0001752724-24-127458.txt : 20240530 0001752724-24-127458.hdr.sgml : 20240530 20240530092837 ACCESSION NUMBER: 0001752724-24-127458 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: 241001456 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 S000003904 JPMorgan Investor Conservative Growth Fund C000010914 Class I ONCFX C000010915 Class A OICAX C000010917 Class C OCGCX C000191474 Class R6 JFLJX NPORT-P 1 primary_doc.xml NPORT-P false 0000763852 XXXXXXXX S000003904 C000191474 C000010915 C000010917 C000010914 JPMorgan Trust II 811-04236 0000763852 549300IMXLYKELY96B40 277 Park Avenue New York 10172 800-480-4111 JPMorgan Investor Conservative Growth Fund S000003904 549300JA0UCCXS7ZO996 2024-06-30 2024-03-31 N 3946267991.08 11569889.97 3934698101.11 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 173786.36000000 N N/A N/A JPMorgan Small Cap Value Fund 549300V4YKXS0HHDUK18 JPMorgan Small Cap Value Fund, Class R6 4812C0225 748596.62300000 NS USD 21305059.89000000 0.541466189845 Long RF US N 1 N N N JPMorgan Government Bond Fund 549300SMSIKAH2NAKR95 JPMorgan Government Bond Fund, Class R6 4812C0118 4618073.28000000 NS USD 43502250.30000000 1.105605796991 Long RF US N 1 N N N JPMorgan Mid Cap Growth Fund 5493005HTW43WWUWCV03 JPMorgan Mid Cap Growth Fund, Class R6 4812C2288 1059707.69400000 NS USD 56281075.63000000 1.430378498775 Long RF US N 1 N N N JPMorgan Emerging Markets Debt Fund 8KLDAXM5A9FOP50PQD10 JPMorgan Emerging Markets Debt Fund, Class R6 48121A134 6609194.75000000 NS USD 41043099.40000000 1.043106697014 Long RF US N 1 N N N JPMorgan U.S. GARP Equity Fund 549300N2J35RBS1KLI04 JPMorgan U.S. GARP Equity Fund, Class R6 46641U580 1304835.57300000 NS USD 99337132.17000000 2.524644321300 Long RF US N 1 N N N JPMorgan International Research Enhanced Equity ETF 549300O57YNNVO2LZJ82 JPMorgan International Research Enhanced Equity ETF 46641Q134 2634796.00000000 NS USD 164990925.52000000 4.193229601870 Long RF US N 1 N N N JPMorgan Unconstrained Debt Fund L741Z0PP68YKBPJH3F03 JPMorgan Unconstrained Debt Fund, Class R6 48121L320 4133080.84300000 NS USD 40008222.56000000 1.016805394770 Long RF US N 1 N N N JPMorgan Large Cap Growth Fund 549300B21XF5FG1XOB26 JPMorgan Large Cap Growth Fund, Class R6 48121L841 1629126.25600000 NS USD 119431245.83000000 3.035334421116 Long RF US N 1 N N N JPMorgan Income Fund 549300J9G10ZQTTAFU03 JPMorgan Income Fund, Class R6 46637K216 30860363.95400000 NS USD 258609849.93000000 6.572546184853 Long RF US N 1 N N N JPMorgan Core Plus Bond Fund JW89OQCNJOLWVS3KT374 JPMorgan Core Plus Bond Fund, Class R6 4812C0134 82704609.11600000 NS USD 592992047.36000000 15.07083979817 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 2423520.15100000 NS USD 38437029.59000000 0.976873666092 Long RF US N 1 N N N JPMorgan Small Cap Equity Fund 549300RO68EY7ZS30I29 JPMorgan Small Cap Equity Fund, Class R6 48127B862 327150.17000000 NS USD 18716261.23000000 0.475672103654 Long RF US N 1 N N N JPMorgan High Yield Fund 15QB5UY3VV3GNSMNPX63 JPMorgan High Yield Fund, Class R6 4812C0126 17720731.73900000 NS USD 113944305.08000000 2.895884313153 Long RF US N 1 N N N JPMorgan International Equity Fund HQ7PRYSQNFVGDT1BSL78 JPMorgan International Equity Fund, Class R6 48121L882 2053960.50600000 NS USD 41222987.36000000 1.047678533414 Long RF US N 1 N N N JPMorgan Market Expansion Enhanced Equity ETF 549300MQ8JTFF5H84A93 JPMorgan Market Expansion Enhanced Equity ETF 46641Q118 693802.00000000 NS USD 40608231.06000000 1.032054557083 Long RF US N 1 N N N JPMorgan Short Duration Core Plus Fund 549300Q5U8SV79G4IM14 JPMorgan Short Duration Core Plus Fund, Class R6 46637K463 8477179.47900000 NS USD 77396648.64000000 1.967028896528 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 46315153.99000000 NS USD 46315153.99000000 1.177095492458 Long STIV RF US N 1 N N N JPMorgan Large Cap Value Fund 549300JPSGHFE3RK0F55 JPMorgan Large Cap Value Fund, Class R6 48121L833 2856417.23410000 NS USD 58042398.20000000 1.475142354215 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 2197398.68400000 NS USD 89785710.23000000 2.281895787752 Long RF US N 1 N N N JPMorgan Emerging Markets Equity Fund YGO3SVACG8PL3FXK2G86 JPMorgan Emerging Markets Equity Fund, Class R6 48121L122 1618688.46100000 NS USD 49272876.75000000 1.252265751623 Long RF US N 1 N N N JPMorgan U.S. Equity Fund 549300O4STN5CE50YK08 JPMorgan U.S. Equity Fund, Class R6 48121L817 6606418.96700000 NS USD 156836386.28000000 3.985982717092 Long RF US N 1 N N N JPMorgan Europe Dynamic Fund H40KNBC4QSZM6KZETD45 JPMorgan Europe Dynamic Fund, Class R6 48129C843 858659.77130000 NS USD 28670649.76000000 0.728661997013 Long RF US N 1 N N N JPMorgan Ltd. Duration Bond ETF 5493000BIWEW3H1AQT90 JPMorgan Limited Duration Bond ETF 46654Q773 4443639.00000000 NS USD 226358970.66000000 5.752892975350 Long RF US N 1 N N N JPMorgan Core Bond Fund DQ695W4P67V7A4LC6I09 JPMorgan Core Bond Fund, Class R6 4812C0100 130590599.74600000 NS USD 1330718211.41000000 33.82008421521 Long RF US N 1 N N N JPMorgan Equity Income Fund 5493004E5SGY8TJZ5623 JPMorgan Equity Income Fund, Class R6 46636U876 3882179.72700000 NS USD 95307512.30000000 2.422231893041 Long RF US N 1 N N N JPMorgan Value Advantage Fund 549300P7ZUUEK5GQXK57 JPMorgan Value Advantage Fund, Class R6 46641U382 2452902.17200000 NS USD 95417894.49000000 2.425037246519 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 JPMINVCONSGR.htm PART F EDGAR HTML
JPMorgan Investor Conservative Growth 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 Conservative Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Investment Companies — 87.9%
Alternative Assets — 1.0%
JPMorgan Unconstrained Debt Fund Class R6 Shares  (a)
4,133
40,008
Fixed Income — 62.4%
JPMorgan Core Bond Fund Class R6 Shares  (a)
130,590
1,330,718
JPMorgan Core Plus Bond Fund Class R6 Shares  (a)
82,705
592,992
JPMorgan Emerging Markets Debt Fund Class R6 Shares  (a)
6,609
41,043
JPMorgan Government Bond Fund Class R6 Shares  (a)
4,618
43,502
JPMorgan High Yield Fund Class R6 Shares  (a)
17,721
113,945
JPMorgan Income Fund Class R6 Shares  (a)
30,997
259,754
JPMorgan Short Duration Core Plus Fund Class R6 Shares  (a)
8,477
77,397
Total Fixed Income
 
2,459,351
International Equity — 4.0%
JPMorgan Emerging Markets Equity Fund Class R6 Shares  (a)
1,619
49,273
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares  (a)
2,423
38,437
JPMorgan Europe Dynamic Fund Class R6 Shares  (a)
859
28,671
JPMorgan International Equity Fund Class R6 Shares  (a)
2,054
41,223
Total International Equity
 
157,604
U.S. Equity — 20.5%
JPMorgan Equity Income Fund Class R6 Shares  (a)
3,882
95,308
JPMorgan Large Cap Growth Fund Class R6 Shares  (a)
1,629
119,431
JPMorgan Large Cap Value Fund Class R6 Shares  (a)
2,856
58,042
JPMorgan Mid Cap Growth Fund Class R6 Shares  * (a)
1,060
56,281
JPMorgan Small Cap Equity Fund Class R6 Shares  (a)
327
18,716
JPMorgan Small Cap Value Fund Class R6 Shares  (a)
749
21,298
JPMorgan U.S. Equity Fund Class R6 Shares  (a)
6,607
156,836
JPMorgan U.S. GARP Equity Fund Class R6 Shares  (a)
1,305
99,337
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares  (a)
2,197
89,786
JPMorgan Value Advantage Fund Class R6 Shares  (a)
2,453
95,418
Total U.S. Equity
 
810,453
Total Investment Companies
(Cost $3,238,438)
 
3,467,416
Exchange-Traded Funds — 11.0%
Fixed Income — 5.8%
JPMorgan Limited Duration Bond ETF  (a)
4,443
226,359
International Equity — 4.2%
JPMorgan International Research Enhanced Equity ETF  (a)
2,635
164,991
U.S. Equity — 1.0%
JPMorgan Market Expansion Enhanced Equity ETF  (a)
694
40,608
Total Exchange-Traded Funds
(Cost $358,657)
 
431,958
JPMorgan Investor Conservative Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Short-Term Investments — 1.2%
Investment Companies — 1.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b)
(Cost $46,315)
46,315
46,315
Total Investments — 100.1%
(Cost $3,643,410)
 
3,945,689
Liabilities in Excess of Other Assets — (0.1)%
 
(2,851
)
NET ASSETS — 100.0%
 
3,942,838
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ETF
Exchange Traded Fund
 
*
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 Conservative Growth 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)
$3,945,689
$—
$—
$3,945,689
 
 
(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
JPMorgan Investor Conservative Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
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)
$1,290,115
$132,460
$89,899
$(21,047
)
$19,089
$1,330,718
130,590
$38,326
$—
JPMorgan Core Plus Bond Fund Class R6
Shares  (a)
572,357
55,159
33,657
(8,817
)
7,950
592,992
82,705
19,647
—
JPMorgan Emerging Markets Debt Fund
Class R6 Shares  (a)
39,350
1,813
1,919
(722
)
2,521
41,043
6,609
1,814
—
JPMorgan Emerging Markets Equity Fund
Class R6 Shares  (a)
60,185
913
12,367
(330
)
872
49,273
1,619
913
—
JPMorgan Emerging Markets Research
Enhanced Equity Fund Class R6 Shares  (a)
47,186
1,308
10,808
(1,258
)
2,009
38,437
2,423
1,308
—
JPMorgan Equity Income Fund Class R6
Shares  (a)
89,410
2,197
5,061
126
8,636
95,308
3,882
1,562
634
JPMorgan Europe Dynamic Fund Class R6
Shares  (a)
30,559
912
5,756
726
2,230
28,671
859
912
—
JPMorgan Government Bond Fund Class R6
Shares  (a)
43,458
910
744
(201
)
79
43,502
4,618
911
—
JPMorgan High Yield Fund Class R6 Shares
 (a)
117,739
5,577
13,615
(2,230
)
6,474
113,945
17,721
5,577
—
JPMorgan Income Fund Class R6 Shares  (a)
266,421
10,383
23,935
(4,147
)
11,032
259,754
30,997
10,383
—
JPMorgan International Equity Fund Class R6
Shares  (a)
34,619
3,904
784
33
3,451
41,223
2,054
927
—
JPMorgan International Research Enhanced
Equity ETF  (a)
157,714
—
7,356
908
13,725
164,991
2,635
4,255
—
JPMorgan Large Cap Growth Fund Class R6
Shares  (a)
121,874
1,840
31,574
6,037
21,254
119,431
1,629
351
—
JPMorgan Large Cap Value Fund Class R6
Shares  (a)
56,157
4,263
7,390
364
4,648
58,042
2,856
781
1,993
JPMorgan Limited Duration Bond ETF  (a)
—
235,460
17,168
(408
)
8,475
226,359
4,443
5,894
—
JPMorgan Limited Duration Bond Fund
Class R6 Shares  (a)
319,267
962
316,960
(2,627
)
(642
)
—
—
962
—
JPMorgan Market Expansion Enhanced Equity
ETF  (a)
54,664
—
21,426
3,456
3,914
40,608
694
683
—
JPMorgan Mid Cap Growth Fund Class R6
Shares  (a) *
63,080
—
16,090
(1,832
)
11,123
56,281
1,060
—
—
JPMorgan Realty Income ETF  (a)
4,589
—
4,652
(543
)
606
—
—
—
—
JPMorgan Short Duration Core Plus Fund
Class R6 Shares  (a)
80,105
2,073
6,508
(714
)
2,441
77,397
8,477
2,073
—
JPMorgan Small Cap Equity Fund Class R6
Shares  (a)
19,712
799
3,092
(795
)
2,092
18,716
327
195
604
JPMorgan Small Cap Value Fund Class R6
Shares  (a)
30,809
448
13,703
691
3,053
21,298
749
402
45
JPMorgan U.S. Equity Fund Class R6 Shares
 (a)
161,741
6,238
39,042
18,677
9,222
156,836
6,607
1,164
1,725
JPMorgan U.S. GARP Equity Fund Class R6
Shares  (a)
101,082
1,067
23,838
6,864
14,162
99,337
1,305
492
576
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.25%  (a) (b)
40,895
420,879
415,459
—
—
46,315
46,315
1,761
—
JPMorgan U.S. Research Enhanced Equity
Fund Class R6 Shares  (a)
92,922
2,788
21,914
5,099
10,891
89,786
2,197
816
111
JPMorgan Investor Conservative Growth 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 Unconstrained Debt Fund Class R6
Shares  (a)
$40,946
$1,158
$3,078
$(360
)
$1,342
$40,008
4,133
$1,158
$—
JPMorgan Value Advantage Fund Class R6
Shares  (a)
90,575
6,352
10,517
84
8,924
95,418
2,453
1,635
4,717
Total
$4,027,531
$899,863
$1,158,312
$(2,966
)
$179,573
$3,945,689
 
$104,902
$10,405
 
 
(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.