0001752724-24-127461.txt : 20240530 0001752724-24-127461.hdr.sgml : 20240530 20240530092839 ACCESSION NUMBER: 0001752724-24-127461 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: 241001469 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 S000003903 JPMorgan Investor Balanced Fund C000010910 Class I OIBFX C000010911 Class A OGIAX C000010913 Class C OGBCX C000191469 Class R6 JFQUX NPORT-P 1 primary_doc.xml NPORT-P false 0000763852 XXXXXXXX S000003903 C000010910 C000010913 C000010911 C000191469 JPMorgan Trust II 811-04236 0000763852 549300IMXLYKELY96B40 277 Park Avenue New York 10172 800-480-4111 JPMorgan Investor Balanced Fund S000003903 5493001QNPV0CUEIW176 2024-06-30 2024-03-31 N 5430847405.79 29109920.01 5401737485.78 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 249979.05000000 N N/A N/A JPMorgan Small Cap Value Fund 549300V4YKXS0HHDUK18 JPMorgan Small Cap Value Fund, Class R6 4812C0225 1234271.33900000 NS USD 35127362.31000000 0.650297471924 Long RF US N 1 N N N JPMorgan Mid Cap Growth Fund 5493005HTW43WWUWCV03 JPMorgan Mid Cap Growth Fund, Class R6 4812C2288 1439294.85100000 NS USD 76440949.54000000 1.415117816095 Long RF US N 1 N N N JPMorgan Emerging Markets Debt Fund 8KLDAXM5A9FOP50PQD10 JPMorgan Emerging Markets Debt Fund, Class R6 48121A134 8050330.68900000 NS USD 49992553.58000000 0.925490246640 Long RF US N 1 N N N JPMorgan U.S. GARP Equity Fund 549300N2J35RBS1KLI04 JPMorgan U.S. GARP Equity Fund, Class R6 46641U580 2487641.51500000 NS USD 189384148.54000000 3.505985787694 Long RF US N 1 N N N JPMorgan International Research Enhanced Equity ETF 549300O57YNNVO2LZJ82 JPMorgan International Research Enhanced Equity ETF 46641Q134 4873884.00000000 NS USD 305202616.08000000 5.650082346345 Long RF US N 1 N N N JPMorgan Unconstrained Debt Fund L741Z0PP68YKBPJH3F03 JPMorgan Unconstrained Debt Fund, Class R6 48121L320 4505028.41570000 NS USD 43608675.06000000 0.807308299872 Long RF US N 1 N N N JPMorgan Large Cap Growth Fund 549300B21XF5FG1XOB26 JPMorgan Large Cap Growth Fund, Class R6 48121L841 4256283.77200000 NS USD 312028163.33000000 5.776440712852 Long RF US N 1 N N N JPMorgan Income Fund 549300J9G10ZQTTAFU03 JPMorgan Income Fund, Class R6 46637K216 33074202.45400000 NS USD 277161816.56000000 5.130975307290 Long RF US N 1 N N N JPMorgan Core Plus Bond Fund JW89OQCNJOLWVS3KT374 JPMorgan Core Plus Bond Fund, Class R6 4812C0134 85874625.94600000 NS USD 615721068.03000000 11.39857443370 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 4434517.09100000 NS USD 70331441.06000000 1.302015161698 Long RF US N 1 N N N JPMorgan Small Cap Equity Fund 549300RO68EY7ZS30I29 JPMorgan Small Cap Equity Fund, Class R6 48127B862 443352.21500000 NS USD 25364180.22000000 0.469555958370 Long RF US N 1 N N N JPMorgan High Yield Fund 15QB5UY3VV3GNSMNPX63 JPMorgan High Yield Fund, Class R6 4812C0126 22885715.66300000 NS USD 147155151.71000000 2.724218866566 Long RF US N 1 N N N JPMorgan International Equity Fund HQ7PRYSQNFVGDT1BSL78 JPMorgan International Equity Fund, Class R6 48121L882 3727100.14000000 NS USD 74802899.81000000 1.384793318944 Long RF US N 1 N N N JPMorgan Market Expansion Enhanced Equity ETF 549300MQ8JTFF5H84A93 JPMorgan Market Expansion Enhanced Equity ETF 46641Q118 2910907.00000000 NS USD 170375386.71000000 3.154084906171 Long RF US N 1 N N N JPMorgan Short Duration Core Plus Fund 549300Q5U8SV79G4IM14 JPMorgan Short Duration Core Plus Fund, Class R6 46637K463 8409032.49900000 NS USD 76774466.72000000 1.421292073561 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 63765277.96000000 NS USD 63765277.96000000 1.180458660345 Long STIV RF US N 1 N N N JPMorgan Large Cap Value Fund 549300JPSGHFE3RK0F55 JPMorgan Large Cap Value Fund, Class R6 48121L833 8582413.34400000 NS USD 174394639.15000000 3.228491566076 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 7068531.29100000 NS USD 288820188.55000000 5.346801641329 Long RF US N 1 N N N JPMorgan Emerging Markets Equity Fund YGO3SVACG8PL3FXK2G86 JPMorgan Emerging Markets Equity Fund, Class R6 48121L122 2756893.97600000 NS USD 83919852.63000000 1.553571473084 Long RF US N 1 N N N JPMorgan U.S. Equity Fund 549300O4STN5CE50YK08 JPMorgan U.S. Equity Fund, Class R6 48121L817 21604119.87100000 NS USD 512881805.74000000 9.494756216683 Long RF US N 1 N N N JPMorgan Europe Dynamic Fund H40KNBC4QSZM6KZETD45 JPMorgan Europe Dynamic Fund, Class R6 48129C843 2646723.91830000 NS USD 88374111.63000000 1.636031218892 Long RF US N 1 N N N JPMorgan Ltd. Duration Bond ETF 5493000BIWEW3H1AQT90 JPMorgan Limited Duration Bond ETF 46654Q773 2982038.00000000 NS USD 151905015.72000000 2.812151018443 Long RF US N 1 N N N JPMorgan Core Bond Fund DQ695W4P67V7A4LC6I09 JPMorgan Core Bond Fund, Class R6 4812C0100 122227988.47100000 NS USD 1245503202.52000000 23.05745523174 Long RF US N 1 N N N JPMorgan Equity Income Fund 5493004E5SGY8TJZ5623 JPMorgan Equity Income Fund, Class R6 46636U876 6931606.81500000 NS USD 170170947.31000000 3.150300209108 Long RF US N 1 N N N JPMorgan Value Advantage Fund 549300P7ZUUEK5GQXK57 JPMorgan Value Advantage Fund, Class R6 46641U382 4585062.76600000 NS USD 178358941.60000000 3.301880960885 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 JPMIBF.htm PART F EDGAR HTML
JPMorgan Investor Balanced 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 Balanced Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Investment Companies — 87.4%
Alternative Assets — 0.8%
JPMorgan Unconstrained Debt Fund Class R6 Shares  (a)
4,505
43,609
Fixed Income — 44.5%
JPMorgan Core Bond Fund Class R6 Shares  (a)
122,228
1,245,503
JPMorgan Core Plus Bond Fund Class R6 Shares  (a)
85,875
615,721
JPMorgan Emerging Markets Debt Fund Class R6 Shares  (a)
8,050
49,993
JPMorgan High Yield Fund Class R6 Shares  (a)
22,886
147,155
JPMorgan Income Fund Class R6 Shares  (a)
33,219
278,380
JPMorgan Short Duration Core Plus Fund Class R6 Shares  (a)
8,409
76,774
Total Fixed Income
 
2,413,526
International Equity — 5.9%
JPMorgan Emerging Markets Equity Fund Class R6 Shares  (a)
2,757
83,920
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares  (a)
4,434
70,331
JPMorgan Europe Dynamic Fund Class R6 Shares  (a)
2,647
88,374
JPMorgan International Equity Fund Class R6 Shares  (a)
3,727
74,803
Total International Equity
 
317,428
U.S. Equity — 36.2%
JPMorgan Equity Income Fund Class R6 Shares  (a)
6,932
170,171
JPMorgan Large Cap Growth Fund Class R6 Shares  (a)
4,256
312,028
JPMorgan Large Cap Value Fund Class R6 Shares  (a)
8,583
174,395
JPMorgan Mid Cap Growth Fund Class R6 Shares  * (a)
1,439
76,441
JPMorgan Small Cap Equity Fund Class R6 Shares  (a)
443
25,364
JPMorgan Small Cap Value Fund Class R6 Shares  (a)
1,234
35,115
JPMorgan U.S. Equity Fund Class R6 Shares  (a)
21,604
512,882
JPMorgan U.S. GARP Equity Fund Class R6 Shares  (a)
2,488
189,384
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares  (a)
7,069
288,820
JPMorgan Value Advantage Fund Class R6 Shares  (a)
4,585
178,359
Total U.S. Equity
 
1,962,959
Total Investment Companies
(Cost $3,813,772)
 
4,737,522
Exchange-Traded Funds — 11.5%
Fixed Income — 2.8%
JPMorgan Limited Duration Bond ETF  (a)
2,982
151,905
International Equity — 5.6%
JPMorgan International Research Enhanced Equity ETF  (a)
4,874
305,203
U.S. Equity — 3.1%
JPMorgan Market Expansion Enhanced Equity ETF  (a)
2,911
170,375
Total Exchange-Traded Funds
(Cost $474,415)
 
627,483
JPMorgan Investor Balanced 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 $63,765)
63,765
63,765
Total Investments — 100.1%
(Cost $4,351,952)
 
5,428,770
Liabilities in Excess of Other Assets — (0.1)%
 
(6,649
)
NET ASSETS — 100.0%
 
5,422,121
 
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 Balanced 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 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)
$5,428,770
$—
$—
$5,428,770
 
 
(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 Balanced 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)
$1,171,611
$114,123
$39,363
$(9,606
)
$8,738
$1,245,503
122,228
$34,758
$—
JPMorgan Core Plus Bond Fund Class R6
Shares  (a)
583,747
48,712
16,314
(4,249
)
3,825
615,721
85,875
19,806
—
JPMorgan Emerging Markets Debt Fund
Class R6 Shares  (a)
45,667
2,152
—
—
2,174
49,993
8,050
2,152
—
JPMorgan Emerging Markets Equity Fund
Class R6 Shares  (a)
113,095
1,791
32,452
(999
)
2,485
83,920
2,757
1,790
—
JPMorgan Emerging Markets Research
Enhanced Equity Fund Class R6 Shares  (a)
80,071
2,432
13,863
(1,959
)
3,650
70,331
4,434
2,432
—
JPMorgan Equity Income Fund Class R6
Shares  (a)
151,161
6,309
3,115
(61
)
15,877
170,171
6,932
2,747
1,123
JPMorgan Europe Dynamic Fund Class R6
Shares  (a)
83,579
2,739
7,383
905
8,534
88,374
2,647
2,740
—
JPMorgan High Yield Fund Class R6 Shares
 (a)
146,798
7,093
12,079
(2,075
)
7,418
147,155
22,886
7,093
—
JPMorgan Income Fund Class R6 Shares  (a)
269,958
13,519
12,410
(2,301
)
9,614
278,380
33,219
10,857
—
JPMorgan International Equity Fund Class R6
Shares  (a)
70,961
1,699
3,704
460
5,387
74,803
3,727
1,699
—
JPMorgan International Research Enhanced
Equity ETF  (a)
288,456
3,882
14,855
2,135
25,585
305,203
4,874
7,963
—
JPMorgan Large Cap Growth Fund Class R6
Shares  (a)
298,781
2,356
58,530
10,392
59,029
312,028
4,256
892
—
JPMorgan Large Cap Value Fund Class R6
Shares  (a)
161,530
10,715
13,012
399
14,763
174,395
8,583
2,324
5,951
JPMorgan Limited Duration Bond ETF  (a)
—
156,276
9,973
(368
)
5,970
151,905
2,982
3,945
—
JPMorgan Limited Duration Bond Fund
Class R6 Shares  (a)
184,178
639
182,275
(756
)
(1,786
)
—
—
639
—
JPMorgan Market Expansion Enhanced Equity
ETF  (a)
174,690
—
31,220
3,917
22,988
170,375
2,911
2,299
—
JPMorgan Mid Cap Growth Fund Class R6
Shares  (a) *
77,060
—
13,095
(1,558
)
14,034
76,441
1,439
—
—
JPMorgan Realty Income ETF  (a)
15,407
—
15,684
(2,255
)
2,532
—
—
—
—
JPMorgan Short Duration Core Plus Fund
Class R6 Shares  (a)
76,445
2,036
3,415
(399
)
2,107
76,774
8,409
2,037
—
JPMorgan Small Cap Equity Fund Class R6
Shares  (a)
26,669
1,139
4,199
(858
)
2,613
25,364
443
286
852
JPMorgan Small Cap Value Fund Class R6
Shares  (a)
49,068
724
20,650
478
5,495
35,115
1,234
654
71
JPMorgan U.S. Equity Fund Class R6 Shares
 (a)
465,590
11,040
46,888
16,389
66,751
512,882
21,604
3,505
5,097
JPMorgan U.S. GARP Equity Fund Class R6
Shares  (a)
180,172
1,988
31,991
7,551
31,664
189,384
2,488
905
1,083
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.25%  (a) (b)
58,666
262,299
257,200
—
—
63,765
63,765
2,268
—
JPMorgan U.S. Research Enhanced Equity
Fund Class R6 Shares  (a)
260,265
4,738
23,462
3,402
43,877
288,820
7,069
2,460
327
JPMorgan Investor Balanced 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)
$41,258
$1,234
$—
$—
$1,117
$43,609
4,505
$1,233
$—
JPMorgan Value Advantage Fund Class R6
Shares  (a)
159,907
11,673
9,880
(171
)
16,830
178,359
4,585
3,044
8,629
Total
$5,234,790
$671,308
$877,012
$18,413
$381,271
$5,428,770
 
$120,528
$23,133
 
 
(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.