | |||||||||||||
Year Ended June 30, 2017 | 26.52 | (0.07 | ) | 5.35 | 5.28 | (0.01 | ) | |||||||||||||
Year Ended June 30, 2016 | 31.06 | (0.09 | ) | (2.99 | ) | (3.08 | ) | (1.46 | ) | |||||||||||
Class R2 |
| |||||||||||||||||||
Year Ended June 30, 2020 | 35.91 | (0.31 | ) | 7.11 | 6.80 | (2.81 | ) | |||||||||||||
Year Ended June 30, 2019 | 33.49 | (0.27 | ) | 4.84 | 4.57 | (2.15 | ) | |||||||||||||
Year Ended June 30, 2018 | 30.31 | (0.28 | ) | 5.60 | 5.32 | (2.14 | ) | |||||||||||||
Year Ended June 30, 2017 | 25.41 | (0.21 | ) | 5.12 | 4.91 | (0.01 | ) | |||||||||||||
Year Ended June 30, 2016 | 29.96 | (0.18 | ) | (2.91 | ) | (3.09 | ) | (1.46 | ) | |||||||||||
Class R3 |
| |||||||||||||||||||
Year Ended June 30, 2020 | 38.01 | (0.23 | ) | 7.56 | 7.33 | (2.81 | ) | |||||||||||||
Year Ended June 30, 2019 | 35.23 | (0.20 | ) | 5.13 | 4.93 | (2.15 | ) | |||||||||||||
Year Ended June 30, 2018 | 31.71 | (0.19 | ) | 5.85 | 5.66 | (2.14 | ) | |||||||||||||
September 9, 2016 (f) through June 30, 2017 | 27.06 | (0.13 | ) | 4.79 | 4.66 | (0.01 | ) | |||||||||||||
Class R4 |
| |||||||||||||||||||
Year Ended June 30, 2020 | 38.30 | (0.14 | ) | 7.65 | 7.51 | (2.81 | ) | |||||||||||||
Year Ended June 30, 2019 | 35.40 | (0.11 | ) | 5.16 | 5.05 | (2.15 | ) | |||||||||||||
Year Ended June 30, 2018 | 31.77 | (0.12 | ) | 5.89 | 5.77 | (2.14 | ) | |||||||||||||
September 9, 2016 (f) through June 30, 2017 | 27.06 | (0.06 | ) | 4.78 | 4.72 | (0.01 | ) | |||||||||||||
Class R5 |
| |||||||||||||||||||
Year Ended June 30, 2020 | 38.90 | (0.06 | ) | 7.78 | 7.72 | (2.81 | ) | |||||||||||||
Year Ended June 30, 2019 | 35.85 | (0.04 | ) | 5.24 | 5.20 | (2.15 | ) | |||||||||||||
Year Ended June 30, 2018 | 32.09 | (0.06 | ) | 5.96 | 5.90 | (2.14 | ) | |||||||||||||
Year Ended June 30, 2017 | 26.74 | (0.03 | ) | 5.39 | 5.36 | (0.01 | ) | |||||||||||||
Year Ended June 30, 2016 | 31.26 | (0.03 | ) | (3.03 | ) | (3.06 | ) | (1.46 | ) | |||||||||||
Class R6 |
| |||||||||||||||||||
Year Ended June 30, 2020 | 39.09 | (0.04 | ) | 7.83 | 7.79 | (2.81 | ) | |||||||||||||
Year Ended June 30, 2019 | 36.00 | (0.02 | ) | 5.26 | 5.24 | (2.15 | ) | |||||||||||||
Year Ended June 30, 2018 | 32.20 | (0.04 | ) | 5.98 | 5.94 | (2.14 | ) | |||||||||||||
Year Ended June 30, 2017 | 26.82 | (0.02 | ) | 5.41 | 5.39 | (0.01 | ) | |||||||||||||
Year Ended June 30, 2016 | 31.33 | (0.02 | ) | (3.03 | ) | (3.05 | ) | (1.46 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
48 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, (000’s) | Net expenses (e) | Net income | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 36.43 | 20.30 | % | $ | 1,141,467 | 1.24 | % | (0.62 | )% | 1.27 | % | 63 | % | |||||||||||||
32.94 | 15.37 | 1,012,686 | 1.23 | (0.56 | ) | 1.28 | 54 | |||||||||||||||||||
30.84 | 18.39 | 934,982 | 1.23 | (0.62 | ) | 1.30 | 56 | |||||||||||||||||||
27.99 | 19.52 | 915,226 | 1.23 | (0.56 | ) | 1.36 | 41 | |||||||||||||||||||
23.43 | (10.29 | ) | 949,148 | 1.24 | (0.59 | ) | 1.40 | 56 | ||||||||||||||||||
27.15 | 19.72 | 86,046 | 1.74 | (1.12 | ) | 1.75 | 63 | |||||||||||||||||||
25.34 | 14.78 | 83,558 | 1.73 | (1.06 | ) | 1.75 | 54 | |||||||||||||||||||
24.37 | 17.76 | 82,939 | 1.73 | (1.12 | ) | 1.76 | 56 | |||||||||||||||||||
22.64 | 18.92 | 90,640 | 1.73 | (1.06 | ) | 1.85 | 41 | |||||||||||||||||||
19.05 | (10.70 | ) | 96,729 | 1.74 | (1.08 | ) | 1.90 | 56 | ||||||||||||||||||
43.11 | 20.70 | 1,205,433 | 0.93 | (0.31 | ) | 1.00 | 63 | |||||||||||||||||||
38.37 | 15.73 | 1,085,728 | 0.92 | (0.25 | ) | 1.00 | 54 | |||||||||||||||||||
35.44 | 18.72 | 1,140,704 | 0.92 | (0.30 | ) | 1.00 | 56 | |||||||||||||||||||
31.79 | 19.92 | 1,050,151 | 0.92 | (0.25 | ) | 1.08 | 41 | |||||||||||||||||||
26.52 | (10.01 | ) | 929,489 | 0.93 | (0.31 | ) | 1.13 | 56 | ||||||||||||||||||
39.90 | 20.00 | 39,404 | 1.49 | (0.87 | ) | 1.55 | 63 | |||||||||||||||||||
35.91 | 15.10 | 44,453 | 1.48 | (0.81 | ) | 1.55 | 54 | |||||||||||||||||||
33.49 | 18.06 | 38,486 | 1.48 | (0.87 | ) | 1.57 | 56 | |||||||||||||||||||
30.31 | 19.34 | 35,242 | 1.42 | (0.74 | ) | 1.69 | 41 | |||||||||||||||||||
25.41 | (10.42 | ) | 32,092 | 1.40 | (0.71 | ) | 1.71 | 56 | ||||||||||||||||||
42.53 | 20.30 | 42,573 | 1.24 | (0.61 | ) | 1.25 | 63 | |||||||||||||||||||
38.01 | 15.38 | 30,023 | 1.23 | (0.56 | ) | 1.25 | 54 | |||||||||||||||||||
35.23 | 18.34 | 26,638 | 1.23 | (0.54 | ) | 1.26 | 56 | |||||||||||||||||||
31.71 | 17.24 | 152 | 1.23 | (0.54 | ) | 1.42 | 41 | |||||||||||||||||||
43.00 | 20.63 | 11,194 | 0.99 | (0.37 | ) | 1.00 | 63 | |||||||||||||||||||
38.30 | 15.66 | 9,343 | 0.98 | (0.31 | ) | 1.00 | 54 | |||||||||||||||||||
35.40 | 18.66 | 14,320 | 0.98 | (0.33 | ) | 1.01 | 56 | |||||||||||||||||||
31.77 | 17.46 | 129 | 0.98 | (0.23 | ) | 1.10 | 41 | |||||||||||||||||||
43.81 | 20.86 | 519,097 | 0.79 | (0.17 | ) | 0.85 | 63 | |||||||||||||||||||
38.90 | 15.89 | 457,513 | 0.78 | (0.11 | ) | 0.85 | 54 | |||||||||||||||||||
35.85 | 18.89 | 313,336 | 0.78 | (0.16 | ) | 0.85 | 56 | |||||||||||||||||||
32.09 | 20.06 | 247,068 | 0.78 | (0.10 | ) | 0.89 | 41 | |||||||||||||||||||
26.74 | (9.87 | ) | 224,498 | 0.79 | (0.13 | ) | 0.91 | 56 | ||||||||||||||||||
44.07 | 20.94 | 2,435,853 | 0.74 | (0.11 | ) | 0.75 | 63 | |||||||||||||||||||
39.09 | 15.94 | 1,835,188 | 0.73 | (0.05 | ) | 0.75 | 54 | |||||||||||||||||||
36.00 | 18.95 | 1,365,839 | 0.73 | (0.11 | ) | 0.76 | 56 | |||||||||||||||||||
32.20 | 20.11 | 749,670 | 0.73 | (0.06 | ) | 0.76 | 41 | |||||||||||||||||||
26.82 | (9.82 | ) | 619,527 | 0.73 | (0.06 | ) | 0.77 | 56 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 49 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Mid Cap Value Fund |
| |||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | $ | 38.02 | $ | 0.33 | $ | (5.35 | ) | $ | (5.02 | ) | $ | (0.33 | ) | $ | (1.55 | ) | $ | (1.88 | ) | |||||||||
Year Ended June 30, 2019 | 39.24 | 0.45 | 0.87 | 1.32 | (0.38 | ) | (2.16 | ) | (2.54 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 37.80 | 0.20 | 2.14 | 2.34 | (0.18 | ) | (0.72 | ) | (0.90 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 35.41 | 0.17 | 4.60 | 4.77 | (0.14 | ) | (2.24 | ) | (2.38 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 36.98 | 0.19 | 0.33 | 0.52 | (0.14 | ) | (1.95 | ) | (2.09 | ) | ||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 36.44 | 0.14 | (5.14 | ) | (5.00 | ) | (0.12 | ) | (1.55 | ) | (1.67 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 37.68 | 0.26 | 0.83 | 1.09 | (0.17 | ) | (2.16 | ) | (2.33 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 36.35 | (0.02 | ) | 2.07 | 2.05 | — | (0.72 | ) | (0.72 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 34.17 | (0.02 | ) | 4.44 | 4.42 | — | (2.24 | ) | (2.24 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 35.79 | 0.01 | 0.32 | 0.33 | — | (1.95 | ) | (1.95 | ) | |||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 38.48 | 0.43 | (5.42 | ) | (4.99 | ) | (0.43 | ) | (1.55 | ) | (1.98 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 39.70 | 0.54 | 0.88 | 1.42 | (0.48 | ) | (2.16 | ) | (2.64 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 38.24 | 0.30 | 2.16 | 2.46 | (0.28 | ) | (0.72 | ) | (1.00 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 35.79 | 0.27 | 4.66 | 4.93 | (0.24 | ) | (2.24 | ) | (2.48 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 37.36 | 0.28 | 0.33 | 0.61 | (0.23 | ) | (1.95 | ) | (2.18 | ) | ||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 38.99 | 0.52 | (5.48 | ) | (4.96 | ) | (0.52 | ) | (1.55 | ) | (2.07 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 40.21 | 0.62 | 0.90 | 1.52 | (0.58 | ) | (2.16 | ) | (2.74 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 38.70 | 0.40 | 2.20 | 2.60 | (0.37 | ) | (0.72 | ) | (1.09 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 36.19 | 0.36 | 4.71 | 5.07 | (0.32 | ) | (2.24 | ) | (2.56 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 37.76 | 0.37 | 0.33 | 0.70 | (0.32 | ) | (1.95 | ) | (2.27 | ) | ||||||||||||||||||
Class R2 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 36.35 | 0.23 | (5.11 | ) | (4.88 | ) | (0.25 | ) | (1.55 | ) | (1.80 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 37.64 | 0.31 | 0.86 | 1.17 | (0.30 | ) | (2.16 | ) | (2.46 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 36.33 | 0.10 | 2.05 | 2.15 | (0.12 | ) | (0.72 | ) | (0.84 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 34.14 | 0.07 | 4.43 | 4.50 | (0.07 | ) | (2.24 | ) | (2.31 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 35.73 | 0.10 | 0.32 | 0.42 | (0.06 | ) | (1.95 | ) | (2.01 | ) | ||||||||||||||||||
Class R3 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 37.70 | 0.33 | (5.30 | ) | (4.97 | ) | (0.35 | ) | (1.55 | ) | (1.90 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 38.97 | 0.39 | 0.91 | 1.30 | (0.41 | ) | (2.16 | ) | (2.57 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 37.67 | 0.21 | 2.11 | 2.32 | (0.30 | ) | (0.72 | ) | (1.02 | ) | ||||||||||||||||||
September 9, 2016 (f) through June 30, 2017 | 35.78 | 0.26 | 4.15 | 4.41 | (0.28 | ) | (2.24 | ) | (2.52 | ) | ||||||||||||||||||
Class R4 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 38.29 | 0.43 | (5.40 | ) | (4.97 | ) | (0.43 | ) | (1.55 | ) | (1.98 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 39.56 | 0.50 | 0.90 | 1.40 | (0.51 | ) | (2.16 | ) | (2.67 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 38.16 | 0.33 | 2.13 | 2.46 | (0.34 | ) | (0.72 | ) | (1.06 | ) | ||||||||||||||||||
September 9, 2016 (f) through June 30, 2017 | 36.18 | 0.38 | 4.15 | 4.53 | (0.31 | ) | (2.24 | ) | (2.55 | ) | ||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 38.93 | 0.49 | (5.48 | ) | (4.99 | ) | (0.49 | ) | (1.55 | ) | (2.04 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 40.15 | 0.58 | 0.90 | 1.48 | (0.54 | ) | (2.16 | ) | (2.70 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 38.67 | 0.38 | 2.17 | 2.55 | (0.35 | ) | (0.72 | ) | (1.07 | ) | ||||||||||||||||||
September 9, 2016 (f) through June 30, 2017 | 36.60 | 0.36 | 4.28 | 4.64 | (0.33 | ) | (2.24 | ) | (2.57 | ) | ||||||||||||||||||
Class R6 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 38.97 | 0.52 | (5.47 | ) | (4.95 | ) | (0.53 | ) | (1.55 | ) | (2.08 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 40.19 | 0.58 | 0.94 | 1.52 | (0.58 | ) | (2.16 | ) | (2.74 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 38.69 | 0.43 | 2.16 | 2.59 | (0.37 | ) | (0.72 | ) | (1.09 | ) | ||||||||||||||||||
September 9, 2016 (f) through June 30, 2017 | 36.60 | 0.32 | 4.34 | 4.66 | (0.33 | ) | (2.24 | ) | (2.57 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
50 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 31.12 | (14.13 | )% | $ | 1,171,139 | 1.24 | % | 0.93 | % | 1.24 | % | 18 | % | |||||||||||||
38.02 | 4.12 | 1,662,841 | 1.23 | 1.20 | 1.25 | 11 | ||||||||||||||||||||
39.24 | 6.20 | 1,967,162 | 1.23 | 0.51 | 1.26 | 13 | ||||||||||||||||||||
37.80 | 13.83 | 2,149,689 | 1.23 | 0.45 | 1.36 | 23 | ||||||||||||||||||||
35.41 | 1.85 | 2,302,567 | 1.24 | 0.54 | 1.41 | 20 | ||||||||||||||||||||
29.77 | (14.58 | ) | 84,827 | 1.73 | 0.42 | 1.74 | 18 | |||||||||||||||||||
36.44 | 3.59 | 149,839 | 1.73 | 0.72 | 1.74 | 11 | ||||||||||||||||||||
37.68 | 5.65 | 214,331 | 1.74 | (0.06 | ) | 1.75 | 13 | |||||||||||||||||||
36.35 | 13.27 | 452,351 | 1.74 | (0.06 | ) | 1.80 | 23 | |||||||||||||||||||
34.17 | 1.35 | 549,619 | 1.75 | 0.03 | 1.83 | 20 | ||||||||||||||||||||
31.51 | (13.93 | ) | 2,164,300 | 0.98 | 1.20 | 0.99 | 18 | |||||||||||||||||||
38.48 | 4.38 | 2,662,983 | 0.98 | 1.41 | 0.99 | 11 | ||||||||||||||||||||
39.70 | 6.44 | 2,985,882 | 0.98 | 0.77 | 1.00 | 13 | ||||||||||||||||||||
38.24 | 14.15 | 2,902,646 | 0.98 | 0.72 | 1.07 | 23 | ||||||||||||||||||||
35.79 | 2.11 | 2,332,160 | 0.99 | 0.80 | 1.11 | 20 | ||||||||||||||||||||
31.96 | (13.71 | ) | 5,976,033 | 0.75 | 1.41 | 0.84 | 18 | |||||||||||||||||||
38.99 | 4.63 | 8,996,364 | 0.74 | 1.61 | 0.85 | 11 | ||||||||||||||||||||
40.21 | 6.73 | 11,795,588 | 0.74 | 1.00 | 0.86 | 13 | ||||||||||||||||||||
38.70 | 14.39 | 12,478,637 | 0.74 | 0.96 | 0.91 | 23 | ||||||||||||||||||||
36.19 | 2.35 | 10,313,629 | 0.75 | 1.04 | 0.94 | 20 | ||||||||||||||||||||
29.67 | (14.36 | ) | 59,200 | 1.49 | 0.69 | 1.50 | 18 | |||||||||||||||||||
36.35 | 3.86 | 74,236 | 1.49 | 0.87 | 1.50 | 11 | ||||||||||||||||||||
37.64 | 5.93 | 82,108 | 1.49 | 0.26 | 1.51 | 13 | ||||||||||||||||||||
36.33 | 13.53 | 85,287 | 1.49 | 0.21 | 1.65 | 23 | ||||||||||||||||||||
34.14 | 1.61 | 66,167 | 1.50 | 0.29 | 1.75 | 20 | ||||||||||||||||||||
30.83 | (14.13 | ) | 63,836 | 1.23 | 0.96 | 1.24 | 18 | |||||||||||||||||||
37.70 | 4.12 | 73,299 | 1.24 | 1.04 | 1.25 | 11 | ||||||||||||||||||||
38.97 | 6.17 | 62,576 | 1.24 | 0.55 | 1.25 | 13 | ||||||||||||||||||||
37.67 | 12.70 | 19,262 | 1.24 | 0.87 | 1.35 | 23 | ||||||||||||||||||||
31.34 | (13.93 | ) | 24,576 | 0.98 | 1.21 | 0.99 | 18 | |||||||||||||||||||
38.29 | 4.38 | 27,681 | 0.98 | 1.32 | 0.99 | 11 | ||||||||||||||||||||
39.56 | 6.45 | 17,859 | 0.99 | 0.83 | 1.00 | 13 | ||||||||||||||||||||
38.16 | 12.89 | 3,537 | 0.99 | 1.26 | 1.10 | 23 | ||||||||||||||||||||
31.90 | (13.79 | ) | 69,110 | 0.83 | 1.34 | 0.83 | 18 | |||||||||||||||||||
38.93 | 4.52 | 95,243 | 0.83 | 1.50 | 0.84 | 11 | ||||||||||||||||||||
40.15 | 6.61 | 84,457 | 0.84 | 0.96 | 0.85 | 13 | ||||||||||||||||||||
38.67 | 13.06 | 30,334 | 0.84 | 1.18 | 1.02 | 23 | ||||||||||||||||||||
31.94 | (13.70 | ) | 3,101,566 | 0.73 | 1.46 | 0.74 | 18 | |||||||||||||||||||
38.97 | 4.63 | 3,272,999 | 0.73 | 1.52 | 0.74 | 11 | ||||||||||||||||||||
40.19 | 6.71 | 1,073,888 | 0.74 | 1.08 | 0.75 | 13 | ||||||||||||||||||||
38.69 | 13.13 | 281,269 | 0.74 | 1.05 | 0.75 | 23 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 51 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Value Advantage Fund |
| |||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | $ | 35.46 | $ | 0.49 | $ | (5.04 | ) | $ | (4.55 | ) | $ | (0.45 | ) | $ | (0.93 | ) | $ | (1.38 | ) | |||||||||
Year Ended June 30, 2019 | 35.38 | 0.55 | 1.68 | 2.23 | (0.46 | ) | (1.69 | ) | (2.15 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 33.40 | 0.35 | (f) | 2.26 | 2.61 | (0.28 | ) | (0.35 | ) | (0.63 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 28.66 | 0.27 | 4.77 | 5.04 | (0.30 | ) | — | (0.30 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 29.84 | 0.27 | (0.99 | ) | (0.72 | ) | (0.17 | ) | (0.29 | ) | (0.46 | ) | ||||||||||||||||
Class C |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 35.29 | 0.32 | (5.04 | ) | (4.72 | ) | (0.26 | ) | (0.93 | ) | (1.19 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 35.20 | 0.38 | 1.68 | 2.06 | (0.28 | ) | (1.69 | ) | (1.97 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 33.20 | 0.18 | (f) | 2.24 | 2.42 | (0.07 | ) | (0.35 | ) | (0.42 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 28.52 | 0.11 | 4.74 | 4.85 | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 29.72 | 0.14 | (0.99 | ) | (0.85 | ) | (0.06 | ) | (0.29 | ) | (0.35 | ) | ||||||||||||||||
Class I |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 35.67 | 0.57 | (5.06 | ) | (4.49 | ) | (0.54 | ) | (0.93 | ) | (1.47 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 35.60 | 0.62 | 1.70 | 2.32 | (0.56 | ) | (1.69 | ) | (2.25 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 33.62 | 0.44 | (f) | 2.28 | 2.72 | (0.39 | ) | (0.35 | ) | (0.74 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 28.86 | 0.35 | 4.80 | 5.15 | (0.39 | ) | — | (0.39 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 29.99 | 0.33 | (0.98 | ) | (0.65 | ) | (0.19 | ) | (0.29 | ) | (0.48 | ) | ||||||||||||||||
Class L |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 35.69 | 0.63 | (5.07 | ) | (4.44 | ) | (0.59 | ) | (0.93 | ) | (1.52 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 35.62 | 0.72 | 1.64 | 2.36 | (0.60 | ) | (1.69 | ) | (2.29 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 33.63 | 0.50 | (f) | 2.29 | 2.79 | (0.45 | ) | (0.35 | ) | (0.80 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 28.86 | 0.41 | 4.82 | 5.23 | (0.46 | ) | — | (0.46 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 30.06 | 0.43 | (1.02 | ) | (0.59 | ) | (0.32 | ) | (0.29 | ) | (0.61 | ) | ||||||||||||||||
Class R2 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 35.24 | 0.40 | (5.01 | ) | (4.61 | ) | (0.39 | ) | (0.93 | ) | (1.32 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 35.22 | 0.48 | 1.65 | 2.13 | (0.42 | ) | (1.69 | ) | (2.11 | ) | ||||||||||||||||||
July 31, 2017 (g) through June 30, 2018 | 34.04 | 0.25 | (f) | 1.64 | 1.89 | (0.36 | ) | (0.35 | ) | (0.71 | ) | |||||||||||||||||
Class R3 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 35.08 | 0.48 | (4.98 | ) | (4.50 | ) | (0.44 | ) | (0.93 | ) | (1.37 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 35.11 | 0.49 | 1.71 | 2.20 | (0.54 | ) | (1.69 | ) | (2.23 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 33.24 | 0.35 | (f) | 2.26 | 2.61 | (0.39 | ) | (0.35 | ) | (0.74 | ) | |||||||||||||||||
September 9, 2016 (g) through June 30, 2017 | 29.33 | 0.29 | 4.06 | 4.35 | (0.44 | ) | — | (0.44 | ) | |||||||||||||||||||
Class R4 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 35.52 | 0.57 | (5.04 | ) | (4.47 | ) | (0.56 | ) | (0.93 | ) | (1.49 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 35.47 | 0.62 | 1.69 | 2.31 | (0.57 | ) | (1.69 | ) | (2.26 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 33.55 | 0.51 | (f) | 2.20 | 2.71 | (0.44 | ) | (0.35 | ) | (0.79 | ) | |||||||||||||||||
September 9, 2016 (g) through June 30, 2017 | 29.56 | 0.27 | 4.18 | 4.45 | (0.46 | ) | — | (0.46 | ) | |||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 35.62 | 0.63 | (5.05 | ) | (4.42 | ) | (0.60 | ) | (0.93 | ) | (1.53 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 35.57 | 0.65 | 1.71 | 2.36 | (0.62 | ) | (1.69 | ) | (2.31 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 33.59 | 0.50 | (f) | 2.28 | 2.78 | (0.45 | ) | (0.35 | ) | (0.80 | ) | |||||||||||||||||
September 9, 2016 (g) through June 30, 2017 | 29.57 | 0.30 | 4.20 | 4.50 | (0.48 | ) | — | (0.48 | ) | |||||||||||||||||||
Class R6 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2020 | 35.67 | 0.66 | (5.06 | ) | (4.40 | ) | (0.63 | ) | (0.93 | ) | (1.56 | ) | ||||||||||||||||
Year Ended June 30, 2019 | 35.60 | 0.71 | 1.70 | 2.41 | (0.65 | ) | (1.69 | ) | (2.34 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 33.61 | 0.54 | (f) | 2.26 | 2.80 | (0.46 | ) | (0.35 | ) | (0.81 | ) | |||||||||||||||||
September 9, 2016 (g) through June 30, 2017 | 29.57 | 0.36 | 4.17 | 4.53 | (0.49 | ) | — | (0.49 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
(g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
52 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 29.53 | (13.60 | )% | $ | 736,715 | 1.14 | % | 1.45 | % | 1.16 | % | 29 | % | |||||||||||||
35.46 | 7.00 | 1,231,325 | 1.14 | 1.59 | 1.25 | 15 | ||||||||||||||||||||
35.38 | 7.81 | 1,346,080 | 1.17 | 1.01 | (f) | 1.25 | 23 | |||||||||||||||||||
33.40 | 17.60 | 1,432,370 | 1.24 | 0.85 | 1.36 | 24 | ||||||||||||||||||||
28.66 | (2.34 | ) | 2,045,698 | 1.24 | 0.98 | 1.43 | 26 | |||||||||||||||||||
29.38 | (14.04 | ) | 332,229 | 1.64 | 0.94 | 1.66 | 29 | |||||||||||||||||||
35.29 | 6.45 | 522,878 | 1.64 | 1.08 | 1.75 | 15 | ||||||||||||||||||||
35.20 | 7.27 | 591,602 | 1.67 | 0.51 | (f) | 1.75 | 23 | |||||||||||||||||||
33.20 | 17.02 | 746,521 | 1.74 | 0.34 | 1.81 | 24 | ||||||||||||||||||||
28.52 | (2.82 | ) | 728,800 | 1.74 | 0.49 | 1.85 | 26 | |||||||||||||||||||
29.71 | (13.39 | ) | 2,047,640 | 0.89 | 1.70 | 0.90 | 29 | |||||||||||||||||||
35.67 | 7.28 | 2,445,747 | 0.89 | 1.76 | 0.99 | 15 | ||||||||||||||||||||
35.60 | 8.07 | 2,296,056 | 0.92 | 1.26 | (f) | 1.00 | 23 | |||||||||||||||||||
33.62 | 17.89 | 2,165,577 | 0.99 | 1.09 | 1.04 | 24 | ||||||||||||||||||||
28.86 | (2.10 | ) | 1,414,635 | 0.99 | 1.16 | 1.05 | 26 | |||||||||||||||||||
29.73 | (13.26 | ) | 1,593,954 | 0.74 | 1.85 | 0.75 | 29 | |||||||||||||||||||
35.69 | 7.41 | 2,569,596 | 0.74 | 2.04 | 0.84 | 15 | ||||||||||||||||||||
35.62 | 8.29 | 3,255,993 | 0.74 | 1.42 | (f) | 0.85 | 23 | |||||||||||||||||||
33.63 | 18.17 | 3,643,327 | 0.75 | 1.32 | 0.87 | 24 | ||||||||||||||||||||
28.86 | (1.87 | ) | 5,901,818 | 0.74 | 1.50 | 0.88 | 26 | |||||||||||||||||||
29.31 | (13.82 | ) | 182 | 1.39 | 1.27 | 1.55 | 29 | |||||||||||||||||||
35.24 | 6.72 | 69 | 1.39 | 1.40 | 2.14 | 15 | ||||||||||||||||||||
35.22 | 5.54 | 38 | 1.41 | 0.78 | (f) | 1.61 | 23 | |||||||||||||||||||
29.21 | (13.60 | ) | 1,519 | 1.14 | 1.43 | 1.18 | 29 | |||||||||||||||||||
35.08 | 7.00 | 2,241 | 1.14 | 1.44 | 1.26 | 15 | ||||||||||||||||||||
35.11 | 7.82 | 1,132 | 1.15 | 1.01 | (f) | 1.28 | 23 | |||||||||||||||||||
33.24 | 14.87 | 385 | 1.24 | 1.09 | 1.36 | 24 | ||||||||||||||||||||
29.56 | (13.40 | ) | 32,555 | 0.88 | 1.74 | 0.90 | 29 | |||||||||||||||||||
35.52 | 7.27 | 20,538 | 0.89 | 1.79 | 0.99 | 15 | ||||||||||||||||||||
35.47 | 8.07 | 17,231 | 0.89 | 1.43 | (f) | 1.00 | 23 | |||||||||||||||||||
33.55 | 15.10 | 34 | 1.00 | 1.05 | 1.08 | 24 | ||||||||||||||||||||
29.67 | (13.25 | ) | 5,529 | 0.74 | 1.85 | 0.75 | 29 | |||||||||||||||||||
35.62 | 7.41 | 8,018 | 0.74 | 1.85 | 0.84 | 15 | ||||||||||||||||||||
35.57 | 8.25 | 6,114 | 0.76 | 1.41 | (f) | 0.88 | 23 | |||||||||||||||||||
33.59 | 15.27 | 422 | 0.83 | 1.14 | 0.89 | 24 | ||||||||||||||||||||
29.71 | (13.18 | ) | 3,949,596 | 0.64 | 1.96 | 0.65 | 29 | |||||||||||||||||||
35.67 | 7.57 | 4,025,348 | 0.64 | 2.02 | 0.74 | 15 | ||||||||||||||||||||
35.60 | 8.31 | 3,869,991 | 0.67 | 1.52 | (f) | 0.75 | 23 | |||||||||||||||||||
33.61 | 15.35 | 3,069,390 | 0.74 | 1.39 | 0.75 | 24 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 53 |
Table of Contents
AS OF JUNE 30, 2020
1. Organization
JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) (collectively, the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”), an open-end management investment company, was organized as a Massachusetts business trust on September 23, 1997.
J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG,” and with JPM I, JPM II and JPMMFIT, collectively, the “Trusts”), an open-end management investment company, was organized as a Maryland corporation on August 19, 1997.
The following are 5 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:
Classes Offered | Trust | Diversification Classification | ||||
JPMorgan Growth Advantage Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPMMFIT | Diversified | |||
JPMorgan Mid Cap Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified | |||
JPMorgan Mid Cap Growth Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPM II | Diversified | |||
JPMorgan Mid Cap Value Fund | Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPMFMFG | Diversified | |||
JPMorgan Value Advantage Fund | Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPM I | Diversified |
The investment objective of JPMorgan Growth Advantage Fund (“Growth Advantage Fund”) and JPMorgan Mid Cap Equity Fund (“Mid Cap Equity Fund”) is to seek to provide long-term capital growth.
The investment objective of JPMorgan Mid Cap Growth Fund (“Mid Cap Growth Fund”) is to seek growth of capital.
The investment objective of JPMorgan Mid Cap Value Fund (“Mid Cap Value Fund”) is to seek growth from capital appreciation.
The investment objective of JPMorgan Value Advantage Fund (“Value Advantage Fund”) is to seek to provide long-term total return from a combination of income and capital gains.
Class L Shares of the Mid Cap Value Fund and the Value Advantage Fund are publicly offered only on a limited basis. Investors are not eligible to purchase Class L Shares of these Funds unless they meet certain requirements as described in the Funds’ prospectuses.
Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectuses. Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the “Boards”), 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 Boards.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security
54 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
Table of Contents
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 Boards.
A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued 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 Boards. 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 Funds 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 Funds’ 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 Funds’ 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 tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):
Growth Advantage Fund
Level 1 Quoted prices | Level 2 Other significant | Level 3 Significant | Total | |||||||||||||
Total Investments in Securities (a) | $ | 11,129,848 | $ | — | $ | — | $ | 11,129,848 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Mid Cap Equity Fund | ||||||||||||||||
Level 1 Quoted prices | Level 2 Other significant | Level 3 Significant | Total | |||||||||||||
Total Investments in Securities (a) | $ | 1,637,187 | $ | — | $ | — | $ | 1,637,187 | ||||||||
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Mid Cap Growth Fund | ||||||||||||||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | 5,720,634 | $ | — | $ | — | $ | 5,720,634 | ||||||||
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Mid Cap Value Fund | ||||||||||||||||
Level 1 Quoted prices | Level 2 Other significant | Level 3 Significant | Total | |||||||||||||
Total Investments in Securities (a) | $ | 12,897,295 | $ | — | $ | — | $ | 12,897,295 | ||||||||
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JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 55 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2020 (continued)
Value Advantage Fund | ||||||||||||||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 8,418,517 | $ | — | $ | — | $ | 8,418,517 | ||||||||
Rights | ||||||||||||||||
Media | — | — | — | (b) | — | (b) | ||||||||||
Wireless Telecommunication Services | 47 | — | — | 47 | ||||||||||||
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Total Rights | 47 | — | — | (b) | 47 | |||||||||||
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Short-Term Investments |
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Investment Companies | 193,827 | — | — | 193,827 | ||||||||||||
Investment of cash collateral from securities loaned | 154,262 | — | — | 154,262 | ||||||||||||
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Total Short-Term Investments | 348,089 | — | — | 348,089 | ||||||||||||
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Total Investments in Securities | $ | 8,766,653 | $ | — | $ | — | (b) | $ | 8,766,653 | |||||||
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(a) | Please refer to the SOIs for specifics of portfolio holdings. |
(b) | Amount rounds to less than one thousand. |
B. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of June 30, 2020 (amounts in thousands).
Investment Securities on Loan, at value, Presented on the Statements of Assets | Cash Collateral Posted by Borrower* | Net Amount Due to Counterparty (not less than zero) | ||||||||||
Growth Advantage Fund | $ | 331,253 | $ | (331,253 | ) | $ | — | |||||
Mid Cap Growth Fund | 231,676 | (231,676 | ) | — | ||||||||
Mid Cap Value Fund | 188,161 | (188,161 | ) | — | ||||||||
Value Advantage Fund | 150,467 | (150,467 | ) | — |
* | Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower. |
56 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
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Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the year ended June 30, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):
Growth Advantage Fund | $ | 27 | ||
Mid Cap Equity Fund | 8 | |||
Mid Cap Growth Fund | 24 | |||
Mid Cap Value Fund | 34 | |||
Value Advantage Fund | 29 |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
Mid Cap Equity Fund did not have any securities out on loan at June 30, 2020.
C. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.
Growth Advantage Fund
For the year ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2020 | Shares at June 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b) | $ | 214,350 | $ | 3,435,887 | $ | 3,544,930 | $ | 72 | $ | 37 | $ | 105,416 | 105,321 | $ | 3,057 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b) | 157,046 | 2,064,501 | 1,919,000 | (1 | )* | (17 | ) | 302,529 | 302,408 | 3,039 | * | — | ||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b) | 36,180 | 1,350,989 | 1,355,679 | — | — | 31,490 | 31,490 | 441 | * | — | ||||||||||||||||||||||||||
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Total | $ | 407,576 | $ | 6,851,377 | $ | 6,819,609 | $ | 71 | $ | 20 | $ | 439,435 | $ | 6,537 | $ | — | ||||||||||||||||||||
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Mid Cap Equity Fund
For the year ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2020 | Shares at June 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b) | $ | 97,782 | $ | 795,812 | $ | 853,004 | $ | 20 | $ | 2 | $ | 40,612 | 40,575 | $ | 1,079 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a) | 69,023 | 198,000 | 267,019 | 1 | * | (5 | ) | — | — | 489 | * | — | ||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares (a) | 15,260 | 256,338 | 271,598 | — | — | — | — | 141 | * | — | ||||||||||||||||||||||||||
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Total | $ | 182,065 | $ | 1,250,150 | $ | 1,391,621 | $ | 21 | $ | (3 | ) | $ | 40,612 | $ | 1,709 | $ | — | |||||||||||||||||||
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JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 57 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2020 (continued)
Mid Cap Growth Fund
For the year ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2020 | Shares at June 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b) | $ | 113,766 | $ | 1,417,961 | $ | 1,480,197 | $ | 14 | $ | 16 | $ | 51,560 | 51,514 | $ | 1,973 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b) | 168,065 | 1,180,999 | 1,138,002 | 40 | * | (14 | ) | 211,088 | 211,004 | 2,689 | * | — | ||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b) | 30,123 | 839,294 | 845,040 | — | — | 24,377 | 24,377 | 402 | * | — | ||||||||||||||||||||||||||
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Total | $ | 311,954 | $ | 3,438,254 | $ | 3,463,239 | $ | 54 | $ | 2 | $ | 287,025 | $ | 5,064 | $ | — | ||||||||||||||||||||
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Mid Cap Value Fund
For the year ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2020 | Shares at June 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b) | $ | 715,289 | $ | 2,490,470 | $ | 3,035,774 | $ | 216 | $ | 101 | $ | 170,302 | 170,149 | $ | 6,799 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b) | 296,060 | 1,446,000 | 1,574,000 | 40 | * | (26 | ) | 168,074 | 168,007 | 4,175 | * | — | ||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b) | 58,776 | 962,073 | 997,377 | — | — | 23,472 | 23,472 | 605 | * | — | ||||||||||||||||||||||||||
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Total | $ | 1,070,125 | $ | 4,898,543 | $ | 5,607,151 | $ | 256 | $ | 75 | $ | 361,848 | $ | 11,579 | $ | — | ||||||||||||||||||||
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Value Advantage Fund
For the year ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2020 | Shares at June 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b) | $ | 181,870 | $ | 3,171,347 | $ | 3,159,521 | $ | 151 | $ | (20 | ) | $ | 193,827 | 193,652 | $ | 4,895 | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b) | 215,041 | 1,454,000 | 1,530,000 | 102 | * | (17 | ) | 139,126 | 139,070 | 3,080 | * | — | ||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b) | 42,795 | 892,790 | 920,449 | — | — | 15,136 | 15,136 | 471 | * | — | ||||||||||||||||||||||||||
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Total | $ | 439,706 | $ | 5,518,137 | $ | 5,609,970 | $ | 253 | $ | (37 | ) | $ | 348,089 | $ | 8,446 | $ | — | |||||||||||||||||||
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(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 June 30, 2020. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
58 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
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D. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, and dividend expense on securities sold short, are recorded on the ex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
E. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2020 are as follows (amounts in thousands):
Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | Total | |||||||||||||||||||||||||||||||
Growth Advantage Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | $ | 142 | $ | 57 | $ | 47 | n/a | $ | 1 | $ | 1 | $ | — | (a) | $ | 7 | $ | 55 | $ | 310 | ||||||||||||||||||||
Mid Cap Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 33 | 2 | 7 | n/a | — | (a) | n/a | n/a | — | (a) | 15 | 57 | ||||||||||||||||||||||||||||
Mid Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 255 | 7 | 29 | n/a | 20 | 2 | — | (a) | 12 | 66 | 391 | |||||||||||||||||||||||||||||
Mid Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 105 | 7 | 38 | $ | 486 | 7 | — | (a) | 1 | 1 | 47 | 692 | ||||||||||||||||||||||||||||
Value Advantage Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 85 | 41 | 35 | 36 | — | (a) | 1 | — | (a) | — | (a) | 43 | 241 |
(a) | Amount rounds to less than one thousand. |
F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
G. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually. Distributions are declared separately for each class of each Fund. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts (amounts in thousands):
Paid-in-Capital | Accumulated undistributed (distributions in excess of) net investment income | Accumulated net realized gains (losses) | ||||||||||
JPMorgan Growth Advantage Fund | $ | 103,783 | $ | 2,926 | $ | (106,709 | ) | |||||
JPMorgan Mid Cap Equity Fund | 248,867 | (303 | ) | (248,564 | ) | |||||||
JPMorgan Mid Cap Growth Fund | — | 1,198 | (1,198 | ) | ||||||||
JPMorgan Value Advantage Fund | — | (4,076 | ) | 4,076 |
The reclassifications for the Funds relate primarily to redemptions in-kind and tax equalization.
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 59 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2020 (continued)
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:
Growth Advantage Fund | 0.55 | %(1) | ||
Mid Cap Equity Fund | 0.65 | |||
Mid Cap Growth Fund | 0.65 | |||
Mid Cap Value Fund | 0.65 | |||
Value Advantage Fund | 0.55 | (1) |
(1) | Prior to August 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.65% on each Fund’s respective average daily net assets. |
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the year ended June 30, 2020, the effective rate for Growth Advantage Fund, Mid Cap Equity Fund, Mid Cap Growth Fund, Mid Cap Value Fund and Value Advantage Fund was 0.08%, 0.08%, 0.08%, 0.07% and 0.07%, respectively, of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
Class A | Class C | Class R2 | Class R3 | |||||||||||||
Growth Advantage Fund | 0.25 | % | 0.75 | % | 0.50 | % | 0.25 | % | ||||||||
Mid Cap Equity Fund | 0.25 | 0.75 | 0.50 | n/a | ||||||||||||
Mid Cap Growth Fund | 0.25 | 0.75 | 0.50 | 0.25 | ||||||||||||
Mid Cap Value Fund | 0.25 | 0.75 | 0.50 | 0.25 | ||||||||||||
Value Advantage Fund | 0.25 | 0.75 | 0.50 | 0.25 |
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2020, JPMDS retained the following (amounts in thousands):
Front-End Sales Charge | CDSC | |||||||
Growth Advantage Fund | $ | 434 | $ | 5 | ||||
Mid Cap Equity Fund | 114 | — | ||||||
Mid Cap Growth Fund | 103 | 1 | ||||||
Mid Cap Value Fund | 63 | — | (a) | |||||
Value Advantage Fund | 131 | 1 |
(a) | Amount rounds to less than one thousand. |
D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except
60 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
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Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | |||||||||||||||||||||||||
Growth Advantage Fund | 0.25 | % | 0.25 | % | 0.25 | % | n/a | 0.25 | % | 0.25 | % | 0.25 | % | 0.10 | % | |||||||||||||||||
Mid Cap Equity Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | n/a | n/a | 0.10 | ||||||||||||||||||||||||
Mid Cap Growth Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | 0.25 | 0.25 | 0.10 | ||||||||||||||||||||||||
Mid Cap Value Fund | 0.25 | 0.25 | 0.25 | 0.10 | % | 0.25 | 0.25 | 0.25 | 0.10 | |||||||||||||||||||||||
Value Advantage Fund | 0.25 | 0.25 | 0.25 | 0.10 | 0.25 | 0.25 | 0.25 | 0.10 |
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:
Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | ||||||||||||||||||||||||||||
Growth Advantage Fund | 1.14 | % | 1.64 | % | 0.89 | % | n/a | 1.39 | % | 1.14 | % | n/a | (1) | n/a | (1) | n/a | (1) | |||||||||||||||||||
Mid Cap Equity Fund | 1.14 | 1.64 | 0.89 | n/a | 1.39 | n/a | n/a | 0.74 | % | 0.64 | % | |||||||||||||||||||||||||
Mid Cap Growth Fund | 1.24 | n/a | (2) | 0.93 | n/a | 1.49 | n/a | (2) | 0.99 | % | 0.79 | 0.74 | ||||||||||||||||||||||||
Mid Cap Value Fund | 1.24 | 1.75 | 0.99 | 0.75 | % | 1.50 | 1.25 | 1.00 | 0.85 | 0.73 | ||||||||||||||||||||||||||
Value Advantage Fund | 1.14 | 1.64 | 0.89 | 0.75 | 1.39 | 1.14 | 0.89 | 0.74 | 0.64 |
(1) | Effective November 1, 2019, the contractual expense limitation for Class R4, Class R5 and Class R6 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 0.89%, 0.74% and 0.64% for Class R4, Class R5 and Class R6 Shares, respectively. |
(2) | Effective November 1, 2019, the contractual expense limitation for Class C and Class R3 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 1.74% and 1.24% for Class C and Class R3 Shares, respectively. |
The expense limitation agreements were in effect for the year ended June 30, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2020.
For the year ended June 30, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
Contractual Waivers | ||||||||||||||||||||
Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | ||||||||||||||||
Growth Advantage Fund | $ | 522 | $ | 348 | $ | 254 | $ | 1,124 | $ | 7 | ||||||||||
Mid Cap Equity Fund | 1,328 | 886 | 31 | 2,245 | — | (a) | ||||||||||||||
Mid Cap Growth Fund | 104 | 65 | 1,160 | 1,329 | 38 | |||||||||||||||
Mid Cap Value Fund | 262 | 163 | 6,600 | 7,025 | 32 | |||||||||||||||
Value Advantage Fund | 596 | 396 | 111 | 1,103 | 23 |
(a) | Amount rounds to less than one thousand. |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2020 (continued)
The amount of waivers resulting from investments in these money market funds for the year ended June 30, 2020 was as follows (amounts in thousands):
Growth Advantage Fund | $ | 250 | ||
Mid Cap Equity Fund | 89 | |||
Mid Cap Growth Fund | 166 | |||
Mid Cap Value Fund | 581 | |||
Value Advantage Fund | 407 |
G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended June 30, 2020, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the year ended June 30, 2020, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):
Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | |||||||
Growth Advantage Fund | $ | 4,274,522 | $ | 5,219,165 | ||||
Mid Cap Equity Fund | 962,224 | 927,634 | ||||||
Mid Cap Growth Fund | 2,985,297 | 2,950,253 | ||||||
Mid Cap Value Fund | 2,626,179 | 4,009,322 | ||||||
Value Advantage Fund | 2,865,591 | 3,393,186 |
During the year ended June 30, 2020, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2020 were as follows (amounts in thousands):
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Growth Advantage Fund | $ | 6,399,734 | $ | 4,798,998 | $ | 68,884 | $ | 4,730,114 | ||||||||
Mid Cap Equity Fund | 1,185,039 | 508,588 | 56,440 | 452,148 | ||||||||||||
Mid Cap Growth Fund | 4,141,185 | 1,652,724 | 73,275 | 1,579,449 | ||||||||||||
Mid Cap Value Fund | 10,015,650 | 4,123,961 | 1,242,316 | 2,881,645 | ||||||||||||
Value Advantage Fund | 7,618,053 | 1,831,644 | 683,044 | 1,148,600 |
For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, investments in passive foreign investment companies (“PFICs”) and non-taxable dividends.
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The tax character of distributions paid during the year ended June 30, 2020 was as follows (amounts in thousands):
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
Growth Advantage Fund | $ | — | $ | 835,282 | $ | 835,282 | ||||||
Mid Cap Equity Fund | 18,575 | 205,540 | 224,115 | |||||||||
Mid Cap Growth Fund | — | 345,443 | 345,443 | |||||||||
Mid Cap Value Fund | 207,560 | 647,712 | 855,272 | |||||||||
Value Advantage Fund | 180,428 | 287,467 | 467,895 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
Growth Advantage Fund | $ | 35,076 | $ | 663,086 | $ | 698,162 | ||||||
Mid Cap Equity Fund | 43,984 | 241,956 | 285,940 | |||||||||
Mid Cap Growth Fund | 24,869 | 226,941 | 251,810 | |||||||||
Mid Cap Value Fund | 264,620 | 935,839 | 1,200,459 | |||||||||
Value Advantage Fund | 234,470 | 474,480 | 708,950 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
As of June 30, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):
Current Distributable Ordinary Income | Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover) | Unrealized Appreciation (Depreciation) | ||||||||||
Growth Advantage Fund | $ | 73,501 | $ | 819,396 | $ | 4,730,114 | ||||||
Mid Cap Equity Fund | 13,965 | 141,232 | 452,148 | |||||||||
Mid Cap Growth Fund | 31,577 | 504,597 | 1,579,449 | |||||||||
Mid Cap Value Fund | 93,059 | 780,462 | 2,881,645 | |||||||||
Value Advantage Fund | 87,294 | 209,615 | 1,148,600 |
For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals, investments in PFICs, non-taxable dividends, late year ordinary loss deferrals and post-October capital loss deferrals.
Late year ordinary losses incurred after December 31 as well as net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2020, the following Funds deferred to July 1, 2020 late year ordinary losses and post-October capital losses of (amounts in thousands):
Net Capital Losses | Late Year Ordinary Loss Deferral | |||||||||||
Short-Term | Long-Term | |||||||||||
Growth Advantage Fund | $ | — | $ | — | $ | 3,489 | ||||||
Mid Cap Growth Fund | — | — | 6,406 | |||||||||
Value Advantage Fund | 104,712 | — | — |
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Funds had no borrowings outstanding from another fund during the year ended June 30, 2020.
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2020 (continued)
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2020.
The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.
The Funds did not utilize the Credit Facility during the year ended June 30, 2020.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of June 30, 2020, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:
Number of individual shareholder and/or Affiliated Omnibus Accounts | % of the Fund | Number of individual shareholder and/or Non-Affiliated Omnibus Accounts | % of the Fund | |||||||||||||
Growth Advantage Fund | 1 | 12.3 | % | 1 | 20.7 | % | ||||||||||
Mid Cap Equity Fund | — | — | 1 | 54.7 | ||||||||||||
Mid Cap Growth Fund | — | — | 1 | 17.0 | ||||||||||||
Mid Cap Value Fund | — | — | 2 | 34.7 | ||||||||||||
Value Advantage Fund | — | — | 3 | 36.4 |
As of June 30, 2020, the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the following Funds:
JPMorgan SmartRetirement Funds | ||||
Growth Advantage Fund | 19.9 | % | ||
Value Advantage Fund | 24.5 |
Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.
LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or
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produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.
The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.
8. Redemptions in-Kind
On October 11, 2019, certain shareholders sold Class R6 Shares of Mid Cap Equity Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):
Value | Realized Gains (Losses) | Type | ||||||||||
Mid Cap Equity Fund | $ | 1,200,715 | * | $ | 234,072 | Redemption in-kind |
* | This amount includes cash of approximately $42,541,000 associated with the redemption in-kind. |
9. Subsequent Event
On August 11, 2020, the contractual expense limitations for Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares of the Funds were extended until at least October 31, 2021.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of J.P. Morgan Mutual Fund Investment Trust, J.P. Morgan Fleming Mutual Fund Group, Inc., JPMorgan Trust I and JPMorgan Trust II and Shareholders of JPMorgan Growth Advantage Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Mid Cap Value Fund and JPMorgan Value Advantage Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Growth Advantage Fund (constituting J.P. Morgan Mutual Fund Investment Trust), JPMorgan Mid Cap Value Fund (constituting J.P. Morgan Fleming Mutual Fund Group, Inc.), JPMorgan Mid Cap Equity Fund and JPMorgan Value Advantage Fund (two of the funds constituting JPMorgan Trust I) and JPMorgan Mid Cap Growth Fund (one of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New York
August 24, 2020
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
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(Unaudited)
The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees | ||||||
John F. Finn (1947); Chairman since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998. | Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 126 | Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014). | |||
Stephen P. Fisher (1959); Trustee of Trusts since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 126 | Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). | |||
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 126 | Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). | |||
Dennis P. Harrington* (1950); Trustee of Trusts since 2017. | Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012). | 126 | None | |||
Frankie D. Hughes (1952); Trustee of Trusts since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 126 | None |
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TRUSTEES
(Unaudited) (continued)
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees (continued) | ||||||
Raymond Kanner** (1953); Trustee of Trusts since 2017. | Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016). | 126 | Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). | |||
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985. | Self-employed business consultant (2002-present). | 126 | None | |||
Mary E. Martinez (1960); Trustee of Trusts since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 126 | None | |||
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999. | Vice President of Administration and Planning, Northwestern University (1985-present). | 126 | None | |||
Mitchell M. Merin (1953); Trustee of Trusts since 2013. | Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006). | 126 | Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013). | |||
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997. | Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). | 126 | Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014). | |||
Marian U. Pardo*** (1946); Trustee of Trusts since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). | 126 | President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
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(1) | The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees. |
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes ten registered investment companies (126 funds). |
* | Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Boards that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Boards have concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee. |
** | A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof. |
*** | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
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(Unaudited)
Name (Year of Birth), Positions Held with the Trusts (Since) | Principal Occupations During Past 5 Years | |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016) | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014). | |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)* | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016. | |
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014. | |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. | |
Elizabeth A. Davin (1964), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005. | |
Jessica K. Ditullio (1962), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. | |
Anthony Geron (1971), Assistant Secretary (2018)* | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015. | |
Carmine Lekstutis (1980), Assistant Secretary (2011)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015. | |
Keri E. Riemer (1976), Assistant Secretary (2019)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016). | |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)* | Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016. | |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014. | |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012. | |
Shannon Gaines (1977), Assistant Treasurer (2018)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014. | |
Jeffrey D. House (1972), Assistant Treasurer (2017)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006. | |
Lauren A. Paino (1973), Assistant Treasurer (2014)* | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013. | |
Joseph Parascondola (1963), Assistant Treasurer (2011)* | Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020. | |
Gillian I. Sands (1969), Assistant Treasurer (2012)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
* | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
70 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.
Actual Expenses
For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
Beginning Account Value January 1, 2020 | Ending Account Value June 30, 2020 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Growth Advantage Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,159.20 | $ | 6.12 | 1.14 | % | ||||||||
Hypothetical | 1,000.00 | 1,019.19 | 5.72 | 1.14 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,156.00 | 8.79 | 1.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.71 | 8.22 | 1.64 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,160.20 | 4.78 | 0.89 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.44 | 4.47 | 0.89 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,157.60 | 7.46 | 1.39 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.95 | 6.97 | 1.39 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,158.60 | 6.12 | 1.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.19 | 5.72 | 1.14 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 1,160.20 | 4.78 | 0.89 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.44 | 4.47 | 0.89 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,160.80 | 4.03 | 0.75 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.13 | 3.77 | 0.75 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,161.70 | 3.44 | 0.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.68 | 3.22 | 0.64 |
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 71 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value January 1, 2020 | Ending Account Value June 30, 2020 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Mid Cap Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 952.40 | $ | 5.53 | 1.14 | % | ||||||||
Hypothetical | 1,000.00 | 1,019.19 | 5.72 | 1.14 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 949.90 | 7.95 | 1.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.71 | 8.22 | 1.64 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 953.40 | 4.32 | 0.89 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.44 | 4.47 | 0.89 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 951.30 | 6.74 | 1.39 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.95 | 6.97 | 1.39 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 954.20 | 3.60 | 0.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.18 | 3.72 | 0.74 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 954.80 | 3.11 | 0.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.68 | 3.22 | 0.64 | ||||||||||||
JPMorgan Mid Cap Growth Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,116.10 | 6.52 | 1.24 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.70 | 6.22 | 1.24 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,113.20 | 9.14 | 1.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.21 | 8.72 | 1.74 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,118.00 | 4.90 | 0.93 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.24 | 4.67 | 0.93 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,114.80 | 7.83 | 1.49 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.45 | 7.47 | 1.49 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,116.00 | 6.52 | 1.24 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.70 | 6.22 | 1.24 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 1,117.80 | 5.21 | 0.99 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.94 | 4.97 | 0.99 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,118.50 | 4.16 | 0.79 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.93 | 3.97 | 0.79 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,118.80 | 3.90 | 0.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.18 | 3.72 | 0.74 | ||||||||||||
JPMorgan Mid Cap Value Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 803.70 | 5.52 | 1.23 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.75 | 6.17 | 1.23 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 801.60 | 7.75 | 1.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.26 | 8.67 | 1.73 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 804.40 | 4.40 | 0.98 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.99 | 4.92 | 0.98 |
72 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
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Beginning Account Value January 1, 2020 | Ending Account Value June 30, 2020 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Mid Cap Value Fund (continued) | ||||||||||||||||
Class L | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 805.60 | $ | 3.37 | 0.75 | % | ||||||||
Hypothetical | 1,000.00 | 1,021.13 | 3.77 | 0.75 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 802.50 | 6.68 | 1.49 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.45 | 7.47 | 1.49 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 803.70 | 5.52 | 1.23 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.75 | 6.17 | 1.23 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 804.40 | 4.40 | 0.98 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.99 | 4.92 | 0.98 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 805.10 | 3.73 | 0.83 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.74 | 4.17 | 0.83 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 805.50 | 3.28 | 0.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.23 | 3.67 | 0.73 | ||||||||||||
JPMorgan Value Advantage Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 795.10 | 5.09 | 1.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.19 | 5.72 | 1.14 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 793.00 | 7.31 | 1.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.71 | 8.22 | 1.64 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 796.10 | 3.93 | 0.88 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.49 | 4.42 | 0.88 | ||||||||||||
Class L | ||||||||||||||||
Actual | 1,000.00 | 796.60 | 3.26 | 0.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.23 | 3.67 | 0.73 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 794.10 | 6.20 | 1.39 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.95 | 6.97 | 1.39 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 795.30 | 5.09 | 1.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.19 | 5.72 | 1.14 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 795.90 | 3.93 | 0.88 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.49 | 4.42 | 0.88 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 796.50 | 3.26 | 0.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.23 | 3.67 | 0.73 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 796.90 | 2.81 | 0.63 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.73 | 3.17 | 0.63 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 73 |
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LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Boards of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
74 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2020 |
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(Unaudited)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2020. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2020:
Dividends Received Deduction | ||||
JPMorgan Mid Cap Equity Fund | 100.00 | % | ||
JPMorgan Mid Cap Value Fund | 100.00 | |||
JPMorgan Value Advantage Fund | 100.00 |
Long-Term Capital Gain
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2020 (amounts in thousands):
Long-Term Capital Gain Distribution | ||||
JPMorgan Growth Advantage Fund | $ | 933,356 | ||
JPMorgan Mid Cap Equity Fund | 223,957 | |||
JPMorgan Mid Cap Growth Fund | 345,443 | |||
JPMorgan Mid Cap Value Fund | 647,712 | |||
JPMorgan Value Advantage Fund | 287,467 |
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2020 (amounts in thousands):
Qualified Dividend Income | ||||
JPMorgan Mid Cap Equity Fund | $ | 18,575 | ||
JPMorgan Mid Cap Value Fund | 207,560 | |||
JPMorgan Value Advantage Fund | 180,428 |
JUNE 30, 2020 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 75 |
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Rev. January 2011
FACTS | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
◾ Social Security number and account balances
◾ transaction history and account transactions
◾ checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does J.P. Morgan Funds share? | Can you limit this sharing? | ||
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
For marketing purposes — to offer our products and services to you | Yes | No | ||
For joint marketing with other financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share | ||
For nonaffiliates to market to you | No | We don’t share |
Questions? | Call 1-800-480-4111 or go to www.jpmorganfunds.com |
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Page 2 |
Who we are | ||
Who is providing this notice? | J.P. Morgan Funds |
What we do | ||
How does J.P. Morgan Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. | |
How does J.P. Morgan Funds collect my personal information? | We collect your personal information, for example, when you:
◾ open an account or provide contact information
◾ give us your account information or pay us by check
◾ make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates and other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only
◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness
◾ affiliates from using your information to market to you
◾ sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you. | |
Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
◾ J.P. Morgan Funds doesn’t jointly market. |
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
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J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2020. All rights reserved. June 2020. | AN-MC-620 |
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ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
The audit committee financial expert is Dennis P. Harrington. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable.
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ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional
services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
AUDIT FEES |
2020 – $35,209 |
2019 – $34,799 |
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
AUDIT-RELATED FEES |
2020 – $5,940 |
2019 – $5,940 |
Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
TAX FEES |
2020 – $11,864 |
2019 – $11,380 |
The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended June 30, 2020 and 2019, respectively.
For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
ALL OTHER FEES |
2020 – Not applicable |
2019 – Not applicable |
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List
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that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.
One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
2020 – 0.0% 2019 – 0.0% |
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Not applicable – Less than 50%.
(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:
2019 – $24.7 million 2018 – $30.2 million |
(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.
Not applicable.
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ITEM 6. INVESTMENTS.
File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
No material changes to report.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
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ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a) | File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. | |||
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. | ||||
Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto. | ||||
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2). | ||||
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. | ||||
Not applicable. | ||||
(b) | A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940. | |||
Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
J.P. Morgan Fleming Mutual Fund Group, Inc.
By: | /s/ Brian S. Shlissel | |
Brian S. Shlissel | ||
President and Principal Executive Officer | ||
August 31, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Brian S. Shlissel | |
Brian S. Shlissel | ||
President and Principal Executive Officer | ||
August 31, 2020 | ||
By: | /s/ Timothy J. Clemens | |
Timothy J. Clemens | ||
Treasurer and Principal Financial Officer | ||
August 31, 2020 |