JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited)
Investments | Principal Amount ($000) | Value ($000) | ||||||
CORPORATE BONDS — 97.5% |
| |||||||
Aerospace & Defense — 4.0% |
| |||||||
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030(a) | 8,255 | 9,320 | ||||||
Boeing Co. (The) | ||||||||
4.51%, 5/1/2023 | 13,050 | 13,995 | ||||||
4.88%, 5/1/2025 | 4,515 | 5,040 | ||||||
2.25%, 6/15/2026 | 5,780 | 5,798 | ||||||
5.04%, 5/1/2027 | 6,619 | 7,581 | ||||||
3.25%, 2/1/2028 | 3,820 | 3,979 | ||||||
3.63%, 2/1/2031 | 1,750 | 1,847 | ||||||
3.60%, 5/1/2034 | 1,453 | 1,467 | ||||||
3.25%, 2/1/2035 | 3,855 | 3,776 | ||||||
5.71%, 5/1/2040 | 2,735 | 3,452 | ||||||
3.38%, 6/15/2046 | 1,000 | 923 | ||||||
Howmet Aerospace, Inc. | ||||||||
5.13%, 10/1/2024 | 100 | 109 | ||||||
5.90%, 2/1/2027 | 200 | 232 | ||||||
L3Harris Technologies, Inc. 4.40%, 6/15/2028 | 940 | 1,126 | ||||||
Leidos, Inc. | ||||||||
4.38%, 5/15/2030(a) | 5,461 | 6,497 | ||||||
2.30%, 2/15/2031(a) | 3,020 | 3,065 | ||||||
Lockheed Martin Corp. | ||||||||
4.07%, 12/15/2042 | 1,923 | 2,506 | ||||||
3.80%, 3/1/2045 | 1,750 | 2,211 | ||||||
2.80%, 6/15/2050 | 2,290 | 2,508 | ||||||
Northrop Grumman Corp. 3.25%, 1/15/2028 | 4,957 | 5,596 | ||||||
Raytheon Technologies Corp. | ||||||||
4.13%, 11/16/2028 | 13,570 | 16,176 | ||||||
4.45%, 11/16/2038 | 3,595 | 4,638 | ||||||
3.75%, 11/1/2046 | 855 | 1,037 | ||||||
4.35%, 4/15/2047(a) | 160 | 207 | ||||||
Spirit AeroSystems, Inc. 7.50%, 4/15/2025(a) | 85 | 91 | ||||||
|
| |||||||
103,177 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.0%(b) | ||||||||
XPO Logistics, Inc. 6.75%, 8/15/2024(a) | 245 | 260 | ||||||
|
| |||||||
Auto Components — 0.0%(b) | ||||||||
American Axle & Manufacturing, Inc. 6.25%, 4/1/2025 | 180 | 187 | ||||||
Dana Financing Luxembourg SARL 6.50%, 6/1/2026(a) | 200 | 210 | ||||||
Icahn Enterprises LP 6.25%, 5/15/2026 | 230 | 240 | ||||||
|
| |||||||
637 | ||||||||
|
| |||||||
Automobiles — 0.8% | ||||||||
General Motors Co. | ||||||||
4.88%, 10/2/2023 | 4,565 | 5,046 | ||||||
6.13%, 10/1/2025 | 226 | 272 | ||||||
5.00%, 4/1/2035 | 640 | 758 | ||||||
5.20%, 4/1/2045 | 865 | 1,054 | ||||||
5.40%, 4/1/2048 | 585 | 738 | ||||||
Hyundai Capital America | ||||||||
1.25%, 9/18/2023(a) | 4,700 | 4,734 | ||||||
1.80%, 10/15/2025(a) | 1,675 | 1,695 | ||||||
2.38%, 10/15/2027(a) | 2,500 | 2,577 | ||||||
Volkswagen Group of America Finance LLC (Germany) | ||||||||
3.20%, 9/26/2026(a) | 900 | 994 | ||||||
3.75%, 5/13/2030(a) | 3,000 | 3,483 | ||||||
|
| |||||||
21,351 | ||||||||
|
| |||||||
Banks — 17.3% | ||||||||
AIB Group plc (Ireland) | ||||||||
4.75%, 10/12/2023(a) | 4,085 | 4,492 | ||||||
(ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025(a)(c) | 920 | 1,003 | ||||||
Australia & New Zealand Banking Group Ltd. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.29%), 2.95%, 7/22/2030(a)(c) | 3,366 | 3,536 | ||||||
Banco Bilbao Vizcaya Argentaria SA (Spain) 1.13%, 9/18/2025 | 3,400 | 3,411 | ||||||
Banco Santander SA (Spain) | ||||||||
2.71%, 6/27/2024 | 3,800 | 4,045 | ||||||
4.25%, 4/11/2027 | 5,600 | 6,429 | ||||||
Bank of America Corp. | ||||||||
Series U, (ICE LIBOR USD 3 Month + 3.14%), 5.20%, 6/1/2023(c)(d)(e) | 6,650 | 6,849 | ||||||
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024(c)(d)(e) | 1,301 | 1,467 | ||||||
4.00%, 1/22/2025 | 2,740 | 3,066 | ||||||
Series L, 3.95%, 4/21/2025 | 9,190 | 10,306 | ||||||
Series L, 4.18%, 11/25/2027 | 7,070 | 8,158 | ||||||
(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028(c) | 17,500 | 20,016 | ||||||
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028(c) | 9,525 | 10,863 | ||||||
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028(c) | 18,860 | 21,223 | ||||||
(ICE LIBOR USD 3 Month + 1.19%), 2.88%, 10/22/2030(c) | 1,745 | 1,907 | ||||||
(SOFR + 1.37%), 1.92%, 10/24/2031(c) | 1,280 | 1,290 | ||||||
(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038(c) | 75 | 94 | ||||||
(SOFR + 1.93%), 2.68%, 6/19/2041(c) | 7,505 | 7,835 | ||||||
Barclays plc (United Kingdom) | ||||||||
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023(c)(d)(e) | 400 | 430 | ||||||
4.84%, 5/9/2028 | 2,106 | 2,396 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||||||
BNP Paribas SA (France) | ||||||||||||
3.80%, 1/10/2024(a) | 1,200 | 1,309 | ||||||||||
(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025(a)(c) | 700 | 777 | ||||||||||
4.38%, 9/28/2025(a) | 2,610 | 2,966 | ||||||||||
(SOFR + 2.07%), 2.22%, 6/9/2026(a)(c) | 2,120 | 2,209 | ||||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 2.59%, 8/12/2035(a)(c) | 2,705 | 2,726 | ||||||||||
CIT Group, Inc. 6.13%, 3/9/2028 |
| 250 | 307 | |||||||||
Citigroup, Inc. | ||||||||||||
Series Q, (ICE LIBOR USD 3 Month + 4.10%), 4.32%, 2/15/2021(c)(d)(e) | 1,357 | 1,352 | ||||||||||
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023(c)(d)(e) | 838 | 882 | ||||||||||
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023(c)(d)(e) | 85 | 90 | ||||||||||
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024(c)(d)(e) | 2,580 | 2,741 | ||||||||||
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025(c)(d)(e) | 2,851 | 2,912 | ||||||||||
4.30%, 11/20/2026 | 6,179 | 7,149 | ||||||||||
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028(c) | 24,565 | 27,976 | ||||||||||
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028(c) | 2,045 | 2,318 | ||||||||||
(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028(c) | 7,670 | 8,669 | ||||||||||
(SOFR + 1.42%), 2.98%, 11/5/2030(c) | 5,000 | 5,452 | ||||||||||
(SOFR + 3.91%), 4.41%, 3/31/2031(c) | 3,050 | 3,679 | ||||||||||
(SOFR + 2.11%), 2.57%, 6/3/2031(c) | 4,595 | 4,890 | ||||||||||
5.30%, 5/6/2044 | 200 | 282 | ||||||||||
Commonwealth Bank of Australia (Australia) |
| |||||||||||
4.50%, 12/9/2025(a) | 6,750 | 7,723 | ||||||||||
3.74%, 9/12/2039(a) | 200 | 231 | ||||||||||
Cooperatieve Rabobank UA (Netherlands) 3.75%, 7/21/2026 |
| 6,950 | 7,818 | |||||||||
Credit Agricole SA (France) | ||||||||||||
3.25%, 10/4/2024(a) |
| 8,000 | 8,685 | |||||||||
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(a)(c)(d)(e) | 400 | 483 | ||||||||||
(SOFR + 1.68%), 1.91%, 6/16/2026(a)(c) | 1,635 | 1,688 | ||||||||||
4.13%, 1/10/2027(a) | 525 | 603 | ||||||||||
Danske Bank A/S (Denmark) | ||||||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.73%), 5.00%, 1/12/2023(a)(c) | 3,405 | 3,548 | ||||||||||
5.38%, 1/12/2024(a) | 500 | 563 | ||||||||||
(ICE LIBOR USD 3 Month + 1.59%), 3.24%, 12/20/2025(a)(c) | 860 | 919 | ||||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 1.62%, 9/11/2026(a)(c) | 6,635 | 6,652 | ||||||||||
Fifth Third Bancorp Series J, (ICE LIBOR USD 3 Month + 3.13%), 3.35%, 1/7/2021(c)(d)(e) | 2,750 | 2,570 | ||||||||||
Fifth Third Bank NA 3.85%, 3/15/2026 | 270 | 306 | ||||||||||
HSBC Holdings plc (United Kingdom) |
| |||||||||||
(ICE LIBOR USD 3 Month + 1.21%), 3.80%, 3/11/2025(c) | 1,095 | 1,192 | ||||||||||
(USD ICE Swap Rate 5 Year + 4.37%), 6.37%, 3/30/2025(c)(d)(e) | 320 | 348 | ||||||||||
(ICE LIBOR USD 3 Month + 1.14%), 2.63%, 11/7/2025(c) | 3,520 | 3,711 | ||||||||||
4.30%, 3/8/2026 | 650 | 746 | ||||||||||
(SOFR + 1.54%), 1.64%, 4/18/2026(c) | 1,400 | 1,420 | ||||||||||
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026(c) | 7,020 | 7,947 | ||||||||||
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028(c) | 5,000 | 5,673 | ||||||||||
(SOFR + 1.73%), 2.01%, 9/22/2028(c) | 9,460 | 9,612 | ||||||||||
4.95%, 3/31/2030 | 3,815 | 4,744 | ||||||||||
(SOFR + 2.39%), 2.85%, 6/4/2031(c) | 3,779 | 4,031 | ||||||||||
(SOFR + 1.95%), 2.36%, 8/18/2031(c) | 3,150 | 3,241 | ||||||||||
KBC Group NV (Belgium) (EUR Swap Annual 5 Year + 4.69%), 4.75%, 3/5/2024(c)(d)(e)(f) | EUR | 200 | 255 | |||||||||
KeyBank NA 3.40%, 5/20/2026 |
| 295 | 329 | |||||||||
Lloyds Banking Group plc (United Kingdom) 4.58%, 12/10/2025 |
| 3,568 | 4,014 | |||||||||
Mizuho Financial Group, Inc. (Japan) (ICE LIBOR USD 3 Month + 0.83%), 2.23%, 5/25/2026(c) |
| 3,000 | 3,146 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||||||
National Australia Bank Ltd. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034(a)(c) |
| 850 | 951 | |||||||||
Natwest Group plc (United Kingdom) |
| |||||||||||
6.13%, 12/15/2022 | 4,005 | 4,401 | ||||||||||
6.00%, 12/19/2023 | 6,000 | 6,815 | ||||||||||
5.13%, 5/28/2024 | 5,000 | 5,591 | ||||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025(c)(d)(e) | 2,758 | 3,017 | ||||||||||
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.99%), 5.12%, 5/12/2027(c)(d)(e) | GBP | 453 | 623 | |||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 3.07%, 5/22/2028(c) | 3,465 | 3,741 | ||||||||||
Societe Generale SA (France) |
| |||||||||||
4.25%, 4/14/2025(a) | 6,870 | 7,562 | ||||||||||
4.75%, 11/24/2025(a) | 6,735 | 7,567 | ||||||||||
4.25%, 8/19/2026(a) | 3,350 | 3,721 | ||||||||||
4.00%, 1/12/2027(a) | 4,455 | 4,999 | ||||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030(a)(c)(d)(e) | 8,575 | 8,891 | ||||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.65%, 7/8/2035(a)(c) | 2,125 | 2,231 | ||||||||||
Standard Chartered plc (United Kingdom) |
| |||||||||||
(ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023(a)(c) | 500 | 520 | ||||||||||
(ICE LIBOR USD 3 Month + 1.56%), 3.79%, 5/21/2025(a)(c) | 3,220 | 3,484 | ||||||||||
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026(a)(c) | 4,405 | 4,641 | ||||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 4.64%, 4/1/2031(a)(c) | 3,470 | 4,171 | ||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) 2.13%, 7/8/2030 |
| 3,640 | 3,781 | |||||||||
Svenska Handelsbanken AB (Sweden) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.69%), 6.25%, 3/1/2024(c)(d)(e)(f) |
| 400 | 438 | |||||||||
Truist Financial Corp. |
| |||||||||||
Series P, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.61%), 4.95%, 9/1/2025(c)(d)(e) | 1,427 | 1,563 | ||||||||||
Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030(c)(d)(e) | 1,797 | 2,030 | ||||||||||
UniCredit SpA (Italy) |
| |||||||||||
6.57%, 1/14/2022(a) | 6,500 | 6,873 | ||||||||||
(EUR Swap Annual 5 Year + 2.80%), 2.73%, 1/15/2032(c)(f) | EUR | 400 | 481 | |||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 5.46%, 6/30/2035(a)(c) | 2,450 | 2,682 | ||||||||||
Wells Fargo & Co. |
| |||||||||||
(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025(c) | 1,215 | 1,280 | ||||||||||
4.10%, 6/3/2026 | 4,370 | 5,026 | ||||||||||
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027(c) | 6,550 | 7,240 | ||||||||||
4.30%, 7/22/2027 | 3,624 | 4,224 | ||||||||||
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028(c) | 18,855 | 21,303 | ||||||||||
(SOFR + 2.10%), 2.39%, 6/2/2028(c) | 7,215 | 7,630 | ||||||||||
(ICE LIBOR USD 3 Month + 1.00%), 2.57%, 2/11/2031(c) | 13,910 | 14,746 | ||||||||||
(SOFR + 2.53%), 3.07%, 4/30/2041(c) | 1,015 | 1,104 | ||||||||||
4.40%, 6/14/2046 | 665 | 841 | ||||||||||
Westpac Banking Corp. (Australia) |
| |||||||||||
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031(c) | 1,706 | 1,930 | ||||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.75%), 2.67%, 11/15/2035(c) | 3,598 | 3,718 | ||||||||||
|
| |||||||||||
449,516 | ||||||||||||
|
| |||||||||||
Beverages — 2.4% |
| |||||||||||
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.00%, 1/17/2043 |
| 1,820 | 2,128 | |||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| |||||||||||
4.00%, 4/13/2028 | 3,655 | 4,283 | ||||||||||
4.38%, 4/15/2038 | 2,820 | 3,484 | ||||||||||
4.35%, 6/1/2040 | 4,000 | 4,957 | ||||||||||
4.60%, 4/15/2048 | 1,310 | 1,668 | ||||||||||
4.44%, 10/6/2048 | 3,550 | 4,443 | ||||||||||
4.50%, 6/1/2050 | 10,395 | 13,018 | ||||||||||
Coca-Cola Co. (The) 2.50%, 6/1/2040 |
| 8,155 | 8,790 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||||||
Constellation Brands, Inc. |
| |||||||||||
3.15%, 8/1/2029 | 1,020 | 1,132 | ||||||||||
3.75%, 5/1/2050 | 700 | 821 | ||||||||||
Fomento Economico Mexicano SAB de CV (Mexico) 3.50%, 1/16/2050 |
| 2,330 | 2,560 | |||||||||
Keurig Dr Pepper, Inc. 3.80%, 5/1/2050 |
| 3,000 | 3,612 | |||||||||
Molson Coors Beverage Co. 4.20%, 7/15/2046 |
| 1,341 | 1,548 | |||||||||
PepsiCo, Inc. |
| |||||||||||
3.50%, 3/19/2040 | 1,520 | 1,850 | ||||||||||
3.60%, 8/13/2042 | 200 | 246 | ||||||||||
Pernod Ricard International Finance LLC 1.63%, 4/1/2031(a) |
| 6,730 | 6,618 | |||||||||
|
| |||||||||||
61,158 | ||||||||||||
|
| |||||||||||
Biotechnology — 2.8% |
| |||||||||||
AbbVie, Inc. |
| |||||||||||
3.20%, 11/21/2029 | 5,195 | 5,890 | ||||||||||
4.05%, 11/21/2039 | 8,640 | 10,473 | ||||||||||
4.63%, 10/1/2042 | 150 | 193 | ||||||||||
4.40%, 11/6/2042 | 3,675 | 4,634 | ||||||||||
4.25%, 11/21/2049 | 5,710 | 7,217 | ||||||||||
Amgen, Inc. |
| |||||||||||
2.30%, 2/25/2031 | 3,330 | 3,516 | ||||||||||
3.15%, 2/21/2040 | 6,960 | 7,517 | ||||||||||
Biogen, Inc. 2.25%, 5/1/2030 |
| 11,150 | 11,519 | |||||||||
Gilead Sciences, Inc. |
| |||||||||||
1.65%, 10/1/2030 | 3,290 | 3,275 | ||||||||||
4.00%, 9/1/2036 | 2,120 | 2,580 | ||||||||||
2.60%, 10/1/2040 | 2,160 | 2,187 | ||||||||||
4.80%, 4/1/2044 | 3,600 | 4,742 | ||||||||||
2.80%, 10/1/2050 | 3,795 | 3,812 | ||||||||||
Regeneron Pharmaceuticals, Inc. |
| |||||||||||
1.75%, 9/15/2030 | 5,855 | 5,757 | ||||||||||
2.80%, 9/15/2050 | 503 | 493 | ||||||||||
|
| |||||||||||
73,805 | ||||||||||||
|
| |||||||||||
Building Products — 0.1% |
| |||||||||||
American Woodmark Corp. 4.88%, 3/15/2026(a) |
| 105 | 107 | |||||||||
Carrier Global Corp. 2.24%, 2/15/2025(a) |
| 845 | 887 | |||||||||
JELD-WEN, Inc. 4.88%, 12/15/2027(a) |
| 110 | 116 | |||||||||
Standard Industries, Inc. 5.00%, 2/15/2027(a) |
| 2,000 | 2,098 | |||||||||
|
| |||||||||||
3,208 | ||||||||||||
|
| |||||||||||
Capital Markets — 5.9% |
| |||||||||||
Bank of New York Mellon Corp. (The) Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.35%), 3.70%, 3/20/2026(c)(d)(e) | 2,570 | 2,620 | ||||||||||
Credit Suisse Group AG (Switzerland) |
| |||||||||||
(USD Swap Semi 5 Year + 5.11%), 7.13%, 7/29/2022(c)(d)(e)(f) | 390 | 412 | ||||||||||
(ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024(a)(c) | 2,315 | 2,510 | ||||||||||
(SOFR + 1.56%), 2.59%, 9/11/2025(a)(c) | 6,941 | 7,323 | ||||||||||
(SOFR + 2.04%), 2.19%, 6/5/2026(a)(c) | 4,760 | 4,963 | ||||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.37%, 8/21/2026(a)(c)(d)(e) | 570 | 635 | ||||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.89%), 5.25%, 2/11/2027(a)(c)(d)(e) | 2,070 | 2,195 | ||||||||||
4.28%, 1/9/2028(a) | 5,455 | 6,297 | ||||||||||
(SOFR + 3.73%), 4.19%, 4/1/2031(a)(c) | 6,785 | 7,996 | ||||||||||
Deutsche Bank AG (Germany) (SOFR + 2.16%), 2.22%, 9/18/2024(c) |
| 5,140 | 5,245 | |||||||||
Goldman Sachs Group, Inc. (The) |
| |||||||||||
Series M, (ICE LIBOR USD 3 Month + 3.92%), 4.13%, 1/7/2021(c)(d)(e) | 478 | 476 | ||||||||||
3.50%, 11/16/2026 | 11,935 | 13,347 | ||||||||||
3.85%, 1/26/2027 | 1,295 | 1,480 | ||||||||||
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(c) | 17,865 | 20,433 | ||||||||||
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029(c) | 9,575 | 11,053 | ||||||||||
3.80%, 3/15/2030 | 640 | 748 | ||||||||||
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038(c) | 725 | 889 | ||||||||||
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 4/23/2039(c) | 2,500 | 3,208 | ||||||||||
Macquarie Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028(a)(c) | 215 | 237 | ||||||||||
Mellon Capital IV Series 1, (ICE LIBOR USD 3 Month + 0.57%), 4.00%, 1/7/2021(c)(d)(e) |
| 1,075 | 1,071 | |||||||||
Morgan Stanley |
| |||||||||||
Series H, (ICE LIBOR USD 3 Month + 3.61%), 3.85%, 1/15/2021(c)(d)(e) | 2,914 | 2,900 | ||||||||||
Series J, (ICE LIBOR USD 3 Month + 3.81%), 4.05%, 1/15/2021(c)(d)(e) | 4,350 | 4,328 | ||||||||||
1.88%, 4/27/2027 | EUR | 200 | 265 | |||||||||
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028(c) | 20,190 | 22,953 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||||||
(SOFR + 1.03%), 1.79%, 2/13/2032(c) | 7,280 | 7,330 | ||||||||||
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038(c) | 1,070 | 1,324 | ||||||||||
S&P Global, Inc. 2.30%, 8/15/2060 |
| 2,581 | 2,460 | |||||||||
State Street Corp. Series F, (ICE LIBOR USD 3 Month + 3.60%), 3.85%, 3/15/2021(c)(d)(e) |
| 3,122 | 3,142 | |||||||||
UBS AG (Switzerland) 7.63%, 8/17/2022 |
| 5,600 | 6,234 | |||||||||
UBS Group AG (Switzerland) |
| |||||||||||
(USD Swap Semi 5 Year + 5.50%), 6.87%, 3/22/2021(c)(d)(e)(f) | 260 | 264 | ||||||||||
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025(c)(d)(e)(f) | 450 | 512 | ||||||||||
(USD Swap Semi 5 Year + 4.59%), 6.87%, 8/7/2025(c)(d)(e)(f) | 978 | 1,104 | ||||||||||
4.13%, 9/24/2025(a) | 750 | 858 | ||||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027(a)(c) | 4,370 | 4,414 | ||||||||||
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030(a)(c) | 3,000 | 3,352 | ||||||||||
|
| |||||||||||
154,578 | ||||||||||||
|
| |||||||||||
Chemicals — 0.6% |
| |||||||||||
Air Products and Chemicals, Inc. 2.70%, 5/15/2040 |
| 3,300 | 3,571 | |||||||||
CF Industries, Inc. 4.95%, 6/1/2043 |
| 200 | 249 | |||||||||
Chemours Co. (The) 7.00%, 5/15/2025 |
| 150 | 155 | |||||||||
Dow Chemical Co. (The) |
| |||||||||||
4.55%, 11/30/2025 | 2,000 | 2,337 | ||||||||||
2.10%, 11/15/2030 | 3,150 | 3,215 | ||||||||||
Ecolab, Inc. 2.13%, 8/15/2050 |
| 1,470 | 1,412 | |||||||||
Mosaic Co. (The) 4.05%, 11/15/2027 |
| 581 | 653 | |||||||||
NOVA Chemicals Corp. (Canada) 5.25%, 6/1/2027(a) |
| 200 | 209 | |||||||||
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029 |
| 550 | 587 | |||||||||
Sherwin-Williams Co. (The) 3.30%, 5/15/2050 |
| 2,784 | 3,135 | |||||||||
Valvoline, Inc. 4.38%, 8/15/2025 |
| 170 | 176 | |||||||||
W.R. Grace & Co.-Conn. 4.88%, 6/15/2027(a) |
| 725 | 760 | |||||||||
|
| |||||||||||
16,459 | ||||||||||||
|
| |||||||||||
Commercial Services & Supplies — 0.3% |
| |||||||||||
ACCO Brands Corp. 5.25%, 12/15/2024(a) |
| 170 | 174 | |||||||||
ADT Security Corp. (The) 4.13%, 6/15/2023 |
| 200 | 211 | |||||||||
Aramark Services, Inc. 4.75%, 6/1/2026 |
| 100 | 102 | |||||||||
Brink’s Co. (The) |
| |||||||||||
5.50%, 7/15/2025(a) | 350 | 374 | ||||||||||
4.63%, 10/15/2027(a) | 185 | 195 | ||||||||||
Nielsen Finance LLC 5.00%, 4/15/2022(a) |
| 37 | 37 | |||||||||
Prime Security Services Borrower LLC 5.75%, 4/15/2026(a) |
| 1,177 | 1,277 | |||||||||
Republic Services, Inc. |
| |||||||||||
3.38%, 11/15/2027 | 3,560 | 4,052 | ||||||||||
3.05%, 3/1/2050 | 670 | 743 | ||||||||||
|
| |||||||||||
7,165 | ||||||||||||
|
| |||||||||||
Communications Equipment — 0.0%(b) |
| |||||||||||
CommScope, Inc. 6.00%, 3/1/2026(a) |
| 165 | 174 | |||||||||
|
| |||||||||||
Construction & Engineering — 0.4% |
| |||||||||||
Heathrow Funding Ltd. (United Kingdom) 6.45%, 12/10/2031(f) | GBP | 5,700 | 10,929 | |||||||||
|
| |||||||||||
Consumer Finance — 2.3% |
| |||||||||||
AerCap Ireland Capital DAC (Ireland) |
| |||||||||||
4.45%, 12/16/2021 | 5,000 | 5,150 | ||||||||||
4.88%, 1/16/2024 | 1,700 | 1,831 | ||||||||||
3.50%, 1/15/2025 | 2,265 | 2,348 | ||||||||||
Ally Financial, Inc. 5.75%, 11/20/2025 |
| 300 | 350 | |||||||||
Avolon Holdings Funding Ltd. (Ireland) |
| |||||||||||
5.25%, 5/15/2024(a) | 1,600 | 1,709 | ||||||||||
3.95%, 7/1/2024(a) | 5,000 | 5,138 | ||||||||||
2.88%, 2/15/2025(a) | 2,546 | 2,501 | ||||||||||
4.25%, 4/15/2026(a) | 2,070 | 2,144 | ||||||||||
4.38%, 5/1/2026(a) | 490 | 506 | ||||||||||
Ford Motor Credit Co. LLC |
| |||||||||||
4.06%, 11/1/2024 | 2,000 | 2,080 | ||||||||||
3.38%, 11/13/2025 | 5,120 | 5,138 | ||||||||||
4.39%, 1/8/2026 | 1,135 | 1,180 | ||||||||||
General Motors Financial Co., Inc. |
| |||||||||||
5.20%, 3/20/2023 | 6,000 | 6,581 | ||||||||||
4.15%, 6/19/2023 | 2,000 | 2,152 | ||||||||||
1.70%, 8/18/2023 | 4,250 | 4,353 | ||||||||||
3.95%, 4/13/2024 | 627 | 681 | ||||||||||
2.75%, 6/20/2025 | 3,816 | 4,038 | ||||||||||
5.25%, 3/1/2026 | 1,685 | 1,972 | ||||||||||
3.85%, 1/5/2028 | 155 | 173 | ||||||||||
Navient Corp. 7.25%, 1/25/2022 |
| 200 | 210 | |||||||||
OneMain Finance Corp. |
| |||||||||||
6.88%, 3/15/2025 | 650 | 744 | ||||||||||
7.13%, 3/15/2026 | 250 | 288 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||||||
Park Aerospace Holdings Ltd. (Ireland) 5.50%, 2/15/2024(a) |
| 413 | 441 | |||||||||
Volkswagen International Finance NV (Germany) (EUR Swap Annual 12 Year + 2.97%), 4.62%, 3/24/2026(c)(d)(e)(f) | EUR | 7,000 | 9,248 | |||||||||
|
| |||||||||||
60,956 | ||||||||||||
|
| |||||||||||
Containers & Packaging — 0.0%(b) |
| |||||||||||
Berry Global, Inc. 4.88%, 7/15/2026(a) |
| 300 | 318 | |||||||||
LABL Escrow Issuer LLC 6.75%, 7/15/2026(a) |
| 160 | 171 | |||||||||
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024(a) |
| 200 | 203 | |||||||||
Reynolds Group Issuer, Inc. 5.13%, 7/15/2023(a) |
| 6 | 6 | |||||||||
|
| |||||||||||
698 | ||||||||||||
|
| |||||||||||
Diversified Consumer Services — 0.4% |
| |||||||||||
Duke University Series 2020, 2.83%, 10/1/2055 |
| 4,260 | 4,571 | |||||||||
Pepperdine University Series 2020, 3.30%, 12/1/2059 |
| 190 | 206 | |||||||||
President and Fellows of Harvard College 2.52%, 10/15/2050 |
| 640 | 672 | |||||||||
Service Corp. International |
| |||||||||||
4.63%, 12/15/2027 | 23 | 24 | ||||||||||
5.13%, 6/1/2029 | 250 | 278 | ||||||||||
3.38%, 8/15/2030 | 1,205 | 1,235 | ||||||||||
Trustees of Boston University Series Ee, 3.17%, 10/1/2050 |
| 2,880 | 3,069 | |||||||||
University of Chicago (The) Series 20B, 2.76%, 4/1/2045 |
| 770 | 802 | |||||||||
William Marsh Rice University 2.60%, 5/15/2050 |
| 200 | 195 | |||||||||
|
| |||||||||||
11,052 | ||||||||||||
|
| |||||||||||
Diversified Financial Services — 1.3% |
| |||||||||||
CK Hutchison International 17 II Ltd. (United Kingdom) |
| |||||||||||
2.75%, 3/29/2023(a) | 775 | 809 | ||||||||||
3.25%, 9/29/2027(a) | 220 | 241 | ||||||||||
CK Hutchison International 19 Ltd. (United Kingdom) 3.25%, 4/11/2024(a) |
| 635 | 679 | |||||||||
EDP Finance BV (Portugal) 3.63%, 7/15/2024(a) |
| 200 | 218 | |||||||||
Equitable Holdings, Inc. Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.74%), 4.95%, 9/15/2025(c)(d)(e) |
| 1,057 | 1,107 | |||||||||
GE Capital Funding LLC 4.40%, 5/15/2030(a) |
| 13,085 | 15,067 | |||||||||
GE Capital International Funding Co. Unlimited Co. |
| |||||||||||
3.37%, 11/15/2025 | 845 | 927 | ||||||||||
4.42%, 11/15/2035 | 2,695 | 3,109 | ||||||||||
Hutchison Whampoa International 14 Ltd. (United Kingdom) 3.63%, 10/31/2024(a) |
| 243 | 266 | |||||||||
Shell International Finance BV (Netherlands) |
| |||||||||||
2.38%, 11/7/2029 | 3,750 | 4,023 | ||||||||||
2.75%, 4/6/2030 | 6,055 | 6,712 | ||||||||||
4.55%, 8/12/2043 | 785 | 1,041 | ||||||||||
|
| |||||||||||
34,199 | ||||||||||||
|
| |||||||||||
Diversified Telecommunication Services — 4.1% |
| |||||||||||
Altice France SA (France) 7.38%, 5/1/2026(a) |
| 200 | 210 | |||||||||
AT&T, Inc. |
| |||||||||||
3.80%, 2/15/2027 | 7,560 | 8,654 | ||||||||||
1.65%, 2/1/2028 | 2,220 | 2,251 | ||||||||||
4.30%, 2/15/2030 | 5,000 | 5,970 | ||||||||||
2.75%, 6/1/2031 | 3,610 | 3,835 | ||||||||||
2.25%, 2/1/2032 | 8,265 | 8,363 | ||||||||||
3.50%, 6/1/2041 | 4,250 | 4,577 | ||||||||||
4.30%, 12/15/2042 | 7,548 | 8,840 | ||||||||||
3.10%, 2/1/2043 | 1,305 | 1,335 | ||||||||||
4.80%, 6/15/2044 | 921 | 1,155 | ||||||||||
3.30%, 2/1/2052 | 2,180 | 2,166 | ||||||||||
3.50%, 9/15/2053(a) | 3,118 | 3,193 | ||||||||||
3.55%, 9/15/2055(a) | 1,890 | 1,934 | ||||||||||
3.65%, 9/15/2059(a) | 1,614 | 1,644 | ||||||||||
Bell Canada (Canada) 4.30%, 7/29/2049 |
| 500 | 649 | |||||||||
CCO Holdings LLC |
| |||||||||||
5.50%, 5/1/2026(a) | 1,400 | 1,458 | ||||||||||
5.13%, 5/1/2027(a) | 335 | 352 | ||||||||||
5.00%, 2/1/2028(a) | 55 | 58 | ||||||||||
4.75%, 3/1/2030(a) | 525 | 556 | ||||||||||
4.50%, 8/15/2030(a) | 395 | 417 | ||||||||||
CenturyLink, Inc. |
| |||||||||||
5.63%, 4/1/2025 | 130 | 140 | ||||||||||
5.13%, 12/15/2026(a) | 185 | 192 | ||||||||||
4.00%, 2/15/2027(a) | 560 | 579 | ||||||||||
Cincinnati Bell, Inc. 8.00%, 10/15/2025(a) |
| 250 | 268 | |||||||||
Deutsche Telekom International Finance BV (Germany) 3.60%, 1/19/2027(a) |
| 5,000 | 5,634 | |||||||||
Embarq Corp. 8.00%, 6/1/2036 |
| 100 | 120 | |||||||||
Level 3 Financing, Inc. |
| |||||||||||
5.38%, 5/1/2025 | 230 | 236 | ||||||||||
4.63%, 9/15/2027(a) | 119 | 124 | ||||||||||
4.25%, 7/1/2028(a) | 555 | 573 | ||||||||||
Sprint Capital Corp. 8.75%, 3/15/2032 |
| 95 | 146 | |||||||||
Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034 |
| 300 | 355 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Telefonica Emisiones SA (Spain) | ||||||||
4.67%, 3/6/2038 | 325 | 390 | ||||||
4.90%, 3/6/2048 | 530 | 652 | ||||||
Verizon Communications, Inc. | ||||||||
4.33%, 9/21/2028 | 10,310 | 12,507 | ||||||
4.02%, 12/3/2029 | 6,135 | 7,296 | ||||||
1.68%, 10/30/2030(a) | 1,855 | 1,860 | ||||||
4.40%, 11/1/2034 | 235 | 297 | ||||||
4.27%, 1/15/2036 | 8,120 | 10,176 | ||||||
2.65%, 11/20/2040 | 2,855 | 2,936 | ||||||
3.85%, 11/1/2042 | 55 | 66 | ||||||
4.13%, 8/15/2046 | 475 | 598 | ||||||
4.86%, 8/21/2046 | 2,500 | 3,435 | ||||||
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029(a) | 200 | 217 | ||||||
Zayo Group Holdings, Inc. 4.00%, 3/1/2027(a) | 100 | 99 | ||||||
|
| |||||||
106,513 | ||||||||
|
| |||||||
Electric Utilities — 7.5% |
| |||||||
Alabama Power Co. 3.85%, 12/1/2042 | 90 | 110 | ||||||
Alliant Energy Finance LLC | ||||||||
1.40%, 3/15/2026(a) | 850 | 851 | ||||||
4.25%, 6/15/2028(a) | 996 | 1,151 | ||||||
Appalachian Power Co. 6.38%, 4/1/2036 | 135 | 187 | ||||||
Baltimore Gas and Electric Co. | ||||||||
3.20%, 9/15/2049 | 1,085 | 1,215 | ||||||
2.90%, 6/15/2050 | 1,055 | 1,136 | ||||||
Cleveland Electric Illuminating Co. (The) 3.50%, 4/1/2028(a) | 11,360 | 12,078 | ||||||
Commonwealth Edison Co. | ||||||||
4.70%, 1/15/2044 | 600 | 813 | ||||||
3.70%, 3/1/2045 | 2,960 | 3,558 | ||||||
3.65%, 6/15/2046 | 1,060 | 1,274 | ||||||
Series 123, 3.75%, 8/15/2047 | 1,250 | 1,538 | ||||||
3.00%, 3/1/2050 | 160 | 177 | ||||||
Duke Energy Carolinas LLC | ||||||||
4.25%, 12/15/2041 | 2,500 | 3,196 | ||||||
3.20%, 8/15/2049 | 290 | 335 | ||||||
Duke Energy Florida LLC | ||||||||
3.80%, 7/15/2028 | 1,150 | 1,357 | ||||||
3.40%, 10/1/2046 | 5,160 | 6,023 | ||||||
Duke Energy Indiana LLC 3.75%, 5/15/2046 | 1,633 | 1,971 | ||||||
Duke Energy Progress LLC | ||||||||
3.70%, 9/1/2028 | 2,630 | 3,078 | ||||||
3.70%, 10/15/2046 | 175 | 213 | ||||||
Duquesne Light Holdings, Inc. | ||||||||
3.62%, 8/1/2027(a) | 1,313 | 1,431 | ||||||
2.53%, 10/1/2030(a) | 1,870 | 1,910 | ||||||
Edison International | ||||||||
2.40%, 9/15/2022 | 5,700 | 5,799 | ||||||
3.13%, 11/15/2022 | 2,130 | 2,203 | ||||||
2.95%, 3/15/2023 | 1,000 | 1,032 | ||||||
3.55%, 11/15/2024 | 597 | 634 | ||||||
4.95%, 4/15/2025 | 5,250 | 5,864 | ||||||
Emera US Finance LP (Canada) 4.75%, 6/15/2046 | 2,961 | 3,722 | ||||||
Emera, Inc. (Canada) Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076(c) | 1,310 | 1,503 | ||||||
Enel Finance International NV (Italy) | ||||||||
4.25%, 9/14/2023(a) | 3,820 | 4,190 | ||||||
4.63%, 9/14/2025(a) | 1,243 | 1,450 | ||||||
3.63%, 5/25/2027(a) | 200 | 227 | ||||||
3.50%, 4/6/2028(a) | 1,120 | 1,279 | ||||||
6.00%, 10/7/2039(a) | 2,923 | 4,106 | ||||||
Entergy Arkansas LLC | ||||||||
4.00%, 6/1/2028 | 240 | 282 | ||||||
4.95%, 12/15/2044 | 100 | 109 | ||||||
Entergy Louisiana LLC | ||||||||
1.60%, 12/15/2030 | 2,400 | 2,431 | ||||||
4.95%, 1/15/2045 | 854 | 937 | ||||||
Entergy Texas, Inc. | ||||||||
3.45%, 12/1/2027 | 432 | 473 | ||||||
4.00%, 3/30/2029 | 295 | 345 | ||||||
Evergy Metro, Inc. Series 2020, 2.25%, 6/1/2030 | 2,699 | 2,868 | ||||||
Evergy, Inc. 2.90%, 9/15/2029 | 7,129 | 7,740 | ||||||
Florida Power & Light Co. | ||||||||
4.95%, 6/1/2035 | 1,265 | 1,758 | ||||||
4.05%, 6/1/2042 | 250 | 317 | ||||||
Fortis, Inc. (Canada) 3.06%, 10/4/2026 | 3,381 | 3,707 | ||||||
ITC Holdings Corp. | ||||||||
3.35%, 11/15/2027 | 1,150 | 1,281 | ||||||
2.95%, 5/14/2030(a) | 10,020 | 10,958 | ||||||
Louisville Gas & Electric Co. 4.65%, 11/15/2043 | 235 | 303 | ||||||
Metropolitan Edison Co. 4.00%, 4/15/2025(a) | 273 | 297 | ||||||
Mississippi Power Co. 3.95%, 3/30/2028 | 2,100 | 2,424 | ||||||
Narragansett Electric Co. (The) 3.40%, 4/9/2030(a) | 520 | 592 | ||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
3.50%, 4/1/2029 | 120 | 138 | ||||||
2.25%, 6/1/2030 | 8,066 | 8,444 | ||||||
(ICE LIBOR USD 3 Month + 2.13%), 2.38%, 6/15/2067(c) | 1,600 | 1,391 | ||||||
NextEra Energy Operating Partners LP 4.50%, 9/15/2027(a) | 500 | 547 | ||||||
NRG Energy, Inc. | ||||||||
2.00%, 12/2/2025(a) | 1,930 | 1,957 | ||||||
7.25%, 5/15/2026 | 161 | 171 | ||||||
2.45%, 12/2/2027(a) | 1,850 | 1,897 | ||||||
5.75%, 1/15/2028 | 700 | 764 | ||||||
4.45%, 6/15/2029(a) | 220 | 251 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Ohio Power Co. 4.00%, 6/1/2049 | 110 | 139 | ||||||
Oncor Electric Delivery Co. LLC 3.70%, 5/15/2050 | 305 | 381 | ||||||
Pacific Gas and Electric Co. | ||||||||
3.25%, 6/15/2023 | 1,975 | 2,054 | ||||||
4.25%, 8/1/2023 | 3,332 | 3,555 | ||||||
3.85%, 11/15/2023 | 1,000 | 1,062 | ||||||
3.75%, 2/15/2024 | 2,357 | 2,508 | ||||||
3.50%, 6/15/2025 | 1,226 | 1,312 | ||||||
2.95%, 3/1/2026 | 1,032 | 1,081 | ||||||
4.65%, 8/1/2028 | 1,530 | 1,721 | ||||||
4.60%, 6/15/2043 | 2,798 | 3,062 | ||||||
4.75%, 2/15/2044 | 949 | 1,066 | ||||||
4.25%, 3/15/2046 | 1,748 | 1,874 | ||||||
4.00%, 12/1/2046 | 3,290 | 3,422 | ||||||
3.95%, 12/1/2047 | 1,430 | 1,490 | ||||||
PacifiCorp | ||||||||
4.13%, 1/15/2049 | 1,145 | 1,484 | ||||||
3.30%, 3/15/2051 | 4,232 | 4,897 | ||||||
PECO Energy Co. 2.80%, 6/15/2050 | 1,255 | 1,343 | ||||||
Pennsylvania Electric Co. | ||||||||
3.25%, 3/15/2028(a) | 455 | 490 | ||||||
3.60%, 6/1/2029(a) | 420 | 461 | ||||||
PG&E Corp. 5.00%, 7/1/2028 | 130 | 139 | ||||||
PPL Capital Funding, Inc. Series A, (ICE LIBOR USD 3 Month + 2.67%), 2.89%, 3/30/2067(c) | 1,500 | 1,262 | ||||||
Public Service Co. of Colorado Series 34, 3.20%, 3/1/2050 | 110 | 127 | ||||||
Public Service Electric and Gas Co. 2.70%, 5/1/2050 | 1,920 | 2,038 | ||||||
Southern California Edison Co. | ||||||||
Series B, 3.65%, 3/1/2028 | 335 | 375 | ||||||
2.25%, 6/1/2030 | 11,860 | 12,292 | ||||||
4.50%, 9/1/2040 | 170 | 206 | ||||||
Series 13-A, 3.90%, 3/15/2043 | 28 | 31 | ||||||
Series C, 3.60%, 2/1/2045 | 525 | 582 | ||||||
Southwestern Electric Power Co. Series J, 3.90%, 4/1/2045 | 550 | 636 | ||||||
Tucson Electric Power Co. | ||||||||
1.50%, 8/1/2030 | 3,195 | 3,175 | ||||||
4.00%, 6/15/2050 | 729 | 902 | ||||||
Union Electric Co. 2.95%, 3/15/2030 | 4,507 | 5,022 | ||||||
Vistra Operations Co. LLC | ||||||||
5.50%, 9/1/2026(a) | 2,000 | 2,093 | ||||||
5.00%, 7/31/2027(a) | 227 | 240 | ||||||
4.30%, 7/15/2029(a) | 2,755 | 3,084 | ||||||
Xcel Energy, Inc. 3.50%, 12/1/2049 | 1,270 | 1,495 | ||||||
|
| |||||||
195,094 | ||||||||
|
| |||||||
Electrical Equipment — 0.0%(b) |
| |||||||
Sensata Technologies BV 5.00%, 10/1/2025(a) | 215 | 239 | ||||||
|
| |||||||
Energy Equipment & Services — 0.2% |
| |||||||
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027 | 3,055 | 3,366 | ||||||
Schlumberger Holdings Corp. 3.90%, 5/17/2028(a) | 830 | 922 | ||||||
|
| |||||||
4,288 | ||||||||
|
| |||||||
Entertainment — 0.5% |
| |||||||
Live Nation Entertainment, Inc. 6.50%, 5/15/2027(a) | 165 | 183 | ||||||
Netflix, Inc. | ||||||||
4.88%, 4/15/2028 | 650 | 744 | ||||||
5.88%, 11/15/2028 | 245 | 296 | ||||||
TWDC Enterprises 18 Corp. 3.00%, 7/30/2046 | 615 | 665 | ||||||
Walt Disney Co. (The) | ||||||||
2.65%, 1/13/2031 | 5,910 | 6,430 | ||||||
3.50%, 5/13/2040 | 1,500 | 1,754 | ||||||
2.75%, 9/1/2049 | 2,530 | 2,607 | ||||||
|
| |||||||
12,679 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 3.7% |
| |||||||
Alexandria Real Estate Equities, Inc. 4.90%, 12/15/2030 | 3,890 | 4,910 | ||||||
American Tower Corp. | ||||||||
2.75%, 1/15/2027 | 5,875 | 6,353 | ||||||
3.13%, 1/15/2027 | 1,827 | 2,008 | ||||||
3.95%, 3/15/2029 | 3,528 | 4,103 | ||||||
3.10%, 6/15/2050 | 4,135 | 4,286 | ||||||
Crown Castle International Corp. | ||||||||
3.65%, 9/1/2027 | 2,500 | 2,828 | ||||||
3.10%, 11/15/2029 | 2,000 | 2,189 | ||||||
2.25%, 1/15/2031 | 3,840 | 3,974 | ||||||
4.15%, 7/1/2050 | 665 | 791 | ||||||
3.25%, 1/15/2051 | 615 | 646 | ||||||
ESH Hospitality, Inc. 5.25%, 5/1/2025(a) | 25 | 26 | ||||||
Essex Portfolio LP 2.65%, 9/1/2050 | 3,920 | 3,774 | ||||||
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028(a) | 200 | 219 | ||||||
Healthcare Trust of America Holdings LP | ||||||||
3.50%, 8/1/2026 | 4,980 | 5,616 | ||||||
3.10%, 2/15/2030 | 5,000 | 5,433 | ||||||
2.00%, 3/15/2031 | 1,450 | 1,429 | ||||||
Healthpeak Properties, Inc. | ||||||||
3.00%, 1/15/2030 | 5,960 | 6,508 | ||||||
2.88%, 1/15/2031 | 3,560 | 3,803 | ||||||
Iron Mountain, Inc. 4.88%, 9/15/2029(a) | 200 | 208 | ||||||
Life Storage LP 4.00%, 6/15/2029 | 2,725 | 3,151 | ||||||
MGM Growth Properties Operating Partnership LP 5.75%, 2/1/2027 | 185 | 206 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Prologis LP 2.13%, 10/15/2050 | 1,000 | 935 | ||||||
Scentre Group Trust 1 (Australia) 3.25%, 10/28/2025(a) | 945 | 1,006 | ||||||
Scentre Group Trust 2 (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.38%), 4.75%, 9/24/2080(a)(c) | 2,773 | 2,884 | ||||||
Simon Property Group LP | ||||||||
3.50%, 9/1/2025 | 2,889 | 3,183 | ||||||
3.38%, 6/15/2027 | 1,961 | 2,152 | ||||||
3.25%, 9/13/2049 | 2,588 | 2,540 | ||||||
UDR, Inc. | ||||||||
2.95%, 9/1/2026 | 170 | 185 | ||||||
3.20%, 1/15/2030 | 3,230 | 3,600 | ||||||
3.00%, 8/15/2031 | 50 | 55 | ||||||
Ventas Realty LP | ||||||||
4.13%, 1/15/2026 | 500 | 572 | ||||||
3.85%, 4/1/2027 | 170 | 190 | ||||||
4.40%, 1/15/2029 | 155 | 180 | ||||||
5.70%, 9/30/2043 | 300 | 386 | ||||||
VICI Properties LP | ||||||||
4.25%, 12/1/2026(a) | 150 | 155 | ||||||
3.75%, 2/15/2027(a) | 1,345 | 1,372 | ||||||
4.13%, 8/15/2030(a) | 100 | 103 | ||||||
WEA Finance LLC (France) 2.88%, 1/15/2027(a) | 4,085 | 4,086 | ||||||
Welltower, Inc. 2.75%, 1/15/2031 | 5,420 | 5,675 | ||||||
WP Carey, Inc. | ||||||||
4.60%, 4/1/2024 | 2,569 | 2,847 | ||||||
2.40%, 2/1/2031 | 1,400 | 1,429 | ||||||
|
| |||||||
95,996 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.6% |
| |||||||
Albertsons Cos., Inc. | ||||||||
5.75%, 3/15/2025 | 88 | 91 | ||||||
4.88%, 2/15/2030(a) | 330 | 361 | ||||||
Alimentation Couche-Tard, Inc. (Canada) 3.80%, 1/25/2050(a) | 325 | 380 | ||||||
CK Hutchison International 20 Ltd. (United Kingdom) 3.38%, 5/8/2050(a) | 1,480 | 1,650 | ||||||
Kroger Co. (The) 3.88%, 10/15/2046 | 2,458 | 2,904 | ||||||
Sysco Corp. 3.30%, 2/15/2050 | 5,686 | 5,998 | ||||||
Walmart, Inc. | ||||||||
3.95%, 6/28/2038 | 2,770 | 3,596 | ||||||
3.63%, 12/15/2047 | 1,000 | 1,282 | ||||||
|
| |||||||
16,262 | ||||||||
|
| |||||||
Food Products — 0.6% |
| |||||||
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025 | 6,440 | 6,573 | ||||||
Grupo Bimbo SAB de CV (Mexico) 4.00%, 9/6/2049(a) | 1,985 | 2,169 | ||||||
Kraft Heinz Foods Co. | ||||||||
3.95%, 7/15/2025 | 200 | 221 | ||||||
3.88%, 5/15/2027(a) | 1,310 | 1,417 | ||||||
4.63%, 1/30/2029 | 500 | 573 | ||||||
5.00%, 6/4/2042 | 100 | 115 | ||||||
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026(a) | 1,730 | 1,799 | ||||||
Post Holdings, Inc. 4.63%, 4/15/2030(a) | 345 | 360 | ||||||
Smithfield Foods, Inc. 3.00%, 10/15/2030(a) | 1,590 | 1,654 | ||||||
|
| |||||||
14,881 | ||||||||
|
| |||||||
Gas Utilities — 0.5% |
| |||||||
Atmos Energy Corp. 3.00%, 6/15/2027 | 2,900 | 3,228 | ||||||
Boston Gas Co. 3.15%, 8/1/2027(a) | 7,560 | 8,368 | ||||||
Southern California Gas Co. 4.45%, 3/15/2044 | 160 | 203 | ||||||
|
| |||||||
11,799 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 0.5% |
| |||||||
Becton Dickinson and Co. | ||||||||
3.36%, 6/6/2024 | 4,275 | 4,623 | ||||||
3.70%, 6/6/2027 | 3,135 | 3,598 | ||||||
3.79%, 5/20/2050 | 2,895 | 3,415 | ||||||
Boston Scientific Corp. 4.55%, 3/1/2039 | 1,180 | 1,512 | ||||||
Zimmer Biomet Holdings, Inc. 4.45%, 8/15/2045 | 880 | 1,026 | ||||||
|
| |||||||
14,174 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.5% |
| |||||||
Aetna, Inc. | ||||||||
4.13%, 11/15/2042 | 1,050 | 1,245 | ||||||
4.75%, 3/15/2044 | 1,420 | 1,813 | ||||||
3.88%, 8/15/2047 | 985 | 1,174 | ||||||
Anthem, Inc. | ||||||||
4.63%, 5/15/2042 | 200 | 263 | ||||||
4.65%, 1/15/2043 | 2,000 | 2,643 | ||||||
Centene Corp. | ||||||||
5.38%, 6/1/2026(a) | 230 | 242 | ||||||
5.38%, 8/15/2026(a) | 520 | 549 | ||||||
3.38%, 2/15/2030 | 420 | 440 | ||||||
Cigna Corp. | ||||||||
4.38%, 10/15/2028 | 5,840 | 7,018 | ||||||
2.40%, 3/15/2030 | 1,231 | 1,308 | ||||||
3.20%, 3/15/2040 | 3,955 | 4,378 | ||||||
3.40%, 3/15/2050 | 340 | 384 | ||||||
Cigna Holding Co. 3.25%, 4/15/2025 | 1,058 | 1,151 | ||||||
Cottage Health Obligated Group Series 2020, 3.30%, 11/1/2049 | 140 | 156 | ||||||
CVS Health Corp. | ||||||||
4.30%, 3/25/2028 | 6,995 | 8,227 | ||||||
1.75%, 8/21/2030 | 4,100 | 4,099 | ||||||
2.70%, 8/21/2040 | 14,040 | 14,191 | ||||||
Encompass Health Corp. 4.50%, 2/1/2028 | 350 | 366 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
HCA, Inc. | ||||||||
5.00%, 3/15/2024 | 2,320 | 2,609 | ||||||
5.25%, 4/15/2025 | 370 | 432 | ||||||
5.88%, 2/15/2026 | 50 | 57 | ||||||
4.50%, 2/15/2027 | 12,585 | 14,468 | ||||||
5.63%, 9/1/2028 | 400 | 469 | ||||||
5.88%, 2/1/2029 | 165 | 197 | ||||||
5.25%, 6/15/2049 | 789 | 1,040 | ||||||
Memorial Health Services 3.45%, 11/1/2049 | 260 | 274 | ||||||
New York and Presbyterian Hospital (The) 2.26%, 8/1/2040 | 3,570 | 3,466 | ||||||
Tenet Healthcare Corp. | ||||||||
4.63%, 7/15/2024 | 300 | 305 | ||||||
4.88%, 1/1/2026(a) | 173 | 178 | ||||||
6.25%, 2/1/2027(a) | 55 | 58 | ||||||
Texas Health Resources Series 2019, 3.37%, 11/15/2051 | 135 | 144 | ||||||
UnitedHealth Group, Inc. | ||||||||
3.50%, 8/15/2039 | 200 | 238 | ||||||
2.75%, 5/15/2040 | 7,201 | 7,890 | ||||||
4.20%, 1/15/2047 | 2,205 | 2,942 | ||||||
2.90%, 5/15/2050 | 285 | 316 | ||||||
Universal Health Services, Inc. 2.65%, 10/15/2030(a) | 5,795 | 5,970 | ||||||
|
| |||||||
90,700 | ||||||||
|
| |||||||
Health Care Technology — 0.1% |
| |||||||
IQVIA, Inc. | ||||||||
5.00%, 10/15/2026(a) | 1,100 | 1,151 | ||||||
5.00%, 5/15/2027(a) | 200 | 210 | ||||||
|
| |||||||
1,361 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.6% |
| |||||||
Hilton Domestic Operating Co., Inc. | ||||||||
4.25%, 9/1/2024 | 200 | 202 | ||||||
5.13%, 5/1/2026 | 30 | 31 | ||||||
Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | 14 | 15 | ||||||
International Game Technology plc 6.50%, 2/15/2025(a) | 1,050 | 1,158 | ||||||
Marriott International, Inc. Series EE, 5.75%, 5/1/2025 | 100 | 116 | ||||||
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026 | 30 | 32 | ||||||
McDonald’s Corp. 3.63%, 9/1/2049 | 6,250 | 7,324 | ||||||
MGM Resorts International | ||||||||
6.00%, 3/15/2023 | 250 | 267 | ||||||
4.63%, 9/1/2026 | 35 | 36 | ||||||
Six Flags Entertainment Corp. 5.50%, 4/15/2027(a) | 30 | 30 | ||||||
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025(a) | 15 | 16 | ||||||
Starbucks Corp. | ||||||||
3.75%, 12/1/2047 | 1,650 | 1,915 | ||||||
3.35%, 3/12/2050 | 3,620 | 4,004 | ||||||
Wynn Las Vegas LLC 5.50%, 3/1/2025(a) | 180 | 184 | ||||||
Wynn Resorts Finance LLC 5.13%, 10/1/2029(a) | 180 | 183 | ||||||
Yum! Brands, Inc. 7.75%, 4/1/2025(a) | 155 | 172 | ||||||
|
| |||||||
15,685 | ||||||||
|
| |||||||
Household Durables — 0.1% |
| |||||||
Lennar Corp. | ||||||||
4.75%, 11/15/2022(g) | 75 | 80 | ||||||
4.50%, 4/30/2024 | 100 | 110 | ||||||
5.88%, 11/15/2024 | 250 | 289 | ||||||
Newell Brands, Inc. 4.70%, 4/1/2026(g) | 1,498 | 1,614 | ||||||
Tempur Sealy International, Inc. 5.50%, 6/15/2026 | 230 | 240 | ||||||
|
| |||||||
2,333 | ||||||||
|
| |||||||
Household Products — 0.1% |
| |||||||
Central Garden & Pet Co. 5.13%, 2/1/2028 | 250 | 266 | ||||||
Energizer Holdings, Inc. 7.75%, 1/15/2027(a) | 235 | 256 | ||||||
Reckitt Benckiser Treasury Services plc (United Kingdom) 3.00%, 6/26/2027(a) | 800 | 891 | ||||||
Spectrum Brands, Inc. | ||||||||
5.75%, 7/15/2025 | 200 | 207 | ||||||
5.00%, 10/1/2029(a) | 200 | 216 | ||||||
|
| |||||||
1,836 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.9% |
| |||||||
AES Corp. (The) | ||||||||
3.30%, 7/15/2025(a) | 4,110 | 4,483 | ||||||
1.38%, 1/15/2026(a) | 2,670 | 2,692 | ||||||
6.00%, 5/15/2026 | 200 | 211 | ||||||
5.13%, 9/1/2027 | 4,770 | 5,256 | ||||||
3.95%, 7/15/2030(a) | 2,185 | 2,478 | ||||||
2.45%, 1/15/2031(a) | 2,290 | 2,324 | ||||||
Alexander Funding Trust 1.84%, 11/15/2023(a) | 5,130 | 5,166 | ||||||
Calpine Corp. 5.25%, 6/1/2026(a) | 165 | 171 | ||||||
Southern Power Co. | ||||||||
5.15%, 9/15/2041 | 175 | 209 | ||||||
Series F, 4.95%, 12/15/2046 | 1,110 | 1,313 | ||||||
|
| |||||||
24,303 | ||||||||
|
| |||||||
Industrial Conglomerates — 0.8% |
| |||||||
General Electric Co. | ||||||||
3.63%, 5/1/2030 | 6,120 | 6,860 | ||||||
4.13%, 10/9/2042 | 2,447 | 2,751 | ||||||
Honeywell International, Inc. 2.80%, 6/1/2050 | 1,540 | 1,713 | ||||||
Roper Technologies, Inc. | ||||||||
1.40%, 9/15/2027 | 4,450 | 4,506 | ||||||
2.95%, 9/15/2029 | 3,280 | 3,618 | ||||||
|
| |||||||
19,448 | ||||||||
|
| |||||||
Insurance — 1.4% |
| |||||||
Aflac, Inc. 4.00%, 10/15/2046 | 3,597 | 4,241 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||||||
American International Group, Inc. |
| |||||||||||
3.40%, 6/30/2030 | 3,000 | 3,420 | ||||||||||
3.88%, 1/15/2035 | 2,865 | 3,459 | ||||||||||
Berkshire Hathaway Finance Corp. |
| |||||||||||
4.20%, 8/15/2048 | 6,120 | 8,231 | ||||||||||
2.85%, 10/15/2050 | 3,020 | 3,299 | ||||||||||
Guardian Life Insurance Co. of America (The) |
| |||||||||||
4.88%, 6/19/2064(a) | 530 | 717 | ||||||||||
3.70%, 1/22/2070(a) | 565 | 621 | ||||||||||
Harborwalk Funding Trust (ICE LIBOR USD 3 Month + 3.19%), 5.08%, 2/15/2069(a)(c) |
| 155 | 197 | |||||||||
MetLife, Inc. |
| |||||||||||
Series C, (ICE LIBOR USD 3 Month + 3.58%), 3.83%, 1/7/2021(c)(d)(e) | 245 | 244 | ||||||||||
6.40%, 12/15/2036 | 750 | 955 | ||||||||||
4.13%, 8/13/2042 | 315 | 403 | ||||||||||
New York Life Insurance Co. |
| |||||||||||
3.75%, 5/15/2050(a) | 1,245 | 1,472 | ||||||||||
4.45%, 5/15/2069(a) | 845 | 1,141 | ||||||||||
Northwestern Mutual Life Insurance Co. (The) 3.85%, 9/30/2047(a) | 280 | 333 | ||||||||||
Prudential Financial, Inc. |
| |||||||||||
3.00%, 3/10/2040 | 1,805 | 1,961 | ||||||||||
3.91%, 12/7/2047 | 35 | 43 | ||||||||||
3.94%, 12/7/2049 | 170 | 206 | ||||||||||
3.70%, 3/13/2051 | 1,250 | 1,506 | ||||||||||
Reliance Standard Life Global Funding II 3.85%, 9/19/2023(a) |
| 390 | 419 | |||||||||
Swiss Re Finance Luxembourg SA (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, 4/2/2049(a)(c) |
| 200 | 232 | |||||||||
Teachers Insurance & Annuity Association of America |
| |||||||||||
4.27%, 5/15/2047(a) | 480 | 592 | ||||||||||
(ICE LIBOR USD 3 Month + 2.66%), 4.38%, 9/15/2054(a)(c) | 1,050 | 1,118 | ||||||||||
Travelers Cos., Inc. (The) 2.55%, 4/27/2050 |
| 930 | 980 | |||||||||
|
| |||||||||||
35,790 | ||||||||||||
|
| |||||||||||
Interactive Media & Services — 0.2% |
| |||||||||||
Alphabet, Inc. |
| |||||||||||
1.90%, 8/15/2040 | 3,815 | 3,774 | ||||||||||
2.25%, 8/15/2060 | 1,090 | 1,080 | ||||||||||
|
| |||||||||||
4,854 | ||||||||||||
|
| |||||||||||
Internet & Direct Marketing Retail — 0.5% |
| |||||||||||
Amazon.com, Inc. |
| |||||||||||
3.88%, 8/22/2037 | 7,705 | 9,776 | ||||||||||
2.50%, 6/3/2050 | 859 | 906 | ||||||||||
2.70%, 6/3/2060 | 1,945 | 2,117 | ||||||||||
Expedia Group, Inc. |
| |||||||||||
7.00%, 5/1/2025(a) | 160 | 175 | ||||||||||
|
| |||||||||||
12,974 | ||||||||||||
|
| |||||||||||
IT Services — 1.0% |
| |||||||||||
Fiserv, Inc. 3.50%, 7/1/2029 |
| 1,240 | 1,420 | |||||||||
Global Payments, Inc. |
| |||||||||||
3.20%, 8/15/2029 | 4,239 | 4,702 | ||||||||||
2.90%, 5/15/2030 | 2,110 | 2,306 | ||||||||||
International Business Machines Corp. |
| |||||||||||
1.70%, 5/15/2027 | 890 | 923 | ||||||||||
1.95%, 5/15/2030 | 4,070 | 4,206 | ||||||||||
2.85%, 5/15/2040 | 3,295 | 3,538 | ||||||||||
VeriSign, Inc. 5.25%, 4/1/2025 |
| 150 | 170 | |||||||||
Visa, Inc. 2.70%, 4/15/2040 |
| 7,055 | 7,818 | |||||||||
|
| |||||||||||
25,083 | ||||||||||||
|
| |||||||||||
Leisure Products — 0.0%(b) |
| |||||||||||
Mattel, Inc. |
| |||||||||||
6.75%, 12/31/2025(a) | 240 | 253 | ||||||||||
5.88%, 12/15/2027(a) | 100 | 110 | ||||||||||
|
| |||||||||||
363 | ||||||||||||
|
| |||||||||||
Life Sciences Tools & Services — 0.0%(b) |
| |||||||||||
Thermo Fisher Scientific, Inc. 1.88%, 10/1/2049 | EUR | 335 | 456 | |||||||||
|
| |||||||||||
Machinery — 0.1% |
| |||||||||||
Caterpillar, Inc. 3.25%, 4/9/2050 |
| 800 | 955 | |||||||||
Cummins, Inc. 2.60%, 9/1/2050 |
| 1,500 | 1,542 | |||||||||
SPX FLOW, Inc. 5.88%, 8/15/2026(a) |
| 170 | 177 | |||||||||
|
| |||||||||||
2,674 | ||||||||||||
|
| |||||||||||
Media — 4.2% |
| |||||||||||
Altice Financing SA (Luxembourg) 7.50%, 5/15/2026(a) |
| 200 | 211 | |||||||||
Charter Communications Operating LLC |
| |||||||||||
2.80%, 4/1/2031 | 1,970 | 2,083 | ||||||||||
2.30%, 2/1/2032 | 2,360 | 2,365 | ||||||||||
5.13%, 7/1/2049 | 4,975 | 6,104 | ||||||||||
4.80%, 3/1/2050 | 4,015 | 4,812 | ||||||||||
3.70%, 4/1/2051 | 1,980 | 2,073 | ||||||||||
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027(a) |
| 255 | 258 | |||||||||
Comcast Corp. |
| |||||||||||
2.35%, 1/15/2027 | 3,604 | 3,875 | ||||||||||
4.15%, 10/15/2028 | 4,820 | 5,800 | ||||||||||
3.40%, 4/1/2030 | 7,360 | 8,503 | ||||||||||
1.95%, 1/15/2031 | 4,790 | 4,941 | ||||||||||
3.20%, 7/15/2036 | 3,775 | 4,301 | ||||||||||
3.75%, 4/1/2040 | 10,260 | 12,450 | ||||||||||
2.45%, 8/15/2052 | 5,585 | 5,484 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Cox Communications, Inc. | ||||||||
3.35%, 9/15/2026(a) | 450 | 503 | ||||||
3.50%, 8/15/2027(a) | 2,000 | 2,256 | ||||||
4.80%, 2/1/2035(a) | 1,070 | 1,346 | ||||||
4.60%, 8/15/2047(a) | 105 | 137 | ||||||
CSC Holdings LLC | ||||||||
5.50%, 5/15/2026(a) | 1,250 | 1,300 | ||||||
5.50%, 4/15/2027(a) | 200 | 211 | ||||||
5.38%, 2/1/2028(a) | 750 | 796 | ||||||
5.75%, 1/15/2030(a) | 200 | 216 | ||||||
Diamond Sports Group LLC 5.38%, 8/15/2026(a) | 25 | 19 | ||||||
Discovery Communications LLC | ||||||||
3.95%, 3/20/2028 | 10,060 | 11,542 | ||||||
4.13%, 5/15/2029 | 1,190 | 1,394 | ||||||
4.95%, 5/15/2042 | 265 | 326 | ||||||
5.20%, 9/20/2047 | 2,095 | 2,662 | ||||||
DISH DBS Corp. | ||||||||
5.00%, 3/15/2023 | 435 | 452 | ||||||
5.88%, 11/15/2024 | 70 | 75 | ||||||
Entercom Media Corp. 6.50%, 5/1/2027(a) | 195 | 189 | ||||||
Fox Corp. 3.50%, 4/8/2030 | 4,690 | 5,333 | ||||||
Gray Television, Inc. 7.00%, 5/15/2027(a) | 75 | 83 | ||||||
iHeartCommunications, Inc. 5.25%, 8/15/2027(a) | 250 | 256 | ||||||
Lamar Media Corp. | ||||||||
5.75%, 2/1/2026 | 200 | 207 | ||||||
4.00%, 2/15/2030 | 650 | 676 | ||||||
Midcontinent Communications 5.38%, 8/15/2027(a) | 170 | 178 | ||||||
Nexstar Broadcasting, Inc. 5.63%, 7/15/2027(a) | 250 | 267 | ||||||
Sirius XM Radio, Inc. 5.00%, 8/1/2027(a) | 360 | 379 | ||||||
Time Warner Cable LLC | ||||||||
5.88%, 11/15/2040 | 2,140 | 2,770 | ||||||
5.50%, 9/1/2041 | 620 | 789 | ||||||
4.50%, 9/15/2042 | 520 | 599 | ||||||
ViacomCBS, Inc. | ||||||||
4.20%, 5/19/2032 | 4,589 | 5,429 | ||||||
4.38%, 3/15/2043 | 80 | 93 | ||||||
4.60%, 1/15/2045 | 1,700 | 1,997 | ||||||
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057(c) | 1,508 | 1,553 | ||||||
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(c) | 2,456 | 2,722 | ||||||
Videotron Ltd. (Canada) 5.13%, 4/15/2027(a) | 327 | 346 | ||||||
|
| |||||||
110,361 | ||||||||
|
| |||||||
Metals & Mining — 1.0% |
| |||||||
Alcoa Nederland Holding BV 6.13%, 5/15/2028(a) | 200 | 221 | ||||||
Arconic Corp. | ||||||||
6.00%, 5/15/2025(a) | 500 | 539 | ||||||
6.13%, 2/15/2028(a) | 300 | 325 | ||||||
Freeport-McMoRan, Inc. | ||||||||
4.38%, 8/1/2028 | 1,700 | 1,817 | ||||||
5.45%, 3/15/2043 | 200 | 250 | ||||||
Glencore Finance Canada Ltd. (Switzerland) 5.55%, 10/25/2042(a)(g) | 310 | 375 | ||||||
Glencore Funding LLC (Australia) | ||||||||
4.63%, 4/29/2024(a) | 2,750 | 3,063 | ||||||
4.00%, 3/27/2027(a) | 4,010 | 4,490 | ||||||
2.50%, 9/1/2030(a) | 4,345 | 4,331 | ||||||
Kaiser Aluminum Corp. 4.63%, 3/1/2028(a) | 450 | 464 | ||||||
Newcrest Finance Pty. Ltd. (Australia) 4.20%, 5/13/2050(a) | 410 | 499 | ||||||
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030 | 8,672 | 9,519 | ||||||
|
| |||||||
25,893 | ||||||||
|
| |||||||
Multiline Retail — 0.0%(b) |
| |||||||
Macy’s, Inc. 8.38%, 6/15/2025(a) | 170 | 185 | ||||||
Nordstrom, Inc. 8.75%, 5/15/2025(a) | 160 | 179 | ||||||
|
| |||||||
364 | ||||||||
|
| |||||||
Multi-Utilities — 2.0% |
| |||||||
Ameren Corp. 3.50%, 1/15/2031 | 4,535 | 5,248 | ||||||
Berkshire Hathaway Energy Co. | ||||||||
3.70%, 7/15/2030(a) | 8,010 | 9,502 | ||||||
2.85%, 5/15/2051(a) | 1,840 | 1,917 | ||||||
CenterPoint Energy, Inc. | ||||||||
Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023(c)(d)(e) | 4,419 | 4,563 | ||||||
2.95%, 3/1/2030 | 517 | 565 | ||||||
CMS Energy Corp. | ||||||||
2.95%, 2/15/2027 | 6,000 | 6,484 | ||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050(c) | 3,020 | 3,319 | ||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.90%), 3.75%, 12/1/2050(c) | 1,510 | 1,529 | ||||||
Dominion Energy, Inc. | ||||||||
Series C, 4.05%, 9/15/2042 | 160 | 192 | ||||||
NiSource, Inc. | ||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023(c)(d)(e) | 1,782 | 1,827 | ||||||
2.95%, 9/1/2029 | 3,330 | 3,659 | ||||||
San Diego Gas & Electric Co. 4.30%, 4/1/2042 | 315 | 378 | ||||||
Southern Co. Gas Capital Corp. | ||||||||
3.25%, 6/15/2026 | 6,000 | 6,655 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Series 20-A, 1.75%, 1/15/2031 | 5,220 | 5,262 | ||||||
|
| |||||||
51,100 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 8.7% |
| |||||||
BP Capital Markets America, Inc. | ||||||||
3.54%, 4/6/2027 | 11,115 | 12,478 | ||||||
4.23%, 11/6/2028 | 1,965 | 2,337 | ||||||
3.00%, 2/24/2050 | 1,045 | 1,080 | ||||||
2.77%, 11/10/2050 | 1,510 | 1,495 | ||||||
BP Capital Markets plc (United Kingdom) | ||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025(c)(d)(e) | 3,830 | 4,088 | ||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030(c)(d)(e) | 5,503 | 6,069 | ||||||
Buckeye Partners LP 5.60%, 10/15/2044 | 115 | 106 | ||||||
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025 | 1,500 | 1,719 | ||||||
Chevron Corp. 2.98%, 5/11/2040 | 940 | 1,042 | ||||||
Chevron USA, Inc. 2.34%, 8/12/2050 | 6,280 | 6,098 | ||||||
Cimarex Energy Co. 3.90%, 5/15/2027 | 220 | 241 | ||||||
Concho Resources, Inc. | ||||||||
3.75%, 10/1/2027 | 6,381 | 7,254 | ||||||
4.30%, 8/15/2028 | 2,780 | 3,296 | ||||||
Diamondback Energy, Inc. | ||||||||
2.88%, 12/1/2024 | 2,091 | 2,179 | ||||||
4.75%, 5/31/2025 | 1,310 | 1,460 | ||||||
3.25%, 12/1/2026 | 976 | 1,033 | ||||||
3.50%, 12/1/2029 | 2,052 | 2,150 | ||||||
Enbridge, Inc. (Canada) 3.13%, 11/15/2029 | 5,995 | 6,507 | ||||||
Energy Transfer Operating LP | ||||||||
2.90%, 5/15/2025 | 2,160 | 2,241 | ||||||
4.75%, 1/15/2026 | 245 | 272 | ||||||
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), | 255 | 242 | ||||||
5.80%, 6/15/2038 | 1,700 | 1,878 | ||||||
6.05%, 6/1/2041 | 170 | 189 | ||||||
5.15%, 2/1/2043 | 280 | 286 | ||||||
5.00%, 5/15/2050 | 2,000 | 2,122 | ||||||
Eni SpA (Italy) | ||||||||
Series X-R, 4.00%, 9/12/2023(a) | 2,850 | 3,101 | ||||||
Series X-R, 4.75%, 9/12/2028(a) | 205 | 246 | ||||||
4.25%, 5/9/2029(a) | 400 | 466 | ||||||
Enterprise Products Operating LLC | ||||||||
4.45%, 2/15/2043 | 4,665 | 5,543 | ||||||
3.70%, 1/31/2051 | 2,835 | 3,076 | ||||||
Equinor ASA (Norway) 2.38%, 5/22/2030 | 1,230 | 1,313 | ||||||
Exxon Mobil Corp. | ||||||||
2.61%, 10/15/2030 | 12,450 | 13,586 | ||||||
3.45%, 4/15/2051 | 1,500 | 1,705 | ||||||
Gray Oak Pipeline LLC | ||||||||
2.00%, 9/15/2023(a) | 1,560 | 1,572 | ||||||
2.60%, 10/15/2025(a) | 1,630 | 1,655 | ||||||
3.45%, 10/15/2027(a) | 950 | 977 | ||||||
Kinder Morgan Energy Partners LP 4.70%, 11/1/2042 | 2,655 | 3,008 | ||||||
Kinder Morgan, Inc. | ||||||||
5.30%, 12/1/2034 | 240 | 290 | ||||||
3.25%, 8/1/2050 | 3,500 | 3,398 | ||||||
Marathon Petroleum Corp. | ||||||||
4.50%, 5/1/2023 | 7,192 | 7,772 | ||||||
4.75%, 9/15/2044 | 143 | 159 | ||||||
MEG Energy Corp. (Canada) 6.50%, 1/15/2025(a) | 125 | 128 | ||||||
MPLX LP | ||||||||
4.88%, 12/1/2024 | 2,000 | 2,269 | ||||||
1.75%, 3/1/2026 | 3,760 | 3,810 | ||||||
4.00%, 3/15/2028 | 1,000 | 1,129 | ||||||
4.50%, 4/15/2038 | 2,402 | 2,661 | ||||||
4.70%, 4/15/2048 | 5,300 | 5,969 | ||||||
Noble Energy, Inc. | ||||||||
3.90%, 11/15/2024 | 2,000 | 2,229 | ||||||
3.85%, 1/15/2028 | 1,958 | 2,267 | ||||||
3.25%, 10/15/2029 | 5,410 | 6,128 | ||||||
4.95%, 8/15/2047 | 3,000 | 4,135 | ||||||
4.20%, 10/15/2049 | 605 | 763 | ||||||
ONEOK, Inc. 3.40%, 9/1/2029 | 819 | 850 | ||||||
Parsley Energy LLC 5.63%, 10/15/2027(a) | 150 | 162 | ||||||
Phillips 66 2.15%, 12/15/2030 | 7,436 | 7,421 | ||||||
Phillips 66 Partners LP | ||||||||
3.15%, 12/15/2029 | 1,180 | 1,196 | ||||||
4.90%, 10/1/2046 | 120 | 129 | ||||||
Pioneer Natural Resources Co. 1.90%, 8/15/2030 | 3,140 | 3,086 | ||||||
Plains All American Pipeline LP | ||||||||
3.65%, 6/1/2022 | 2,500 | 2,568 | ||||||
4.65%, 10/15/2025 | 355 | 388 | ||||||
4.50%, 12/15/2026 | 180 | 198 | ||||||
3.80%, 9/15/2030 | 2,340 | 2,444 | ||||||
4.30%, 1/31/2043 | 2,007 | 1,865 | ||||||
Sabine Pass Liquefaction LLC | ||||||||
4.20%, 3/15/2028 | 4,210 | 4,741 | ||||||
4.50%, 5/15/2030(a) | 3,850 | 4,492 | ||||||
Suncor Energy, Inc. (Canada) 3.10%, 5/15/2025 | 10,290 | 11,179 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||||||
Sunoco Logistics Partners Operations LP | ||||||||||||
4.00%, 10/1/2027 | 5,744 | 6,175 | ||||||||||
5.30%, 4/1/2044 | 1,330 | 1,394 | ||||||||||
Targa Resources Partners LP |
| |||||||||||
5.88%, 4/15/2026 | 200 | 211 | ||||||||||
5.00%, 1/15/2028 | 30 | 31 | ||||||||||
Total Capital International SA (France) |
| |||||||||||
2.99%, 6/29/2041 | 4,150 | 4,490 | ||||||||||
3.13%, 5/29/2050 | 1,830 | 2,003 | ||||||||||
Total Capital SA (France) 3.88%, 10/11/2028 |
| 2,420 | 2,885 | |||||||||
TransCanada PipeLines Ltd. (Canada) |
| |||||||||||
4.25%, 5/15/2028 | 3,020 | 3,543 | ||||||||||
4.63%, 3/1/2034 | 3,413 | 4,071 | ||||||||||
Transcanada Trust (Canada) |
| |||||||||||
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076(c) | 600 | 666 | ||||||||||
(ICE LIBOR USD 3 Month + 4.15%), 5.50%, 9/15/2079(c) | 277 | 303 | ||||||||||
Transcontinental Gas Pipe Line Co. LLC 3.25%, 5/15/2030(a) |
| 3,830 | 4,214 | |||||||||
Valero Energy Corp. |
| |||||||||||
1.20%, 3/15/2024 | 1,809 | 1,809 | ||||||||||
2.15%, 9/15/2027 | 2,510 | 2,506 | ||||||||||
WPX Energy, Inc. 5.88%, 6/15/2028 |
| 2,945 | 3,173 | |||||||||
|
| |||||||||||
225,410 | ||||||||||||
|
| |||||||||||
Personal Products — 0.0%(b) |
| |||||||||||
Edgewell Personal Care Co. |
| |||||||||||
5.50%, 6/1/2028(a) | 165 | 177 | ||||||||||
Prestige Brands, Inc. |
| |||||||||||
6.38%, 3/1/2024(a) | 45 | 46 | ||||||||||
|
| |||||||||||
223 | ||||||||||||
|
| |||||||||||
Pharmaceuticals — 2.9% |
| |||||||||||
AstraZeneca plc (United Kingdom) |
| |||||||||||
3.13%, 6/12/2027 | 4,000 | 4,503 | ||||||||||
2.13%, 8/6/2050 | 4,296 | 4,058 | ||||||||||
Bausch Health Americas, Inc. 9.25%, 4/1/2026(a) |
| 450 | 500 | |||||||||
Bausch Health Cos., Inc. |
| |||||||||||
6.13%, 4/15/2025(a) | 155 | 160 | ||||||||||
5.50%, 11/1/2025(a) | 200 | 206 | ||||||||||
5.75%, 8/15/2027(a) | 125 | 134 | ||||||||||
Bayer Capital Corp. BV (Germany) 1.50%, 6/26/2026(f) | EUR | 10,000 | 12,802 | |||||||||
Bristol-Myers Squibb Co. |
| |||||||||||
2.35%, 11/13/2040 | 2,690 | 2,762 | ||||||||||
2.55%, 11/13/2050 | 2,150 | 2,217 | ||||||||||
Elanco Animal Health, Inc. 4.91%, 8/27/2021(g) |
| 75 | 77 | |||||||||
Eli Lilly and Co. 2.25%, 5/15/2050 |
| 6,305 | 6,134 | |||||||||
Johnson & Johnson |
| |||||||||||
3.40%, 1/15/2038 | 570 | 688 | ||||||||||
2.25%, 9/1/2050 | 1,900 | 1,930 | ||||||||||
Merck & Co., Inc. |
| |||||||||||
2.35%, 6/24/2040 | 925 | 967 | ||||||||||
3.70%, 2/10/2045 | 1,032 | 1,298 | ||||||||||
Par Pharmaceutical, Inc. 7.50%, 4/1/2027(a) |
| 100 | 108 | |||||||||
Pfizer, Inc. |
| |||||||||||
2.55%, 5/28/2040 | 4,245 | 4,499 | ||||||||||
2.70%, 5/28/2050 | 3,380 | 3,607 | ||||||||||
Royalty Pharma plc 1.20%, 9/2/2025(a) |
| 3,950 | 3,983 | |||||||||
Takeda Pharmaceutical Co. Ltd. (Japan) |
| |||||||||||
5.00%, 11/26/2028 | 7,650 | 9,515 | ||||||||||
2.05%, 3/31/2030 | 5,000 | 5,106 | ||||||||||
3.03%, 7/9/2040 | 2,500 | 2,646 | ||||||||||
3.18%, 7/9/2050 | 2,560 | 2,736 | ||||||||||
Viatris, Inc. 4.00%, 6/22/2050(a) |
| 1,455 | 1,658 | |||||||||
Zoetis, Inc. 3.00%, 5/15/2050 |
| 2,945 | 3,255 | |||||||||
|
| |||||||||||
75,549 | ||||||||||||
|
| |||||||||||
Road & Rail — 0.7% |
| |||||||||||
Avis Budget Car Rental LLC 6.38%, 4/1/2024(a) |
| 35 | 36 | |||||||||
Burlington Northern Santa Fe LLC |
| |||||||||||
5.15%, 9/1/2043 | 1,260 | 1,831 | ||||||||||
3.90%, 8/1/2046 | 625 | 817 | ||||||||||
3.05%, 2/15/2051 | 3,240 | 3,742 | ||||||||||
CSX Corp. 3.80%, 11/1/2046 |
| 290 | 356 | |||||||||
Hertz Corp. (The) 5.50%, 10/15/2024(a)(h) |
| 35 | 15 | |||||||||
Norfolk Southern Corp. |
| |||||||||||
3.95%, 10/1/2042 | 575 | 705 | ||||||||||
3.05%, 5/15/2050 | 5,766 | 6,385 | ||||||||||
Union Pacific Corp. |
| |||||||||||
3.60%, 9/15/2037 | 70 | 82 | ||||||||||
4.38%, 9/10/2038 | 265 | 335 | ||||||||||
3.55%, 8/15/2039 | 1,580 | 1,846 | ||||||||||
4.30%, 6/15/2042 | 255 | 317 | ||||||||||
3.25%, 2/5/2050 | 2,000 | 2,290 | ||||||||||
|
| |||||||||||
18,757 | ||||||||||||
|
| |||||||||||
Semiconductors & Semiconductor Equipment — 1.5% |
| |||||||||||
Broadcom Corp. |
| |||||||||||
3.88%, 1/15/2027 | 2,725 | 3,062 | ||||||||||
3.50%, 1/15/2028 | 3,800 | 4,185 | ||||||||||
Broadcom, Inc. |
| |||||||||||
3.15%, 11/15/2025 | 5,084 | 5,538 | ||||||||||
3.46%, 9/15/2026 | 3,057 | 3,379 | ||||||||||
4.11%, 9/15/2028 | 2,315 | 2,650 | ||||||||||
4.15%, 11/15/2030 | 3,725 | 4,321 | ||||||||||
Intel Corp. 2.45%, 11/15/2029 |
| 2,500 | 2,727 | |||||||||
Microchip Technology, Inc. |
| |||||||||||
2.67%, 9/1/2023(a) | 2,775 | 2,909 | ||||||||||
4.25%, 9/1/2025(a) | 370 | 388 | ||||||||||
NVIDIA Corp. 3.50%, 4/1/2050 |
| 1,756 | 2,134 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||||||
NXP BV (Netherlands) 5.35%, 3/1/2026(a) |
| 4,740 | 5,664 | |||||||||
QUALCOMM, Inc. 1.65%, 5/20/2032(a) |
| 3,050 | 3,060 | |||||||||
|
| |||||||||||
40,017 | ||||||||||||
|
| |||||||||||
Software — 1.6% |
| |||||||||||
CDK Global, Inc. 4.88%, 6/1/2027 |
| 750 | 789 | |||||||||
Microsoft Corp. |
| |||||||||||
4.20%, 11/3/2035 | 2,960 | 3,945 | ||||||||||
3.45%, 8/8/2036 | 9,005 | 11,136 | ||||||||||
3.70%, 8/8/2046 | 775 | 1,001 | ||||||||||
2.68%, 6/1/2060 | 1,025 | 1,124 | ||||||||||
Nuance Communications, Inc. 5.63%, 12/15/2026 |
| 100 | 106 | |||||||||
Oracle Corp. |
| |||||||||||
2.80%, 4/1/2027 | 3,355 | 3,692 | ||||||||||
3.80%, 11/15/2037 | 3,135 | 3,752 | ||||||||||
3.60%, 4/1/2040 | 8,480 | 9,895 | ||||||||||
3.60%, 4/1/2050 | 6,255 | 7,278 | ||||||||||
SS&C Technologies, Inc. 5.50%, 9/30/2027(a) |
| 30 | 32 | |||||||||
|
| |||||||||||
42,750 | ||||||||||||
|
| |||||||||||
Specialty Retail — 0.9% |
| |||||||||||
Home Depot, Inc. (The) |
| |||||||||||
3.30%, 4/15/2040 | 9,900 | 11,703 | ||||||||||
3.13%, 12/15/2049 | 1,990 | 2,291 | ||||||||||
Lowe’s Cos., Inc. |
| |||||||||||
3.70%, 4/15/2046 | 2,730 | 3,215 | ||||||||||
3.00%, 10/15/2050 | 3,650 | 3,920 | ||||||||||
Penske Automotive Group, Inc. 5.50%, 5/15/2026 |
| 100 | 104 | |||||||||
PetSmart, Inc. |
| |||||||||||
7.13%, 3/15/2023(a) | 175 | 173 | ||||||||||
5.88%, 6/1/2025(a) | 165 | 167 | ||||||||||
Staples, Inc. 7.50%, 4/15/2026(a) |
| 150 | 151 | |||||||||
TJX Cos., Inc. (The) 3.88%, 4/15/2030 |
| 1,292 | 1,547 | |||||||||
|
| |||||||||||
23,271 | ||||||||||||
|
| |||||||||||
Technology Hardware, Storage & Peripherals — 1.4% |
| |||||||||||
Apple, Inc. |
| |||||||||||
3.85%, 5/4/2043 | 1,030 | 1,325 | ||||||||||
3.45%, 2/9/2045 | 7,380 | 9,045 | ||||||||||
2.95%, 9/11/2049 | 3,225 | 3,670 | ||||||||||
2.65%, 5/11/2050 | 3,375 | 3,619 | ||||||||||
Dell International LLC |
| |||||||||||
6.02%, 6/15/2026(a) | 6,687 | 8,117 | ||||||||||
4.90%, 10/1/2026(a) | 1,191 | 1,391 | ||||||||||
6.10%, 7/15/2027(a) | 5,972 | 7,318 | ||||||||||
EMC Corp. 3.38%, 6/1/2023 |
| 174 | 180 | |||||||||
NCR Corp. 5.75%, 9/1/2027(a) |
| 350 | 368 | |||||||||
Western Digital Corp. 4.75%, 2/15/2026 |
| 350 | 382 | |||||||||
|
| |||||||||||
35,415 | ||||||||||||
|
| |||||||||||
Textiles, Apparel & Luxury Goods — 0.2% |
| |||||||||||
NIKE, Inc. |
| |||||||||||
3.25%, 3/27/2040 | 4,435 | 5,205 | ||||||||||
3.38%, 3/27/2050 | 350 | 423 | ||||||||||
|
| |||||||||||
5,628 | ||||||||||||
|
| |||||||||||
Thrifts & Mortgage Finance — 1.0% |
| |||||||||||
BPCE SA (France) |
| |||||||||||
5.70%, 10/22/2023(a) | 11,000 | 12,405 | ||||||||||
4.63%, 7/11/2024(a) | 1,550 | 1,726 | ||||||||||
5.15%, 7/21/2024(a) | 3,415 | 3,870 | ||||||||||
(SOFR + 1.52%), 1.65%, 10/6/2026(a)(c) | 4,900 | 4,982 | ||||||||||
3.25%, 1/11/2028(a) | 250 | 277 | ||||||||||
2.70%, 10/1/2029(a) | 315 | 342 | ||||||||||
Nationwide Building Society (United Kingdom) |
| |||||||||||
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.39%), | GBP | 200 | 286 | |||||||||
(USD ICE Swap Rate 5 Year + 1.85%), 4.12%, 10/18/2032(a)(c) | 2,500 | 2,756 | ||||||||||
|
| |||||||||||
26,644 | ||||||||||||
|
| |||||||||||
Tobacco — 2.4% |
| |||||||||||
Altria Group, Inc. |
| |||||||||||
4.80%, 2/14/2029 | 7,380 | 8,835 | ||||||||||
4.25%, 8/9/2042 | 2,710 | 3,052 | ||||||||||
3.88%, 9/16/2046 | 5,915 | 6,367 | ||||||||||
BAT Capital Corp. (United Kingdom) |
| |||||||||||
3.22%, 9/6/2026 | 985 | 1,079 | ||||||||||
4.70%, 4/2/2027 | 4,000 | 4,683 | ||||||||||
3.56%, 8/15/2027 | 13,750 | 15,278 | ||||||||||
2.26%, 3/25/2028 | 60 | 62 | ||||||||||
4.91%, 4/2/2030 | 5,350 | 6,429 | ||||||||||
4.39%, 8/15/2037 | 4,665 | 5,256 | ||||||||||
Imperial Brands Finance plc (United Kingdom) |
| |||||||||||
3.13%, 7/26/2024(a) | 835 | 891 | ||||||||||
4.25%, 7/21/2025(a) | 1,000 | 1,123 | ||||||||||
3.50%, 7/26/2026(a) | 1,877 | 2,063 | ||||||||||
Philip Morris International, Inc. |
| |||||||||||
4.38%, 11/15/2041 | 4,000 | 5,099 | ||||||||||
3.88%, 8/21/2042 | 650 | 778 | ||||||||||
4.13%, 3/4/2043 | 650 | 796 | ||||||||||
|
| |||||||||||
61,791 | ||||||||||||
|
| |||||||||||
Trading Companies & Distributors — 0.8% |
| |||||||||||
AerCap Holdings NV (Ireland) |
| |||||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.54%), | 1,730 | 1,634 | ||||||||||
Air Lease Corp. |
| |||||||||||
3.50%, 1/15/2022 | 3,000 | 3,082 | ||||||||||
3.25%, 3/1/2025 | 5,600 | 5,877 | ||||||||||
3.38%, 7/1/2025 | 1,500 | 1,582 | ||||||||||
2.88%, 1/15/2026 | 2,390 | 2,474 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
3.63%, 4/1/2027 | 3,355 | 3,528 | ||||||
3.63%, 12/1/2027 | 365 | 385 | ||||||
3.00%, 2/1/2030 | 39 | 39 | ||||||
Aviation Capital Group LLC 5.50%, 12/15/2024(a) | 1,650 | 1,766 | ||||||
Herc Holdings, Inc. 5.50%, 7/15/2027(a) | 70 | 74 | ||||||
United Rentals North America, Inc. | ||||||||
5.50%, 5/15/2027 | 200 | 215 | ||||||
4.88%, 1/15/2028 | 30 | 32 | ||||||
3.88%, 2/15/2031 | 750 | 784 | ||||||
|
| |||||||
21,472 | ||||||||
|
| |||||||
Water Utilities — 0.1% |
| |||||||
American Water Capital Corp. | ||||||||
3.75%, 9/1/2028 | 2,000 | 2,342 | ||||||
2.80%, 5/1/2030 | 711 | 783 | ||||||
3.45%, 5/1/2050 | 300 | 357 | ||||||
|
| |||||||
3,482 | ||||||||
|
| |||||||
Wireless Telecommunication Services — 2.0% |
| |||||||
America Movil SAB de CV (Mexico) 3.63%, 4/22/2029 | 435 | 496 | ||||||
Hughes Satellite Systems Corp. | ||||||||
5.25%, 8/1/2026 | 165 | 182 | ||||||
6.63%, 8/1/2026 | 165 | 184 | ||||||
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049 | 2,850 | 3,395 | ||||||
Sprint Corp. | ||||||||
7.13%, 6/15/2024 | 1,950 | 2,269 | ||||||
7.63%, 2/15/2025 | 300 | 359 | ||||||
7.63%, 3/1/2026 | 55 | 69 | ||||||
T-Mobile USA, Inc. | ||||||||
4.50%, 2/1/2026 | 2,500 | 2,567 | ||||||
3.75%, 4/15/2027(a) | 15,810 | 17,898 | ||||||
4.75%, 2/1/2028 | 305 | 328 | ||||||
3.88%, 4/15/2030(a) | 5,315 | 6,096 | ||||||
2.25%, 11/15/2031(a) | 4,195 | 4,254 | ||||||
4.38%, 4/15/2040(a) | 2,210 | 2,699 | ||||||
3.30%, 2/15/2051(a) | 1,000 | 1,048 | ||||||
Vodafone Group plc (United Kingdom) | ||||||||
4.38%, 2/19/2043 | 650 | 805 | ||||||
4.25%, 9/17/2050 | 6,860 | 8,395 | ||||||
|
| |||||||
51,044 | ||||||||
|
| |||||||
TOTAL CORPORATE BONDS (Cost $2,389,536) | 2,538,278 | |||||||
|
| |||||||
Shares (000) | ||||||||
PREFERRED STOCKS — 0.3% |
| |||||||
Banks — 0.3% |
| |||||||
Bank of America Corp. Series NN, 4.38%, 11/3/2025 ($25 par value)(i) | 70 | 1,816 | ||||||
Wells Fargo & Co. Series Z, 4.75%, 3/15/2025 ($25 par value)(i) | 162 | 4,122 | ||||||
|
| |||||||
5,938 | ||||||||
|
| |||||||
Electric Utilities — 0.0%(b) |
| |||||||
SCE Trust VI 5.00%, 6/26/2022 ($25 par value)(i) | 10 | 229 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS (Cost $5,819) | 6,167 | |||||||
|
| |||||||
Principal Amount ($000) | ||||||||
ASSET-BACKED SECURITIES — 0.2% | ||||||||
Air Canada Pass-Through Trust (Canada) Series 2017-1, Class AA, 3.30%, 1/15/2030(a) | 188 | 181 | ||||||
British Airways Pass-Through Trust (United Kingdom) Series 2019-1, Class AA, 3.30%, 12/15/2032(a) | 129 | 124 | ||||||
Delta Air Lines Pass-Through Trust Series 2019-1, Class AA, 3.20%, 4/25/2024 | 160 | 163 | ||||||
United Airlines Pass-Through Trust | ||||||||
Series 2016-2, Class AA, 2.88%, 10/7/2028 | 5,048 | 4,925 | ||||||
Series 2019-1, Class AA, 4.15%, 8/25/2031 | 145 | 144 | ||||||
Series 2019-2, Class AA, 2.70%, 5/1/2032 | 128 | 121 | ||||||
|
| |||||||
TOTAL ASSET-BACKED SECURITIES (Cost $5,269) | 5,658 | |||||||
|
| |||||||
MUNICIPAL BONDS — 0.0%(b)(j) | ||||||||
Colorado — 0.0%(b) |
| |||||||
Colorado Health Facilities Authority, Sanford Health Series 2019B, Rev., 3.80%, 11/1/2044(Cost $327) | 320 | 355 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 0.0%(b) |
| |||||||
U.S. Treasury Bonds 1.25%, 5/15/2050(Cost $4) | 5 | 5 | ||||||
|
|
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Shares (000) | Value ($000) | ||||||
SHORT-TERM INVESTMENTS — 2.1% |
| |||||||
INVESTMENT COMPANIES — 1.9% |
| |||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(k)(l)(Cost $51,015) | 50,983 | 51,014 | ||||||
|
| |||||||
Principal Amount ($000) | ||||||||
U.S. TREASURY OBLIGATIONS — 0.2% |
| |||||||
U.S. Treasury Bills 0.09%, 1/14/2021(m)(n)(Cost $4,431) | 4,431 | 4,431 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $55,446) | 55,445 | |||||||
|
| |||||||
Total Investments — 100.1% (Cost $2,456,401) | 2,605,908 | |||||||
Liabilities in Excess of Other Assets — (0.1)% | (1,912 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | 2,603,996 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
EUR | Euro | |
GBP | British Pound | |
ICE | Intercontinental Exchange | |
LIBOR | London Interbank Offered Rate | |
Rev. | Revenue | |
SOFR | Secured Overnight Financing Rate | |
USD | United States Dollar | |
(a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(b) | Amount rounds to less than 0.1% of net assets. | |
(c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2020. | |
(d) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2020. | |
(e) | Security is an interest bearing note with preferred security characteristics. | |
(f) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(g) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2020. | |
(h) | Defaulted security. | |
(i) | The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of November 30, 2020. | |
(j) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
(k) | 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. | |
(l) | The rate shown is the current yield as of November 30, 2020. |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
(m) | All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
(n) | The rate shown is the effective yield as of November 30, 2020. |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Futures contracts outstanding as of November 30, 2020 (amounts in thousands, except number of contracts):
Description | Number of Contracts | Expiration Date | Trading Currency | Notional Amount ($) | Value and Unrealized Appreciation (Depreciation) ($) | |||||||||||||||
Long Contracts |
| |||||||||||||||||||
U.S. Treasury 2 Year Note | 711 | 03/2021 | USD | 157,025 | 54 | |||||||||||||||
U.S. Treasury 5 Year Note | 168 | 03/2021 | USD | 21,168 | 13 | |||||||||||||||
U.S. Treasury Long Bond | 674 | 03/2021 | USD | 117,739 | 20 | |||||||||||||||
U.S. Treasury Ultra Bond | 334 | 03/2021 | USD | 72,040 | (566 | ) | ||||||||||||||
|
| |||||||||||||||||||
(479 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
Short Contracts |
| |||||||||||||||||||
Euro-Bobl | (144 | ) | 12/2020 | EUR | (23,259 | ) | (50 | ) | ||||||||||||
Euro-Bund | (1 | ) | 12/2020 | EUR | (209 | ) | (2 | ) | ||||||||||||
Euro-Buxl | (2 | ) | 12/2020 | EUR | (540 | ) | (20 | ) | ||||||||||||
Long Gilt | (59 | ) | 03/2021 | GBP | (10,555 | ) | (12 | ) | ||||||||||||
U.S. Treasury 10 Year Note | (1,158 | ) | 03/2021 | USD | (159,931 | ) | (6 | ) | ||||||||||||
U.S. Treasury 10 Year Ultra Note | (1,164 | ) | 03/2021 | USD | (182,766 | ) | (39 | ) | ||||||||||||
|
| |||||||||||||||||||
(129 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
(608 | ) | |||||||||||||||||||
|
|
Abbreviations | ||
EUR | Euro | |
GBP | British Pound | |
USD | United States Dollar |
Forward foreign currency exchange contracts outstanding as of November 30, 2020 (amounts in thousands):
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) ($) | ||||||||||||||||
GBP | 8,754 | USD | 11,663 | Merrill Lynch International | 12/3/2020 | 8 | ||||||||||||||
USD | 23,792 | EUR | 19,828 | Barclays Bank plc | 1/5/2021 | 110 | ||||||||||||||
|
| |||||||||||||||||||
Total unrealized appreciation |
| 118 | ||||||||||||||||||
|
| |||||||||||||||||||
EUR | 19,828 | USD | 23,765 | Barclays Bank plc | 12/3/2020 | (112 | ) | |||||||||||||
USD | 9,420 | EUR | 7,924 | Barclays Bank plc | 12/3/2020 | (33 | ) | |||||||||||||
USD | 13,804 | EUR | 11,804 | Goldman Sachs International | 12/3/2020 | (276 | ) | |||||||||||||
USD | 118 | EUR | 101 | State Street Corp. | 12/3/2020 | (3 | ) | |||||||||||||
USD | 600 | GBP | 453 | BNP Paribas | 12/3/2020 | (4 | ) | |||||||||||||
USD | 10,942 | GBP | 8,301 | Citibank, NA | 12/3/2020 | (124 | ) | |||||||||||||
USD | 11,670 | GBP | 8,754 | Merrill Lynch International | 1/5/2021 | (8 | ) | |||||||||||||
|
| |||||||||||||||||||
Total unrealized depreciation | (560 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Net unrealized depreciation | (442 | ) | ||||||||||||||||||
|
|
Abbreviations | ||
EUR | Euro | |
GBP | British Pound | |
USD | United States Dollar |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Centrally Cleared Credit default swap contracts outstanding — buy protection(a) as of November 30, 2020 (amounts in thousands):
Reference Obligation/Index | Financing Rate Paid by the Fund (%) | Payment Frequency | Maturity Date | Implied Credit Spread (%)(b) | Notional Amount(c) | Upfront Payments (Receipts) ($)(d) | Unrealized Appreciation (Depreciation) ($) | Value ($) | ||||||||||||||||||||||||
CDX.NA.IG.35-V1 | 1.00 | Quarterly | 12/20/2025 | 0.50 | USD 64,000 | (1,434 | ) | (284 | ) | (1,718 | ) | |||||||||||||||||||||
|
|
|
|
|
|
(a) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts. |
(b) | Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index. |
(c) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event. |
(d) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |
Abbreviations | ||
CDX | Credit Default Swap Index | |
USD | United States Dollar |
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.
J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This 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.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
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.
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
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 (amounts in thousands):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 5,658 | $ | — | $ | 5,658 | ||||||||
Corporate Bonds | — | 2,538,278 | — | 2,538,278 | ||||||||||||
Municipal Bonds | — | 355 | — | 355 | ||||||||||||
Preferred Stocks | 6,167 | — | — | 6,167 | ||||||||||||
U.S. Treasury Obligations | — | 5 | — | 5 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 51,014 | — | — | 51,014 | ||||||||||||
U.S. Treasury Obligations | — | 4,431 | — | 4,431 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | 51,014 | 4,431 | — | 55,445 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 57,181 | $ | 2,548,727 | $ | — | $ | 2,605,908 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | 118 | $ | — | $ | 118 | ||||||||
Futures Contracts | 87 | — | — | 87 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Appreciation in Other Financial Instruments | $ | 87 | $ | 118 | $ | — | $ | 205 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (560 | ) | $ | — | $ | (560 | ) | ||||||
Futures Contracts | (695 | ) | — | — | (695 | ) | ||||||||||
Swaps | — | (284 | ) | — | (284 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Depreciation in Other Financial Instruments | $ | (695 | ) | $ | (844 | ) | $ | — | $ | (1,539 | ) | |||||
|
|
|
|
|
|
|
|
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds 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 be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.
For the period ended November 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 29, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at November 30, 2020 | Shares at November 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(a)(b) | $ | 17,884 | $ | 3,573,966 | $ | 3,540,924 | $ | 92 | $ | (4 | ) | $ | 51,014 | 50,983 | $ | 209 | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares(a) | — | 4,000 | 4,000 | — | — | — | — | — | (c) | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 17,884 | $ | 3,577,966 | $ | 3,544,924 | $ | 92 | $ | (4 | ) | $ | 51,014 | $ | 209 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 November 30, 2020. |
(c) | Amount rounds to less than one thousand. |
C. Derivatives — The Fund used derivative instruments including futures contracts, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.
The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.
The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.
Notes (1) — (3) below describe the various derivatives used by the Fund.
(1). Futures Contracts — The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in market value on open future contracts are recorded as changes in unrealized appreciation or depreciation. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.
The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2). Forward Foreign Currency Exchange Contracts — The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.
The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).
The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.
(3). Swaps — The Fund engaged in various swap transactions, including credit default swaps to manage credit risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.
Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.
The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund and/or held as restricted cash. Collateral received by the Fund is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A, an affiliate of the Fund.
The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over-the-counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and (iv) documentation risk relating to disagreement over contract terms.
The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.
The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.
Credit Default Swaps
The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.
The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.
Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.