NPORT-EX 2 JPMINVBAL.htm NPORT PART F FOR VALIDATION PURPOSES ONLY - [501437.JPMINVBAL]
JPMorgan Investor Balanced Fund
Schedule of Portfolio Investments as of March 31, 2023
(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., 2023.
JPMorgan Investor Balanced Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Investment Companies — 89.2%
Alternative Assets — 0.8%
JPMorgan Unconstrained Debt Fund Class R6 Shares  (a)
4,323
41,064
Fixed Income — 47.5%
JPMorgan Core Bond Fund Class R6 Shares  (a)
111,114
1,153,361
JPMorgan Core Plus Bond Fund Class R6 Shares  (a)
78,916
576,876
JPMorgan Emerging Markets Debt Fund Class R6 Shares  (a)
7,590
44,854
JPMorgan High Yield Fund Class R6 Shares  (a)
23,315
144,786
JPMorgan Income Fund Class R6 Shares  (a)
32,682
270,611
JPMorgan Limited Duration Bond Fund Class R6 Shares  (a)
18,847
183,008
JPMorgan Short Duration Core Plus Fund Class R6 Shares  (a)
8,493
76,607
Total Fixed Income
2,450,103
International Equity — 6.7%
JPMorgan Emerging Markets Equity Fund Class R6 Shares  (a)
3,779
111,584
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares  (a)
5,163
79,555
JPMorgan Europe Dynamic Fund Class R6 Shares  (a)
2,929
85,453
JPMorgan International Equity Fund Class R6 Shares  (a)
3,971
71,001
Total International Equity
347,593
U.S. Equity — 34.2%
JPMorgan Equity Income Fund Class R6 Shares  (a)
6,742
147,926
JPMorgan Large Cap Growth Fund Class R6 Shares  (a)
5,805
297,458
JPMorgan Large Cap Value Fund Class R6 Shares  (a)
8,644
156,967
JPMorgan Mid Cap Growth Fund Class R6 Shares  * (a)
1,714
72,124
JPMorgan Small Cap Equity Fund Class R6 Shares  (a)
499
25,825
JPMorgan Small Cap Value Fund Class R6 Shares  (a)
1,969
47,366
JPMorgan U.S. Equity Fund Class R6 Shares  (a)
24,416
449,749
JPMorgan U.S. GARP Equity Fund Class R6 Shares  (a)
3,264
176,885
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares  (a)
7,578
238,248
JPMorgan Value Advantage Fund Class R6 Shares  (a)
4,529
154,745
Total U.S. Equity
1,767,293
Total Investment Companies
(Cost $4,117,715)
4,606,053
Exchange-Traded Funds — 9.8%
Alternative Assets — 0.9%
JPMorgan Realty Income ETF  (a)
1,075
45,426
International Equity — 5.6%
JPMorgan International Research Enhanced Equity ETF  (a)
5,277
290,588
U.S. Equity — 3.3%
JPMorgan Market Expansion Enhanced Equity ETF  (a)
3,482
167,029
Total Exchange-Traded Funds
(Cost $430,589)
503,043
JPMorgan Investor Balanced Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Short-Term Investments — 1.1%
Investment Companies — 1.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.68% (a) (b)
(Cost $57,933)
57,933
57,933
Total Investments — 100.1%
(Cost $4,606,237)
5,167,029
Liabilities in Excess of Other Assets — (0.1)%
(4,643)
NET ASSETS — 100.0%
5,162,386
 
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, 2023.
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, 2023 (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)
$5,167,029
$—
$—
$5,167,029
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds and ETFs which are 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
JPMorgan Investor Balanced Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
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, 2023
Security Description
Value at
June 30,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2023
Shares at
March 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Core Bond Fund Class R6 Shares
 (a)
$1,121,166
$100,396
$46,227
$(8,640)
$(13,334)
$1,153,361
111,114
$26,825
$66
JPMorgan Core Plus Bond Fund Class R6
Shares  (a)
528,737
70,851
12,570
(2,437)
(7,705)
576,876
78,916
15,457
—
JPMorgan Emerging Markets Debt Fund
Class R6 Shares  (a)
41,974
2,127
—
—
753
44,854
7,590
2,128
—
JPMorgan Emerging Markets Equity Fund
Class R6 Shares  (a)
115,761
765
8,975
(2,075)
6,108
111,584
3,779
765
—
JPMorgan Emerging Markets Research
Enhanced Equity Fund Class R6 Shares  (a)
81,630
1,893
2,640
(732)
(596)
79,555
5,163
1,892
—
JPMorgan Equity Income Fund Class R6
Shares  (a)
170,007
5,343
31,408
5,296
(1,312)
147,926
6,742
2,791
2,551
JPMorgan Europe Dynamic Fund Class R6
Shares  (a)
81,888
1,010
12,357
(86)
14,998
85,453
2,929
1,010
—
JPMorgan High Yield Fund Class R6 Shares
 (a)
136,467
6,993
—
—
1,326
144,786
23,315
6,993
—
JPMorgan Income Fund Class R6 Shares  (a)
267,933
13,098
4,623
(690)
(5,107)
270,611
32,682
10,450
—
JPMorgan International Equity Fund Class R6
Shares  (a)
74,579
1,930
13,766
(1,027)
9,285
71,001
3,971
1,930
—
JPMorgan International Research Enhanced
Equity ETF  (a)
297,297
—
44,649
(2,488)
40,428
290,588
5,277
7,316
—
JPMorgan Large Cap Growth Fund Class R6
Shares  (a)
262,035
17,564
3,709
(883)
22,451
297,458
5,805
1,610
7,407
JPMorgan Large Cap Value Fund Class R6
Shares  (a)
171,845
13,450
35,062
6,990
(256)
156,967
8,644
2,086
6,337
JPMorgan Limited Duration Bond Fund
Class R6 Shares  (a)
206,881
4,206
27,117
(1,420)
458
183,008
18,847
4,207
—
JPMorgan Market Expansion Enhanced Equity
ETF  (a)
187,221
—
30,711
(2,353)
12,872
167,029
3,482
2,303
8,324
JPMorgan Mid Cap Growth Fund Class R6
Shares  (a) *
66,533
514
2,615
(921)
8,613
72,124
1,714
—
513
JPMorgan Realty Income ETF  (a)
62,022
—
10,784
(24)
(5,788)
45,426
1,075
937
3,977
JPMorgan Short Duration Core Plus Fund
Class R6 Shares  (a)
84,387
1,690
9,264
(786)
580
76,607
8,493
1,690
—
JPMorgan Small Cap Equity Fund Class R6
Shares  (a)
25,263
2,849
1,541
(500)
(246)
25,825
499
106
2,744
JPMorgan Small Cap Value Fund Class R6
Shares  (a)
50,005
4,287
5,278
(587)
(1,061)
47,366
1,969
538
3,749
JPMorgan U.S. Equity Fund Class R6 Shares
 (a)
439,792
32,357
44,051
405
21,246
449,749
24,416
4,231
15,556
JPMorgan U.S. GARP Equity Fund Class R6
Shares  (a)
167,370
7,199
11,994
(3,203)
17,513
176,885
3,264
993
6,206
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 4.68%  (a) (b)
54,869
327,866
324,802
—
—
57,933
57,933
2,159
—
JPMorgan U.S. Research Enhanced Equity
Fund Class R6 Shares  (a)
226,519
13,225
19,758
(1,130)
19,392
238,248
7,578
2,367
3,317
JPMorgan Investor Balanced Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
 
For the period ended March 31, 2023
Security Description
Value at
June 30,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2023
Shares at
March 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Unconstrained Debt Fund Class R6
Shares  (a)
$38,970
$1,071
$—
$—
$1,023
$41,064
4,323
$1,070
$—
JPMorgan Value Advantage Fund Class R6
Shares  (a)
188,990
17,980
45,196
69
(7,098)
154,745
4,529
3,026
12,440
Total
$5,150,141
$648,664
$749,097
$(17,222)
$134,543
$5,167,029
$104,880
$73,187
 
 
(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, 2023.
*
Non-income producing security.