0001752724-24-127454.txt : 20240530 0001752724-24-127454.hdr.sgml : 20240530 20240530092838 ACCESSION NUMBER: 0001752724-24-127454 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240530 DATE AS OF CHANGE: 20240530 PERIOD START: 20240630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMORGAN TRUST II CENTRAL INDEX KEY: 0000763852 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-04236 FILM NUMBER: 241001465 BUSINESS ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 BUSINESS PHONE: 800-480-4111 MAIL ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 FORMER COMPANY: FORMER CONFORMED NAME: ONE GROUP MUTUAL FUNDS DATE OF NAME CHANGE: 20000721 FORMER COMPANY: FORMER CONFORMED NAME: ONE GROUP DATE OF NAME CHANGE: 19931105 FORMER COMPANY: FORMER CONFORMED NAME: HELMSMAN FUND DATE OF NAME CHANGE: 19920703 0000763852 S000003902 JPMorgan Investor Growth & Income Fund C000010906 Class I ONGFX C000010907 Class A ONGIX C000010909 Class C ONECX C000191460 Class R6 JFBUX NPORT-P 1 primary_doc.xml NPORT-P false 0000763852 XXXXXXXX S000003902 C000010909 C000010906 C000191460 C000010907 JPMorgan Trust II 811-04236 0000763852 549300IMXLYKELY96B40 277 Park Avenue New York 10172 800-480-4111 JPMorgan Investor Growth & Income Fund S000003902 549300Z22HF0FMZKVV98 2024-06-30 2024-03-31 N 4556978912.01 16660431.95 4540318480.06 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 241294.21000000 N N/A N/A JPMorgan Small Cap Value Fund 549300V4YKXS0HHDUK18 JPMorgan Small Cap Value Fund, Class R6 4812C0225 1989271.12800000 NS USD 56614656.30000000 1.246931389254 Long RF US N 1 N N N JPMorgan Mid Cap Growth Fund 5493005HTW43WWUWCV03 JPMorgan Mid Cap Growth Fund, Class R6 4812C2288 1252412.75100000 NS USD 66515641.21000000 1.464999459886 Long RF US N 1 N N N JPMorgan Emerging Markets Debt Fund 8KLDAXM5A9FOP50PQD10 JPMorgan Emerging Markets Debt Fund, Class R6 48121A134 2807314.04700000 NS USD 17433420.23000000 0.383969104955 Long RF US N 1 N N N JPMorgan U.S. GARP Equity Fund 549300N2J35RBS1KLI04 JPMorgan U.S. GARP Equity Fund, Class R6 46641U580 2026940.30900000 NS USD 154310965.72000000 3.398681532973 Long RF US N 1 N N N JPMorgan International Research Enhanced Equity ETF 549300O57YNNVO2LZJ82 JPMorgan International Research Enhanced Equity ETF 46641Q134 4153010.00000000 NS USD 260061486.20000000 5.727824762560 Long RF US N 1 N N N JPMorgan Large Cap Growth Fund 549300B21XF5FG1XOB26 JPMorgan Large Cap Growth Fund, Class R6 48121L841 6387660.26100000 NS USD 468279373.73000000 10.31380013949 Long RF US N 1 N N N JPMorgan Income Fund 549300J9G10ZQTTAFU03 JPMorgan Income Fund, Class R6 46637K216 21661875.15200000 NS USD 181526513.77000000 3.998100894622 Long RF US N 1 N N N JPMorgan Core Plus Bond Fund JW89OQCNJOLWVS3KT374 JPMorgan Core Plus Bond Fund, Class R6 4812C0134 44305321.68500000 NS USD 317669156.48000000 6.996627172193 Long RF US N 1 N N N JPMorgan Emerging Markets Research Enhanced Equity Fund 549300RH6H0TG40PHS83 JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 46645V626 4502563.12800000 NS USD 71410651.21000000 1.572811500418 Long RF US N 1 N N N JPMorgan Small Cap Equity Fund 549300RO68EY7ZS30I29 JPMorgan Small Cap Equity Fund, Class R6 48127B862 442886.28100000 NS USD 25337524.14000000 0.558056097854 Long RF US N 1 N N N JPMorgan High Yield Fund 15QB5UY3VV3GNSMNPX63 JPMorgan High Yield Fund, Class R6 4812C0126 16840788.68400000 NS USD 108286271.24000000 2.384992852716 Long RF US N 1 N N N JPMorgan International Equity Fund HQ7PRYSQNFVGDT1BSL78 JPMorgan International Equity Fund, Class R6 48121L882 5259679.46600000 NS USD 105561766.88000000 2.324985952937 Long RF US N 1 N N N JPMorgan Market Expansion Enhanced Equity ETF 549300MQ8JTFF5H84A93 JPMorgan Market Expansion Enhanced Equity ETF 46641Q118 2974076.00000000 NS USD 174072668.28000000 3.833930792398 Long RF US N 1 N N N JPMorgan Short Duration Core Plus Fund 549300Q5U8SV79G4IM14 JPMorgan Short Duration Core Plus Fund, Class R6 46637K463 4624067.44500000 NS USD 42217735.77000000 0.929840846086 Long RF US N 1 N N N JPMorgan U.S. Government Money Market Fund 8I5DZWZKVSZI1NUHU748 JPMorgan U.S. Government Money Market Fund, Class IM 4812C2270 58261260.95000000 NS USD 58261260.95000000 1.283197670072 Long STIV RF US N 1 N N N JPMorgan Large Cap Value Fund 549300JPSGHFE3RK0F55 JPMorgan Large Cap Value Fund, Class R6 48121L833 13261348.58400000 NS USD 269470603.23000000 5.935059498875 Long RF US N 1 N N N JPMorgan U.S. Research Enhanced Equity Fund 549300VOOZNRR4HQN096 JPMorgan U.S. Research Enhanced Equity Fund, Class R6 4812A1837 7508097.61500000 NS USD 306780868.55000000 6.756813864430 Long RF US N 1 N N N JPMorgan International Focus Fund 549300RMZ0H6Q5148Y98 JPMorgan International Focus Fund, Class R6 48121L130 2318945.89600000 NS USD 59944751.41000000 1.320276356675 Long RF US N 1 N N N JPMorgan Emerging Markets Equity Fund YGO3SVACG8PL3FXK2G86 JPMorgan Emerging Markets Equity Fund, Class R6 48121L122 3224679.37000000 NS USD 98159240.02000000 2.161946137723 Long RF US N 1 N N N JPMorgan U.S. Equity Fund 549300O4STN5CE50YK08 JPMorgan U.S. Equity Fund, Class R6 48121L817 21474380.03200000 NS USD 509801781.96000000 11.22832647531 Long RF US N 1 N N N JPMorgan Europe Dynamic Fund H40KNBC4QSZM6KZETD45 JPMorgan Europe Dynamic Fund, Class R6 48129C843 2728847.37990000 NS USD 91116214.01000000 2.006824287991 Long RF US N 1 N N N JPMorgan Ltd. Duration Bond ETF 5493000BIWEW3H1AQT90 JPMorgan Limited Duration Bond ETF 46654Q773 822781.00000000 NS USD 41912464.14000000 0.923117273029 Long RF US N 1 N N N JPMorgan Core Bond Fund DQ695W4P67V7A4LC6I09 JPMorgan Core Bond Fund, Class R6 4812C0100 74661820.12300000 NS USD 760803947.05000000 16.75662071705 Long RF US N 1 N N N JPMorgan Equity Income Fund 5493004E5SGY8TJZ5623 JPMorgan Equity Income Fund, Class R6 46636U876 5914829.61800000 NS USD 145209067.12000000 3.198213247764 Long RF US N 1 N N N JPMorgan Value Advantage Fund 549300P7ZUUEK5GQXK57 JPMorgan Value Advantage Fund, Class R6 46641U382 4195314.14900000 NS USD 163197720.40000000 3.594411297725 Long RF US N 1 N N N 2024-04-30 JPMorgan Trust II Timothy J. Clemens Timothy J. Clemens Treasurer and Principal Financial Officer XXXX NPORT-EX 2 JPMIGIF.htm PART F EDGAR HTML
JPMorgan Investor Growth & Income Fund
Schedule of Portfolio Investments as of March 31, 2024
(Unaudited) 
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2024.
JPMorgan Investor Growth & Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Investment Companies — 88.3%
Fixed Income — 31.4%
JPMorgan Core Bond Fund Class R6 Shares  (a)
74,662
760,804
JPMorgan Core Plus Bond Fund Class R6 Shares  (a)
44,305
317,669
JPMorgan Emerging Markets Debt Fund Class R6 Shares  (a)
2,807
17,434
JPMorgan High Yield Fund Class R6 Shares  (a)
16,841
108,286
JPMorgan Income Fund Class R6 Shares  (a)
21,757
182,324
JPMorgan Short Duration Core Plus Fund Class R6 Shares  (a)
4,624
42,218
Total Fixed Income
 
1,428,735
International Equity — 9.3%
JPMorgan Emerging Markets Equity Fund Class R6 Shares  (a)
3,225
98,159
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares  (a)
4,502
71,411
JPMorgan Europe Dynamic Fund Class R6 Shares  (a)
2,729
91,116
JPMorgan International Equity Fund Class R6 Shares  (a)
5,260
105,562
JPMorgan International Focus Fund Class R6 Shares  (a)
2,319
59,945
Total International Equity
 
426,193
U.S. Equity — 47.6%
JPMorgan Equity Income Fund Class R6 Shares  (a)
5,915
145,209
JPMorgan Large Cap Growth Fund Class R6 Shares  (a)
6,388
468,279
JPMorgan Large Cap Value Fund Class R6 Shares  (a)
13,261
269,470
JPMorgan Mid Cap Growth Fund Class R6 Shares  * (a)
1,253
66,516
JPMorgan Small Cap Equity Fund Class R6 Shares  (a)
443
25,337
JPMorgan Small Cap Value Fund Class R6 Shares  (a)
1,989
56,595
JPMorgan U.S. Equity Fund Class R6 Shares  (a)
21,474
509,802
JPMorgan U.S. GARP Equity Fund Class R6 Shares  (a)
2,027
154,311
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares  (a)
7,508
306,781
JPMorgan Value Advantage Fund Class R6 Shares  (a)
4,195
163,198
Total U.S. Equity
 
2,165,498
Total Investment Companies
(Cost $2,957,751)
 
4,020,426
Exchange-Traded Funds — 10.4%
Fixed Income — 0.9%
JPMorgan Limited Duration Bond ETF  (a)
823
41,912
International Equity — 5.7%
JPMorgan International Research Enhanced Equity ETF  (a)
4,153
260,062
U.S. Equity — 3.8%
JPMorgan Market Expansion Enhanced Equity ETF  (a)
2,974
174,073
Total Exchange-Traded Funds
(Cost $362,443)
 
476,047
JPMorgan Investor Growth & Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Short-Term Investments — 1.3%
Investment Companies — 1.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b)
(Cost $58,261)
58,261
58,261
Total Investments — 100.0%
(Cost $3,378,455)
 
4,554,734
Liabilities in Excess of Other Assets — (0.0)% ^
 
(1,645
)
NET ASSETS — 100.0%
 
4,553,089
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ETF
Exchange Traded Fund
 
^
Amount rounds to less than 0.1% of net assets.
*
Non-income producing security.
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
 
(b)
The rate shown is the current yield as of March 31, 2024.
 
Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
JPMorgan Investor Growth & Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s net asset values ("NAV") per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$4,554,734
$—
$—
$4,554,734
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds and ETFs advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ and ETFs’ distributions may be reinvested into the Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended March 31, 2024
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2024
Shares at
March 31,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan Core Bond Fund Class R6 Shares  (a)
$657,572
$110,487
$7,665
$(2,042
)
$2,452
$760,804
74,662
$20,279
$—
JPMorgan Investor Growth & Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
 
For the period ended March 31, 2024
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2024
Shares at
March 31,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan Core Plus Bond Fund Class R6
Shares  (a)
$280,795
$39,055
$2,299
$(629
)
$747
$317,669
44,305
$9,809
$—
JPMorgan Emerging Markets Debt Fund
Class R6 Shares  (a)
15,925
751
—
—
758
17,434
2,807
750
—
JPMorgan Emerging Markets Equity Fund
Class R6 Shares  (a)
98,389
1,634
3,533
(1,798
)
3,467
98,159
3,225
1,633
—
JPMorgan Emerging Markets Research
Enhanced Equity Fund Class R6 Shares  (a)
75,396
2,320
8,056
(2,513
)
4,264
71,411
4,502
2,320
—
JPMorgan Equity Income Fund Class R6 Shares
 (a)
128,612
3,273
—
—
13,324
145,209
5,915
2,327
946
JPMorgan Europe Dynamic Fund Class R6
Shares  (a)
78,969
2,738
—
—
9,409
91,116
2,729
2,739
—
JPMorgan High Yield Fund Class R6 Shares  (a)
99,210
5,096
—
—
3,980
108,286
16,841
5,097
—
JPMorgan Income Fund Class R6 Shares  (a)
162,480
15,077
—
—
4,767
182,324
21,757
6,781
—
JPMorgan International Equity Fund Class R6
Shares  (a)
90,884
6,278
—
—
8,400
105,562
5,260
2,328
—
JPMorgan International Focus Fund Class R6
Shares  (a)
59,784
1,331
5,741
314
4,257
59,945
2,319
1,330
—
JPMorgan International Research Enhanced
Equity ETF  (a)
230,645
6,302
—
—
23,115
260,062
4,153
6,641
—
JPMorgan Large Cap Growth Fund Class R6
Shares  (a)
411,056
1,311
46,576
496
101,992
468,279
6,388
1,311
—
JPMorgan Large Cap Value Fund Class R6
Shares  (a)
234,147
12,540
—
—
22,783
269,470
13,261
3,547
8,993
JPMorgan Limited Duration Bond ETF  (a)
—
42,425
—
—
(513
)
41,912
823
1,076
—
JPMorgan Limited Duration Bond Fund
Class R6 Shares  (a)
48,393
165
49,926
(297
)
1,665
—
—
165
—
JPMorgan Market Expansion Enhanced Equity
ETF  (a)
161,171
—
13,118
(617
)
26,637
174,073
2,974
2,152
—
JPMorgan Mid Cap Growth Fund Class R6
Shares  (a) *
57,126
3,949
5,665
(287
)
11,393
66,516
1,253
—
—
JPMorgan Realty Income ETF  (a)
11,624
—
11,796
(1,788
)
1,960
—
—
—
—
JPMorgan Short Duration Core Plus Fund
Class R6 Shares  (a)
47,780
1,194
7,665
(865
)
1,774
42,218
4,624
1,194
—
JPMorgan Small Cap Equity Fund Class R6
Shares  (a)
19,652
7,032
3,458
(628
)
2,739
25,337
443
279
829
JPMorgan Small Cap Value Fund Class R6
Shares  (a)
58,013
6,441
16,727
1,420
7,448
56,595
1,989
820
92
JPMorgan U.S. Equity Fund Class R6 Shares  (a)
431,446
12,375
15,864
851
80,994
509,802
21,474
3,405
5,019
JPMorgan U.S. GARP Equity Fund Class R6
Shares  (a)
134,701
1,576
13,122
(864
)
32,020
154,311
2,027
708
868
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.25%  (a) (b)
51,543
151,666
144,948
—
—
58,261
58,261
2,077
—
JPMorgan U.S. Research Enhanced Equity Fund
Class R6 Shares  (a)
263,077
2,908
9,115
(83
)
49,994
306,781
7,508
2,564
344
JPMorgan Value Advantage Fund Class R6
Shares  (a)
137,694
10,448
—
—
15,056
163,198
4,195
2,750
7,698
Total
$4,046,084
$448,372
$365,274
$(9,330
)
$434,882
$4,554,734
 
$84,082
$24,789
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of March 31, 2024.
*
Non-income producing security.