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, 2022 through December 31, 2022
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.
ITEM 1. REPORTS TO STOCKHOLDERS.
a.) 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).
b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.
JPMorgan Growth Advantage Fund |
JPMorgan Mid Cap Equity Fund |
JPMorgan Mid Cap Growth Fund |
JPMorgan Mid Cap Value Fund |
JPMorgan Value Advantage Fund |
1 | |
2 | |
3 | |
6 | |
9 | |
12 | |
15 | |
18 | |
34 | |
54 | |
74 | |
86 | |
89 |
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.
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.
February 13, 2023 (Unaudited)
“Investors may face continued economic and geopolitical challenges in the year ahead. However, some of the acute risks encountered in 2022 appear to have receded and last year’s reset in asset prices may provide attractive investment opportunities.” — Brian S. Shlissel |
President - J.P. Morgan Funds
J.P. Morgan Asset Management
1-800-480-4111 or www.jpmorganfunds.com for more information
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 1 |
SIX MONTHS ENDED December 31, 2022 (Unaudited)
2 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
SIX MONTHS ENDED December 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class A Shares, without a sales charge) * | (1.65)% |
Russell 3000 Growth Index | (1.13)% |
Net Assets as of 12/31/2022 (In Thousands) | $12,201,566 |
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF December 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Microsoft Corp. | 8.6% |
2. | Apple, Inc. | 7.4 |
3. | Amazon.com, Inc. | 4.0 |
4. | Alphabet, Inc., Class C | 3.9 |
5. | Mastercard, Inc., Class A | 3.5 |
6. | UnitedHealth Group, Inc. | 2.9 |
7. | Quanta Services, Inc. | 2.0 |
8. | Regeneron Pharmaceuticals, Inc. | 1.9 |
9. | NVIDIA Corp. | 1.8 |
10. | Tesla, Inc. | 1.8 |
PORTFOLIO COMPOSITION BY SECTOR AS OF December 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Information Technology | 36.9% |
Health Care | 20.5 |
Consumer Discretionary | 13.2 |
Industrials | 11.3 |
Financials | 6.6 |
Communication Services | 4.9 |
Energy | 3.1 |
Consumer Staples | 1.9 |
Materials | 0.7 |
Short-Term Investments | 0.9 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 3 |
SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)
4 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | October 29, 1999 | ||||
With Sales Charge ** | (6.82)% | (33.91)% | 10.53% | 14.48% | |
Without Sales Charge | (1.65) | (30.24) | 11.73 | 15.10 | |
CLASS C SHARES | May 1, 2006 | ||||
With CDSC *** | (2.85) | (31.58) | 11.17 | 14.64 | |
Without CDSC | (1.85) | (30.58) | 11.17 | 14.64 | |
Class I SHARES | May 1, 2006 | (1.52) | (30.05) | 12.00 | 15.36 |
Class R2 SHARES | July 31, 2017 | (1.77) | (30.41) | 11.44 | 14.81 |
Class R3 SHARES | May 31, 2017 | (1.65) | (30.26) | 11.72 | 15.11 |
Class R4 SHARES | May 31, 2017 | (1.52) | (30.06) | 12.01 | 15.39 |
Class R5 SHARES | January 8, 2009 | (1.47) | (29.96) | 12.17 | 15.55 |
Class R6 SHARES | December 23, 2013 | (1.41) | (29.88) | 12.29 | 15.66 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 5.25%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 5 |
SIX MONTHS ENDED December 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class I Shares) * | 4.99% |
Russell Midcap Index | 5.43% |
Net Assets as of 12/31/2022 (In Thousands) | $3,088,626 |
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF December 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | AutoZone, Inc. | 1.4% |
2. | AMETEK, Inc. | 1.2 |
3. | Hubbell, Inc. | 1.1 |
4. | Xcel Energy, Inc. | 1.1 |
5. | ITT, Inc. | 1.1 |
6. | Ameriprise Financial, Inc. | 1.1 |
7. | Laboratory Corp. of America Holdings | 1.1 |
8. | M&T Bank Corp. | 1.0 |
9. | Huntington Bancshares, Inc. | 1.0 |
10. | AmerisourceBergen Corp. | 1.0 |
PORTFOLIO COMPOSITION BY SECTOR AS OF December 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Financials | 17.7% |
Health Care | 14.8 |
Industrials | 14.0 |
Information Technology | 13.1 |
Consumer Discretionary | 11.5 |
Real Estate | 6.0 |
Utilities | 5.0 |
Materials | 3.5 |
Energy | 3.2 |
Communication Services | 2.9 |
Consumer Staples | 2.9 |
Short-Term Investments | 5.4 |
6 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 7 |
SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | November 2, 2009 | ||||
With Sales Charge ** | (0.65)% | (20.65)% | 7.11% | 10.80% | |
Without Sales Charge | 4.85 | (16.25) | 8.27 | 11.41 | |
CLASS C SHARES | November 2, 2009 | ||||
With CDSC *** | 3.60 | (17.66) | 7.74 | 10.96 | |
Without CDSC | 4.60 | (16.66) | 7.74 | 10.96 | |
Class I SHARES | January 1, 1997 | 4.99 | (16.04) | 8.55 | 11.74 |
Class R2 SHARES | March 14, 2014 | 4.72 | (16.46) | 8.01 | 11.16 |
Class R5 SHARES | March 14, 2014 | 5.05 | (15.93) | 8.71 | 11.87 |
Class R6 SHARES | March 14, 2014 | 5.12 | (15.84) | 8.82 | 11.94 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 5.25%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
8 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
SIX MONTHS ENDED December 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class I Shares) * | 4.19% |
Russell Midcap Growth Index | 6.20% |
Net Assets as of 12/31/2022 (In Thousands) | $7,550,884 |
was a leading detractor from performance relative to the Benchmark, while the Fund’s
security selection in the industrials and health care sectors was a leading contributor to relative performance.
systems and services based in Ireland, rose after the company
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF December 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Horizon Therapeutics plc | 2.3% |
2. | Trane Technologies plc | 2.2 |
3. | Quanta Services, Inc. | 2.2 |
4. | Dexcom, Inc. | 2.0 |
5. | Agilent Technologies, Inc. | 2.0 |
6. | Synopsys, Inc. | 1.9 |
7. | Cheniere Energy, Inc. | 1.8 |
8. | Copart, Inc. | 1.8 |
9. | Hilton Worldwide Holdings, Inc. | 1.8 |
10. | Cadence Design Systems, Inc. | 1.7 |
PORTFOLIO COMPOSITION BY SECTOR AS OF December 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Health Care | 24.9% |
Information Technology | 22.1 |
Industrials | 16.9 |
Consumer Discretionary | 13.8 |
Financials | 10.0 |
Energy | 4.1 |
Communication Services | 2.5 |
Consumer Staples | 1.0 |
Materials | 0.6 |
Short-Term Investments | 4.1 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 9 |
SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)
10 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | February 18, 1992 | ||||
With Sales Charge ** | (1.43)% | (31.08)% | 8.17% | 11.88% | |
Without Sales Charge | 4.04 | (27.27) | 9.34 | 12.48 | |
CLASS C SHARES | November 4, 1997 | ||||
With CDSC *** | 2.74 | (28.63) | 8.79 | 12.04 | |
Without CDSC | 3.74 | (27.63) | 8.79 | 12.04 | |
Class I SHARES | March 2, 1989 | 4.19 | (27.09) | 9.66 | 12.83 |
Class R2 SHARES | June 19, 2009 | 3.87 | (27.50) | 9.05 | 12.24 |
Class R3 SHARES | September 9, 2016 | 4.01 | (27.32) | 9.33 | 12.48 |
Class R4 SHARES | September 9, 2016 | 4.12 | (27.14) | 9.60 | 12.76 |
Class R5 SHARES | November 1, 2011 | 4.23 | (27.01) | 9.81 | 12.98 |
Class R6 SHARES | November 1, 2011 | 4.25 | (26.96) | 9.87 | 13.04 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 5.25%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 11 |
SIX MONTHS ENDED December 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class L Shares) * | 5.91% |
Russell Midcap Value Index | 5.01% |
Net Assets as of 12/31/2022 (In Thousands) | $13,830,134 |
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF December 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Xcel Energy, Inc. | 2.0% |
2. | Ameriprise Financial, Inc. | 1.9 |
3. | Laboratory Corp. of America Holdings | 1.9 |
4. | M&T Bank Corp. | 1.8 |
5. | Huntington Bancshares, Inc. | 1.8 |
6. | AmerisourceBergen Corp. | 1.8 |
7. | CMS Energy Corp. | 1.7 |
8. | WEC Energy Group, Inc. | 1.7 |
9. | Loews Corp. | 1.7 |
10. | Entergy Corp. | 1.6 |
PORTFOLIO COMPOSITION BY SECTOR AS OF December 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Financials | 24.2% |
Industrials | 12.9 |
Real Estate | 10.7 |
Consumer Discretionary | 10.4 |
Utilities | 8.8 |
Health Care | 8.5 |
Information Technology | 7.5 |
Materials | 5.7 |
Consumer Staples | 4.4 |
Communication Services | 3.6 |
Energy | 2.7 |
Short-Term Investments | 0.6 |
12 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 13 |
SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | April 30, 2001 | ||||
With Sales Charge ** | 0.16% | (13.28)% | 4.44% | 8.90% | |
Without Sales Charge | 5.70 | (8.49) | 5.57 | 9.49 | |
CLASS C SHARES | April 30, 2001 | ||||
With CDSC *** | 4.44 | (9.93) | 5.05 | 9.04 | |
Without CDSC | 5.44 | (8.93) | 5.05 | 9.04 | |
Class I SHARES | October 31, 2001 | 5.84 | (8.26) | 5.84 | 9.76 |
Class L SHARES | November 13, 1997 | 5.91 | (8.14) | 6.06 | 10.01 |
Class R2 SHARES | November 3, 2008 | 5.57 | (8.71) | 5.30 | 9.20 |
Class R3 SHARES | September 9, 2016 | 5.71 | (8.49) | 5.57 | 9.49 |
Class R4 SHARES | September 9, 2016 | 5.83 | (8.26) | 5.84 | 9.76 |
Class R5 SHARES | September 9, 2016 | 5.90 | (8.12) | 6.00 | 9.96 |
Class R6 SHARES | September 9, 2016 | 5.96 | (8.03) | 6.11 | 10.03 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 5.25%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
14 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
SIX MONTHS ENDED December 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class L Shares) * | 5.62% |
Russell 3000 Value Index | 5.95% |
Net Assets as of 12/31/2022 (In Thousands) | $9,169,310 |
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF December 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Bank of America Corp. | 3.6% |
2. | Berkshire Hathaway, Inc., Class B | 2.5 |
3. | Chevron Corp. | 2.4 |
4. | AbbVie, Inc. | 2.2 |
5. | Bristol-Myers Squibb Co. | 2.0 |
6. | ConocoPhillips | 1.9 |
7. | Loews Corp. | 1.7 |
8. | M&T Bank Corp. | 1.7 |
9. | Capital One Financial Corp. | 1.7 |
10. | Johnson & Johnson | 1.4 |
PORTFOLIO COMPOSITION BY SECTOR AS OF December 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Financials | 26.2% |
Health Care | 14.4 |
Industrials | 9.4 |
Consumer Discretionary | 8.7 |
Real Estate | 8.3 |
Energy | 8.2 |
Consumer Staples | 5.6 |
Communication Services | 5.1 |
Information Technology | 4.2 |
Utilities | 4.2 |
Materials | 3.0 |
Short-Term Investments | 2.7 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 15 |
SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)
16 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | February 28, 2005 | ||||
With Sales Charge ** | (0.13)% | (9.18)% | 5.56% | 9.44% | |
Without Sales Charge | 5.41 | (4.14) | 6.71 | 10.03 | |
CLASS C SHARES | February 28, 2005 | ||||
With CDSC *** | 4.13 | (5.59) | 6.18 | 9.59 | |
Without CDSC | 5.13 | (4.59) | 6.18 | 9.59 | |
Class I SHARES | February 28, 2005 | 5.53 | (3.89) | 6.98 | 10.31 |
Class L SHARES | February 28, 2005 | 5.62 | (3.75) | 7.14 | 10.53 |
Class R2 SHARES | July 31, 2017 | 5.26 | (4.39) | 6.44 | 9.76 |
Class R3 SHARES | September 9, 2016 | 5.42 | (4.11) | 6.71 | 10.03 |
Class R4 SHARES | September 9, 2016 | 5.54 | (3.88) | 6.98 | 10.31 |
Class R5 SHARES | September 9, 2016 | 5.62 | (3.74) | 7.14 | 10.52 |
Class R6 SHARES | September 9, 2016 | 5.69 | (3.65) | 7.25 | 10.59 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 5.25%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 17 |
AS OF December 31, 2022 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 99.1% | ||
Automobiles — 1.8% | ||
Tesla, Inc. * | 1,780 | 219,207 |
Banks — 0.9% | ||
First Republic Bank | 562 | 68,542 |
SVB Financial Group * | 171 | 39,234 |
107,776 | ||
Beverages — 1.0% | ||
Constellation Brands, Inc., Class A | 536 | 124,197 |
Biotechnology — 6.8% | ||
Alnylam Pharmaceuticals, Inc. * | 530 | 125,851 |
Amgen, Inc. | 348 | 91,414 |
Exact Sciences Corp. * | 1,631 | 80,761 |
Exelixis, Inc. * | 3,158 | 50,653 |
Horizon Therapeutics plc * | 1,805 | 205,390 |
Natera, Inc. * | 1,051 | 42,216 |
Regeneron Pharmaceuticals, Inc. * | 329 | 237,495 |
833,780 | ||
Building Products — 1.7% | ||
Trane Technologies plc | 1,224 | 205,823 |
Capital Markets — 4.4% | ||
Blackstone, Inc. | 1,606 | 119,174 |
Charles Schwab Corp. (The) | 2,268 | 188,781 |
Morgan Stanley | 1,098 | 93,345 |
S&P Global, Inc. | 404 | 135,335 |
536,635 | ||
Commercial Services & Supplies — 1.3% | ||
Copart, Inc. * | 2,507 | 152,665 |
Communications Equipment — 0.4% | ||
Arista Networks, Inc. * | 415 | 50,406 |
Construction & Engineering — 2.0% | ||
Quanta Services, Inc. | 1,756 | 250,259 |
Electrical Equipment — 2.0% | ||
AMETEK, Inc. | 1,098 | 153,447 |
Hubbell, Inc. | 409 | 95,851 |
249,298 | ||
Electronic Equipment, Instruments & Components — 1.2% | ||
Keysight Technologies, Inc. * | 479 | 81,922 |
Zebra Technologies Corp., Class A * | 275 | 70,483 |
152,405 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Energy Equipment & Services — 0.4% | ||
Baker Hughes Co. | 1,593 | 47,033 |
Health Care Equipment & Supplies — 4.2% | ||
Cooper Cos., Inc. (The) | 349 | 115,389 |
Dexcom, Inc. * (a) | 1,118 | 126,615 |
Insulet Corp. * | 329 | 96,934 |
Intuitive Surgical, Inc. * | 649 | 172,156 |
511,094 | ||
Health Care Providers & Services — 4.6% | ||
Centene Corp. * | 754 | 61,865 |
McKesson Corp. | 388 | 145,494 |
UnitedHealth Group, Inc. | 672 | 356,011 |
563,370 | ||
Hotels, Restaurants & Leisure — 3.2% | ||
Aramark | 2,381 | 98,421 |
Booking Holdings, Inc. * | 58 | 116,223 |
Hilton Worldwide Holdings, Inc. | 1,020 | 128,962 |
Royal Caribbean Cruises Ltd. * (a) | 1,038 | 51,325 |
394,931 | ||
Household Durables — 0.5% | ||
Garmin Ltd. | 617 | 56,929 |
Insurance — 1.3% | ||
Progressive Corp. (The) | 1,196 | 155,148 |
Interactive Media & Services — 4.5% | ||
Alphabet, Inc., Class C * | 5,433 | 482,131 |
Bumble, Inc., Class A * | 2,935 | 61,778 |
543,909 | ||
Internet & Direct Marketing Retail — 4.0% | ||
Amazon.com, Inc. * | 5,819 | 488,782 |
IT Services — 5.3% | ||
Global Payments, Inc. | 823 | 81,714 |
Globant SA * | 437 | 73,435 |
Mastercard, Inc., Class A | 1,218 | 423,582 |
MongoDB, Inc. * (a) | 341 | 67,218 |
645,949 | ||
Life Sciences Tools & Services — 2.1% | ||
Mettler-Toledo International, Inc. * | 69 | 99,606 |
Thermo Fisher Scientific, Inc. | 276 | 152,147 |
251,753 |
18 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Machinery — 3.2% | ||
Deere & Co. | 431 | 184,874 |
Ingersoll Rand, Inc. | 2,297 | 120,014 |
Toro Co. (The) | 767 | 86,871 |
391,759 | ||
Media — 0.4% | ||
Trade Desk, Inc. (The), Class A * | 1,073 | 48,117 |
Metals & Mining — 0.7% | ||
Freeport-McMoRan, Inc. | 2,293 | 87,143 |
Oil, Gas & Consumable Fuels — 2.7% | ||
Cheniere Energy, Inc. | 749 | 112,361 |
EOG Resources, Inc. | 1,683 | 217,963 |
330,324 | ||
Personal Products — 0.9% | ||
Estee Lauder Cos., Inc. (The), Class A | 427 | 105,904 |
Pharmaceuticals — 2.8% | ||
Eli Lilly & Co. | 419 | 153,394 |
Jazz Pharmaceuticals plc * | 550 | 87,641 |
Royalty Pharma plc, Class A | 2,609 | 103,106 |
344,141 | ||
Professional Services — 0.6% | ||
Equifax, Inc. | 362 | 70,437 |
Road & Rail — 0.5% | ||
Old Dominion Freight Line, Inc. | 207 | 58,713 |
Semiconductors & Semiconductor Equipment — 7.0% | ||
Advanced Micro Devices, Inc. * | 1,835 | 118,820 |
Entegris, Inc. | 982 | 64,426 |
Lam Research Corp. (a) | 201 | 84,267 |
Marvell Technology, Inc. | 1,664 | 61,638 |
NVIDIA Corp. | 1,505 | 219,957 |
QUALCOMM, Inc. | 1,200 | 131,959 |
SolarEdge Technologies, Inc. * | 458 | 129,837 |
Wolfspeed, Inc. * (a) | 652 | 45,010 |
855,914 | ||
Software — 15.6% | ||
Confluent, Inc., Class A * (a) | 2,957 | 65,774 |
Crowdstrike Holdings, Inc., Class A * | 439 | 46,211 |
HubSpot, Inc. * | 182 | 52,474 |
Intuit, Inc. | 460 | 178,923 |
Microsoft Corp. | 4,369 | 1,047,787 |
Palo Alto Networks, Inc. * | 1,040 | 145,079 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Software — continued | ||
ServiceNow, Inc. * | 290 | 112,576 |
Synopsys, Inc. * | 414 | 132,149 |
Zoom Video Communications, Inc., Class A * | 1,251 | 84,766 |
Zscaler, Inc. * (a) | 348 | 38,958 |
1,904,697 | ||
Specialty Retail — 3.0% | ||
Burlington Stores, Inc. * | 665 | 134,765 |
National Vision Holdings, Inc. * | 1,266 | 49,054 |
Ross Stores, Inc. | 654 | 75,886 |
Tractor Supply Co. | 475 | 106,977 |
366,682 | ||
Technology Hardware, Storage & Peripherals — 7.4% | ||
Apple, Inc. | 6,990 | 908,203 |
Textiles, Apparel & Luxury Goods — 0.7% | ||
NIKE, Inc., Class B | 680 | 79,576 |
Total Common Stocks (Cost $8,482,397) | 12,092,959 | |
Short-Term Investments — 1.0% | ||
Investment Companies — 0.5% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 4.49% (b) (c) (Cost $62,872) | 62,875 | 62,907 |
Investment of Cash Collateral from Securities Loaned — 0.5% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.56% (b) (c) | 45,010 | 45,023 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 19 |
AS OF December 31, 2022 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Short-Term Investments — continued | ||
Investment of Cash Collateral from Securities Loaned — continued | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.12% (b) (c) | 7,590 | 7,590 |
Total Investment of Cash Collateral from Securities Loaned (Cost $52,609) | 52,613 | |
Total Short-Term Investments (Cost $115,481) | 115,520 | |
Total Investments — 100.1% (Cost $8,597,878) | 12,208,479 | |
Liabilities in Excess of Other Assets — (0.1)% | (6,913) | |
NET ASSETS — 100.0% | 12,201,566 |
Percentages indicated are based on net assets. |
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $51,399. |
(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 December 31, 2022. |
20 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
AS OF December 31, 2022 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 97.7% | ||
Aerospace & Defense — 0.3% | ||
HEICO Corp., Class A | 79 | 9,521 |
Airlines — 0.5% | ||
Delta Air Lines, Inc. * | 264 | 8,676 |
Southwest Airlines Co. * | 239 | 8,060 |
16,736 | ||
Banks — 6.1% | ||
Citizens Financial Group, Inc. | 574 | 22,600 |
East West Bancorp, Inc. | 147 | 9,697 |
Fifth Third Bancorp | 747 | 24,493 |
First Citizens BancShares, Inc., Class A | 18 | 13,582 |
First Republic Bank | 63 | 7,645 |
Huntington Bancshares, Inc. (a) | 2,295 | 32,360 |
M&T Bank Corp. | 226 | 32,754 |
Regions Financial Corp. | 1,259 | 27,150 |
SVB Financial Group * | 16 | 3,727 |
Zions Bancorp NA | 270 | 13,274 |
187,282 | ||
Beverages — 1.2% | ||
Constellation Brands, Inc., Class A | 112 | 25,947 |
Keurig Dr Pepper, Inc. | 346 | 12,351 |
38,298 | ||
Biotechnology — 2.9% | ||
Alnylam Pharmaceuticals, Inc. * | 76 | 18,069 |
Exact Sciences Corp. * | 191 | 9,461 |
Exelixis, Inc. * | 478 | 7,671 |
Horizon Therapeutics plc * | 256 | 29,081 |
Natera, Inc. * | 158 | 6,335 |
Neurocrine Biosciences, Inc. * | 100 | 11,889 |
Seagen, Inc. * | 64 | 8,287 |
90,793 | ||
Building Products — 2.1% | ||
Carlisle Cos., Inc. | 76 | 17,938 |
Fortune Brands Innovations, Inc. | 318 | 18,143 |
Trane Technologies plc | 168 | 28,243 |
64,324 | ||
Capital Markets — 6.6% | ||
Ameriprise Financial, Inc. | 109 | 33,922 |
Ares Management Corp. | 205 | 14,010 |
FactSet Research Systems, Inc. | 31 | 12,253 |
LPL Financial Holdings, Inc. | 85 | 18,305 |
Morningstar, Inc. | 38 | 8,263 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Capital Markets — continued | ||
MSCI, Inc. | 37 | 17,109 |
Northern Trust Corp. | 204 | 18,090 |
Raymond James Financial, Inc. | 229 | 24,518 |
S&P Global, Inc. | 34 | 11,561 |
State Street Corp. | 258 | 20,024 |
T. Rowe Price Group, Inc. (a) | 134 | 14,568 |
Tradeweb Markets, Inc., Class A | 172 | 11,157 |
203,780 | ||
Chemicals — 0.9% | ||
Celanese Corp. | 73 | 7,476 |
RPM International, Inc. | 218 | 21,211 |
28,687 | ||
Commercial Services & Supplies — 1.0% | ||
Cintas Corp. | 14 | 6,408 |
Copart, Inc. * | 381 | 23,208 |
29,616 | ||
Communications Equipment — 1.4% | ||
Arista Networks, Inc. * | 109 | 13,280 |
F5, Inc. * | 57 | 8,138 |
Motorola Solutions, Inc. | 90 | 23,194 |
44,612 | ||
Construction & Engineering — 1.4% | ||
AECOM | 115 | 9,809 |
Quanta Services, Inc. | 195 | 27,751 |
Valmont Industries, Inc. | 20 | 6,572 |
44,132 | ||
Construction Materials — 0.6% | ||
Martin Marietta Materials, Inc. | 60 | 20,134 |
Consumer Finance — 0.4% | ||
Discover Financial Services | 138 | 13,489 |
Containers & Packaging — 1.5% | ||
Ball Corp. | 173 | 8,844 |
Packaging Corp. of America | 134 | 17,174 |
Silgan Holdings, Inc. | 409 | 21,184 |
47,202 | ||
Distributors — 1.3% | ||
Genuine Parts Co. | 85 | 14,822 |
LKQ Corp. | 470 | 25,086 |
39,908 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 21 |
AS OF December 31, 2022 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Diversified Consumer Services — 0.2% | ||
Bright Horizons Family Solutions, Inc. * (a) | 91 | 5,740 |
Diversified Financial Services — 0.4% | ||
Voya Financial, Inc. | 187 | 11,480 |
Electric Utilities — 2.5% | ||
Edison International (a) | 206 | 13,112 |
Entergy Corp. | 250 | 28,090 |
Xcel Energy, Inc. | 506 | 35,471 |
76,673 | ||
Electrical Equipment — 3.0% | ||
Acuity Brands, Inc. | 124 | 20,501 |
AMETEK, Inc. | 270 | 37,756 |
Hubbell, Inc. | 153 | 35,789 |
94,046 | ||
Electronic Equipment, Instruments & Components — 3.4% | ||
Amphenol Corp., Class A | 258 | 19,627 |
CDW Corp. | 134 | 23,863 |
Jabil, Inc. | 229 | 15,613 |
Keysight Technologies, Inc. * | 77 | 13,212 |
Teledyne Technologies, Inc. * | 58 | 23,321 |
Zebra Technologies Corp., Class A * | 37 | 9,559 |
105,195 | ||
Energy Equipment & Services — 0.2% | ||
Baker Hughes Co. | 219 | 6,479 |
Entertainment — 0.9% | ||
Take-Two Interactive Software, Inc. * | 256 | 26,634 |
Equity Real Estate Investment Trusts (REITs) — 5.7% | ||
American Homes 4 Rent, Class A | 452 | 13,634 |
AvalonBay Communities, Inc. | 79 | 12,809 |
Boston Properties, Inc. (a) | 150 | 10,109 |
Brixmor Property Group, Inc. | 504 | 11,435 |
Essex Property Trust, Inc. | 35 | 7,480 |
Federal Realty Investment Trust (a) | 81 | 8,157 |
Host Hotels & Resorts, Inc. | 407 | 6,528 |
JBG SMITH Properties | 282 | 5,350 |
Kimco Realty Corp. | 615 | 13,029 |
Mid-America Apartment Communities, Inc. | 53 | 8,244 |
Rayonier, Inc. | 512 | 16,860 |
Regency Centers Corp. | 138 | 8,653 |
Rexford Industrial Realty, Inc. | 143 | 7,795 |
Sun Communities, Inc. | 56 | 8,061 |
Ventas, Inc. | 160 | 7,223 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Equity Real Estate Investment Trusts (REITs) — continued | ||
Weyerhaeuser Co. | 547 | 16,973 |
WP Carey, Inc. (a) | 172 | 13,412 |
175,752 | ||
Food & Staples Retailing — 0.9% | ||
Kroger Co. (The) | 277 | 12,376 |
US Foods Holding Corp. * | 423 | 14,378 |
26,754 | ||
Food Products — 0.4% | ||
Post Holdings, Inc. * | 132 | 11,884 |
Gas Utilities — 0.5% | ||
National Fuel Gas Co. | 227 | 14,362 |
Health Care Equipment & Supplies — 4.2% | ||
Cooper Cos., Inc. (The) | 43 | 14,261 |
Dexcom, Inc. * | 231 | 26,204 |
Globus Medical, Inc., Class A * (a) | 109 | 8,058 |
Hologic, Inc. * | 158 | 11,852 |
IDEXX Laboratories, Inc. * | 24 | 9,689 |
Insulet Corp. * | 62 | 18,136 |
Novocure Ltd. * (a) | 26 | 1,918 |
ResMed, Inc. | 76 | 15,733 |
Zimmer Biomet Holdings, Inc. | 180 | 22,990 |
128,841 | ||
Health Care Providers & Services — 5.2% | ||
Acadia Healthcare Co., Inc. * | 175 | 14,434 |
Amedisys, Inc. * | 89 | 7,445 |
AmerisourceBergen Corp. | 193 | 32,015 |
Centene Corp. * | 212 | 17,366 |
Henry Schein, Inc. * | 339 | 27,063 |
Laboratory Corp. of America Holdings | 144 | 33,782 |
McKesson Corp. | 40 | 15,066 |
Universal Health Services, Inc., Class B | 86 | 12,114 |
159,285 | ||
Hotels, Restaurants & Leisure — 3.0% | ||
Aramark | 386 | 15,988 |
Booking Holdings, Inc. * | 3 | 5,770 |
Chipotle Mexican Grill, Inc. * | 15 | 21,109 |
Darden Restaurants, Inc. | 92 | 12,690 |
Expedia Group, Inc. * | 99 | 8,673 |
Hilton Worldwide Holdings, Inc. | 180 | 22,715 |
Royal Caribbean Cruises Ltd. * | 114 | 5,630 |
92,575 |
22 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Household Durables — 1.2% | ||
Garmin Ltd. | 63 | 5,789 |
Helen of Troy Ltd. * | 60 | 6,650 |
Mohawk Industries, Inc. * | 113 | 11,623 |
Newell Brands, Inc. | 1,059 | 13,851 |
37,913 | ||
Household Products — 0.3% | ||
Energizer Holdings, Inc. | 282 | 9,476 |
Insurance — 4.3% | ||
Arch Capital Group Ltd. * | 332 | 20,825 |
Globe Life, Inc. (a) | 64 | 7,760 |
Hartford Financial Services Group, Inc. (The) | 312 | 23,700 |
Lincoln National Corp. | 198 | 6,084 |
Loews Corp. | 508 | 29,627 |
Progressive Corp. (The) | 124 | 16,037 |
RenaissanceRe Holdings Ltd. (Bermuda) | 56 | 10,343 |
WR Berkley Corp. | 263 | 19,060 |
133,436 | ||
Interactive Media & Services — 0.7% | ||
Bumble, Inc., Class A * | 318 | 6,691 |
IAC, Inc. * | 308 | 13,688 |
20,379 | ||
Internet & Direct Marketing Retail — 0.2% | ||
Chewy, Inc., Class A * (a) | 160 | 5,951 |
IT Services — 2.3% | ||
FleetCor Technologies, Inc. * | 88 | 16,067 |
Global Payments, Inc. | 99 | 9,855 |
Globant SA * | 70 | 11,701 |
GoDaddy, Inc., Class A * | 197 | 14,761 |
MongoDB, Inc. * (a) | 66 | 13,016 |
Remitly Global, Inc. * | 531 | 6,083 |
71,483 | ||
Life Sciences Tools & Services — 1.9% | ||
10X Genomics, Inc., Class A * | 100 | 3,641 |
Agilent Technologies, Inc. | 168 | 25,109 |
Maravai LifeSciences Holdings, Inc., Class A * | 272 | 3,892 |
Mettler-Toledo International, Inc. * | 14 | 19,728 |
West Pharmaceutical Services, Inc. | 22 | 5,304 |
57,674 | ||
Machinery — 5.2% | ||
IDEX Corp. | 77 | 17,453 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Machinery — continued | ||
Ingersoll Rand, Inc. | 227 | 11,879 |
ITT, Inc. | 420 | 34,023 |
Lincoln Electric Holdings, Inc. | 157 | 22,695 |
Middleby Corp. (The) * (a) | 163 | 21,819 |
Snap-on, Inc. | 101 | 23,059 |
Timken Co. (The) | 191 | 13,511 |
Toro Co. (The) | 139 | 15,773 |
160,212 | ||
Media — 1.6% | ||
Liberty Broadband Corp., Class C * | 223 | 17,007 |
Liberty Media Corp.-Liberty SiriusXM, Class C * | 482 | 18,867 |
Trade Desk, Inc. (The), Class A * | 289 | 12,937 |
48,811 | ||
Metals & Mining — 0.5% | ||
Freeport-McMoRan, Inc. | 403 | 15,325 |
Multiline Retail — 0.1% | ||
Kohl's Corp. (a) | 147 | 3,706 |
Multi-Utilities — 2.2% | ||
CMS Energy Corp. | 481 | 30,427 |
Sempra Energy | 43 | 6,707 |
WEC Energy Group, Inc. | 318 | 29,826 |
66,960 | ||
Oil, Gas & Consumable Fuels — 3.1% | ||
Antero Resources Corp. * | 179 | 5,554 |
Cheniere Energy, Inc. | 156 | 23,410 |
Coterra Energy, Inc. | 554 | 13,622 |
Diamondback Energy, Inc. | 77 | 10,586 |
EOG Resources, Inc. | 140 | 18,074 |
Williams Cos., Inc. (The) | 718 | 23,603 |
94,849 | ||
Personal Products — 0.2% | ||
BellRing Brands, Inc. * | 219 | 5,607 |
Pharmaceuticals — 1.2% | ||
Jazz Pharmaceuticals plc * | 161 | 25,638 |
Royalty Pharma plc, Class A | 279 | 11,024 |
36,662 | ||
Professional Services — 0.3% | ||
Equifax, Inc. | 54 | 10,562 |
Real Estate Management & Development — 0.5% | ||
CBRE Group, Inc., Class A * (a) | 205 | 15,746 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 23 |
AS OF December 31, 2022 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Road & Rail — 0.4% | ||
Old Dominion Freight Line, Inc. | 38 | 10,930 |
Semiconductors & Semiconductor Equipment — 1.7% | ||
Advanced Micro Devices, Inc. * | 97 | 6,316 |
Enphase Energy, Inc. * (a) | 25 | 6,655 |
Entegris, Inc. | 135 | 8,839 |
Marvell Technology, Inc. | 175 | 6,473 |
SolarEdge Technologies, Inc. * | 44 | 12,357 |
Teradyne, Inc. | 76 | 6,671 |
Wolfspeed, Inc. * (a) | 82 | 5,647 |
52,958 | ||
Software — 4.7% | ||
Cadence Design Systems, Inc. * | 133 | 21,402 |
Clear Secure, Inc., Class A (a) | 135 | 3,701 |
Confluent, Inc., Class A * | 325 | 7,224 |
Crowdstrike Holdings, Inc., Class A * | 124 | 13,071 |
Five9, Inc. * | 82 | 5,587 |
Gen Digital, Inc. | 529 | 11,345 |
HashiCorp, Inc., Class A * | 247 | 6,761 |
HubSpot, Inc. * | 31 | 8,854 |
Palo Alto Networks, Inc. * | 109 | 15,166 |
Procore Technologies, Inc. * | 162 | 7,645 |
Synopsys, Inc. * | 78 | 24,993 |
Zoom Video Communications, Inc., Class A * | 162 | 10,979 |
Zscaler, Inc. * | 68 | 7,560 |
144,288 | ||
Specialty Retail — 3.9% | ||
AutoZone, Inc. * | 18 | 45,279 |
Bath & Body Works, Inc. | 265 | 11,187 |
Best Buy Co., Inc. | 126 | 10,101 |
Burlington Stores, Inc. * | 72 | 14,600 |
CarMax, Inc. * (a) | 95 | 5,759 |
Gap, Inc. (The) (a) | 192 | 2,163 |
National Vision Holdings, Inc. * | 126 | 4,865 |
Ross Stores, Inc. | 87 | 10,041 |
Tractor Supply Co. | 80 | 18,101 |
122,096 | ||
Textiles, Apparel & Luxury Goods — 1.8% | ||
Carter's, Inc. (a) | 199 | 14,844 |
Lululemon Athletica, Inc. * | 21 | 6,657 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Textiles, Apparel & Luxury Goods — continued | ||
Ralph Lauren Corp. (a) | 161 | 17,029 |
Tapestry, Inc. | 455 | 17,325 |
55,855 | ||
Thrifts & Mortgage Finance — 0.4% | ||
MGIC Investment Corp. | 896 | 11,652 |
Trading Companies & Distributors — 0.3% | ||
Air Lease Corp. | 248 | 9,531 |
Total Common Stocks (Cost $2,438,130) | 3,016,276 | |
Short-Term Investments — 5.6% | ||
Investment Companies — 2.8% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 4.49% (b) (c) (Cost $85,568) | 85,566 | 85,608 |
Investment of Cash Collateral from Securities Loaned — 2.8% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.56% (b) (c) | 63,974 | 63,993 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.12% (b) (c) | 24,149 | 24,149 |
Total Investment of Cash Collateral from Securities Loaned (Cost $88,139) | 88,142 | |
Total Short-Term Investments (Cost $173,707) | 173,750 | |
Total Investments — 103.3% (Cost $2,611,837) | 3,190,026 | |
Liabilities in Excess of Other Assets — (3.3)% | (101,400) | |
NET ASSETS — 100.0% | 3,088,626 |
Percentages indicated are based on net assets. |
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $85,712. |
(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 December 31, 2022. |
24 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
AS OF December 31, 2022 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 97.7% | ||
Aerospace & Defense — 0.7% | ||
HEICO Corp., Class A | 473 | 56,740 |
Airlines — 0.7% | ||
Delta Air Lines, Inc. * | 1,573 | 51,698 |
Banks — 1.7% | ||
East West Bancorp, Inc. | 877 | 57,793 |
First Republic Bank | 374 | 45,541 |
SVB Financial Group * | 96 | 22,156 |
125,490 | ||
Beverages — 1.0% | ||
Constellation Brands, Inc., Class A | 320 | 74,159 |
Biotechnology — 7.2% | ||
Alnylam Pharmaceuticals, Inc. * | 454 | 107,757 |
Exact Sciences Corp. * | 1,139 | 56,389 |
Exelixis, Inc. * | 2,849 | 45,701 |
Horizon Therapeutics plc * | 1,525 | 173,478 |
Natera, Inc. * | 939 | 37,728 |
Neurocrine Biosciences, Inc. * | 593 | 70,876 |
Seagen, Inc. * | 384 | 49,379 |
541,308 | ||
Building Products — 2.2% | ||
Trane Technologies plc | 1,002 | 168,481 |
Capital Markets — 7.3% | ||
Ares Management Corp. | 1,221 | 83,531 |
FactSet Research Systems, Inc. | 182 | 73,048 |
LPL Financial Holdings, Inc. | 505 | 109,164 |
Morningstar, Inc. | 227 | 49,234 |
MSCI, Inc. | 219 | 102,026 |
S&P Global, Inc. | 206 | 68,914 |
Tradeweb Markets, Inc., Class A | 1,024 | 66,501 |
552,418 | ||
Commercial Services & Supplies — 2.3% | ||
Cintas Corp. | 85 | 38,333 |
Copart, Inc. * | 2,273 | 138,426 |
176,759 | ||
Communications Equipment — 1.7% | ||
Arista Networks, Inc. * | 652 | 79,174 |
F5, Inc. * | 338 | 48,489 |
127,663 | ||
Construction & Engineering — 3.5% | ||
AECOM | 688 | 58,456 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Construction & Engineering — continued | ||
Quanta Services, Inc. | 1,162 | 165,543 |
Valmont Industries, Inc. | 118 | 39,162 |
263,161 | ||
Diversified Consumer Services — 0.5% | ||
Bright Horizons Family Solutions, Inc. * | 542 | 34,178 |
Electrical Equipment — 2.2% | ||
AMETEK, Inc. | 667 | 93,164 |
Hubbell, Inc. | 304 | 71,288 |
164,452 | ||
Electronic Equipment, Instruments & Components — 2.8% | ||
Jabil, Inc. | 335 | 22,817 |
Keysight Technologies, Inc. * | 460 | 78,770 |
Teledyne Technologies, Inc. * | 141 | 56,279 |
Zebra Technologies Corp., Class A * | 222 | 56,967 |
214,833 | ||
Energy Equipment & Services — 0.5% | ||
Baker Hughes Co. | 1,307 | 38,583 |
Entertainment — 1.0% | ||
Take-Two Interactive Software, Inc. * (a) | 718 | 74,726 |
Health Care Equipment & Supplies — 7.7% | ||
Cooper Cos., Inc. (The) | 257 | 85,031 |
Dexcom, Inc. * (a) | 1,380 | 156,308 |
Hologic, Inc. * (a) | 945 | 70,655 |
IDEXX Laboratories, Inc. * | 142 | 57,744 |
Insulet Corp. * | 367 | 108,159 |
Novocure Ltd. * (a) | 155 | 11,387 |
ResMed, Inc. | 451 | 93,818 |
583,102 | ||
Health Care Providers & Services — 4.3% | ||
Acadia Healthcare Co., Inc. * | 1,046 | 86,067 |
Amedisys, Inc. * | 531 | 44,346 |
Centene Corp. * | 1,263 | 103,559 |
McKesson Corp. | 239 | 89,837 |
323,809 | ||
Hotels, Restaurants & Leisure — 5.6% | ||
Aramark | 2,306 | 95,336 |
Booking Holdings, Inc. * | 17 | 34,354 |
Chipotle Mexican Grill, Inc. * | 91 | 125,905 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 25 |
AS OF December 31, 2022 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Hotels, Restaurants & Leisure — continued | ||
Hilton Worldwide Holdings, Inc. | 1,072 | 135,490 |
Royal Caribbean Cruises Ltd. * (a) | 678 | 33,523 |
424,608 | ||
Household Durables — 1.0% | ||
Garmin Ltd. | 373 | 34,469 |
Helen of Troy Ltd. * | 357 | 39,596 |
74,065 | ||
Insurance — 1.3% | ||
Progressive Corp. (The) | 737 | 95,626 |
Interactive Media & Services — 0.5% | ||
Bumble, Inc., Class A * | 1,893 | 39,856 |
Internet & Direct Marketing Retail — 0.5% | ||
Chewy, Inc., Class A * (a) | 956 | 35,443 |
IT Services — 3.2% | ||
Global Payments, Inc. | 591 | 58,731 |
Globant SA * | 415 | 69,753 |
MongoDB, Inc. * | 394 | 77,604 |
Remitly Global, Inc. * | 3,162 | 36,205 |
242,293 | ||
Life Sciences Tools & Services — 4.6% | ||
10X Genomics, Inc., Class A * (a) | 628 | 22,894 |
Agilent Technologies, Inc. | 1,001 | 149,772 |
Maravai LifeSciences Holdings, Inc., Class A * | 1,618 | 23,146 |
Mettler-Toledo International, Inc. * | 81 | 117,651 |
West Pharmaceutical Services, Inc. | 134 | 31,574 |
345,037 | ||
Machinery — 3.2% | ||
Ingersoll Rand, Inc. | 1,355 | 70,814 |
ITT, Inc. | 903 | 73,191 |
Toro Co. (The) | 831 | 94,054 |
238,059 | ||
Media — 1.0% | ||
Trade Desk, Inc. (The), Class A * | 1,721 | 77,136 |
Metals & Mining — 0.6% | ||
Freeport-McMoRan, Inc. | 1,200 | 45,595 |
Oil, Gas & Consumable Fuels — 3.7% | ||
Antero Resources Corp. * | 1,067 | 33,071 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Oil, Gas & Consumable Fuels — continued | ||
Cheniere Energy, Inc. | 931 | 139,637 |
EOG Resources, Inc. | 833 | 107,787 |
280,495 | ||
Pharmaceuticals — 1.6% | ||
Jazz Pharmaceuticals plc * | 343 | 54,631 |
Royalty Pharma plc, Class A | 1,663 | 65,711 |
120,342 | ||
Professional Services — 0.8% | ||
Equifax, Inc. | 324 | 62,951 |
Road & Rail — 0.9% | ||
Old Dominion Freight Line, Inc. | 230 | 65,153 |
Semiconductors & Semiconductor Equipment — 4.2% | ||
Advanced Micro Devices, Inc. * | 581 | 37,610 |
Enphase Energy, Inc. * (a) | 149 | 39,649 |
Entegris, Inc. | 803 | 52,672 |
Marvell Technology, Inc. | 1,041 | 38,554 |
SolarEdge Technologies, Inc. * | 260 | 73,673 |
Teradyne, Inc. | 455 | 39,734 |
Wolfspeed, Inc. * (a) | 487 | 33,630 |
315,522 | ||
Software — 10.5% | ||
Cadence Design Systems, Inc. * | 795 | 127,652 |
Clear Secure, Inc., Class A (a) | 803 | 22,012 |
Confluent, Inc., Class A * | 1,935 | 43,036 |
Crowdstrike Holdings, Inc., Class A * | 740 | 77,933 |
Five9, Inc. * | 490 | 33,266 |
HashiCorp, Inc., Class A * | 1,473 | 40,266 |
HubSpot, Inc. * | 182 | 52,758 |
Palo Alto Networks, Inc. * | 648 | 90,436 |
Procore Technologies, Inc. * | 965 | 45,546 |
Synopsys, Inc. * | 467 | 149,080 |
Zoom Video Communications, Inc., Class A * | 966 | 65,447 |
Zscaler, Inc. * (a) | 403 | 45,042 |
792,474 | ||
Specialty Retail — 6.0% | ||
AutoZone, Inc. * | 51 | 125,393 |
Burlington Stores, Inc. * | 429 | 87,045 |
CarMax, Inc. * (a) | 563 | 34,282 |
National Vision Holdings, Inc. * (a) | 942 | 36,500 |
26 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Specialty Retail — continued | ||
Ross Stores, Inc. | 515 | 59,846 |
Tractor Supply Co. | 480 | 107,944 |
451,010 | ||
Textiles, Apparel & Luxury Goods — 0.5% | ||
Lululemon Athletica, Inc. * | 124 | 39,646 |
Trading Companies & Distributors — 0.7% | ||
Air Lease Corp. | 1,478 | 56,798 |
Total Common Stocks (Cost $6,460,566) | 7,373,669 | |
Short-Term Investments — 4.2% | ||
Investment Companies — 2.5% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 4.49% (b) (c) (Cost $188,878) | 188,864 | 188,958 |
Investment of Cash Collateral from Securities Loaned — 1.7% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.56% (b) (c) | 112,896 | 112,930 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.12% (b) (c) | 15,425 | 15,425 |
Total Investment of Cash Collateral from Securities Loaned (Cost $128,332) | 128,355 | |
Total Short-Term Investments (Cost $317,210) | 317,313 | |
Total Investments — 101.9% (Cost $6,777,776) | 7,690,982 | |
Liabilities in Excess of Other Assets — (1.9)% | (140,098) | |
NET ASSETS — 100.0% | 7,550,884 |
Percentages indicated are based on net assets. |
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $124,682. |
(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 December 31, 2022. |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 27 |
AS OF December 31, 2022 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 98.3% | ||
Airlines — 0.5% | ||
Southwest Airlines Co. * | 1,827 | 61,511 |
Banks — 9.2% | ||
Citizens Financial Group, Inc. | 4,380 | 172,440 |
Fifth Third Bancorp | 5,696 | 186,883 |
First Citizens BancShares, Inc., Class A | 137 | 103,662 |
Huntington Bancshares, Inc. | 17,511 | 246,904 |
M&T Bank Corp. | 1,723 | 249,898 |
Regions Financial Corp. | 9,608 | 207,147 |
Zions Bancorp NA | 2,060 | 101,292 |
1,268,226 | ||
Beverages — 1.4% | ||
Constellation Brands, Inc., Class A | 445 | 103,057 |
Keurig Dr Pepper, Inc. | 2,643 | 94,248 |
197,305 | ||
Building Products — 2.0% | ||
Carlisle Cos., Inc. | 581 | 136,878 |
Fortune Brands Innovations, Inc. | 2,424 | 138,431 |
275,309 | ||
Capital Markets — 6.1% | ||
Ameriprise Financial, Inc. | 831 | 258,827 |
Northern Trust Corp. | 1,560 | 138,035 |
Raymond James Financial, Inc. | 1,751 | 187,065 |
State Street Corp. | 1,970 | 152,783 |
T. Rowe Price Group, Inc. | 1,019 | 111,162 |
847,872 | ||
Chemicals — 1.6% | ||
Celanese Corp. | 558 | 57,053 |
RPM International, Inc. | 1,661 | 161,838 |
218,891 | ||
Communications Equipment — 1.3% | ||
Motorola Solutions, Inc. | 685 | 176,533 |
Construction Materials — 1.1% | ||
Martin Marietta Materials, Inc. | 454 | 153,634 |
Consumer Finance — 0.8% | ||
Discover Financial Services | 1,052 | 102,924 |
Containers & Packaging — 2.6% | ||
Ball Corp. | 1,320 | 67,489 |
Packaging Corp. of America | 1,024 | 131,045 |
Silgan Holdings, Inc. | 3,134 | 162,484 |
361,018 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Distributors — 2.2% | ||
Genuine Parts Co. | 652 | 113,102 |
LKQ Corp. | 3,583 | 191,402 |
304,504 | ||
Diversified Financial Services — 0.6% | ||
Voya Financial, Inc. | 1,425 | 87,600 |
Electric Utilities — 4.2% | ||
Edison International | 1,573 | 100,052 |
Entergy Corp. | 1,905 | 214,320 |
Xcel Energy, Inc. | 3,860 | 270,636 |
585,008 | ||
Electrical Equipment — 3.7% | ||
Acuity Brands, Inc. | 944 | 156,428 |
AMETEK, Inc. | 1,209 | 168,874 |
Hubbell, Inc. | 775 | 181,821 |
507,123 | ||
Electronic Equipment, Instruments & Components — 3.8% | ||
Amphenol Corp., Class A | 1,967 | 149,758 |
CDW Corp. | 1,016 | 181,489 |
Jabil, Inc. | 1,318 | 89,865 |
Teledyne Technologies, Inc. * | 265 | 105,886 |
526,998 | ||
Entertainment — 0.8% | ||
Take-Two Interactive Software, Inc. * | 1,030 | 107,293 |
Equity Real Estate Investment Trusts (REITs) — 9.7% | ||
American Homes 4 Rent, Class A | 3,452 | 104,035 |
AvalonBay Communities, Inc. | 605 | 97,744 |
Boston Properties, Inc. | 1,141 | 77,145 |
Brixmor Property Group, Inc. | 3,849 | 87,258 |
Essex Property Trust, Inc. | 269 | 57,079 |
Federal Realty Investment Trust | 616 | 62,254 |
Host Hotels & Resorts, Inc. (a) | 3,104 | 49,819 |
JBG SMITH Properties | 2,151 | 40,835 |
Kimco Realty Corp. | 4,694 | 99,418 |
Mid-America Apartment Communities, Inc. | 401 | 62,908 |
Rayonier, Inc. | 3,923 | 129,293 |
Regency Centers Corp. | 1,057 | 66,034 |
Rexford Industrial Realty, Inc. | 1,089 | 59,488 |
Sun Communities, Inc. | 430 | 61,519 |
Ventas, Inc. | 1,223 | 55,120 |
28 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Equity Real Estate Investment Trusts (REITs) — continued | ||
Weyerhaeuser Co. | 4,178 | 129,506 |
WP Carey, Inc. | 1,310 | 102,341 |
1,341,796 | ||
Food & Staples Retailing — 1.5% | ||
Kroger Co. (The) | 2,118 | 94,436 |
US Foods Holding Corp. * | 3,225 | 109,715 |
204,151 | ||
Food Products — 0.7% | ||
Post Holdings, Inc. * | 1,005 | 90,689 |
Gas Utilities — 0.8% | ||
National Fuel Gas Co. | 1,731 | 109,587 |
Health Care Equipment & Supplies — 1.7% | ||
Globus Medical, Inc., Class A * | 828 | 61,489 |
Zimmer Biomet Holdings, Inc. | 1,376 | 175,422 |
236,911 | ||
Health Care Providers & Services — 5.8% | ||
AmerisourceBergen Corp. | 1,474 | 244,267 |
Henry Schein, Inc. * | 2,585 | 206,487 |
Laboratory Corp. of America Holdings | 1,095 | 257,748 |
Universal Health Services, Inc., Class B | 656 | 92,436 |
800,938 | ||
Hotels, Restaurants & Leisure — 1.2% | ||
Darden Restaurants, Inc. | 700 | 96,832 |
Expedia Group, Inc. * | 755 | 66,187 |
163,019 | ||
Household Durables — 1.4% | ||
Mohawk Industries, Inc. * | 868 | 88,695 |
Newell Brands, Inc. | 8,080 | 105,687 |
194,382 | ||
Household Products — 0.5% | ||
Energizer Holdings, Inc. | 2,155 | 72,313 |
Insurance — 6.5% | ||
Arch Capital Group Ltd. * | 2,531 | 158,894 |
Globe Life, Inc. | 491 | 59,219 |
Hartford Financial Services Group, Inc. (The) | 2,385 | 180,829 |
Lincoln National Corp. | 1,512 | 46,438 |
Loews Corp. | 3,875 | 226,051 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Insurance — continued | ||
RenaissanceRe Holdings Ltd. (Bermuda) | 428 | 78,923 |
WR Berkley Corp. | 2,004 | 145,432 |
895,786 | ||
Interactive Media & Services — 0.8% | ||
IAC, Inc. * | 2,346 | 104,148 |
IT Services — 1.7% | ||
FleetCor Technologies, Inc. * | 668 | 122,593 |
GoDaddy, Inc., Class A * | 1,505 | 112,634 |
235,227 | ||
Machinery — 6.6% | ||
IDEX Corp. | 583 | 133,174 |
ITT, Inc. | 2,046 | 165,924 |
Lincoln Electric Holdings, Inc. | 1,199 | 173,160 |
Middleby Corp. (The) * | 1,243 | 166,487 |
Snap-on, Inc. | 770 | 175,933 |
Timken Co. (The) | 1,459 | 103,096 |
917,774 | ||
Media — 2.0% | ||
Liberty Broadband Corp., Class C * | 1,701 | 129,766 |
Liberty Media Corp.-Liberty SiriusXM, Class C * | 3,669 | 143,563 |
273,329 | ||
Metals & Mining — 0.4% | ||
Freeport-McMoRan, Inc. | 1,541 | 58,548 |
Multiline Retail — 0.2% | ||
Kohl's Corp. (a) | 1,121 | 28,295 |
Multi-Utilities — 3.7% | ||
CMS Energy Corp. | 3,666 | 232,154 |
Sempra Energy | 331 | 51,187 |
WEC Energy Group, Inc. | 2,427 | 227,564 |
510,905 | ||
Oil, Gas & Consumable Fuels — 2.6% | ||
Coterra Energy, Inc. | 4,230 | 103,939 |
Diamondback Energy, Inc. | 591 | 80,788 |
Williams Cos., Inc. (The) | 5,474 | 180,089 |
364,816 | ||
Personal Products — 0.3% | ||
BellRing Brands, Inc. * | 1,669 | 42,798 |
Pharmaceuticals — 0.9% | ||
Jazz Pharmaceuticals plc * | 789 | 125,682 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 29 |
AS OF December 31, 2022 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Real Estate Management & Development — 0.9% | ||
CBRE Group, Inc., Class A * | 1,561 | 120,148 |
Software — 0.6% | ||
Gen Digital, Inc. | 4,040 | 86,574 |
Specialty Retail — 2.6% | ||
AutoZone, Inc. * | 75 | 185,047 |
Bath & Body Works, Inc. | 2,026 | 85,369 |
Best Buy Co., Inc. | 961 | 77,080 |
Gap, Inc. (The) | 1,464 | 16,518 |
364,014 | ||
Textiles, Apparel & Luxury Goods — 2.7% | ||
Carter's, Inc. | 1,518 | 113,270 |
Ralph Lauren Corp. | 1,230 | 129,935 |
Tapestry, Inc. | 3,471 | 132,195 |
375,400 | ||
Thrifts & Mortgage Finance — 0.6% | ||
MGIC Investment Corp. | 6,839 | 88,910 |
Total Common Stocks (Cost $9,015,107) | 13,587,889 | |
Short-Term Investments — 0.5% | ||
Investment Companies — 0.1% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 4.49% (b) (c) (Cost $13,430) | 13,430 | 13,437 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Investment of Cash Collateral from Securities Loaned — 0.4% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.12% (b) (c) (Cost $62,314) | 62,314 | 62,314 |
Total Short-Term Investments (Cost $75,744) | 75,751 | |
Total Investments — 98.8% (Cost $9,090,851) | 13,663,640 | |
Other Assets Less Liabilities — 1.2% | 166,494 | |
NET ASSETS — 100.0% | 13,830,134 |
Percentages indicated are based on net assets. |
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $61,634. |
(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 December 31, 2022. |
30 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
AS OF December 31, 2022 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 98.3% | ||
Aerospace & Defense — 2.8% | ||
General Dynamics Corp. | 303 | 75,276 |
Northrop Grumman Corp. | 111 | 60,290 |
Raytheon Technologies Corp. | 1,191 | 120,233 |
255,799 | ||
Air Freight & Logistics — 0.6% | ||
FedEx Corp. | 330 | 57,208 |
Banks — 11.2% | ||
Bank of America Corp. | 9,975 | 330,376 |
Citigroup, Inc. | 1,244 | 56,290 |
Citizens Financial Group, Inc. | 2,664 | 104,890 |
M&T Bank Corp. | 1,067 | 154,796 |
PNC Financial Services Group, Inc. (The) | 731 | 115,435 |
Truist Financial Corp. | 1,633 | 70,252 |
US Bancorp | 1,814 | 79,122 |
Wells Fargo & Co. | 2,829 | 116,794 |
1,027,955 | ||
Beverages — 0.5% | ||
Keurig Dr Pepper, Inc. | 1,177 | 41,967 |
Biotechnology — 3.5% | ||
AbbVie, Inc. | 1,271 | 205,405 |
Regeneron Pharmaceuticals, Inc. * | 95 | 68,686 |
Vertex Pharmaceuticals, Inc. * | 175 | 50,594 |
324,685 | ||
Building Products — 1.2% | ||
Carlisle Cos., Inc. | 217 | 51,186 |
Fortune Brands Innovations, Inc. | 982 | 56,094 |
107,280 | ||
Capital Markets — 3.0% | ||
Charles Schwab Corp. (The) | 1,130 | 94,092 |
Invesco Ltd. | 768 | 13,810 |
Morgan Stanley (a) | 702 | 59,712 |
Northern Trust Corp. | 662 | 58,541 |
T. Rowe Price Group, Inc. (a) | 452 | 49,354 |
275,509 | ||
Chemicals — 0.3% | ||
Axalta Coating Systems Ltd. * | 1,197 | 30,482 |
Communications Equipment — 0.6% | ||
Cisco Systems, Inc. | 889 | 42,371 |
CommScope Holding Co., Inc. * | 1,802 | 13,244 |
55,615 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Construction Materials — 1.5% | ||
Martin Marietta Materials, Inc. | 302 | 101,924 |
Vulcan Materials Co. | 179 | 31,362 |
133,286 | ||
Consumer Finance — 2.4% | ||
American Express Co. | 467 | 68,940 |
Capital One Financial Corp. | 1,660 | 154,359 |
223,299 | ||
Containers & Packaging — 1.4% | ||
Packaging Corp. of America | 628 | 80,276 |
WestRock Co. | 1,240 | 43,608 |
123,884 | ||
Diversified Financial Services — 2.5% | ||
Berkshire Hathaway, Inc., Class B * | 745 | 230,039 |
Diversified Telecommunication Services — 1.2% | ||
Verizon Communications, Inc. | 2,726 | 107,408 |
Electric Utilities — 3.9% | ||
American Electric Power Co., Inc. | 435 | 41,295 |
Edison International | 709 | 45,101 |
Entergy Corp. | 379 | 42,649 |
NextEra Energy, Inc. | 871 | 72,779 |
PG&E Corp. * (a) | 3,829 | 62,255 |
Xcel Energy, Inc. | 1,275 | 89,422 |
353,501 | ||
Electrical Equipment — 0.6% | ||
Eaton Corp. plc | 349 | 54,713 |
Electronic Equipment, Instruments & Components — 0.5% | ||
TD SYNNEX Corp. | 499 | 47,244 |
Equity Real Estate Investment Trusts (REITs) — 7.7% | ||
American Homes 4 Rent, Class A | 2,101 | 63,335 |
Apple Hospitality REIT, Inc. | 2,108 | 33,269 |
Brixmor Property Group, Inc. | 2,983 | 67,634 |
EastGroup Properties, Inc. | 152 | 22,579 |
Federal Realty Investment Trust (a) | 531 | 53,612 |
JBG SMITH Properties | 1,434 | 27,223 |
Kimco Realty Corp. | 4,150 | 87,896 |
Lamar Advertising Co., Class A | 509 | 48,031 |
Mid-America Apartment Communities, Inc. | 436 | 68,377 |
Public Storage | 134 | 37,574 |
Rayonier, Inc. | 1,996 | 65,781 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 31 |
AS OF December 31, 2022 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Equity Real Estate Investment Trusts (REITs) — continued | ||
Welltower, Inc. | 419 | 27,452 |
Weyerhaeuser Co. | 3,174 | 98,394 |
701,157 | ||
Food & Staples Retailing — 0.7% | ||
Albertsons Cos., Inc., Class A | 1,367 | 28,356 |
Sysco Corp. | 502 | 38,347 |
66,703 | ||
Food Products — 1.8% | ||
Kraft Heinz Co. (The) | 2,323 | 94,553 |
Post Holdings, Inc. * | 753 | 67,962 |
162,515 | ||
Health Care Equipment & Supplies — 0.9% | ||
Medtronic plc | 507 | 39,371 |
Zimmer Biomet Holdings, Inc. | 353 | 45,020 |
84,391 | ||
Health Care Providers & Services — 5.7% | ||
AmerisourceBergen Corp. | 761 | 126,089 |
Cigna Corp. | 200 | 66,301 |
CVS Health Corp. | 1,220 | 113,682 |
HCA Healthcare, Inc. | 362 | 86,923 |
Laboratory Corp. of America Holdings | 296 | 69,726 |
UnitedHealth Group, Inc. | 118 | 62,686 |
525,407 | ||
Hotels, Restaurants & Leisure — 1.1% | ||
Booking Holdings, Inc. * | 29 | 57,838 |
Texas Roadhouse, Inc. | 504 | 45,821 |
103,659 | ||
Household Durables — 1.2% | ||
Mohawk Industries, Inc. * | 556 | 56,824 |
Newell Brands, Inc. | 3,782 | 49,474 |
106,298 | ||
Household Products — 1.5% | ||
Energizer Holdings, Inc. | 1,183 | 39,699 |
Procter & Gamble Co. (The) | 656 | 99,322 |
139,021 | ||
Industrial Conglomerates — 0.8% | ||
Honeywell International, Inc. | 342 | 73,359 |
Insurance — 7.0% | ||
American International Group, Inc. | 479 | 30,273 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Insurance — continued | ||
Chubb Ltd. | 368 | 81,279 |
CNA Financial Corp. | 689 | 29,110 |
Fairfax Financial Holdings Ltd. (Canada) | 112 | 66,497 |
Hartford Financial Services Group, Inc. (The) | 693 | 52,541 |
Loews Corp. | 2,737 | 159,661 |
Marsh & McLennan Cos., Inc. | 108 | 17,829 |
Progressive Corp. (The) | 636 | 82,547 |
Travelers Cos., Inc. (The) | 634 | 118,919 |
638,656 | ||
Interactive Media & Services — 1.8% | ||
Alphabet, Inc., Class C * | 505 | 44,844 |
IAC, Inc. * | 1,180 | 52,388 |
Meta Platforms, Inc., Class A * | 547 | 65,814 |
163,046 | ||
IT Services — 1.1% | ||
FleetCor Technologies, Inc. * | 240 | 44,120 |
International Business Machines Corp. | 407 | 57,244 |
101,364 | ||
Machinery — 2.2% | ||
Dover Corp. | 674 | 91,187 |
ITT, Inc. | 438 | 35,522 |
Middleby Corp. (The) * | 300 | 40,210 |
Timken Co. (The) | 514 | 36,345 |
203,264 | ||
Media — 1.6% | ||
Liberty Broadband Corp., Class C * | 763 | 58,171 |
Liberty Media Corp.-Liberty SiriusXM, Class C * | 1,592 | 62,314 |
Nexstar Media Group, Inc., Class A (a) | 162 | 28,305 |
148,790 | ||
Multiline Retail — 0.8% | ||
Dollar General Corp. | 145 | 35,632 |
Target Corp. | 255 | 37,976 |
73,608 | ||
Multi-Utilities — 0.4% | ||
Public Service Enterprise Group, Inc. | 586 | 35,892 |
Oil, Gas & Consumable Fuels — 8.2% | ||
Chevron Corp. (a) | 1,219 | 218,870 |
ConocoPhillips | 1,453 | 171,508 |
Coterra Energy, Inc. | 2,243 | 55,108 |
EOG Resources, Inc. | 382 | 49,425 |
32 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
Kinder Morgan, Inc. | 4,803 | 86,847 |
Phillips 66 | 884 | 91,974 |
Williams Cos., Inc. (The) | 2,500 | 82,247 |
755,979 | ||
Personal Products — 0.4% | ||
BellRing Brands, Inc. * | 1,495 | 38,337 |
Pharmaceuticals — 4.3% | ||
Bristol-Myers Squibb Co. | 2,600 | 187,055 |
Johnson & Johnson | 752 | 132,862 |
Merck & Co., Inc. | 689 | 76,483 |
396,400 | ||
Professional Services — 0.5% | ||
Leidos Holdings, Inc. | 397 | 41,750 |
Real Estate Management & Development — 0.7% | ||
CBRE Group, Inc., Class A * | 855 | 65,815 |
Road & Rail — 0.8% | ||
Norfolk Southern Corp. | 162 | 39,871 |
Union Pacific Corp. | 176 | 36,506 |
76,377 | ||
Semiconductors & Semiconductor Equipment — 2.1% | ||
Analog Devices, Inc. | 308 | 50,537 |
NXP Semiconductors NV (China) | 269 | 42,463 |
Texas Instruments, Inc. | 585 | 96,615 |
189,615 | ||
Specialty Retail — 4.7% | ||
AutoZone, Inc. * | 44 | 107,659 |
Bath & Body Works, Inc. | 1,184 | 49,881 |
Best Buy Co., Inc. | 454 | 36,389 |
Dick's Sporting Goods, Inc. (a) | 499 | 60,061 |
Gap, Inc. (The) (a) | 1,658 | 18,709 |
Home Depot, Inc. (The) | 114 | 35,913 |
Lowe's Cos., Inc. | 399 | 79,437 |
Murphy USA, Inc. | 155 | 43,474 |
431,523 | ||
Textiles, Apparel & Luxury Goods — 1.0% | ||
Columbia Sportswear Co. (a) | 476 | 41,662 |
Ralph Lauren Corp. (a) | 509 | 53,828 |
95,490 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Thrifts & Mortgage Finance — 0.4% | ||
MGIC Investment Corp. | 2,470 | 32,109 |
Tobacco — 0.7% | ||
Philip Morris International, Inc. | 650 | 65,817 |
Wireless Telecommunication Services — 0.5% | ||
T-Mobile US, Inc. * | 321 | 44,870 |
Total Common Stocks (Cost $6,180,662) | 9,011,086 | |
Short-Term Investments — 2.7% | ||
Investment Companies — 1.3% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 4.49% (b) (c) (Cost $117,681) | 117,648 | 117,707 |
Investment of Cash Collateral from Securities Loaned — 1.4% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.56% (b) (c) | 88,275 | 88,301 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.12% (b) (c) | 43,374 | 43,374 |
Total Investment of Cash Collateral from Securities Loaned (Cost $131,669) | 131,675 | |
Total Short-Term Investments (Cost $249,350) | 249,382 | |
Total Investments — 101.0% (Cost $6,430,012) | 9,260,468 | |
Liabilities in Excess of Other Assets — (1.0)% | (91,158) | |
NET ASSETS — 100.0% | 9,169,310 |
Percentages indicated are based on net assets. |
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $128,755. |
(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 December 31, 2022. |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 33 |
AS OF December 31, 2022 (Unaudited)
(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 | $12,092,959 | $3,016,276 | $7,373,669 |
Investments in affiliates, at value | 62,907 | 85,608 | 188,958 |
Investments of cash collateral received from securities loaned, at value (See Note 2.B.) | 52,613 | 88,142 | 128,355 |
Cash | 502 | 350 | 856 |
Receivables: | |||
Fund shares sold | 70,736 | 4,165 | 6,826 |
Dividends from non-affiliates | 1,556 | 3,908 | 1,090 |
Dividends from affiliates | 8 | 10 | 23 |
Securities lending income (See Note 2.B.) | 13 | 11 | 31 |
Other assets | — | 27 | — |
Total Assets | 12,281,294 | 3,198,497 | 7,699,808 |
LIABILITIES: | |||
Payables: | |||
Investment securities purchased | — | 17,435 | — |
Collateral received on securities loaned (See Note 2.B.) | 52,613 | 88,142 | 128,355 |
Fund shares redeemed | 18,814 | 2,135 | 15,045 |
Accrued liabilities: | |||
Investment advisory fees | 5,305 | 1,522 | 4,050 |
Administration fees | 378 | 77 | 370 |
Distribution fees | 984 | 132 | 314 |
Service fees | 1,358 | 311 | 505 |
Custodian and accounting fees | 88 | 16 | 56 |
Other | 188 | 101 | 229 |
Total Liabilities | 79,728 | 109,871 | 148,924 |
Net Assets | $12,201,566 | $3,088,626 | $7,550,884 |
34 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | JPMorgan Mid Cap Growth Fund | |
NET ASSETS: | |||
Paid-in-Capital | $8,942,604 | $2,585,477 | $6,958,518 |
Total distributable earnings (loss) | 3,258,962 | 503,149 | 592,366 |
Total Net Assets | $12,201,566 | $3,088,626 | $7,550,884 |
Net Assets: | |||
Class A | $2,304,002 | $570,660 | $1,129,960 |
Class C | 706,839 | 14,711 | 59,829 |
Class I | 3,361,734 | 872,575 | 1,647,731 |
Class R2 | 5,298 | 776 | 41,226 |
Class R3 | 13,006 | — | 44,066 |
Class R4 | 20,146 | — | 19,405 |
Class R5 | 81,317 | 8,570 | 450,551 |
Class R6 | 5,709,224 | 1,621,334 | 4,158,116 |
Total | $12,201,566 | $3,088,626 | $7,550,884 |
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | |||
Class A | 104,416 | 11,612 | 37,060 |
Class C | 40,420 | 321 | 2,944 |
Class I | 144,079 | 17,359 | 43,514 |
Class R2 | 245 | 16 | 1,215 |
Class R3 | 591 | — | 1,193 |
Class R4 | 863 | — | 514 |
Class R5 | 3,369 | 170 | 11,637 |
Class R6 | 233,618 | 32,203 | 106,474 |
Net Asset Value (a): | |||
Class A — Redemption price per share | $22.07 | $49.14 | $30.49 |
Class C — Offering price per share (b) | 17.49 | 45.81 | 20.32 |
Class I — Offering and redemption price per share | 23.33 | 50.27 | 37.87 |
Class R2 — Offering and redemption price per share | 21.66 | 48.23 | 33.92 |
Class R3 — Offering and redemption price per share | 22.02 | — | 36.95 |
Class R4 — Offering and redemption price per share | 23.34 | — | 37.69 |
Class R5 — Offering and redemption price per share | 24.14 | 50.42 | 38.72 |
Class R6 — Offering and redemption price per share | 24.44 | 50.35 | 39.05 |
Class A maximum sales charge | 5.25% | 5.25% | 5.25% |
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)] | $23.29 | $51.86 | $32.18 |
Cost of investments in non-affiliates | $8,482,397 | $2,438,130 | $6,460,566 |
Cost of investments in affiliates | 62,872 | 85,568 | 188,878 |
Investment securities on loan, at value (See Note 2.B.) | 51,399 | 85,712 | 124,682 |
Cost of investment of cash collateral (See Note 2.B.) | 52,609 | 88,139 | 128,332 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 35 |
AS OF December 31, 2022 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
JPMorgan Mid Cap Value Fund | JPMorgan Value Advantage Fund | |
ASSETS: | ||
Investments in non-affiliates, at value | $13,587,889 | $9,011,086 |
Investments in affiliates, at value | 13,437 | 117,707 |
Investments of cash collateral received from securities loaned, at value (See Note 2.B.) | 62,314 | 131,675 |
Cash | 600 | 569 |
Receivables: | ||
Investment securities sold | 264,099 | 4,679 |
Fund shares sold | 12,644 | 34,165 |
Dividends from non-affiliates | 29,496 | 19,076 |
Dividends from affiliates | 2 | 14 |
Securities lending income (See Note 2.B.) | — | 30 |
Total Assets | 13,970,481 | 9,319,001 |
LIABILITIES: | ||
Payables: | ||
Collateral received on securities loaned (See Note 2.B.) | 62,314 | 131,675 |
Fund shares redeemed | 68,333 | 12,223 |
Accrued liabilities: | ||
Investment advisory fees | 7,277 | 3,927 |
Administration fees | 411 | 313 |
Distribution fees | 342 | 445 |
Service fees | 1,292 | 856 |
Custodian and accounting fees | 95 | 58 |
Other | 283 | 194 |
Total Liabilities | 140,347 | 149,691 |
Net Assets | $13,830,134 | $9,169,310 |
36 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
JPMorgan Mid Cap Value Fund | JPMorgan Value Advantage Fund | |
NET ASSETS: | ||
Paid-in-Capital | $9,195,107 | $6,280,003 |
Total distributable earnings (loss) | 4,635,027 | 2,889,307 |
Total Net Assets | $13,830,134 | $9,169,310 |
Net Assets: | ||
Class A | $1,220,603 | $1,271,804 |
Class C | 50,782 | 260,084 |
Class I | 2,006,282 | 1,968,325 |
Class L | 6,447,447 | 1,496,251 |
Class R2 | 62,535 | 307 |
Class R3 | 70,555 | 2,194 |
Class R4 | 22,050 | 124 |
Class R5 | 49,304 | 2,512 |
Class R6 | 3,900,576 | 4,167,709 |
Total | $13,830,134 | $9,169,310 |
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | ||
Class A | 36,857 | 36,891 |
Class C | 1,621 | 7,547 |
Class I | 59,554 | 56,685 |
Class L | 187,965 | 43,060 |
Class R2 | 2,020 | 9 |
Class R3 | 2,159 | 65 |
Class R4 | 660 | 3 |
Class R5 | 1,440 | 73 |
Class R6 | 113,804 | 120,156 |
Net Asset Value (a): | ||
Class A — Redemption price per share | $33.12 | $34.47 |
Class C — Offering price per share (b) | 31.34 | 34.46 |
Class I — Offering and redemption price per share | 33.69 | 34.72 |
Class L — Offering and redemption price per share | 34.30 | 34.75 |
Class R2 — Offering and redemption price per share | 30.96 | 34.01 |
Class R3 — Offering and redemption price per share | 32.68 | 33.96 |
Class R4 — Offering and redemption price per share | 33.46 | 35.04 |
Class R5 — Offering and redemption price per share | 34.24 | 34.67 |
Class R6 — Offering and redemption price per share | 34.27 | 34.69 |
Class A maximum sales charge | 5.25% | 5.25% |
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)] | $34.96 | $36.38 |
Cost of investments in non-affiliates | $9,015,107 | $6,180,662 |
Cost of investments in affiliates | 13,430 | 117,681 |
Investment securities on loan, at value (See Note 2.B.) | 61,634 | 128,755 |
Cost of investment of cash collateral (See Note 2.B.) | 62,314 | 131,669 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 37 |
FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited)
(Amounts in thousands)
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | JPMorgan Mid Cap Growth Fund | |
INVESTMENT INCOME: | |||
Interest income from affiliates | $— | $4 | $— |
Dividend income from non-affiliates | 40,851 | 19,557 | 17,861 |
Dividend income from affiliates | 2,704 | 1,600 | 3,608 |
Income from securities lending (net) (See Note 2.B.) | 22 | 25 | 83 |
Total investment income | 43,577 | 21,186 | 21,552 |
EXPENSES: | |||
Investment advisory fees | 35,529 | 9,670 | 24,767 |
Administration fees | 4,489 | 1,116 | 2,858 |
Distribution fees: | |||
Class A | 3,107 | 707 | 1,477 |
Class C | 3,016 | 54 | 256 |
Class R2 | 13 | 2 | 109 |
Class R3 | 17 | — | 56 |
Service fees: | |||
Class A | 3,107 | 707 | 1,477 |
Class C | 1,005 | 18 | 85 |
Class I | 4,506 | 1,067 | 1,993 |
Class R2 | 7 | 1 | 55 |
Class R3 | 17 | — | 56 |
Class R4 | 25 | — | 25 |
Class R5 | 48 | —(a) | 236 |
Custodian and accounting fees | 210 | 52 | 130 |
Interest expense to affiliates | — | — | 1 |
Professional fees | 69 | 34 | 50 |
Trustees’ and Chief Compliance Officer’s fees | 34 | 17 | 25 |
Printing and mailing costs | 327 | 219 | 257 |
Registration and filing fees | 270 | 77 | 229 |
Transfer agency fees (See Note 2.F.) | 152 | 27 | 204 |
Other | 235 | 122 | 155 |
Total expenses | 56,183 | 13,890 | 34,501 |
Less fees waived | (6,134) | (1,782) | (2,929) |
Less expense reimbursements | (3) | (3) | (1) |
Net expenses | 50,046 | 12,105 | 31,571 |
Net investment income (loss) | (6,469) | 9,081 | (10,019) |
38 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | JPMorgan Mid Cap Growth Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | |||
Net realized gain (loss) on transactions from: | |||
Investments in non-affiliates | $(262,280) | $(41,178) | $(243,036) |
Investments in affiliates | 68 | —(a) | 20 |
Foreign currency transactions | (1) | — | — |
Net realized gain (loss) | (262,213) | (41,178) | (243,016) |
Change in net unrealized appreciation/depreciation on: | |||
Investments in non-affiliates | 52,026 | 166,677 | 539,040 |
Investments in affiliates | 25 | 29 | 84 |
Foreign currency translations | (1) | — | — |
Change in net unrealized appreciation/depreciation | 52,050 | 166,706 | 539,124 |
Net realized/unrealized gains (losses) | (210,163) | 125,528 | 296,108 |
Change in net assets resulting from operations | $(216,632) | $134,609 | $286,089 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 39 |
FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)
(Amounts in thousands)
JPMorgan Mid Cap Value Fund | JPMorgan Value Advantage Fund | |
INVESTMENT INCOME: | ||
Interest income from affiliates | $1 | $1 |
Dividend income from non-affiliates | 135,273 | 114,417 |
Dividend income from affiliates | 5,387 | 2,709 |
Income from securities lending (net) (See Note 2.B.) | —(a) | 59 |
Total investment income | 140,661 | 117,186 |
EXPENSES: | ||
Investment advisory fees | 46,696 | 26,527 |
Administration fees | 4,844 | 3,613 |
Distribution fees: | ||
Class A | 1,566 | 1,547 |
Class C | 224 | 1,042 |
Class R2 | 158 | 1 |
Class R3 | 90 | 3 |
Service fees: | ||
Class A | 1,566 | 1,547 |
Class C | 75 | 348 |
Class I | 2,841 | 2,600 |
Class L | 3,383 | 814 |
Class R2 | 79 | —(a) |
Class R3 | 90 | 3 |
Class R4 | 28 | —(a) |
Class R5 | 25 | 1 |
Custodian and accounting fees | 232 | 156 |
Professional fees | 69 | 56 |
Trustees’ and Chief Compliance Officer’s fees | 36 | 29 |
Printing and mailing costs | 465 | 203 |
Registration and filing fees | 165 | 140 |
Transfer agency fees (See Note 2.F.) | 132 | 91 |
Other | 327 | 124 |
Total expenses | 63,091 | 38,845 |
Less fees waived | (6,535) | (4,618) |
Less expense reimbursements | (23) | (23) |
Net expenses | 56,533 | 34,204 |
Net investment income (loss) | 84,128 | 82,982 |
40 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
JPMorgan Mid Cap Value Fund | JPMorgan Value Advantage Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | ||
Net realized gain (loss) on transactions from: | ||
Investments in non-affiliates | $343,506 | $319,429 |
Investments in affiliates | 49 | 51 |
Net realized gain (loss) | 343,555 | 319,480 |
Change in net unrealized appreciation/depreciation on: | ||
Investments in non-affiliates | 389,081 | 128,048 |
Investments in affiliates | 17 | 24 |
Change in net unrealized appreciation/depreciation | 389,098 | 128,072 |
Net realized/unrealized gains (losses) | 732,653 | 447,552 |
Change in net assets resulting from operations | $816,781 | $530,534 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 41 |
FOR THE PERIODS INDICATED
(Amounts in thousands)
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | |||
Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||
Net investment income (loss) | $(6,469) | $(43,447) | $9,081 | $11,744 |
Net realized gain (loss) | (262,213) | 300,402 | (41,178) | 111,884 |
Change in net unrealized appreciation/depreciation | 52,050 | (3,767,905) | 166,706 | (623,200) |
Change in net assets resulting from operations | (216,632) | (3,510,950) | 134,609 | (499,572) |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||
Class A | (9,869) | (450,846) | (14,573) | (45,467) |
Class C | (3,852) | (205,934) | (355) | (1,466) |
Class I | (13,567) | (627,636) | (23,622) | (74,927) |
Class R2 | (23) | (97) | (19) | (46) |
Class R3 | (53) | (738) | — | — |
Class R4 | (80) | (2,743) | — | — |
Class R5 | (309) | (18,769) | (256) | (6) |
Class R6 | (21,818) | (865,471) | (47,896) | (105,308) |
Total distributions to shareholders | (49,571) | (2,172,234) | (86,721) | (227,220) |
CAPITAL TRANSACTIONS: | ||||
Change in net assets resulting from capital transactions | 386,452 | 2,985,664 | 411,350 | 530,638 |
NET ASSETS: | ||||
Change in net assets | 120,249 | (2,697,520) | 459,238 | (196,154) |
Beginning of period | 12,081,317 | 14,778,837 | 2,629,388 | 2,825,542 |
End of period | $12,201,566 | $12,081,317 | $3,088,626 | $2,629,388 |
42 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund | |||
Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||
Net investment income (loss) | $(10,019) | $(39,780) | $84,128 | $154,635 |
Net realized gain (loss) | (243,016) | 157,218 | 343,555 | 1,794,315 |
Change in net unrealized appreciation/depreciation | 539,124 | (2,850,878) | 389,098 | (3,009,560) |
Change in net assets resulting from operations | 286,089 | (2,733,440) | 816,781 | (1,060,610) |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||
Class A | (10,987) | (164,928) | (130,792) | (219,981) |
Class C | (893) | (15,295) | (5,897) | (10,363) |
Class I | (12,879) | (164,559) | (224,520) | (392,788) |
Class L | — | — | (702,742) | (1,064,675) |
Class R2 | (363) | (5,456) | (7,028) | (10,249) |
Class R3 | (350) | (6,561) | (7,579) | (11,581) |
Class R4 | (155) | (1,915) | (2,373) | (4,055) |
Class R5 | (3,443) | (56,755) | (5,275) | (11,564) |
Class R6 | (31,445) | (391,225) | (424,674) | (571,247) |
Total distributions to shareholders | (60,515) | (806,694) | (1,510,880) | (2,296,503) |
CAPITAL TRANSACTIONS: | ||||
Change in net assets resulting from capital transactions | 345,411 | 1,447,269 | 715,880 | 114,829 |
NET ASSETS: | ||||
Change in net assets | 570,985 | (2,092,865) | 21,781 | (3,242,284) |
Beginning of period | 6,979,899 | 9,072,764 | 13,808,353 | 17,050,637 |
End of period | $7,550,884 | $6,979,899 | $13,830,134 | $13,808,353 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 43 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Value Advantage Fund | ||
Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||
Net investment income (loss) | $82,982 | $141,716 |
Net realized gain (loss) | 319,480 | 928,467 |
Change in net unrealized appreciation/depreciation | 128,072 | (1,355,497) |
Change in net assets resulting from operations | 530,534 | (285,314) |
DISTRIBUTIONS TO SHAREHOLDERS: | ||
Class A | (123,104) | (139,510) |
Class C | (23,870) | (40,783) |
Class I | (195,765) | (309,038) |
Class L | (151,034) | (243,763) |
Class R2 | (28) | (32) |
Class R3 | (211) | (427) |
Class R4 | (11) | (206) |
Class R5 | (245) | (180) |
Class R6 | (419,748) | (643,793) |
Total distributions to shareholders | (914,016) | (1,377,732) |
CAPITAL TRANSACTIONS: | ||
Change in net assets resulting from capital transactions | (23,342) | 87,864 |
NET ASSETS: | ||
Change in net assets | (406,824) | (1,575,182) |
Beginning of period | 9,576,134 | 11,151,316 |
End of period | $9,169,310 | $9,576,134 |
44 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | |||
Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | |
CAPITAL TRANSACTIONS: | ||||
Class A | ||||
Proceeds from shares issued | $210,410 | $559,491 | $59,944 | $120,225 |
Distributions reinvested | 9,540 | 434,059 | 14,566 | 45,435 |
Cost of shares redeemed | (227,963) | (501,025) | (41,052) | (84,870) |
Change in net assets resulting from Class A capital transactions | (8,013) | 492,525 | 33,458 | 80,790 |
Class C | ||||
Proceeds from shares issued | 41,106 | 126,560 | 3,112 | 1,834 |
Distributions reinvested | 3,767 | 200,976 | 354 | 1,462 |
Cost of shares redeemed | (120,559) | (297,542) | (2,841) | (7,072) |
Change in net assets resulting from Class C capital transactions | (75,686) | 29,994 | 625 | (3,776) |
Class I | ||||
Proceeds from shares issued | 572,272 | 1,433,710 | 143,641 | 415,855 |
Distributions reinvested | 12,857 | 592,526 | 23,594 | 74,821 |
Cost of shares redeemed | (528,867) | (1,638,548) | (115,301) | (344,560) |
Change in net assets resulting from Class I capital transactions | 56,262 | 387,688 | 51,934 | 146,116 |
Class R2 | ||||
Proceeds from shares issued | 1,305 | 4,940 | 237 | 144 |
Distributions reinvested | 23 | 96 | 18 | 43 |
Cost of shares redeemed | (966) | (63) | (38) | (40) |
Change in net assets resulting from Class R2 capital transactions | 362 | 4,973 | 217 | 147 |
Class R3 | ||||
Proceeds from shares issued | 2,430 | 13,837 | — | — |
Distributions reinvested | 43 | 628 | — | — |
Cost of shares redeemed | (2,407) | (2,665) | — | — |
Change in net assets resulting from Class R3 capital transactions | 66 | 11,800 | — | — |
Class R4 | ||||
Proceeds from shares issued | 6,846 | 2,734 | — | — |
Distributions reinvested | 80 | 2,743 | — | — |
Cost of shares redeemed | (1,324) | (5,634) | — | — |
Change in net assets resulting from Class R4 capital transactions | 5,602 | (157) | — | — |
Class R5 | ||||
Proceeds from shares issued | 8,676 | 26,209 | 8,842 | 11 |
Distributions reinvested | 300 | 18,390 | 256 | 6 |
Cost of shares redeemed | (30,749) | (34,294) | — | (82) |
Change in net assets resulting from Class R5 capital transactions | (21,773) | 10,305 | 9,098 | (65) |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 45 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | |||
Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | |
CAPITAL TRANSACTIONS: (continued) | ||||
Class R6 | ||||
Proceeds from shares issued | $1,023,867 | $2,520,752 | $411,206 | $465,999 |
Distributions reinvested | 21,669 | 863,104 | 47,800 | 105,241 |
Cost of shares redeemed | (615,904) | (1,335,320) | (142,988) | (263,814) |
Change in net assets resulting from Class R6 capital transactions | 429,632 | 2,048,536 | 316,018 | 307,426 |
Total change in net assets resulting from capital transactions | $386,452 | $2,985,664 | $411,350 | $530,638 |
SHARE TRANSACTIONS: | ||||
Class A | ||||
Issued | 8,964 | 18,429 | 1,192 | 2,069 |
Reinvested | 406 | 13,885 | 286 | 776 |
Redeemed | (9,837) | (16,974) | (819) | (1,473) |
Change in Class A Shares | (467) | 15,340 | 659 | 1,372 |
Class C | ||||
Issued | 2,205 | 5,063 | 65 | 34 |
Reinvested | 202 | 8,062 | 8 | 27 |
Redeemed | (6,533) | (12,340) | (59) | (127) |
Change in Class C Shares | (4,126) | 785 | 14 | (66) |
Class I | ||||
Issued | 23,077 | 46,780 | 2,796 | 6,894 |
Reinvested | 518 | 17,977 | 454 | 1,248 |
Redeemed | (21,473) | (54,133) | (2,210) | (5,803) |
Change in Class I Shares | 2,122 | 10,624 | 1,040 | 2,339 |
Class R2 | ||||
Issued | 59 | 208 | 5 | 3 |
Reinvested | 1 | 3 | —(a) | 1 |
Redeemed | (39) | (2) | (1) | (1) |
Change in Class R2 Shares | 21 | 209 | 4 | 3 |
Class R3 | ||||
Issued | 105 | 502 | — | — |
Reinvested | 2 | 20 | — | — |
Redeemed | (104) | (85) | — | — |
Change in Class R3 Shares | 3 | 437 | — | — |
Class R4 | ||||
Issued | 264 | 90 | — | — |
Reinvested | 3 | 83 | — | — |
Redeemed | (53) | (165) | — | — |
Change in Class R4 Shares | 214 | 8 | — | — |
46 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | |||
Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | |
SHARE TRANSACTIONS: (continued) | ||||
Class R5 | ||||
Issued | 338 | 797 | 165 | — |
Reinvested | 12 | 540 | 5 | — |
Redeemed | (1,185) | (1,041) | — | (1) |
Change in Class R5 Shares | (835) | 296 | 170 | (1) |
Class R6 | ||||
Issued | 39,221 | 76,238 | 7,973 | 7,990 |
Reinvested | 834 | 25,068 | 921 | 1,751 |
Redeemed | (23,827) | (41,492) | (2,763) | (4,449) |
Change in Class R6 Shares | 16,228 | 59,814 | 6,131 | 5,292 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 47 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund | |||
Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | |
CAPITAL TRANSACTIONS: | ||||
Class A | ||||
Proceeds from shares issued | $58,848 | $193,417 | $84,080 | $231,582 |
Distributions reinvested | 10,603 | 159,203 | 122,041 | 205,806 |
Cost of shares redeemed | (94,273) | (247,726) | (125,917) | (503,800) |
Change in net assets resulting from Class A capital transactions | (24,822) | 104,894 | 80,204 | (66,412) |
Class C | ||||
Proceeds from shares issued | 4,431 | 16,113 | 3,954 | 11,733 |
Distributions reinvested | 879 | 15,070 | 5,724 | 10,091 |
Cost of shares redeemed | (14,744) | (28,440) | (17,327) | (21,161) |
Change in net assets resulting from Class C capital transactions | (9,434) | 2,743 | (7,649) | 663 |
Class I | ||||
Proceeds from shares issued | 442,363 | 567,054 | 216,239 | 548,260 |
Distributions reinvested | 12,103 | 155,839 | 211,365 | 372,132 |
Cost of shares redeemed | (248,957) | (609,174) | (608,205) | (1,137,558) |
Change in net assets resulting from Class I capital transactions | 205,509 | 113,719 | (180,601) | (217,166) |
Class L | ||||
Proceeds from shares issued | — | — | 402,806 | 993,214 |
Distributions reinvested | — | — | 670,198 | 1,015,481 |
Cost of shares redeemed | — | — | (896,400) | (1,694,626) |
Change in net assets resulting from Class L capital transactions | — | — | 176,604 | 314,069 |
Class R2 | ||||
Proceeds from shares issued | 3,796 | 18,906 | 3,715 | 9,585 |
Distributions reinvested | 363 | 5,446 | 7,012 | 10,195 |
Cost of shares redeemed | (6,435) | (16,727) | (4,387) | (15,727) |
Change in net assets resulting from Class R2 capital transactions | (2,276) | 7,625 | 6,340 | 4,053 |
Class R3 | ||||
Proceeds from shares issued | 11,182 | 23,135 | 3,757 | 8,559 |
Distributions reinvested | 344 | 6,481 | 7,118 | 10,954 |
Cost of shares redeemed | (5,384) | (41,250) | (6,630) | (20,468) |
Change in net assets resulting from Class R3 capital transactions | 6,142 | (11,634) | 4,245 | (955) |
Class R4 | ||||
Proceeds from shares issued | 2,137 | 14,507 | 1,761 | 11,063 |
Distributions reinvested | 155 | 1,915 | 2,373 | 4,055 |
Cost of shares redeemed | (3,020) | (11,022) | (3,531) | (18,919) |
Change in net assets resulting from Class R4 capital transactions | (728) | 5,400 | 603 | (3,801) |
Class R5 | ||||
Proceeds from shares issued | 33,304 | 107,972 | 2,700 | 24,053 |
Distributions reinvested | 3,209 | 53,207 | 5,265 | 11,552 |
Cost of shares redeemed | (49,977) | (193,440) | (4,572) | (62,665) |
Change in net assets resulting from Class R5 capital transactions | (13,464) | (32,261) | 3,393 | (27,060) |
48 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund | |||
Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | |
CAPITAL TRANSACTIONS: (continued) | ||||
Class R6 | ||||
Proceeds from shares issued | $507,447 | $1,866,097 | $660,111 | $873,051 |
Distributions reinvested | 30,834 | 387,715 | 377,967 | 531,604 |
Cost of shares redeemed | (353,797) | (997,029) | (405,337) | (1,293,217) |
Change in net assets resulting from Class R6 capital transactions | 184,484 | 1,256,783 | 632,741 | 111,438 |
Total change in net assets resulting from capital transactions | $345,411 | $1,447,269 | $715,880 | $114,829 |
SHARE TRANSACTIONS: | ||||
Class A | ||||
Issued | 1,877 | 4,766 | 2,348 | 5,644 |
Reinvested | 332 | 3,841 | 3,559 | 5,251 |
Redeemed | (3,011) | (6,293) | (3,522) | (13,249) |
Change in Class A Shares | (802) | 2,314 | 2,385 | (2,354) |
Class C | ||||
Issued | 208 | 551 | 117 | 302 |
Reinvested | 41 | 540 | 177 | 272 |
Redeemed | (704) | (1,052) | (517) | (551) |
Change in Class C Shares | (455) | 39 | (223) | 23 |
Class I | ||||
Issued | 11,345 | 12,070 | 6,036 | 13,456 |
Reinvested | 305 | 3,041 | 6,053 | 9,337 |
Redeemed | (6,457) | (12,606) | (16,707) | (27,722) |
Change in Class I Shares | 5,193 | 2,505 | (4,618) | (4,929) |
Class L | ||||
Issued | — | — | 10,839 | 23,576 |
Reinvested | — | — | 18,844 | 25,025 |
Redeemed | — | — | (24,201) | (40,417) |
Change in Class L Shares | — | — | 5,482 | 8,184 |
Class R2 | ||||
Issued | 111 | 405 | 109 | 245 |
Reinvested | 10 | 118 | 219 | 276 |
Redeemed | (185) | (366) | (130) | (413) |
Change in Class R2 Shares | (64) | 157 | 198 | 108 |
Class R3 | ||||
Issued | 302 | 461 | 107 | 211 |
Reinvested | 9 | 129 | 210 | 283 |
Redeemed | (137) | (856) | (184) | (506) |
Change in Class R3 Shares | 174 | (266) | 133 | (12) |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 49 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund | |||
Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | |
SHARE TRANSACTIONS: (continued) | ||||
Class R4 | ||||
Issued | 55 | 301 | 49 | 274 |
Reinvested | 4 | 38 | 69 | 102 |
Redeemed | (78) | (218) | (98) | (462) |
Change in Class R4 Shares | (19) | 121 | 20 | (86) |
Class R5 | ||||
Issued | 842 | 2,162 | 73 | 576 |
Reinvested | 79 | 1,017 | 148 | 285 |
Redeemed | (1,264) | (4,010) | (121) | (1,507) |
Change in Class R5 Shares | (343) | (831) | 100 | (646) |
Class R6 | ||||
Issued | 12,713 | 37,457 | 17,659 | 20,888 |
Reinvested | 753 | 7,351 | 10,632 | 13,105 |
Redeemed | (8,851) | (20,244) | (10,937) | (30,623) |
Change in Class R6 Shares | 4,615 | 24,564 | 17,354 | 3,370 |
50 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
JPMorgan Value Advantage Fund | ||
Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | |
CAPITAL TRANSACTIONS: | ||
Class A | ||
Proceeds from shares issued | $274,267 | $299,267 |
Distributions reinvested | 117,446 | 131,124 |
Cost of shares redeemed | (159,573) | (192,533) |
Change in net assets resulting from Class A capital transactions | 232,140 | 237,858 |
Class C | ||
Proceeds from shares issued | 20,515 | 51,018 |
Distributions reinvested | 23,478 | 40,129 |
Cost of shares redeemed | (55,919) | (106,948) |
Change in net assets resulting from Class C capital transactions | (11,926) | (15,801) |
Class I | ||
Proceeds from shares issued | 197,340 | 667,039 |
Distributions reinvested | 178,020 | 281,851 |
Cost of shares redeemed | (363,928) | (866,946) |
Change in net assets resulting from Class I capital transactions | 11,432 | 81,944 |
Class L | ||
Proceeds from shares issued | 92,362 | 340,532 |
Distributions reinvested | 143,444 | 234,993 |
Cost of shares redeemed | (333,069) | (477,379) |
Change in net assets resulting from Class L capital transactions | (97,263) | 98,146 |
Class R2 | ||
Proceeds from shares issued | 39 | 129 |
Distributions reinvested | 28 | 33 |
Cost of shares redeemed | (38) | (13) |
Change in net assets resulting from Class R2 capital transactions | 29 | 149 |
Class R3 | ||
Proceeds from shares issued | 359 | 1,173 |
Distributions reinvested | 161 | 338 |
Cost of shares redeemed | (1,142) | (1,128) |
Change in net assets resulting from Class R3 capital transactions | (622) | 383 |
Class R4 | ||
Proceeds from shares issued | — | 192 |
Distributions reinvested | 11 | 205 |
Cost of shares redeemed | (1) | (1,922) |
Change in net assets resulting from Class R4 capital transactions | 10 | (1,525) |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 51 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Value Advantage Fund | ||
Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | |
CAPITAL TRANSACTIONS: (continued) | ||
Class R5 | ||
Proceeds from shares issued | $1,416 | $237 |
Distributions reinvested | 220 | 142 |
Cost of shares redeemed | (66) | (348) |
Change in net assets resulting from Class R5 capital transactions | 1,570 | 31 |
Class R6 | ||
Proceeds from shares issued | 314,261 | 808,892 |
Distributions reinvested | 419,131 | 643,064 |
Cost of shares redeemed | (892,104) | (1,765,277) |
Change in net assets resulting from Class R6 capital transactions | (158,712) | (313,321) |
Total change in net assets resulting from capital transactions | $(23,342) | $87,864 |
SHARE TRANSACTIONS: | ||
Class A | ||
Issued | 7,409 | 7,374 |
Reinvested | 3,312 | 3,380 |
Redeemed | (4,372) | (4,700) |
Change in Class A Shares | 6,349 | 6,054 |
Class C | ||
Issued | 561 | 1,255 |
Reinvested | 664 | 1,041 |
Redeemed | (1,521) | (2,626) |
Change in Class C Shares | (296) | (330) |
Class I | ||
Issued | 5,368 | 16,246 |
Reinvested | 4,981 | 7,212 |
Redeemed | (9,832) | (21,217) |
Change in Class I Shares | 517 | 2,241 |
Class L | ||
Issued | 2,481 | 8,313 |
Reinvested | 4,009 | 6,003 |
Redeemed | (8,910) | (11,792) |
Change in Class L Shares | (2,420) | 2,524 |
Class R2 | ||
Issued | 1 | 3 |
Reinvested | 1 | 1 |
Redeemed | (1) | —(a) |
Change in Class R2 Shares | 1 | 4 |
52 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
JPMorgan Value Advantage Fund | ||
Six Months Ended December 31, 2022 (Unaudited) | Year Ended June 30, 2022 | |
SHARE TRANSACTIONS: (continued) | ||
Class R3 | ||
Issued | 11 | 28 |
Reinvested | 4 | 9 |
Redeemed | (30) | (28) |
Change in Class R3 Shares | (15) | 9 |
Class R4 | ||
Issued | — | 4 |
Reinvested | —(a) | 5 |
Redeemed | —(a) | (46) |
Change in Class R4 Shares | —(a) | (37) |
Class R5 | ||
Issued | 36 | 6 |
Reinvested | 6 | 4 |
Redeemed | (2) | (9) |
Change in Class R5 Shares | 40 | 1 |
Class R6 | ||
Issued | 8,482 | 20,027 |
Reinvested | 11,732 | 16,442 |
Redeemed | (23,838) | (41,571) |
Change in Class R6 Shares | (3,624) | (5,102) |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 53 |
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 investment income | Net realized gain | Total distributions | |
JPMorgan Growth Advantage Fund | |||||||
Class A | |||||||
Six Months Ended December 31, 2022 (Unaudited) | $22.52 | $(0.04) | $(0.32) | $(0.36) | $— | $(0.09) | $(0.09) |
Year Ended June 30, 2022 | 33.66 | (0.16) | (6.04) | (6.20) | — | (4.94) | (4.94) |
Year Ended June 30, 2021 | 25.27 | (0.16) | 11.67 | 11.51 | — | (3.12) | (3.12) |
Year Ended June 30, 2020 | 21.78 | (0.08) | 5.74 | 5.66 | — | (2.17) | (2.17) |
Year Ended June 30, 2019 | 21.73 | (0.08) | 1.89 | 1.81 | — | (1.76) | (1.76) |
Year Ended June 30, 2018 | 17.95 | (0.12) | 4.74 | 4.62 | — | (0.84) | (0.84) |
Class C | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 17.91 | (0.08) | (0.25) | (0.33) | — | (0.09) | (0.09) |
Year Ended June 30, 2022 | 27.83 | (0.26) | (4.72) | (4.98) | — | (4.94) | (4.94) |
Year Ended June 30, 2021 | 21.42 | (0.26) | 9.79 | 9.53 | — | (3.12) | (3.12) |
Year Ended June 30, 2020 | 18.86 | (0.16) | 4.89 | 4.73 | — | (2.17) | (2.17) |
Year Ended June 30, 2019 | 19.16 | (0.16) | 1.62 | 1.46 | — | (1.76) | (1.76) |
Year Ended June 30, 2018 | 15.99 | (0.19) | 4.20 | 4.01 | — | (0.84) | (0.84) |
Class I | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 23.78 | (0.01) | (0.35) | (0.36) | — | (0.09) | (0.09) |
Year Ended June 30, 2022 | 35.20 | (0.09) | (6.39) | (6.48) | — | (4.94) | (4.94) |
Year Ended June 30, 2021 | 26.29 | (0.09) | 12.18 | 12.09 | (0.06) | (3.12) | (3.18) |
Year Ended June 30, 2020 | 22.53 | (0.02) | 5.95 | 5.93 | — | (2.17) | (2.17) |
Year Ended June 30, 2019 | 22.36 | (0.03) | 1.96 | 1.93 | — | (1.76) | (1.76) |
Year Ended June 30, 2018 | 18.40 | (0.07) | 4.87 | 4.80 | — | (0.84) | (0.84) |
Class R2 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 22.14 | (0.07) | (0.32) | (0.39) | — | (0.09) | (0.09) |
Year Ended June 30, 2022 | 33.24 | (0.21) | (5.95) | (6.16) | — | (4.94) | (4.94) |
Year Ended June 30, 2021 | 25.05 | (0.24) | 11.56 | 11.32 | (0.01) | (3.12) | (3.13) |
Year Ended June 30, 2020 | 21.67 | (0.13) | 5.68 | 5.55 | — | (2.17) | (2.17) |
Year Ended June 30, 2019 | 21.68 | (0.13) | 1.88 | 1.75 | — | (1.76) | (1.76) |
July 31, 2017 (g) through June 30, 2018 | 18.47 | (0.14) | 4.19 | 4.05 | — | (0.84) | (0.84) |
Class R3 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 22.48 | (0.04) | (0.33) | (0.37) | — | (0.09) | (0.09) |
Year Ended June 30, 2022 | 33.61 | (0.14) | (6.05) | (6.19) | — | (4.94) | (4.94) |
Year Ended June 30, 2021 | 25.27 | (0.17) | 11.68 | 11.51 | (0.05) | (3.12) | (3.17) |
Year Ended June 30, 2020 | 21.79 | (0.08) | 5.73 | 5.65 | — | (2.17) | (2.17) |
Year Ended June 30, 2019 | 21.74 | (0.07) | 1.88 | 1.81 | — | (1.76) | (1.76) |
Year Ended June 30, 2018 | 17.96 | (0.11) | 4.73 | 4.62 | — | (0.84) | (0.84) |
Class R4 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 23.79 | (0.01) | (0.35) | (0.36) | — | (0.09) | (0.09) |
Year Ended June 30, 2022 | 35.21 | (0.10) | (6.38) | (6.48) | — | (4.94) | (4.94) |
Year Ended June 30, 2021 | 26.29 | (0.09) | 12.17 | 12.08 | (0.04) | (3.12) | (3.16) |
Year Ended June 30, 2020 | 22.53 | (0.02) | 5.95 | 5.93 | — | (2.17) | (2.17) |
Year Ended June 30, 2019 | 22.36 | (0.03) | 1.96 | 1.93 | — | (1.76) | (1.76) |
Year Ended June 30, 2018 | 18.40 | (0.03) | 4.83 | 4.80 | — | (0.84) | (0.84) |
54 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
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 and reimbursements | Portfolio turnover rate(c) |
$22.07 | (1.61)% | $2,304,002 | 1.04% (f) | (0.36)% (f) | 1.14% (f) | 11% |
22.52 | (22.53) | 2,362,435 | 1.08 | (0.54) | 1.14 | 33 |
33.66 | 47.55 | 3,013,691 | 1.13 | (0.54) | 1.14 | 43 |
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 |
17.49 | (1.85) | 706,839 | 1.54(f) | (0.87)(f) | 1.64(f) | 11 |
17.91 | (22.90) | 798,037 | 1.58 | (1.05) | 1.64 | 33 |
27.83 | 46.80 | 1,218,051 | 1.63 | (1.04) | 1.63 | 43 |
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 |
23.33 | (1.52) | 3,361,734 | 0.79(f) | (0.11)(f) | 0.89(f) | 11 |
23.78 | (22.33) | 3,376,110 | 0.83 | (0.29) | 0.89 | 33 |
35.20 | 47.95 | 4,622,602 | 0.88 | (0.29) | 0.88 | 43 |
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) | — | 31 |
21.66 | (1.77) | 5,298 | 1.30(f) | (0.63)(f) | 1.43(f) | 11 |
22.14 | (22.71) | 4,972 | 1.32 | (0.75) | 1.56 | 33 |
33.24 | 47.18 | 510 | 1.39 | (0.79) | 1.66 | 43 |
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 |
22.02 | (1.65) | 13,006 | 1.05(f) | (0.38)(f) | 1.15(f) | 11 |
22.48 | (22.54) | 13,221 | 1.08 | (0.50) | 1.16 | 33 |
33.61 | 47.60 | 5,089 | 1.14 | (0.54) | 1.17 | 43 |
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 |
23.34 | (1.52) | 20,146 | 0.80(f) | (0.12)(f) | 0.89(f) | 11 |
23.79 | (22.32) | 15,452 | 0.83 | (0.30) | 0.89 | 33 |
35.21 | 47.91 | 22,559 | 0.88 | (0.29) | 0.88 | 43 |
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 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 55 |
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 Growth Advantage Fund (continued) | |||||||
Class R5 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | $24.59 | $— (h) | $(0.36) | $(0.36) | $— | $(0.09) | $(0.09) |
Year Ended June 30, 2022 | 36.18 | (0.05) | (6.60) | (6.65) | — | (4.94) | (4.94) |
Year Ended June 30, 2021 | 26.93 | (0.05) | 12.50 | 12.45 | (0.08) | (3.12) | (3.20) |
Year Ended June 30, 2020 | 23.00 | 0.01 | 6.09 | 6.10 | — | (2.17) | (2.17) |
Year Ended June 30, 2019 | 22.76 | 0.01 | 1.99 | 2.00 | — | (1.76) | (1.76) |
Year Ended June 30, 2018 | 18.69 | (0.04) | 4.95 | 4.91 | — | (0.84) | (0.84) |
Class R6 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 24.88 | 0.02 | (0.37) | (0.35) | — | (0.09) | (0.09) |
Year Ended June 30, 2022 | 36.52 | (0.01) | (6.69) | (6.70) | — | (4.94) | (4.94) |
Year Ended June 30, 2021 | 27.16 | (0.01) | 12.59 | 12.58 | (0.10) | (3.12) | (3.22) |
Year Ended June 30, 2020 | 23.15 | 0.03 | 6.15 | 6.18 | — | (2.17) | (2.17) |
Year Ended June 30, 2019 | 22.87 | 0.03 | 2.01 | 2.04 | — | (1.76) | (1.76) |
Year Ended June 30, 2018 | 18.76 | (0.02) | 4.97 | 4.95 | — | (0.84) | (0.84) |
(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) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
(g) | Commencement of offering of class of shares. |
(h) | Amount rounds to less than $0.005. |
56 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
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 and reimbursements | Portfolio turnover rate(c) |
$24.14 | (1.47)% | $81,317 | 0.65% (f) | 0.03% (f) | 0.74% (f) | 11% |
24.59 | (22.18) | 103,367 | 0.68 | (0.15) | 0.74 | 33 |
36.18 | 48.16 | 141,386 | 0.73 | (0.14) | 0.73 | 43 |
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 |
24.44 | (1.41) | 5,709,224 | 0.55(f) | 0.13(f) | 0.64(f) | 11 |
24.88 | (22.11) | 5,407,723 | 0.58 | (0.03) | 0.64 | 33 |
36.52 | 48.28 | 5,754,949 | 0.63 | (0.03) | 0.63 | 43 |
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 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 57 |
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 investment income | Net realized gain | Total distributions | |
JPMorgan Mid Cap Equity Fund | |||||||
Class A | |||||||
Six Months Ended December 31, 2022 (Unaudited) | $48.06 | $0.07 | $2.31 | $2.38 | $(0.12) | $(1.18) | $(1.30) |
Year Ended June 30, 2022 | 62.14 | 0.05 | (9.53) | (9.48) | — | (4.60) | (4.60) |
Year Ended June 30, 2021 | 47.20 | (0.03) | 21.27 | 21.24 | (0.08) | (6.22) | (6.30) |
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 | —(g) | 5.89 | 5.89 | — | (2.85) | (2.85) |
Class C | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 44.88 | (0.05) | 2.16 | 2.11 | — | (1.18) | (1.18) |
Year Ended June 30, 2022 | 58.61 | (0.25) | (8.88) | (9.13) | — | (4.60) | (4.60) |
Year Ended June 30, 2021 | 44.95 | (0.29) | 20.17 | 19.88 | — | (6.22) | (6.22) |
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) |
Class I | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 49.19 | 0.14 | 2.36 | 2.50 | (0.24) | (1.18) | (1.42) |
Year Ended June 30, 2022 | 63.43 | 0.20 | (9.75) | (9.55) | (0.09) | (4.60) | (4.69) |
Year Ended June 30, 2021 | 48.07 | 0.13 | 21.66 | 21.79 | (0.21) | (6.22) | (6.43) |
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) |
Class R2 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 47.19 | 0.01 | 2.26 | 2.27 | (0.05) | (1.18) | (1.23) |
Year Ended June 30, 2022 | 61.24 | (0.09) | (9.36) | (9.45) | — | (4.60) | (4.60) |
Year Ended June 30, 2021 | 46.64 | (0.18) | 21.00 | 20.82 | — | (6.22) | (6.22) |
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) |
Class R5 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 49.42 | 0.42 | 2.13 | 2.55 | (0.37) | (1.18) | (1.55) |
Year Ended June 30, 2022 | 63.52 | 0.24 | (9.74) | (9.50) | — | (4.60) | (4.60) |
Year Ended June 30, 2021 | 48.11 | 0.16 | 21.74 | 21.90 | (0.27) | (6.22) | (6.49) |
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) |
58 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
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 and reimbursements | Portfolio turnover rate(c) |
$49.14 | 4.85% | $570,660 | 1.14% (f) | 0.28% (f) | 1.26% (f) | 14% |
48.06 | (16.58) | 526,401 | 1.15 | 0.08 | 1.26 | 33 |
62.14 | 47.31 | 595,304 | 1.14 | (0.05) | 1.26 | 54 |
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 |
45.81 | 4.60 | 14,711 | 1.64(f) | (0.22)(f) | 1.77(f) | 14 |
44.88 | (17.00) | 13,761 | 1.65 | (0.44) | 1.77 | 33 |
58.61 | 46.59 | 21,836 | 1.63 | (0.56) | 1.75 | 54 |
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 |
50.27 | 4.99 | 872,575 | 0.89(f) | 0.53(f) | 1.01(f) | 14 |
49.19 | (16.37) | 802,716 | 0.90 | 0.33 | 1.02 | 33 |
63.43 | 47.67 | 886,782 | 0.89 | 0.23 | 1.00 | 54 |
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 |
48.23 | 4.72 | 776 | 1.39(f) | 0.05(f) | 1.62(f) | 14 |
47.19 | (16.79) | 552 | 1.40 | (0.16) | 1.66 | 33 |
61.24 | 46.94 | 555 | 1.38 | (0.33) | 1.59 | 54 |
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 |
50.42 | 5.07 | 8,570 | 0.74 | 1.61 | 0.91 | 14 |
49.42 | (16.24) | 1 | 0.74 | 0.39 | 0.91 | 33 |
63.52 | 47.89 | 74 | 0.74 | 0.29 | 0.87 | 54 |
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 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 59 |
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 Equity Fund (continued) | |||||||
Class R6 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | $49.32 | $0.21 | $2.37 | $2.58 | $(0.37) | $(1.18) | $(1.55) |
Year Ended June 30, 2022 | 63.57 | 0.35 | (9.78) | (9.43) | (0.22) | (4.60) | (4.82) |
Year Ended June 30, 2021 | 48.14 | 0.26 | 21.71 | 21.97 | (0.32) | (6.22) | (6.54) |
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) |
(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) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
(g) | Amount rounds to less than $0.005. |
60 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
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 and reimbursements | Portfolio turnover rate(c) |
$50.35 | 5.14% | $1,621,334 | 0.64% (f) | 0.79% (f) | 0.76% (f) | 14% |
49.32 | (16.17) | 1,285,957 | 0.65 | 0.59 | 0.76 | 33 |
63.57 | 48.03 | 1,320,991 | 0.64 | 0.45 | 0.75 | 54 |
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 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 61 |
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 investment income | Net realized gain | Total distributions | |
JPMorgan Mid Cap Growth Fund | |||||||
Class A | |||||||
Six Months Ended December 31, 2022 (Unaudited) | $29.58 | $(0.09) | $1.30 | $1.21 | $— | $(0.30) | $(0.30) |
Year Ended June 30, 2022 | 46.20 | (0.31) | (11.67) | (11.98) | — | (4.64) | (4.64) |
Year Ended June 30, 2021 | 36.43 | (0.36) | 15.58 | 15.22 | — | (5.45) | (5.45) |
Year Ended June 30, 2020 | 32.94 | (0.20) | 6.50 | 6.30 | — | (2.81) | (2.81) |
Year Ended June 30, 2019 | 30.84 | (0.17) | 4.42 | 4.25 | — | (2.15) | (2.15) |
Year Ended June 30, 2018 | 27.99 | (0.19) | 5.18 | 4.99 | — | (2.14) | (2.14) |
Class C | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 19.86 | (0.11) | 0.87 | 0.76 | — | (0.30) | (0.30) |
Year Ended June 30, 2022 | 32.69 | (0.36) | (7.83) | (8.19) | — | (4.64) | (4.64) |
Year Ended June 30, 2021 | 27.15 | (0.42) | 11.41 | 10.99 | — | (5.45) | (5.45) |
Year Ended June 30, 2020 | 25.34 | (0.28) | 4.90 | 4.62 | — | (2.81) | (2.81) |
Year Ended June 30, 2019 | 24.37 | (0.25) | 3.37 | 3.12 | — | (2.15) | (2.15) |
Year Ended June 30, 2018 | 22.64 | (0.27) | 4.14 | 3.87 | — | (2.14) | (2.14) |
Class I | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 36.62 | (0.06) | 1.61 | 1.55 | — | (0.30) | (0.30) |
Year Ended June 30, 2022 | 55.95 | (0.25) | (14.44) | (14.69) | — | (4.64) | (4.64) |
Year Ended June 30, 2021 | 43.11 | (0.28) | 18.58 | 18.30 | (0.01) | (5.45) | (5.46) |
Year Ended June 30, 2020 | 38.37 | (0.12) | 7.67 | 7.55 | — | (2.81) | (2.81) |
Year Ended June 30, 2019 | 35.44 | (0.09) | 5.17 | 5.08 | — | (2.15) | (2.15) |
Year Ended June 30, 2018 | 31.79 | (0.10) | 5.89 | 5.79 | — | (2.14) | (2.14) |
Class R2 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 32.93 | (0.16) | 1.45 | 1.29 | — | (0.30) | (0.30) |
Year Ended June 30, 2022 | 51.05 | (0.47) | (13.01) | (13.48) | — | (4.64) | (4.64) |
Year Ended June 30, 2021 | 39.90 | (0.52) | 17.12 | 16.60 | — | (5.45) | (5.45) |
Year Ended June 30, 2020 | 35.91 | (0.31) | 7.11 | 6.80 | — | (2.81) | (2.81) |
Year Ended June 30, 2019 | 33.49 | (0.27) | 4.84 | 4.57 | — | (2.15) | (2.15) |
Year Ended June 30, 2018 | 30.31 | (0.28) | 5.60 | 5.32 | — | (2.14) | (2.14) |
Class R3 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 35.80 | (0.12) | 1.57 | 1.45 | — | (0.30) | (0.30) |
Year Ended June 30, 2022 | 54.95 | (0.41) | (14.10) | (14.51) | — | (4.64) | (4.64) |
Year Ended June 30, 2021 | 42.53 | (0.43) | 18.30 | 17.87 | — | (5.45) | (5.45) |
Year Ended June 30, 2020 | 38.01 | (0.23) | 7.56 | 7.33 | — | (2.81) | (2.81) |
Year Ended June 30, 2019 | 35.23 | (0.20) | 5.13 | 4.93 | — | (2.15) | (2.15) |
Year Ended June 30, 2018 | 31.71 | (0.19) | 5.85 | 5.66 | — | (2.14) | (2.14) |
Class R4 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 36.47 | (0.07) | 1.59 | 1.52 | — | (0.30) | (0.30) |
Year Ended June 30, 2022 | 55.76 | (0.28) | (14.37) | (14.65) | — | (4.64) | (4.64) |
Year Ended June 30, 2021 | 43.00 | (0.31) | 18.53 | 18.22 | (0.01) | (5.45) | (5.46) |
Year Ended June 30, 2020 | 38.30 | (0.14) | 7.65 | 7.51 | — | (2.81) | (2.81) |
Year Ended June 30, 2019 | 35.40 | (0.11) | 5.16 | 5.05 | — | (2.15) | (2.15) |
Year Ended June 30, 2018 | 31.77 | (0.12) | 5.89 | 5.77 | — | (2.14) | (2.14) |
62 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
Ratios/Supplemental data | ||||||
Ratios to average net assets(a) | ||||||
Net asset value, end of period | Total return(c)(d) | Net assets, end of period (000's) | Net expenses(e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate(c) |
$30.49 | 4.04% | $1,129,960 | 1.14% (f) | (0.58)% (f) | 1.26% (f) | 15% |
29.58 | (28.80) | 1,119,928 | 1.18 | (0.78) | 1.26 | 45 |
46.20 | 43.59 | 1,642,278 | 1.24 | (0.85) | 1.26 | 42 |
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 |
20.32 | 3.74 | 59,829 | 1.64(f) | (1.08)(f) | 1.75(f) | 15 |
19.86 | (29.14) | 67,482 | 1.68 | (1.28) | 1.75 | 45 |
32.69 | 42.84 | 109,845 | 1.74 | (1.36) | 1.75 | 42 |
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 |
37.87 | 4.19 | 1,647,731 | 0.89(f) | (0.32)(f) | 1.00(f) | 15 |
36.62 | (28.62) | 1,403,485 | 0.91 | (0.50) | 1.00 | 45 |
55.95 | 44.02 | 2,003,878 | 0.93 | (0.54) | 0.99 | 42 |
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 |
33.92 | 3.87 | 41,226 | 1.45(f) | (0.89)(f) | 1.54(f) | 15 |
32.93 | (29.02) | 42,153 | 1.47 | (1.06) | 1.54 | 45 |
51.05 | 43.24 | 57,273 | 1.49 | (1.10) | 1.53 | 42 |
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 |
36.95 | 4.01 | 44,066 | 1.20(f) | (0.63)(f) | 1.25(f) | 15 |
35.80 | (28.82) | 36,455 | 1.22 | (0.82) | 1.25 | 45 |
54.95 | 43.57 | 70,608 | 1.24 | (0.86) | 1.24 | 42 |
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 |
37.69 | 4.12 | 19,405 | 0.95(f) | (0.39)(f) | 1.00(f) | 15 |
36.47 | (28.65) | 19,437 | 0.97 | (0.56) | 1.00 | 45 |
55.76 | 43.92 | 22,947 | 0.99 | (0.60) | 0.99 | 42 |
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 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 63 |
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 Growth Fund (continued) | |||||||
Class R5 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | $37.42 | $(0.04) | $1.64 | $1.60 | $— | $(0.30) | $(0.30) |
Year Ended June 30, 2022 | 57.00 | (0.20) | (14.74) | (14.94) | — | (4.64) | (4.64) |
Year Ended June 30, 2021 | 43.81 | (0.21) | 18.90 | 18.69 | (0.05) | (5.45) | (5.50) |
Year Ended June 30, 2020 | 38.90 | (0.06) | 7.78 | 7.72 | — | (2.81) | (2.81) |
Year Ended June 30, 2019 | 35.85 | (0.04) | 5.24 | 5.20 | — | (2.15) | (2.15) |
Year Ended June 30, 2018 | 32.09 | (0.06) | 5.96 | 5.90 | — | (2.14) | (2.14) |
Class R6 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 37.73 | (0.03) | 1.65 | 1.62 | — | (0.30) | (0.30) |
Year Ended June 30, 2022 | 57.39 | (0.16) | (14.86) | (15.02) | — | (4.64) | (4.64) |
Year Ended June 30, 2021 | 44.07 | (0.19) | 19.03 | 18.84 | (0.07) | (5.45) | (5.52) |
Year Ended June 30, 2020 | 39.09 | (0.04) | 7.83 | 7.79 | — | (2.81) | (2.81) |
Year Ended June 30, 2019 | 36.00 | (0.02) | 5.26 | 5.24 | — | (2.15) | (2.15) |
Year Ended June 30, 2018 | 32.20 | (0.04) | 5.98 | 5.94 | — | (2.14) | (2.14) |
(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) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
64 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
Ratios/Supplemental data | ||||||
Ratios to average net assets(a) | ||||||
Net asset value, end of period | Total return(c)(d) | Net assets, end of period (000's) | Net expenses(e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate(c) |
$38.72 | 4.23% | $450,551 | 0.79% (f) | (0.23)% (f) | 0.85% (f) | 15% |
37.42 | (28.53) | 448,298 | 0.79 | (0.39) | 0.85 | 45 |
57.00 | 44.22 | 730,273 | 0.79 | (0.40) | 0.84 | 42 |
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 |
39.05 | 4.25 | 4,158,116 | 0.70(f) | (0.13)(f) | 0.75(f) | 15 |
37.73 | (28.47) | 3,842,661 | 0.72 | (0.31) | 0.75 | 45 |
57.39 | 44.30 | 4,435,662 | 0.74 | (0.35) | 0.74 | 42 |
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 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 65 |
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 investment income | Net realized gain | Total distributions | |
JPMorgan Mid Cap Value Fund | |||||||
Class A | |||||||
Six Months Ended December 31, 2022 (Unaudited) | $34.90 | $0.15 | $1.94 | $2.09 | $(0.28) | $(3.59) | $(3.87) |
Year Ended June 30, 2022 | 43.69 | 0.24 | (2.97) | (2.73) | (0.16) | (5.90) | (6.06) |
Year Ended June 30, 2021 | 31.12 | 0.17 | 15.09 | 15.26 | (0.29) | (2.40) | (2.69) |
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) |
Class C | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 33.10 | 0.05 | 1.85 | 1.90 | (0.07) | (3.59) | (3.66) |
Year Ended June 30, 2022 | 41.77 | 0.03 | (2.80) | (2.77) | — | (5.90) | (5.90) |
Year Ended June 30, 2021 | 29.77 | (0.02) | 14.44 | 14.42 | (0.02) | (2.40) | (2.42) |
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) |
Class I | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 35.48 | 0.19 | 1.98 | 2.17 | (0.37) | (3.59) | (3.96) |
Year Ended June 30, 2022 | 44.30 | 0.34 | (3.02) | (2.68) | (0.24) | (5.90) | (6.14) |
Year Ended June 30, 2021 | 31.51 | 0.27 | 15.30 | 15.57 | (0.38) | (2.40) | (2.78) |
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) |
Class L | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 36.09 | 0.23 | 2.00 | 2.23 | (0.43) | (3.59) | (4.02) |
Year Ended June 30, 2022 | 44.98 | 0.43 | (3.09) | (2.66) | (0.33) | (5.90) | (6.23) |
Year Ended June 30, 2021 | 31.96 | 0.36 | 15.51 | 15.87 | (0.45) | (2.40) | (2.85) |
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) |
Class R2 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 32.84 | 0.10 | 1.83 | 1.93 | (0.22) | (3.59) | (3.81) |
Year Ended June 30, 2022 | 41.48 | 0.12 | (2.78) | (2.66) | (0.08) | (5.90) | (5.98) |
Year Ended June 30, 2021 | 29.67 | 0.07 | 14.36 | 14.43 | (0.22) | (2.40) | (2.62) |
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) |
Class R3 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 34.49 | 0.15 | 1.92 | 2.07 | (0.29) | (3.59) | (3.88) |
Year Ended June 30, 2022 | 43.25 | 0.23 | (2.94) | (2.71) | (0.15) | (5.90) | (6.05) |
Year Ended June 30, 2021 | 30.83 | 0.17 | 14.95 | 15.12 | (0.30) | (2.40) | (2.70) |
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) |
66 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
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 and reimbursements | Portfolio turnover rate(c) |
$33.12 | 5.70% | $1,220,603 | 1.14% (f) | 0.82% (f) | 1.24% (f) | 7% |
34.90 | (7.73) | 1,203,015 | 1.18 | 0.57 | 1.24 | 16 |
43.69 | 51.06 | 1,608,828 | 1.22 | 0.46 | 1.23 | 21 |
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 |
31.34 | 5.44 | 50,782 | 1.64(f) | 0.29(f) | 1.74(f) | 7 |
33.10 | (8.17) | 61,031 | 1.68 | 0.07 | 1.74 | 16 |
41.77 | 50.32 | 76,078 | 1.72 | (0.05) | 1.73 | 21 |
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 |
33.69 | 5.84 | 2,006,282 | 0.89(f) | 1.05(f) | 0.99(f) | 7 |
35.48 | (7.50) | 2,276,870 | 0.93 | 0.81 | 0.98 | 16 |
44.30 | 51.46 | 3,061,126 | 0.97 | 0.72 | 0.98 | 21 |
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 |
34.30 | 5.91 | 6,447,447 | 0.75(f) | 1.21(f) | 0.84(f) | 7 |
36.09 | (7.35) | 6,586,299 | 0.75 | 1.00 | 0.83 | 16 |
44.98 | 51.76 | 7,839,627 | 0.75 | 0.94 | 0.83 | 21 |
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 |
30.96 | 5.57 | 62,535 | 1.40(f) | 0.57(f) | 1.49(f) | 7 |
32.84 | (7.97) | 59,842 | 1.43 | 0.32 | 1.49 | 16 |
41.48 | 50.69 | 71,087 | 1.48 | 0.21 | 1.49 | 21 |
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 |
32.68 | 5.71 | 70,555 | 1.15(f) | 0.81(f) | 1.24(f) | 7 |
34.49 | (7.75) | 69,915 | 1.18 | 0.56 | 1.23 | 16 |
43.25 | 51.07 | 88,116 | 1.22 | 0.47 | 1.23 | 21 |
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 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 67 |
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 (continued) | |||||||
Class R4 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | $35.29 | $0.20 | $1.95 | $2.15 | $(0.39) | $(3.59) | $(3.98) |
Year Ended June 30, 2022 | 44.02 | 0.34 | (3.00) | (2.66) | (0.17) | (5.90) | (6.07) |
Year Ended June 30, 2021 | 31.34 | 0.27 | 15.20 | 15.47 | (0.39) | (2.40) | (2.79) |
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) |
Class R5 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 36.03 | 0.23 | 1.99 | 2.22 | (0.42) | (3.59) | (4.01) |
Year Ended June 30, 2022 | 44.90 | 0.40 | (3.06) | (2.66) | (0.31) | (5.90) | (6.21) |
Year Ended June 30, 2021 | 31.90 | 0.33 | 15.49 | 15.82 | (0.42) | (2.40) | (2.82) |
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) |
Class R6 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 36.09 | 0.25 | 1.99 | 2.24 | (0.47) | (3.59) | (4.06) |
Year Ended June 30, 2022 | 44.96 | 0.46 | (3.08) | (2.62) | (0.35) | (5.90) | (6.25) |
Year Ended June 30, 2021 | 31.94 | 0.37 | 15.51 | 15.88 | (0.46) | (2.40) | (2.86) |
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) |
(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) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
68 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
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 and reimbursements | Portfolio turnover rate(c) |
$33.46 | 5.79% | $22,050 | 0.90% (f) | 1.07% (f) | 0.99% (f) | 7% |
35.29 | (7.50) | 22,574 | 0.94 | 0.80 | 0.98 | 16 |
44.02 | 51.47 | 31,938 | 0.97 | 0.70 | 0.98 | 21 |
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 |
34.24 | 5.90 | 49,304 | 0.75(f) | 1.21(f) | 0.84(f) | 7 |
36.03 | (7.35) | 48,283 | 0.78 | 0.94 | 0.83 | 16 |
44.90 | 51.69 | 89,178 | 0.82 | 0.87 | 0.83 | 21 |
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 |
34.27 | 5.93 | 3,900,576 | 0.65(f) | 1.33(f) | 0.74(f) | 7 |
36.09 | (7.26) | 3,480,524 | 0.68 | 1.07 | 0.73 | 16 |
44.96 | 51.83 | 4,184,659 | 0.72 | 0.97 | 0.73 | 21 |
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 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 69 |
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 investment income | Net realized gain | Total distributions | |
JPMorgan Value Advantage Fund | |||||||
Class A | |||||||
Six Months Ended December 31, 2022 (Unaudited) | $36.05 | $0.26 | $1.75 | $2.01 | $(0.53) | $(3.06) | $(3.59) |
Year Ended June 30, 2022 | 42.90 | 0.41 | (1.67) | (1.26) | (0.32) | (5.27) | (5.59) |
Year Ended June 30, 2021 | 29.53 | 0.34 | 14.04 | 14.38 | (0.48) | (0.53) | (1.01) |
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(g) | 2.26 | 2.61 | (0.28) | (0.35) | (0.63) |
Class C | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 35.91 | 0.17 | 1.73 | 1.90 | (0.29) | (3.06) | (3.35) |
Year Ended June 30, 2022 | 42.73 | 0.20 | (1.65) | (1.45) | (0.10) | (5.27) | (5.37) |
Year Ended June 30, 2021 | 29.38 | 0.16 | 13.99 | 14.15 | (0.27) | (0.53) | (0.80) |
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(g) | 2.24 | 2.42 | (0.07) | (0.35) | (0.42) |
Class I | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 36.31 | 0.31 | 1.75 | 2.06 | (0.59) | (3.06) | (3.65) |
Year Ended June 30, 2022 | 43.15 | 0.51 | (1.68) | (1.17) | (0.40) | (5.27) | (5.67) |
Year Ended June 30, 2021 | 29.71 | 0.43 | 14.13 | 14.56 | (0.59) | (0.53) | (1.12) |
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(g) | 2.28 | 2.72 | (0.39) | (0.35) | (0.74) |
Class L | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 36.36 | 0.34 | 1.76 | 2.10 | (0.65) | (3.06) | (3.71) |
Year Ended June 30, 2022 | 43.20 | 0.57 | (1.68) | (1.11) | (0.46) | (5.27) | (5.73) |
Year Ended June 30, 2021 | 29.73 | 0.49 | 14.14 | 14.63 | (0.63) | (0.53) | (1.16) |
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(g) | 2.29 | 2.79 | (0.45) | (0.35) | (0.80) |
Class R2 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 35.56 | 0.21 | 1.73 | 1.94 | (0.43) | (3.06) | (3.49) |
Year Ended June 30, 2022 | 42.46 | 0.31 | (1.65) | (1.34) | (0.29) | (5.27) | (5.56) |
Year Ended June 30, 2021 | 29.31 | 0.26 | 13.90 | 14.16 | (0.48) | (0.53) | (1.01) |
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 (h) through June 30, 2018 | 34.04 | 0.25(g) | 1.64 | 1.89 | (0.36) | (0.35) | (0.71) |
Class R3 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 35.51 | 0.25 | 1.73 | 1.98 | (0.47) | (3.06) | (3.53) |
Year Ended June 30, 2022 | 42.36 | 0.41 | (1.65) | (1.24) | (0.34) | (5.27) | (5.61) |
Year Ended June 30, 2021 | 29.21 | 0.33 | 13.88 | 14.21 | (0.53) | (0.53) | (1.06) |
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(g) | 2.26 | 2.61 | (0.39) | (0.35) | (0.74) |
70 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
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 and reimbursements | Portfolio turnover rate(c) |
$34.47 | 5.41% | $1,271,804 | 1.04% (f) | 1.41% (f) | 1.14% (f) | 10% |
36.05 | (3.78) | 1,101,144 | 1.07 | 0.99 | 1.14 | 23 |
42.90 | 49.47 | 1,050,569 | 1.13 | 0.94 | 1.14 | 34 |
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(g) | 1.25 | 23 |
34.46 | 5.13 | 260,084 | 1.54(f) | 0.89(f) | 1.65(f) | 10 |
35.91 | (4.24) | 281,613 | 1.58 | 0.48 | 1.65 | 23 |
42.73 | 48.75 | 349,246 | 1.63 | 0.45 | 1.64 | 34 |
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(g) | 1.75 | 23 |
34.72 | 5.53 | 1,968,325 | 0.79(f) | 1.64(f) | 0.89(f) | 10 |
36.31 | (3.54) | 2,039,492 | 0.82 | 1.23 | 0.89 | 23 |
43.15 | 49.86 | 2,326,829 | 0.88 | 1.20 | 0.89 | 34 |
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(g) | 1.00 | 23 |
34.75 | 5.62 | 1,496,251 | 0.65(f) | 1.78(f) | 0.74(f) | 10 |
36.36 | (3.39) | 1,653,596 | 0.68 | 1.38 | 0.74 | 23 |
43.20 | 50.10 | 1,855,713 | 0.73 | 1.35 | 0.74 | 34 |
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(g) | 0.85 | 23 |
34.01 | 5.29 | 307 | 1.30(f) | 1.13(f) | 1.48(f) | 10 |
35.56 | (4.02) | 292 | 1.33 | 0.77 | 1.49 | 23 |
42.46 | 49.10 | 194 | 1.38 | 0.73 | 1.54 | 34 |
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(g) | 1.61 | 23 |
33.96 | 5.42 | 2,194 | 1.05(f) | 1.34(f) | 1.18(f) | 10 |
35.51 | (3.78) | 2,845 | 1.08 | 1.00 | 1.17 | 23 |
42.36 | 49.46 | 3,020 | 1.13 | 0.92 | 1.17 | 34 |
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(g) | 1.28 | 23 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 71 |
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 (continued) | |||||||
Class R4 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | $36.30 | $0.31 | $1.76 | $2.07 | $(0.27) | $(3.06) | $(3.33) |
Year Ended June 30, 2022 | 42.92 | 0.50 | (1.67) | (1.17) | (0.18) | (5.27) | (5.45) |
Year Ended June 30, 2021 | 29.56 | 0.42 | 14.06 | 14.48 | (0.59) | (0.53) | (1.12) |
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(g) | 2.20 | 2.71 | (0.44) | (0.35) | (0.79) |
Class R5 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 36.30 | 0.35 | 1.74 | 2.09 | (0.66) | (3.06) | (3.72) |
Year Ended June 30, 2022 | 43.12 | 0.57 | (1.69) | (1.12) | (0.43) | (5.27) | (5.70) |
Year Ended June 30, 2021 | 29.67 | 0.49 | 14.11 | 14.60 | (0.62) | (0.53) | (1.15) |
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(g) | 2.28 | 2.78 | (0.45) | (0.35) | (0.80) |
Class R6 | |||||||
Six Months Ended December 31, 2022 (Unaudited) | 36.32 | 0.35 | 1.77 | 2.12 | (0.69) | (3.06) | (3.75) |
Year Ended June 30, 2022 | 43.16 | 0.61 | (1.68) | (1.07) | (0.50) | (5.27) | (5.77) |
Year Ended June 30, 2021 | 29.71 | 0.52 | 14.13 | 14.65 | (0.67) | (0.53) | (1.20) |
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(g) | 2.26 | 2.80 | (0.46) | (0.35) | (0.81) |
(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) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
(g) | 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. |
(h) | Commencement of offering of class of shares. |
72 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
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 and reimbursements | Portfolio turnover rate(c) |
$35.04 | 5.54% | $124 | 0.80% (f) | 1.64% (f) | 0.94% (f) | 10% |
36.30 | (3.53) | 118 | 0.84 | 1.20 | 0.89 | 23 |
42.92 | 49.86 | 1,724 | 0.88 | 1.26 | 0.89 | 34 |
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(g) | 1.00 | 23 |
34.67 | 5.62 | 2,512 | 0.65(f) | 1.84(f) | 0.74(f) | 10 |
36.30 | (3.40) | 1,178 | 0.68 | 1.38 | 0.74 | 23 |
43.12 | 50.12 | 1,365 | 0.73 | 1.41 | 0.74 | 34 |
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(g) | 0.88 | 23 |
34.69 | 5.69 | 4,167,709 | 0.55(f) | 1.88(f) | 0.64(f) | 10 |
36.32 | (3.30) | 4,495,856 | 0.58 | 1.47 | 0.64 | 23 |
43.16 | 50.23 | 5,562,656 | 0.63 | 1.44 | 0.64 | 34 |
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(g) | 0.75 | 23 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 73 |
AS OF December 31, 2022 (Unaudited)
(Dollar values in thousands)
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 |
74 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
Growth Advantage Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Total Investments in Securities (a) | $12,208,479 | $— | $— | $12,208,479 |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
Mid Cap Equity Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Total Investments in Securities (a) | $3,190,026 | $— | $— | $3,190,026 |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 75 |
AS OF December 31, 2022 (Unaudited) (continued)
(Dollar values in thousands)
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) | $7,690,982 | $— | $— | $7,690,982 |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
Mid Cap Value Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Total Investments in Securities (a) | $13,663,640 | $— | $— | $13,663,640 |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
Value Advantage Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Total Investments in Securities (a) | $9,260,468 | $— | $— | $9,260,468 |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
76 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities | Cash Collateral Posted by Borrower* | Net Amount Due to Counterparty (not less than zero) | |
Growth Advantage Fund | $51,399 | $(51,399) | $— |
Mid Cap Equity Fund | 85,712 | (85,712) | — |
Mid Cap Growth Fund | 124,682 | (124,682) | — |
Mid Cap Value Fund | 61,634 | (61,634) | — |
Value Advantage Fund | 128,755 | (128,755) | — |
* | Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower. |
Growth Advantage Fund | $2 |
Mid Cap Equity Fund | 1 |
Mid Cap Growth Fund | 3 |
Mid Cap Value Fund | —(a) |
Value Advantage Fund | 3 |
(a) | Amount rounds to less than one thousand. |
Growth Advantage Fund | |||||||||
For the six months ended December 31, 2022 | |||||||||
Security Description | Value at June 30, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2022 | Shares at December 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 4.49% (a) (b) | $269,734 | $1,447,294 | $1,654,209 | $68 | $20 | $62,907 | 62,875 | $2,704 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.56% (a) (b) | 101,108 | 186,000 | 242,126 | 36* | 5 | 45,023 | 45,010 | 542* | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.12% (a) (b) | 12,601 | 118,809 | 123,820 | — | — | 7,590 | 7,590 | 96* | — |
Total | $383,443 | $1,752,103 | $2,020,155 | $104 | $25 | $115,520 | $3,342 | $— |
(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 December 31, 2022. |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 77 |
AS OF December 31, 2022 (Unaudited) (continued)
(Dollar values in thousands)
* | Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
Mid Cap Equity Fund | |||||||||
For the six months ended December 31, 2022 | |||||||||
Security Description | Value at June 30, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2022 | Shares at December 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 4.49% (a) (b) | $96,464 | $573,217 | $584,099 | $— (c) | $26 | $85,608 | 85,566 | $1,600 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.56% (a) (b) | 7,972 | 197,000 | 141,000 | 18* | 3 | 63,993 | 63,974 | 444* | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.12% (a) (b) | 1,531 | 106,407 | 83,789 | — | — | 24,149 | 24,149 | 68* | — |
Total | $105,967 | $876,624 | $808,888 | $18 | $29 | $173,750 | $2,112 | $— |
(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 December 31, 2022. |
(c) | Amount rounds to less than one thousand. |
* | Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
Mid Cap Growth Fund | |||||||||
For the six months ended December 31, 2022 | |||||||||
Security Description | Value at June 30, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2022 | Shares at December 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 4.49% (a) (b) | $260,555 | $1,006,443 | $1,078,120 | $20 | $60 | $188,958 | 188,864 | $3,608 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.56% (a) (b) | 53,864 | 384,000 | 325,000 | 42* | 24 | 112,930 | 112,896 | 1,154* | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.12% (a) (b) | 6,877 | 211,000 | 202,452 | — | — | 15,425 | 15,425 | 155* | — |
Total | $321,296 | $1,601,443 | $1,605,572 | $62 | $84 | $317,313 | $4,917 | $— |
(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 December 31, 2022. |
* | Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
Mid Cap Value Fund | |||||||||
For the six months ended December 31, 2022 | |||||||||
Security Description | Value at June 30, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2022 | Shares at December 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 4.49% (a) (b) | $515,116 | $675,917 | $1,177,662 | $49 | $17 | $13,437 | 13,430 | $5,387 | $— |
78 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
Mid Cap Value Fund (continued) | |||||||||
For the six months ended December 31, 2022 | |||||||||
Security Description | Value at June 30, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2022 | Shares at December 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.56% (a) (b) | $2,200 | $10,000 | $12,201 | $1* | $—(c) | $— | — | $6* | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.12% (a) (b) | 1,052 | 82,429 | 21,167 | — | — | 62,314 | 62,314 | 18* | — |
Total | $518,368 | $768,346 | $1,211,030 | $50 | $17 | $75,751 | $5,411 | $— |
(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 December 31, 2022. |
(c) | Amount rounds to less than one thousand. |
* | Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
Value Advantage Fund | |||||||||
For the six months ended December 31, 2022 | |||||||||
Security Description | Value at June 30, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2022 | Shares at December 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 4.49% (a) (b) | $338,719 | $1,443,439 | $1,664,518 | $51 | $16 | $117,707 | 117,648 | $2,709 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.56% (a) (b) | 47,053 | 542,000 | 500,800 | 40* | 8 | 88,301 | 88,275 | 856* | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.12% (a) (b) | 6,257 | 247,888 | 210,771 | — | — | 43,374 | 43,374 | 115* | — |
Total | $392,029 | $2,233,327 | $2,376,089 | $91 | $24 | $249,382 | $3,680 | $— |
(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 December 31, 2022. |
* | Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 79 |
AS OF December 31, 2022 (Unaudited) (continued)
(Dollar values 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 | $52 | $22 | $36 | n/a | $1 | $1 | $—(a) | $2 | $38 | $152 |
Mid Cap Equity Fund | ||||||||||
Transfer agency fees | 7 | 1 | 9 | n/a | —(a) | n/a | n/a | —(a) | 10 | 27 |
Mid Cap Growth Fund | ||||||||||
Transfer agency fees | 98 | 3 | 36 | n/a | 10 | 1 | —(a) | 4 | 52 | 204 |
Mid Cap Value Fund | ||||||||||
Transfer agency fees | 34 | 1 | 16 | $36 | 2 | 1 | —(a) | 1 | 41 | 132 |
Value Advantage Fund | ||||||||||
Transfer agency fees | 26 | 12 | 22 | 9 | —(a) | 1 | —(a) | —(a) | 21 | 91 |
(a) | Amount rounds to less than one thousand. |
Growth Advantage Fund | 0.55% |
Mid Cap Equity Fund | 0.65 |
Mid Cap Growth Fund | 0.65 |
Mid Cap Value Fund | 0.65 |
80 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
Value Advantage Fund | 0.55% |
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 |
Front-End Sales Charge | CDSC | |
Growth Advantage Fund | $143 | $5 |
Mid Cap Equity Fund | 47 | —(a) |
Mid Cap Growth Fund | 31 | —(a) |
Mid Cap Value Fund | 23 | 2 |
Value Advantage Fund | 82 | 4 |
(a) | Amount rounds to less than one thousand. |
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 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 81 |
AS OF December 31, 2022 (Unaudited) (continued)
(Dollar values in thousands)
Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | |
Growth Advantage Fund | 1.04% | 1.54% | 0.79% | n/a | 1.30% | 1.05% | 0.80% | 0.65% | 0.55% |
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 | 1.14 | 1.64 | 0.89 | n/a | 1.45 | 1.20 | 0.95 | 0.79 | 0.70 |
Mid Cap Value Fund | 1.14 | 1.64 | 0.89 | 0.75% | 1.40 | 1.15 | 0.90 | 0.75 | 0.65 |
Value Advantage Fund | 1.04 | 1.54 | 0.79 | 0.75 | 1.30 | 1.05 | 0.80 | 0.65 | 0.55 |
Contractual Waivers | |||||
Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | |
Growth Advantage Fund | $3,349 | $2,232 | $415 | $5,996 | $1 |
Mid Cap Equity Fund | 1,021 | 681 | 9 | 1,711 | 2 |
Mid Cap Growth Fund | 1,076 | 712 | 986 | 2,774 | — |
Mid Cap Value Fund | 3,624 | 2,407 | 216 | 6,247 | 21 |
Value Advantage Fund | 2,550 | 1,701 | 240 | 4,491 | 21 |
Growth Advantage Fund | $138 |
Mid Cap Equity Fund | 71 |
Mid Cap Growth Fund | 155 |
Mid Cap Value Fund | 288 |
Value Advantage Fund | 127 |
Growth Advantage Fund | $2 |
Mid Cap Equity Fund | 1 |
82 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
Mid Cap Growth Fund | $1 |
Mid Cap Value Fund | 2 |
Value Advantage Fund | 2 |
Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | |
Growth Advantage Fund | $1,914,677 | $1,433,149 |
Mid Cap Equity Fund | 763,799 | 401,223 |
Mid Cap Growth Fund | 1,466,036 | 1,119,739 |
Mid Cap Value Fund | 907,741 | 1,316,370 |
Value Advantage Fund | 922,568 | 1,606,903 |
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Growth Advantage Fund | $8,597,878 | $4,269,171 | $658,570 | $3,610,601 |
Mid Cap Equity Fund | 2,611,837 | 720,355 | 142,166 | 578,189 |
Mid Cap Growth Fund | 6,777,776 | 1,563,031 | 649,825 | 913,206 |
Mid Cap Value Fund | 9,090,851 | 5,072,965 | 500,176 | 4,572,789 |
Value Advantage Fund | 6,430,012 | 3,097,500 | 267,044 | 2,830,456 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 83 |
AS OF December 31, 2022 (Unaudited) (continued)
(Dollar values in thousands)
Net Capital Losses (Gains) | Late Year Ordinary Loss Deferral | |
Short-Term | ||
Growth Advantage Fund | $369,321 | $13,144 |
Mid Cap Equity Fund | 22,152 | — |
Mid Cap Growth Fund | 274,491 | 15,353 |
Value Advantage Fund | 6,581 | — |
84 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
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 | 12.4% | 1 | 24.0% |
Mid Cap Equity Fund | — | — | 2 | 63.5 |
Mid Cap Growth Fund | — | — | 2 | 30.1 |
Mid Cap Value Fund | — | — | 3 | 43.4 |
Value Advantage Fund | — | — | 2 | 26.7 |
JPMorgan SmartRetirement Funds | |
Growth Advantage Fund | 15.0% |
Value Advantage Fund | 20.0 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 85 |
(Unaudited)
Hypothetical $1,000 Investment
Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan Growth Advantage Fund | ||||
Class A | ||||
Actual | $1,000.00 | $983.90 | $5.20 | 1.04% |
Hypothetical | 1,000.00 | 1,019.96 | 5.30 | 1.04 |
Class C | ||||
Actual | 1,000.00 | 981.50 | 7.69 | 1.54 |
Hypothetical | 1,000.00 | 1,017.44 | 7.83 | 1.54 |
Class I | ||||
Actual | 1,000.00 | 984.80 | 3.95 | 0.79 |
Hypothetical | 1,000.00 | 1,021.22 | 4.02 | 0.79 |
Class R2 | ||||
Actual | 1,000.00 | 982.30 | 6.50 | 1.30 |
Hypothetical | 1,000.00 | 1,018.65 | 6.61 | 1.30 |
Class R3 | ||||
Actual | 1,000.00 | 983.50 | 5.25 | 1.05 |
Hypothetical | 1,000.00 | 1,019.91 | 5.35 | 1.05 |
Class R4 | ||||
Actual | 1,000.00 | 984.80 | 4.00 | 0.80 |
Hypothetical | 1,000.00 | 1,021.17 | 4.08 | 0.80 |
Class R5 | ||||
Actual | 1,000.00 | 985.30 | 3.25 | 0.65 |
Hypothetical | 1,000.00 | 1,021.93 | 3.31 | 0.65 |
Class R6 | ||||
Actual | 1,000.00 | 985.90 | 2.75 | 0.55 |
Hypothetical | 1,000.00 | 1,022.43 | 2.80 | 0.55 |
86 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan Mid Cap Equity Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,048.50 | $5.89 | 1.14% |
Hypothetical | 1,000.00 | 1,019.46 | 5.80 | 1.14 |
Class C | ||||
Actual | 1,000.00 | 1,046.00 | 8.46 | 1.64 |
Hypothetical | 1,000.00 | 1,016.94 | 8.34 | 1.64 |
Class I | ||||
Actual | 1,000.00 | 1,049.90 | 4.60 | 0.89 |
Hypothetical | 1,000.00 | 1,020.72 | 4.53 | 0.89 |
Class R2 | ||||
Actual | 1,000.00 | 1,047.20 | 7.17 | 1.39 |
Hypothetical | 1,000.00 | 1,018.20 | 7.07 | 1.39 |
Class R5 | ||||
Actual | 1,000.00 | 1,050.70 | 3.82 | 0.74 |
Hypothetical | 1,000.00 | 1,021.47 | 3.77 | 0.74 |
Class R6 | ||||
Actual | 1,000.00 | 1,051.40 | 3.31 | 0.64 |
Hypothetical | 1,000.00 | 1,021.98 | 3.26 | 0.64 |
JPMorgan Mid Cap Growth Fund | ||||
Class A | ||||
Actual | 1,000.00 | 1,040.40 | 5.86 | 1.14 |
Hypothetical | 1,000.00 | 1,019.46 | 5.80 | 1.14 |
Class C | ||||
Actual | 1,000.00 | 1,037.40 | 8.42 | 1.64 |
Hypothetical | 1,000.00 | 1,016.94 | 8.34 | 1.64 |
Class I | ||||
Actual | 1,000.00 | 1,041.90 | 4.58 | 0.89 |
Hypothetical | 1,000.00 | 1,020.72 | 4.53 | 0.89 |
Class R2 | ||||
Actual | 1,000.00 | 1,038.70 | 7.45 | 1.45 |
Hypothetical | 1,000.00 | 1,017.90 | 7.38 | 1.45 |
Class R3 | ||||
Actual | 1,000.00 | 1,040.10 | 6.17 | 1.20 |
Hypothetical | 1,000.00 | 1,019.16 | 6.11 | 1.20 |
Class R4 | ||||
Actual | 1,000.00 | 1,041.20 | 4.89 | 0.95 |
Hypothetical | 1,000.00 | 1,020.42 | 4.84 | 0.95 |
Class R5 | ||||
Actual | 1,000.00 | 1,042.30 | 4.07 | 0.79 |
Hypothetical | 1,000.00 | 1,021.22 | 4.02 | 0.79 |
Class R6 | ||||
Actual | 1,000.00 | 1,042.50 | 3.60 | 0.70 |
Hypothetical | 1,000.00 | 1,021.68 | 3.57 | 0.70 |
JPMorgan Mid Cap Value Fund | ||||
Class A | ||||
Actual | 1,000.00 | 1,057.00 | 5.91 | 1.14 |
Hypothetical | 1,000.00 | 1,019.46 | 5.80 | 1.14 |
Class C | ||||
Actual | 1,000.00 | 1,054.40 | 8.49 | 1.64 |
Hypothetical | 1,000.00 | 1,016.94 | 8.34 | 1.64 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 87 |
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan Mid Cap Value Fund (continued) | ||||
Class I | ||||
Actual | $1,000.00 | $1,058.40 | $4.62 | 0.89% |
Hypothetical | 1,000.00 | 1,020.72 | 4.53 | 0.89 |
Class L | ||||
Actual | 1,000.00 | 1,059.10 | 3.89 | 0.75 |
Hypothetical | 1,000.00 | 1,021.42 | 3.82 | 0.75 |
Class R2 | ||||
Actual | 1,000.00 | 1,055.70 | 7.25 | 1.40 |
Hypothetical | 1,000.00 | 1,018.15 | 7.12 | 1.40 |
Class R3 | ||||
Actual | 1,000.00 | 1,057.10 | 5.96 | 1.15 |
Hypothetical | 1,000.00 | 1,019.41 | 5.85 | 1.15 |
Class R4 | ||||
Actual | 1,000.00 | 1,057.90 | 4.67 | 0.90 |
Hypothetical | 1,000.00 | 1,020.67 | 4.58 | 0.90 |
Class R5 | ||||
Actual | 1,000.00 | 1,059.00 | 3.89 | 0.75 |
Hypothetical | 1,000.00 | 1,021.42 | 3.82 | 0.75 |
Class R6 | ||||
Actual | 1,000.00 | 1,059.30 | 3.37 | 0.65 |
Hypothetical | 1,000.00 | 1,021.93 | 3.31 | 0.65 |
JPMorgan Value Advantage Fund | ||||
Class A | ||||
Actual | 1,000.00 | 1,054.10 | 5.38 | 1.04 |
Hypothetical | 1,000.00 | 1,019.96 | 5.30 | 1.04 |
Class C | ||||
Actual | 1,000.00 | 1,051.30 | 7.96 | 1.54 |
Hypothetical | 1,000.00 | 1,017.44 | 7.83 | 1.54 |
Class I | ||||
Actual | 1,000.00 | 1,055.30 | 4.09 | 0.79 |
Hypothetical | 1,000.00 | 1,021.22 | 4.02 | 0.79 |
Class L | ||||
Actual | 1,000.00 | 1,056.20 | 3.37 | 0.65 |
Hypothetical | 1,000.00 | 1,021.93 | 3.31 | 0.65 |
Class R2 | ||||
Actual | 1,000.00 | 1,052.90 | 6.73 | 1.30 |
Hypothetical | 1,000.00 | 1,018.65 | 6.61 | 1.30 |
Class R3 | ||||
Actual | 1,000.00 | 1,054.20 | 5.44 | 1.05 |
Hypothetical | 1,000.00 | 1,019.91 | 5.35 | 1.05 |
Class R4 | ||||
Actual | 1,000.00 | 1,055.40 | 4.14 | 0.80 |
Hypothetical | 1,000.00 | 1,021.17 | 4.08 | 0.80 |
Class R5 | ||||
Actual | 1,000.00 | 1,056.20 | 3.37 | 0.65 |
Hypothetical | 1,000.00 | 1,021.93 | 3.31 | 0.65 |
Class R6 | ||||
Actual | 1,000.00 | 1,056.90 | 2.85 | 0.55 |
Hypothetical | 1,000.00 | 1,022.43 | 2.80 | 0.55 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
88 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
(Unaudited)
(ii) The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each of the Funds, including personnel changes, if any;
(iii) The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;
(iv) Information about the structure and distribution strategy for each Fund and how it fits with the Trusts’ other fund offerings;
(v) The administration services provided by the Adviser in its role as Administrator;
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 89 |
(Unaudited) (continued)
(vii) The overall reputation and capabilities of the Adviser and its affiliates;
(viii) The commitment of the Adviser to provide high quality service to the Funds;
(ix) Their overall confidence in the Adviser’s integrity;
(x) The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund; and
(xi) The Adviser’s business continuity plan and steps the Adviser and its affiliates have taken to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s and its affiliates’ success in continuing to provide services to the Funds and their shareholders throughout this period.
90 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 91 |
(Unaudited) (continued)
92 | J.P. Morgan Mid Cap/Multi-Cap Funds | December 31, 2022 |
December 31, 2022 | J.P. Morgan Mid Cap/Multi-Cap Funds | 93 |
ITEM 2. CODE OF ETHICS.
Not applicable to a semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to a semi-annual report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to a semi-annual report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to a semi-annual report.
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 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
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.
Not applicable.
(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), exactly as set forth below:
(1) 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.
(2) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.
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. |
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 | ||
March 2, 2023 |
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 | ||
March 2, 2023 | ||
By: | /s/ Timothy J. Clemens | |
Timothy J. Clemens | ||
Treasurer and Principal Financial Officer | ||
March 2, 2023 |