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.