NPORT-EX 2 JPMIBF.htm EDGAR HTML
JPMorgan Investor Balanced Fund
Schedule of Portfolio Investments as of March 31, 2025
(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., 2025.
JPMorgan Investor Balanced Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Investment Companies — 85.6%
Alternative Assets — 0.9%
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)
4,735
46,024
Fixed Income — 45.6%
JPMorgan Core Bond Fund Class R6 Shares (a)
122,404
1,263,212
JPMorgan Core Plus Bond Fund Class R6 Shares (a)
86,081
623,228
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)
8,601
53,326
JPMorgan High Yield Fund Class R6 Shares (a)
23,436
151,397
JPMorgan Income Fund Class R6 Shares (a)
33,436
285,880
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)
8,762
81,831
Total Fixed Income
2,458,874
International Equity — 5.4%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)
2,208
69,410
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)
4,256
71,886
JPMorgan Europe Dynamic Fund Class R6 Shares (a)
2,354
81,617
JPMorgan International Equity Fund Class R6 Shares (a)
3,486
70,978
Total International Equity
293,891
U.S. Equity — 33.7%
JPMorgan Equity Income Fund Class R6 Shares (a)
6,695
163,950
JPMorgan Large Cap Growth Fund Class R6 Shares (a)
3,903
301,622
JPMorgan Large Cap Value Fund Class R6 Shares (a)
10,203
200,485
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)
1,530
71,849
JPMorgan Small Cap Equity Fund Class R6 Shares (a)
485
24,680
JPMorgan Small Cap Value Fund Class R6 Shares (a)
958
24,479
JPMorgan U.S. Equity Fund Class R6 Shares (a)
17,626
415,263
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)
2,631
199,687
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)
6,027
248,679
JPMorgan Value Advantage Fund Class R6 Shares (a)
4,386
166,518
Total U.S. Equity
1,817,212
Total Investment Companies
(Cost $3,742,511)
4,616,001
Exchange-Traded Funds — 13.7%
Fixed Income — 3.0%
JPMorgan Limited Duration Bond ETF (a)
3,088
160,592
International Equity — 8.1%
JPMorgan Global Select Equity ETF (a)
2,218
130,722
JPMorgan International Research Enhanced Equity ETF (a)
4,797
305,645
Total International Equity
436,367
U.S. Equity — 2.6%
JPMorgan Small & Mid Cap Enhanced Equity ETF (a)
2,576
144,212
Total Exchange-Traded Funds
(Cost $591,256)
741,171
JPMorgan Investor Balanced Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Short-Term Investments — 0.8%
Investment Companies — 0.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.31% (a) (b)
(Cost $44,253)
44,253
44,253
Total Investments — 100.1%
(Cost $4,378,020)
5,401,425
Liabilities in Excess of Other Assets — (0.1)%
(6,854
)
NET ASSETS — 100.0%
5,394,571
 
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, 2025.
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements 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, 2025 (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 Securities and Exchange Commission 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 Fund 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 Fund. 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)
$5,401,425
$—
$—
$5,401,425
 
 
(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, 2025 (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, 2025
Security Description
Value at
June 30,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2025
Shares at
March 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Core Bond Fund Class R6 Shares
 (a)
$1,261,095
$95,684
$119,705
$(19,529
)
$45,667
$1,263,212
122,404
$39,114
$—
JPMorgan Core Plus Bond Fund Class R6
Shares  (a)
623,483
45,685
56,393
(10,242
)
20,695
623,228
86,081
23,243
—
JPMorgan Emerging Markets Debt Fund
Class R6 Shares  (a)
49,998
2,620
—
—
708
53,326
8,601
2,620
—
JPMorgan Emerging Markets Equity Fund
Class R6 Shares  (a)
68,217
1,071
—
—
122
69,410
2,208
1,071
—
JPMorgan Emerging Markets Research
Enhanced Equity Fund Class R6 Shares  (a)
69,368
1,619
—
—
899
71,886
4,256
1,618
—
JPMorgan Equity Income Fund Class R6
Shares  (a)
167,119
12,295
20,179
3,061
1,654
163,950
6,695
2,652
9,643
JPMorgan Europe Dynamic Fund Class R6
Shares  (a)
74,402
2,901
—
—
4,314
81,617
2,354
2,901
—
JPMorgan Global Select Equity ETF  (a)
67,750
65,868
—
—
(2,896
)
130,722
2,218
511
1,117
JPMorgan High Yield Fund Class R6 Shares
 (a)
148,778
8,453
7,681
(711
)
2,558
151,397
23,436
8,453
—
JPMorgan Income Fund Class R6 Shares  (a)
282,808
19,789
22,116
(2,390
)
7,789
285,880
33,436
13,088
—
JPMorgan International Equity Fund Class R6
Shares  (a)
67,415
2,058
—
—
1,505
70,978
3,486
2,058
—
JPMorgan International Research Enhanced
Equity ETF  (a)
291,140
21,823
14,390
1,104
5,968
305,645
4,797
8,249
—
JPMorgan Large Cap Growth Fund Class R6
Shares  (a)
320,421
8,090
22,740
7,577
(11,726
)
301,622
3,903
685
3,113
JPMorgan Large Cap Value Fund Class R6
Shares  (a)
172,312
32,200
—
—
(4,027
)
200,485
10,203
2,244
17,620
JPMorgan Limited Duration Bond ETF  (a)
158,121
—
—
—
2,471
160,592
3,088
5,288
—
JPMorgan Mid Cap Growth Fund Class R6
Shares  (a) *
73,692
9,318
5,020
72
(6,213
)
71,849
1,530
—
5,562
JPMorgan Short Duration Core Plus Fund
Class R6 Shares  (a)
77,651
2,467
—
—
1,713
81,831
8,762
2,467
—
JPMorgan Small & Mid Cap Enhanced Equity
ETF  (a)
153,779
—
9,029
2,637
(3,175
)
144,212
2,576
1,481
—
JPMorgan Small Cap Equity Fund Class R6
Shares  (a)
24,375
2,422
—
—
(2,117
)
24,680
485
146
2,276
JPMorgan Small Cap Value Fund Class R6
Shares  (a)
31,158
1,792
7,228
891
(2,134
)
24,479
958
234
1,559
JPMorgan U.S. Equity Fund Class R6 Shares
 (a)
491,307
32,335
91,942
52,777
(69,214
)
415,263
17,626
2,377
23,479
JPMorgan U.S. GARP Equity Fund Class R6
Shares  (a)
203,713
20,184
8,977
902
(16,135
)
199,687
2,631
783
11,893
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 4.31%  (a) (b)
56,151
257,993
269,891
—
—
44,253
44,253
2,062
—
JPMorgan U.S. Research Enhanced Equity
Fund Class R6 Shares  (a)
282,677
17,822
44,656
14,901
(22,065
)
248,679
6,027
2,176
12,947
JPMorgan Unconstrained Debt Fund Class R6
Shares  (a)
43,863
1,664
—
—
497
46,024
4,735
1,664
—
JPMorgan Value Advantage Fund Class R6
Shares  (a)
165,826
16,298
17,891
2,940
(655
)
166,518
4,386
2,958
13,339
Total
$5,426,619
$682,451
$717,838
$53,990
$(43,797
)
$5,401,425
$130,143
$102,548
 
 
(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.
JPMorgan Investor Balanced Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
(b)
The rate shown is the current yield as of March 31, 2025.
*
Non-income producing security.