OBBCX — JPMorgan Mortgage-Backed Securities Fund
Data updated: 2025-07-28
OBBCX — JPMorgan Mortgage-Backed Securities Fund. Long Total / Aggregate Bond · $5.88B AUM · 1.15% expense ratio. Holdings, fees, performance and SEC filings.
OBBCX Fund Overview
OBBCX — JPMorgan Mortgage-Backed Securities Fund is a US mutual fund managed by JPMorgan Trust II, categorised as Long Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: JPMorgan Trust II
- Category: Long Total / Aggregate Bond
- Assets under management: $5.88B
- 1-year return: 5.7%
- Ticker: OBBCX
- SEC CIK: 0000763852
- SEC series ID: S000003488
- Share class ID: C000116212
OBBCX Investment Objective and Strategy
JPMorgan Mortgage-Backed Securities Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by JPMorgan Trust II.
Investment objective
The Fund seeks to maximize total return by investing primarily in a diversified portfolio of debt securities backed by pools of residential and/or commercial mortgages.
Principal investment strategy
The Fund invests mainly in investment grade mortgage-backed securities or unrated mortgage-backed securities which the adviser determines to be of comparable quality. Under normal circumstances, the Fund invests at least 80% of its Assets in mortgage-backed securities. For purposes of this policy, Assets means net assets plus the amount of borrowings for investment purposes. As part of its principal investment strategy, the Fund may invest in securities issued or guaranteed by U.S. government agencies or instrumentalities such as the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) or non-governmental securities, commercial mortgage securities, collateralized mortgage obligations (agency and non-agency), stripped mortgage-backed securities, mortgage pass-through securities and other securities representing an interest in or secured by mortgages including asset-backed securities backed by home equity loans.
These securities may be structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund may invest a significant portion or all of its assets in mortgage-backed securities in the advisers discretion. The Fund expects to invest no more than 10% of its assets in sub-prime mortgage-related securities at the time of purchase. All securities will be U.S. dollar-denominated although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation or a foreign government or its agencies and instrumentalities. As a matter of fundamental policy, at least 65% of the Funds total assets will consist of bonds. The Funds average weighted maturity will normally range between two and ten years. The Fund may have a longer or shorter average weighted maturity under certain market conditions and the Fund may shorten or lengthen its average weighted maturity if deemed appropriate for temporary defensive purposes.
Because of the Funds holdings in asset-backed, mortgage-backed and similar securities, the Funds average weighted maturity is equivalent to the average weighted maturity of the cash flows in the securities held by the Fund given certain prepayment assumptions (also known as weighted average life). The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity, legal provisions and the structure of the transaction.
OBBCX Holdings
Top 10 holdings of JPMorgan Mortgage-Backed Securities Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| JPMorgan Prime Money Market Fund | 4.03% |
| Fnma/fhlmc | 2.06% |
| United States of America | 1.19% |
| Fnma | 0.81% |
| United States of America | 0.75% |
| Fnma/fhlmc | 0.70% |
| Fnma | 0.62% |
| Gnma | 0.61% |
| Fnma | 0.60% |
| Fnma | 0.53% |
OBBCX Portfolio Allocation
Asset-class allocation of JPMorgan Mortgage-Backed Securities Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Securitized | 95.8% |
| Cash & Equivalents | 4.0% |
| Fixed Income | 3.6% |
OBBCX Performance
Total returns for OBBCX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 5.7% |
| 3 years (annualised) | 1.6% |
| 5 years (annualised) | -0.2% |
OBBCX Risk Information
Risk metrics for OBBCX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 5.2%
OBBCX Costs and Fees
OBBCX costs about $115 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.15%
- Gross expense ratio: 1.37%
- Portfolio turnover: 20%
- Brokerage commissions: 0.07 bps of average net assets (SEC N-CEN)
OBBCX Cashflows
Over the 12 months to 2025-05, JPMorgan Mortgage-Backed Securities Fund had net inflows of $318.67M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2025-05 | −$13.86M |
| 2025-04 | $37.98M |
| 2025-03 | −$21.15M |
| 2025-02 | −$29.07M |
| 2025-01 | $95.12M |
| 2024-12 | $5.97M |
OBBCX Debt Constituents
Largest debt holdings of JPMorgan Mortgage-Backed Securities Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| United States of America | 1.19% |
| United States of America | 0.75% |
| United States of America | 0.37% |
| United States of America | 0.36% |
| United States of America | 0.25% |
| United States of America | 0.23% |
| United States of America | 0.14% |
| United States of America | 0.14% |
| United States of America | 0.12% |
| CFIN 2022-RTL1 Issuer LLC | 0.05% |
OBBCX Prospectus and SEC Filings
Official JPMorgan Mortgage-Backed Securities Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-06-21
- Prospectus (485BPOS) — filed 2023-06-22
- Prospectus (485BPOS) — filed 2022-06-23
- Portfolio holdings (N-PORT) — filed 2025-07-28
- Portfolio holdings (N-PORT) — filed 2025-04-29
- Portfolio holdings (N-PORT) — filed 2025-01-27
- Annual census (N-CEN) — filed 2025-05-14
- Annual census (N-CEN) — filed 2024-05-14
Related Funds
Other Long Total / Aggregate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.