JPMorgan Corporate Bond Fund
Schedule of Portfolio Investments as of May 31, 2024
(Unaudited)
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. |
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. |
J.P. Morgan Distribution Services, Inc., member FINRA. |
© J.P. Morgan Chase & Co., 2024. |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — 91.4% | ||
Aerospace & Defense — 2.3% | ||
Boeing Co. (The) | ||
2.95%, 2/1/2030 | 290 | 246 |
5.15%, 5/1/2030 | 260 | 248 |
3.60%, 5/1/2034 | 164 | 131 |
6.53%, 5/1/2034 (a) | 65 | 66 |
3.25%, 2/1/2035 | 669 | 505 |
5.81%, 5/1/2050 | 160 | 143 |
6.86%, 5/1/2054 (a) | 320 | 325 |
3.83%, 3/1/2059 | 158 | 101 |
3.95%, 8/1/2059 | 653 | 410 |
7.01%, 5/1/2064 (a) | 185 | 187 |
GE Capital Funding LLC 4.55%, 5/15/2032 | 200 | 191 |
L3Harris Technologies, Inc. 5.35%, 6/1/2034 | 965 | 953 |
Leidos, Inc. | ||
4.38%, 5/15/2030 | 747 | 703 |
2.30%, 2/15/2031 | 442 | 362 |
5.75%, 3/15/2033 | 218 | 220 |
RTX Corp. | ||
1.90%, 9/1/2031 | 269 | 214 |
2.38%, 3/15/2032 | 449 | 365 |
4.88%, 10/15/2040 | 339 | 309 |
6.40%, 3/15/2054 | 465 | 507 |
6,186 | ||
Air Freight & Logistics — 0.1% | ||
FedEx Corp. 3.25%, 5/15/2041 | 177 | 129 |
Automobiles — 1.2% | ||
Ford Motor Co. 3.25%, 2/12/2032 | 1,175 | 966 |
General Motors Co. | ||
5.15%, 4/1/2038 | 123 | 113 |
5.95%, 4/1/2049 | 150 | 144 |
Hyundai Capital America (SOFR + 1.50%), 6.87%, 1/8/2027 (a) (b) | 825 | 836 |
Nissan Motor Acceptance Co. LLC 7.05%, 9/15/2028 (a) | 300 | 311 |
Volkswagen Group of America Finance LLC (Germany) 5.30%, 3/22/2027 (a) | 806 | 805 |
3,175 | ||
Banks — 19.0% | ||
ABN AMRO Bank NV (Netherlands) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (a) (b) | 200 | 202 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.90%), 3.32%, 3/13/2037 (a) (b) | 200 | 164 |
AIB Group plc (Ireland) (SOFR + 1.91%), 5.87%, 3/28/2035 (a) (b) | 200 | 199 |
Banco Bilbao Vizcaya Argentaria SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), 9.38%, 3/19/2029 (b) (c) (d) (e) | 400 | 427 |
Banco Santander SA (Spain) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (b) (c) (d) (e) | 600 | 641 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.30%), 9.63%, 5/21/2033 (b) (c) (d) (e) | 200 | 219 |
6.94%, 11/7/2033 | 400 | 435 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Banks — continued | ||
Bank of America Corp. | ||
(SOFR + 1.63%), 5.20%, 4/25/2029 (b) | 747 | 743 |
(SOFR + 1.57%), 5.82%, 9/15/2029 (b) | 1,120 | 1,139 |
(3-MONTH CME TERM SOFR + 1.47%), 3.97%, 2/7/2030 (b) | 1,307 | 1,232 |
(3-MONTH CME TERM SOFR + 1.45%), 2.88%, 10/22/2030 (b) | 795 | 703 |
(SOFR + 1.32%), 2.69%, 4/22/2032 (b) | 452 | 380 |
(SOFR + 1.22%), 2.30%, 7/21/2032 (b) | 911 | 741 |
(SOFR + 1.91%), 5.29%, 4/25/2034 (b) | 575 | 566 |
(SOFR + 1.84%), 5.87%, 9/15/2034 (b) | 940 | 961 |
(SOFR + 1.65%), 5.47%, 1/23/2035 (b) | 1,160 | 1,152 |
(SOFR + 1.93%), 2.68%, 6/19/2041 (b) | 403 | 281 |
Bank of Ireland Group plc (Ireland) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.25%, 9/16/2026 (a) (b) | 335 | 336 |
(SOFR + 1.62%), 5.60%, 3/20/2030 (a) (b) | 490 | 484 |
Bank of Nova Scotia (The) (Canada) | ||
5.45%, 8/1/2029 | 582 | 584 |
Series 2, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 3.63%, 10/27/2081 (b) (c) | 208 | 170 |
Banque Federative du Credit Mutuel SA (France) 5.79%, 7/13/2028 (a) | 440 | 448 |
Barclays plc (United Kingdom) | ||
(SOFR + 2.21%), 5.83%, 5/9/2027 (b) | 510 | 510 |
(SOFR + 2.22%), 6.49%, 9/13/2029 (b) | 500 | 517 |
BNP Paribas SA (France) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.34%, 6/12/2029 (a) (b) | 405 | 404 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.90%), 7.75%, 8/16/2029 (a) (b) (c) (d) (e) | 458 | 469 |
(SOFR + 1.59%), 5.50%, 5/20/2030 (a) (b) | 170 | 169 |
BPCE SA (France) | ||
(SOFR + 1.52%), 1.65%, 10/6/2026 (a) (b) | 818 | 773 |
(SOFR + 2.27%), 6.71%, 10/19/2029 (a) (b) | 710 | 738 |
(SOFR + 1.73%), 3.12%, 10/19/2032 (a) (b) | 670 | 551 |
(SOFR + 2.59%), 7.00%, 10/19/2034 (a) (b) | 660 | 711 |
(SOFR + 1.85%), 5.94%, 5/30/2035 (a) (b) | 250 | 250 |
CaixaBank SA (Spain) | ||
(SOFR + 2.08%), 6.68%, 9/13/2027 (a) (b) | 510 | 519 |
(SOFR + 2.77%), 6.84%, 9/13/2034 (a) (b) | 705 | 748 |
(SOFR + 2.26%), 6.04%, 6/15/2035 (a) (b) | 200 | 201 |
Citibank NA 5.80%, 9/29/2028 | 495 | 508 |
Citigroup, Inc. | ||
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (b) (d) (e) | 809 | 773 |
(3-MONTH CME TERM SOFR + 1.65%), 3.67%, 7/24/2028 (b) | 189 | 180 |
(3-MONTH CME TERM SOFR + 1.45%), 4.08%, 4/23/2029 (b) | 179 | 171 |
Series CC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.69%), 7.13%, 8/15/2029 (b) (d) (e) | 335 | 334 |
(3-MONTH CME TERM SOFR + 1.60%), 3.98%, 3/20/2030 (b) | 930 | 875 |
(SOFR + 1.42%), 2.98%, 11/5/2030 (b) | 471 | 417 |
(SOFR + 1.17%), 2.56%, 5/1/2032 (b) | 272 | 226 |
(SOFR + 1.18%), 2.52%, 11/3/2032 (b) | 756 | 620 |
(SOFR + 2.66%), 6.17%, 5/25/2034 (b) | 315 | 320 |
(SOFR + 2.06%), 5.83%, 2/13/2035 (b) | 1,345 | 1,331 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Banks — continued | ||
Commonwealth Bank of Australia (Australia) 3.78%, 3/14/2032 (a) (c) | 395 | 345 |
Cooperatieve Rabobank UA (Netherlands) 3.75%, 7/21/2026 | 378 | 363 |
Credit Agricole SA (France) | ||
(SOFR + 1.86%), 6.32%, 10/3/2029 (a) (b) | 310 | 320 |
(SOFR + 2.67%), 6.25%, 1/10/2035 (a) (b) | 360 | 364 |
Danske Bank A/S (Denmark) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 1.62%, 9/11/2026 (a) (b) | 413 | 391 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.30%, 4/1/2028 (a) (b) | 460 | 444 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.71%, 3/1/2030 (a) (b) | 215 | 215 |
Fifth Third Bancorp | ||
(SOFR + 1.84%), 5.63%, 1/29/2032 (b) | 120 | 119 |
(SOFR + 1.66%), 4.34%, 4/25/2033 (b) | 177 | 161 |
HSBC Holdings plc (United Kingdom) | ||
(3-MONTH CME TERM SOFR + 1.61%), 4.29%, 9/12/2026 (b) | 544 | 534 |
(SOFR + 1.57%), 5.89%, 8/14/2027 (b) | 665 | 669 |
(SOFR + 1.06%), 5.60%, 5/17/2028 (b) | 480 | 481 |
(SOFR + 3.35%), 7.39%, 11/3/2028 (b) | 455 | 481 |
(SOFR + 1.29%), 2.21%, 8/17/2029 (b) | 490 | 429 |
(SOFR + 1.52%), 5.73%, 5/17/2032 (b) | 720 | 722 |
Huntington Bancshares, Inc. | ||
(SOFR + 2.02%), 6.21%, 8/21/2029 (b) | 306 | 312 |
(SOFRINDX + 1.87%), 5.71%, 2/2/2035 (b) | 15 | 15 |
Intesa Sanpaolo SpA (Italy) | ||
6.63%, 6/20/2033 (a) | 998 | 1,032 |
7.20%, 11/28/2033 (a) | 650 | 699 |
KeyBank NA 3.90%, 4/13/2029 | 600 | 538 |
KeyCorp | ||
(SOFRINDX + 2.06%), 4.79%, 6/1/2033 (b) | 225 | 205 |
(SOFRINDX + 2.42%), 6.40%, 3/6/2035 (b) | 276 | 278 |
Morgan Stanley Bank NA (SOFR + 0.87%), 5.50%, 5/26/2028 (b) | 2,405 | 2,416 |
NatWest Group plc (United Kingdom) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (b) (c) (d) (e) | 295 | 288 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 8.13%, 11/10/2033 (b) (c) (d) (e) | 200 | 203 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.78%, 3/1/2035 (b) | 467 | 467 |
NatWest Markets plc (United Kingdom) | ||
5.42%, 5/17/2027 (a) | 400 | 400 |
5.41%, 5/17/2029 (a) | 500 | 498 |
Nordea Bank Abp (Finland) (USD Swap Semi 5 Year + 1.69%), 4.63%, 9/13/2033 (a) (b) | 768 | 725 |
PNC Financial Services Group, Inc. (The) | ||
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (b) (d) (e) | 300 | 267 |
(SOFR + 2.28%), 6.88%, 10/20/2034 (b) | 298 | 323 |
(SOFR + 1.90%), 5.68%, 1/22/2035 (b) | 270 | 270 |
Santander UK Group Holdings plc (United Kingdom) (SOFR + 2.75%), 6.83%, 11/21/2026 (b) | 570 | 578 |
Societe Generale SA (France) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (a) (b) | 515 | 481 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.45%, 1/12/2027 (a) (b) | 550 | 554 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.80%, 1/19/2028 (a) (b) | 663 | 613 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Banks — continued | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.07%, 1/19/2035 (a) (b) | 230 | 230 |
Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.20%), 7.02%, 2/8/2030 (a) (b) | 1,035 | 1,089 |
Svenska Handelsbanken AB (Sweden) 5.50%, 6/15/2028 (a) | 465 | 466 |
Truist Financial Corp. | ||
(SOFR + 1.85%), 5.12%, 1/26/2034 (b) | 828 | 789 |
(SOFR + 1.92%), 5.71%, 1/24/2035 (b) | 90 | 89 |
UBS AG (Switzerland) 5.00%, 7/9/2027 | 600 | 593 |
UniCredit SpA (Italy) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a) (b) | 568 | 528 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (a) (b) | 515 | 435 |
US Bancorp | ||
(SOFR + 2.26%), 5.84%, 6/12/2034 (b) | 341 | 344 |
(SOFR + 1.86%), 5.68%, 1/23/2035 (b) | 210 | 210 |
Wells Fargo & Co. | ||
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (b) (d) (e) | 245 | 232 |
(SOFR + 1.51%), 3.53%, 3/24/2028 (b) | 289 | 275 |
(SOFR + 1.07%), 5.71%, 4/22/2028 (b) | 1,040 | 1,047 |
(3-MONTH CME TERM SOFR + 1.57%), 3.58%, 5/22/2028 (b) | 409 | 389 |
(SOFR + 1.98%), 4.81%, 7/25/2028 (b) | 1,114 | 1,094 |
(SOFR + 1.74%), 5.57%, 7/25/2029 (b) | 185 | 186 |
(SOFR + 2.02%), 5.39%, 4/24/2034 (b) | 407 | 401 |
(SOFR + 1.99%), 5.56%, 7/25/2034 (b) | 1,830 | 1,822 |
51,941 | ||
Beverages — 0.9% | ||
Anheuser-Busch Cos. LLC (Belgium) 4.70%, 2/1/2036 | 153 | 145 |
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.70%, 2/1/2036 | 444 | 419 |
Anheuser-Busch InBev Worldwide, Inc. (Belgium) | ||
4.38%, 4/15/2038 | 255 | 230 |
4.35%, 6/1/2040 | 239 | 210 |
Coca-Cola Co. (The) | ||
2.50%, 6/1/2040 | 121 | 85 |
5.30%, 5/13/2054 | 210 | 207 |
Constellation Brands, Inc. 3.15%, 8/1/2029 | 297 | 268 |
Keurig Dr Pepper, Inc. 5.30%, 3/15/2034 | 410 | 407 |
Pepsico Singapore Financing I Pte. Ltd. 4.70%, 2/16/2034 | 225 | 218 |
Pernod Ricard International Finance LLC 1.63%, 4/1/2031 (a) | 397 | 315 |
2,504 | ||
Biotechnology — 2.4% | ||
AbbVie, Inc. | ||
4.80%, 3/15/2029 | 380 | 376 |
5.05%, 3/15/2034 | 250 | 247 |
4.50%, 5/14/2035 | 369 | 346 |
4.63%, 10/1/2042 | 375 | 338 |
4.40%, 11/6/2042 | 262 | 230 |
5.35%, 3/15/2044 | 180 | 177 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Biotechnology — continued | ||
4.25%, 11/21/2049 | 374 | 311 |
5.40%, 3/15/2054 | 310 | 306 |
5.50%, 3/15/2064 | 80 | 79 |
Amgen, Inc. | ||
2.45%, 2/21/2030 | 441 | 382 |
4.66%, 6/15/2051 | 190 | 162 |
4.20%, 2/22/2052 | 458 | 364 |
4.88%, 3/1/2053 | 155 | 137 |
5.65%, 3/2/2053 | 373 | 368 |
Biogen, Inc. 2.25%, 5/1/2030 | 1,535 | 1,292 |
Gilead Sciences, Inc. | ||
5.25%, 10/15/2033 | 590 | 590 |
4.60%, 9/1/2035 | 287 | 269 |
2.60%, 10/1/2040 | 246 | 169 |
5.65%, 12/1/2041 | 130 | 131 |
5.55%, 10/15/2053 | 300 | 298 |
6,572 | ||
Broadline Retail — 0.3% | ||
Amazon.com, Inc. | ||
3.88%, 8/22/2037 | 352 | 309 |
2.50%, 6/3/2050 | 282 | 171 |
3.10%, 5/12/2051 | 104 | 71 |
3.95%, 4/13/2052 | 120 | 96 |
2.70%, 6/3/2060 | 184 | 108 |
755 | ||
Capital Markets — 6.1% | ||
Deutsche Bank AG (Germany) | ||
(SOFR + 1.87%), 2.13%, 11/24/2026 (b) | 300 | 284 |
(SOFR + 2.51%), 6.82%, 11/20/2029 (b) | 820 | 851 |
Goldman Sachs Group, Inc. (The) | ||
(SOFR + 0.80%), 1.43%, 3/9/2027 (b) | 168 | 156 |
(SOFR + 0.91%), 1.95%, 10/21/2027 (b) | 234 | 215 |
(SOFR + 1.85%), 3.62%, 3/15/2028 (b) | 769 | 733 |
Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%), 7.50%, 5/10/2029 (b) (d) (e) | 715 | 735 |
(SOFR + 1.77%), 6.48%, 10/24/2029 (b) | 2,485 | 2,586 |
(SOFR + 1.41%), 3.10%, 2/24/2033 (b) | 700 | 594 |
(SOFR + 1.55%), 5.85%, 4/25/2035 (b) | 665 | 679 |
(3-MONTH CME TERM SOFR + 1.63%), 4.02%, 10/31/2038 (b) | 640 | 543 |
Intercontinental Exchange, Inc. 4.00%, 9/15/2027 | 349 | 336 |
Macquarie Group Ltd. (Australia) (SOFR + 1.00%), 1.94%, 4/14/2028 (a) (b) | 271 | 244 |
Mellon Capital IV Series 1, (3-MONTH CME TERM SOFR + 0.83%), 6.16%, 7/8/2024 (b) (d) (e) | 143 | 124 |
Morgan Stanley | ||
(SOFR + 0.86%), 1.51%, 7/20/2027 (b) | 454 | 418 |
(3-MONTH CME TERM SOFR + 1.40%), 3.77%, 1/24/2029 (b) | 240 | 228 |
(SOFR + 1.59%), 5.16%, 4/20/2029 (b) | 124 | 123 |
(SOFR + 1.45%), 5.17%, 1/16/2030 (b) | 380 | 377 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Capital Markets — continued | ||
(SOFR + 1.26%), 5.66%, 4/18/2030 (b) | 620 | 628 |
(SOFR + 1.20%), 2.51%, 10/20/2032 (b) | 463 | 380 |
(SOFR + 1.88%), 5.42%, 7/21/2034 (b) | 335 | 332 |
(SOFR + 1.58%), 5.83%, 4/19/2035 (b) | 660 | 673 |
(SOFR + 1.36%), 2.48%, 9/16/2036 (b) | 1,396 | 1,101 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038 (b) | 662 | 657 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.80%), 5.94%, 2/7/2039 (b) | 445 | 441 |
S&P Global, Inc. 2.30%, 8/15/2060 | 88 | 45 |
State Street Corp. Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 6.70%, 3/15/2029 (b) (d) (e) | 288 | 291 |
UBS AG (Switzerland) 7.50%, 2/15/2028 | 940 | 1,004 |
UBS Group AG (Switzerland) | ||
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (b) | 750 | 723 |
(SOFRINDX + 0.98%), 1.31%, 2/2/2027 (a) (b) | 500 | 464 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (a) (b) (c) (d) (e) | 200 | 214 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (a) (b) (c) (d) (e) | 200 | 223 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.77%), 5.70%, 2/8/2035 (a) (b) | 345 | 345 |
16,747 | ||
Chemicals — 1.1% | ||
Air Products and Chemicals, Inc. 4.85%, 2/8/2034 | 770 | 750 |
Braskem Netherlands Finance BV (Brazil) 7.25%, 2/13/2033 (a) | 450 | 420 |
Celanese US Holdings LLC 6.35%, 11/15/2028 | 205 | 211 |
CF Industries, Inc. 4.95%, 6/1/2043 | 398 | 350 |
Dow Chemical Co. (The) 4.38%, 11/15/2042 | 735 | 615 |
Eastman Chemical Co. 5.75%, 3/8/2033 | 295 | 297 |
LYB International Finance III LLC 3.63%, 4/1/2051 | 396 | 274 |
Westlake Corp. 3.13%, 8/15/2051 | 98 | 62 |
2,979 | ||
Commercial Services & Supplies — 0.3% | ||
Veralto Corp. | ||
5.35%, 9/18/2028 (a) | 370 | 371 |
5.45%, 9/18/2033 (a) | 400 | 396 |
767 | ||
Consumer Finance — 2.7% | ||
AerCap Ireland Capital DAC (Ireland) | ||
2.45%, 10/29/2026 | 372 | 346 |
6.10%, 1/15/2027 | 490 | 497 |
3.00%, 10/29/2028 | 905 | 818 |
Avolon Holdings Funding Ltd. (Ireland) | ||
2.13%, 2/21/2026 (a) | 129 | 121 |
4.25%, 4/15/2026 (a) | 672 | 651 |
4.38%, 5/1/2026 (a) | 1,065 | 1,034 |
3.25%, 2/15/2027 (a) | 103 | 96 |
2.75%, 2/21/2028 (a) | 742 | 663 |
6.38%, 5/4/2028 (a) | 405 | 411 |
5.75%, 11/15/2029 (a) | 800 | 793 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Consumer Finance — continued | ||
Ford Motor Credit Co. LLC | ||
5.85%, 5/17/2027 | 255 | 255 |
4.95%, 5/28/2027 | 345 | 336 |
7.35%, 3/6/2030 | 585 | 616 |
General Motors Financial Co., Inc. | ||
5.75%, 2/8/2031 | 270 | 270 |
6.40%, 1/9/2033 | 190 | 197 |
6.10%, 1/7/2034 | 120 | 121 |
5.95%, 4/4/2034 | 225 | 224 |
7,449 | ||
Consumer Staples Distribution & Retail — 0.4% | ||
7-Eleven, Inc. 2.80%, 2/10/2051 (a) | 319 | 191 |
Albertsons Cos., Inc. | ||
5.88%, 2/15/2028 (a) | 398 | 391 |
4.88%, 2/15/2030 (a) | 315 | 295 |
Kroger Co. (The) 5.40%, 7/15/2040 | 280 | 271 |
1,148 | ||
Containers & Packaging — 0.7% | ||
Berry Global, Inc. | ||
5.80%, 6/15/2031 (a) | 740 | 737 |
5.65%, 1/15/2034 (a) | 930 | 908 |
Smurfit Kappa Treasury ULC (Ireland) 5.44%, 4/3/2034 (a) | 310 | 304 |
1,949 | ||
Diversified Consumer Services — 0.1% | ||
Pepperdine University Series 2020, 3.30%, 12/1/2059 | 42 | 28 |
Trustees of Boston University Series Ee, 3.17%, 10/1/2050 | 294 | 203 |
University of Chicago (The) Series 20B, 2.76%, 4/1/2045 | 142 | 107 |
338 | ||
Diversified REITs — 0.6% | ||
Equinix Europe 2 Financing Corp. LLC 5.50%, 6/15/2034 | 565 | 559 |
WP Carey, Inc. | ||
3.85%, 7/15/2029 | 435 | 402 |
2.40%, 2/1/2031 | 676 | 562 |
2.45%, 2/1/2032 | 69 | 55 |
1,578 | ||
Diversified Telecommunication Services — 1.9% | ||
AT&T, Inc. | ||
2.55%, 12/1/2033 | 933 | 736 |
5.40%, 2/15/2034 | 71 | 71 |
3.50%, 6/1/2041 | 573 | 437 |
3.50%, 9/15/2053 | 200 | 135 |
3.55%, 9/15/2055 | 896 | 602 |
3.80%, 12/1/2057 | 631 | 439 |
Verizon Communications, Inc. | ||
1.68%, 10/30/2030 | 1,350 | 1,089 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Diversified Telecommunication Services — continued | ||
1.75%, 1/20/2031 | 1,906 | 1,531 |
2.99%, 10/30/2056 | 135 | 82 |
5,122 | ||
Electric Utilities — 8.4% | ||
AEP Transmission Co. LLC Series N, 2.75%, 8/15/2051 | 131 | 79 |
Alliant Energy Finance LLC 5.95%, 3/30/2029 (a) | 590 | 603 |
Baltimore Gas and Electric Co. | ||
3.20%, 9/15/2049 | 132 | 88 |
2.90%, 6/15/2050 | 210 | 131 |
Commonwealth Edison Co. 3.70%, 3/1/2045 | 142 | 109 |
Duke Energy Carolinas LLC | ||
4.25%, 12/15/2041 | 230 | 193 |
4.00%, 9/30/2042 | 336 | 271 |
Duke Energy Corp. 4.85%, 1/5/2029 | 370 | 363 |
Duke Energy Indiana LLC | ||
5.25%, 3/1/2034 | 610 | 608 |
3.75%, 5/15/2046 | 153 | 116 |
2.75%, 4/1/2050 | 134 | 81 |
5.40%, 4/1/2053 | 47 | 45 |
Duke Energy Ohio, Inc. | ||
5.25%, 4/1/2033 | 66 | 65 |
5.55%, 3/15/2054 | 209 | 202 |
Duke Energy Progress LLC | ||
5.25%, 3/15/2033 | 148 | 147 |
2.90%, 8/15/2051 | 128 | 80 |
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (a) | 122 | 114 |
Edison International Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.90%), 5.00%, 12/15/2026 (b) (d) (e) | 450 | 428 |
Electricite de France SA (France) 6.90%, 5/23/2053 (a) | 250 | 268 |
Emera US Finance LP (Canada) | ||
3.55%, 6/15/2026 | 220 | 210 |
2.64%, 6/15/2031 | 174 | 142 |
4.75%, 6/15/2046 | 182 | 147 |
Enel Finance International NV (Italy) | ||
2.25%, 7/12/2031 (a) (f) | 420 | 342 |
5.50%, 6/15/2052 (a) | 200 | 182 |
Entergy Arkansas LLC | ||
4.95%, 12/15/2044 | 106 | 92 |
5.75%, 6/1/2054 | 150 | 149 |
Entergy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.13%, 12/1/2054 (b) | 410 | 408 |
Entergy Louisiana LLC | ||
4.95%, 1/15/2045 | 302 | 267 |
5.70%, 3/15/2054 | 260 | 256 |
Entergy Mississippi LLC 3.50%, 6/1/2051 | 56 | 39 |
Evergy Missouri West, Inc. 5.65%, 6/1/2034 (a) | 405 | 405 |
Evergy, Inc. 2.90%, 9/15/2029 | 57 | 51 |
Fells Point Funding Trust 3.05%, 1/31/2027 (a) | 1,317 | 1,235 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Electric Utilities — continued | ||
FirstEnergy Corp. 2.65%, 3/1/2030 | 443 | 381 |
FirstEnergy Pennsylvania Electric Co. 5.15%, 3/30/2026 (a) | 417 | 412 |
FirstEnergy Transmission LLC | ||
2.87%, 9/15/2028 (a) | 565 | 512 |
5.45%, 7/15/2044 (a) | 98 | 92 |
4.55%, 4/1/2049 (a) | 742 | 607 |
ITC Holdings Corp. | ||
2.95%, 5/14/2030 (a) | 740 | 647 |
5.40%, 6/1/2033 (a) | 576 | 567 |
5.65%, 5/9/2034 (a) | 235 | 234 |
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (a) | 194 | 190 |
Louisville Gas and Electric Co. 4.65%, 11/15/2043 | 41 | 35 |
Massachusetts Electric Co. 1.73%, 11/24/2030 (a) | 350 | 276 |
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (a) | 44 | 42 |
Monongahela Power Co. | ||
3.55%, 5/15/2027 (a) | 335 | 319 |
5.85%, 2/15/2034 (a) | 680 | 689 |
NextEra Energy Capital Holdings, Inc. 4.90%, 3/15/2029 | 546 | 538 |
Niagara Mohawk Power Corp. 4.28%, 12/15/2028 (a) | 184 | 174 |
NRG Energy, Inc. | ||
4.45%, 6/15/2029 (a) | 576 | 542 |
7.00%, 3/15/2033 (a) | 288 | 304 |
Ohio Power Co. Series R, 2.90%, 10/1/2051 | 230 | 142 |
Pacific Gas and Electric Co. | ||
5.55%, 5/15/2029 | 371 | 371 |
4.55%, 7/1/2030 | 416 | 392 |
4.40%, 3/1/2032 | 420 | 383 |
6.15%, 1/15/2033 | 178 | 182 |
6.40%, 6/15/2033 | 26 | 27 |
6.95%, 3/15/2034 | 645 | 695 |
5.80%, 5/15/2034 | 360 | 359 |
4.50%, 7/1/2040 | 173 | 143 |
4.60%, 6/15/2043 | 175 | 142 |
4.25%, 3/15/2046 | 164 | 124 |
3.95%, 12/1/2047 | 159 | 115 |
PacifiCorp 2.90%, 6/15/2052 | 242 | 141 |
Palomino Funding Trust I 7.23%, 5/17/2028 (a) | 250 | 261 |
PECO Energy Co. 2.80%, 6/15/2050 | 210 | 132 |
Public Service Co. of Colorado | ||
2.70%, 1/15/2051 | 131 | 76 |
Series 39, 4.50%, 6/1/2052 | 113 | 92 |
Public Service Electric and Gas Co. 2.05%, 8/1/2050 | 134 | 72 |
RWE Finance US LLC (Germany) 5.88%, 4/16/2034 (a) | 160 | 160 |
Southern California Edison Co. | ||
Series B, 3.65%, 3/1/2028 | 154 | 145 |
5.20%, 6/1/2034 | 695 | 677 |
Series 08-A, 5.95%, 2/1/2038 | 180 | 182 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Electric Utilities — continued | ||
Series 13-A, 3.90%, 3/15/2043 | 242 | 188 |
Series C, 3.60%, 2/1/2045 | 54 | 40 |
5.70%, 3/1/2053 | 63 | 62 |
5.88%, 12/1/2053 | 319 | 319 |
Southwestern Electric Power Co. Series J, 3.90%, 4/1/2045 | 56 | 41 |
Tucson Electric Power Co. 1.50%, 8/1/2030 | 154 | 124 |
Union Electric Co. | ||
5.20%, 4/1/2034 | 460 | 453 |
5.45%, 3/15/2053 | 142 | 137 |
5.25%, 1/15/2054 | 205 | 191 |
Virginia Electric and Power Co. | ||
2.45%, 12/15/2050 | 498 | 281 |
5.70%, 8/15/2053 | 180 | 180 |
Vistra Operations Co. LLC | ||
3.70%, 1/30/2027 (a) | 314 | 298 |
4.30%, 7/15/2029 (a) | 268 | 251 |
6.95%, 10/15/2033 (a) | 450 | 479 |
6.00%, 4/15/2034 (a) | 392 | 393 |
22,927 | ||
Electrical Equipment — 0.2% | ||
Regal Rexnord Corp. | ||
6.05%, 4/15/2028 | 380 | 386 |
6.40%, 4/15/2033 | 153 | 157 |
543 | ||
Electronic Equipment, Instruments & Components — 0.2% | ||
Amphenol Corp. | ||
5.05%, 4/5/2029 | 240 | 239 |
5.25%, 4/5/2034 | 420 | 419 |
658 | ||
Entertainment — 1.4% | ||
Electronic Arts, Inc. | ||
1.85%, 2/15/2031 | 297 | 240 |
2.95%, 2/15/2051 | 246 | 158 |
Netflix, Inc. 3.88%, 11/15/2029 (g) | 500 | 545 |
Walt Disney Co. (The) 3.50%, 5/13/2040 | 137 | 109 |
Warnermedia Holdings, Inc. | ||
4.05%, 3/15/2029 | 1,236 | 1,138 |
4.28%, 3/15/2032 | 748 | 655 |
5.05%, 3/15/2042 | 858 | 709 |
5.14%, 3/15/2052 | 43 | 34 |
WMG Acquisition Corp. 3.88%, 7/15/2030 (a) | 314 | 277 |
3,865 | ||
Financial Services — 1.0% | ||
Global Payments, Inc. 3.20%, 8/15/2029 | 933 | 832 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Financial Services — continued | ||
Nationwide Building Society (United Kingdom) (SOFR + 1.91%), 6.56%, 10/18/2027 (a) (b) | 765 | 780 |
Thames Water Utilities Finance plc (United Kingdom) 4.38%, 1/18/2031 (g) | 1,300 | 1,196 |
2,808 | ||
Food Products — 1.1% | ||
Bimbo Bakeries USA, Inc. (Mexico) | ||
6.05%, 1/15/2029 (a) | 232 | 237 |
5.38%, 1/9/2036 (a) | 700 | 678 |
4.00%, 5/17/2051 (a) | 200 | 149 |
JBS USA Holding Lux SARL | ||
5.50%, 1/15/2030 | 390 | 381 |
3.63%, 1/15/2032 | 90 | 77 |
3.00%, 5/15/2032 | 305 | 248 |
6.75%, 3/15/2034 (a) | 294 | 309 |
7.25%, 11/15/2053 (a) | 436 | 477 |
Smithfield Foods, Inc. 3.00%, 10/15/2030 (a) | 646 | 546 |
3,102 | ||
Ground Transportation — 1.0% | ||
Burlington Northern Santa Fe LLC | ||
4.15%, 4/1/2045 | 215 | 178 |
3.90%, 8/1/2046 | 66 | 52 |
3.05%, 2/15/2051 | 115 | 76 |
5.20%, 4/15/2054 | 230 | 219 |
Canadian Pacific Railway Co. (Canada) | ||
2.05%, 3/5/2030 | 355 | 300 |
4.95%, 8/15/2045 | 103 | 93 |
4.70%, 5/1/2048 | 341 | 293 |
3.50%, 5/1/2050 | 220 | 158 |
CSX Corp. 2.50%, 5/15/2051 | 489 | 288 |
Norfolk Southern Corp. | ||
3.95%, 10/1/2042 | 62 | 50 |
3.05%, 5/15/2050 | 231 | 150 |
2.90%, 8/25/2051 | 320 | 199 |
5.95%, 3/15/2064 | 180 | 184 |
SMBC Aviation Capital Finance DAC (Ireland) 5.55%, 4/3/2034 (a) | 355 | 347 |
Union Pacific Corp. 3.55%, 8/15/2039 | 154 | 125 |
2,712 | ||
Health Care Equipment & Supplies — 1.2% | ||
Baxter International, Inc. 2.54%, 2/1/2032 | 1,926 | 1,564 |
Solventum Corp. | ||
5.40%, 3/1/2029 (a) | 1,320 | 1,312 |
5.45%, 3/13/2031 (a) | 500 | 493 |
3,369 | ||
Health Care Providers & Services — 3.9% | ||
Aetna, Inc. | ||
6.75%, 12/15/2037 | 470 | 509 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Health Care Providers & Services — continued | ||
4.13%, 11/15/2042 | 121 | 96 |
4.75%, 3/15/2044 | 131 | 112 |
3.88%, 8/15/2047 | 394 | 289 |
Cardinal Health, Inc. 5.45%, 2/15/2034 | 280 | 278 |
Cencora, Inc. | ||
2.80%, 5/15/2030 | 65 | 57 |
2.70%, 3/15/2031 | 533 | 452 |
5.13%, 2/15/2034 | 405 | 396 |
4.25%, 3/1/2045 | 185 | 156 |
Cottage Health Obligated Group Series 2020, 3.30%, 11/1/2049 | 13 | 9 |
CVS Health Corp. | ||
3.25%, 8/15/2029 | 5 | 5 |
1.75%, 8/21/2030 | 65 | 52 |
5.30%, 6/1/2033 | 400 | 389 |
5.70%, 6/1/2034 | 790 | 786 |
4.78%, 3/25/2038 | 479 | 426 |
4.13%, 4/1/2040 | 165 | 133 |
2.70%, 8/21/2040 | 931 | 617 |
5.88%, 6/1/2053 | 352 | 337 |
Elevance Health, Inc. | ||
4.63%, 5/15/2042 | 263 | 232 |
4.65%, 1/15/2043 | 398 | 352 |
HCA, Inc. | ||
4.50%, 2/15/2027 | 466 | 455 |
5.20%, 6/1/2028 | 403 | 400 |
5.63%, 9/1/2028 | 1,040 | 1,046 |
5.88%, 2/1/2029 | 403 | 409 |
4.13%, 6/15/2029 | 266 | 251 |
2.38%, 7/15/2031 | 75 | 61 |
5.50%, 6/15/2047 | 2 | 2 |
5.25%, 6/15/2049 | 120 | 106 |
4.63%, 3/15/2052 | 266 | 214 |
5.90%, 6/1/2053 | 220 | 213 |
Iowa Health System Series 2020, 3.67%, 2/15/2050 | 227 | 169 |
New York and Presbyterian Hospital (The) 2.26%, 8/1/2040 | 293 | 195 |
OhioHealth Corp. 2.30%, 11/15/2031 | 240 | 199 |
Piedmont Healthcare, Inc. Series 2032, 2.04%, 1/1/2032 | 315 | 253 |
Texas Health Resources Series 2019, 3.37%, 11/15/2051 | 35 | 25 |
UnitedHealth Group, Inc. | ||
3.50%, 8/15/2039 | 160 | 129 |
2.75%, 5/15/2040 | 200 | 144 |
3.05%, 5/15/2041 | 106 | 78 |
2.90%, 5/15/2050 | 116 | 75 |
5.05%, 4/15/2053 | 250 | 231 |
6.05%, 2/15/2063 | 230 | 241 |
10,579 | ||
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Health Care REITs — 1.1% | ||
Ventas Realty LP | ||
4.00%, 3/1/2028 | 90 | 86 |
3.00%, 1/15/2030 | 826 | 723 |
4.75%, 11/15/2030 | 230 | 219 |
5.63%, 7/1/2034 | 660 | 651 |
Welltower OP LLC | ||
2.05%, 1/15/2029 | 1,225 | 1,061 |
4.13%, 3/15/2029 | 161 | 153 |
2,893 | ||
Hotels, Restaurants & Leisure — 0.3% | ||
Darden Restaurants, Inc. 6.30%, 10/10/2033 | 355 | 365 |
McDonald's Corp. 5.45%, 8/14/2053 | 374 | 363 |
728 | ||
Household Durables — 0.4% | ||
MDC Holdings, Inc. 6.00%, 1/15/2043 | 345 | 345 |
Mohawk Industries, Inc. 5.85%, 9/18/2028 | 160 | 163 |
Toll Brothers Finance Corp. | ||
4.35%, 2/15/2028 | 315 | 303 |
3.80%, 11/1/2029 | 197 | 181 |
992 | ||
Independent Power and Renewable Electricity Producers — 0.8% | ||
AES Corp. (The) 5.45%, 6/1/2028 | 718 | 714 |
Constellation Energy Generation LLC | ||
5.60%, 6/15/2042 | 172 | 166 |
6.50%, 10/1/2053 | 350 | 374 |
5.75%, 3/15/2054 | 286 | 277 |
Southern Power Co. | ||
5.25%, 7/15/2043 | 205 | 188 |
Series F, 4.95%, 12/15/2046 | 389 | 339 |
2,058 | ||
Industrial REITs — 0.2% | ||
Prologis LP 5.13%, 1/15/2034 | 483 | 475 |
Insurance — 2.0% | ||
Athene Global Funding 5.62%, 5/8/2026 (a) | 685 | 684 |
Berkshire Hathaway Finance Corp. 3.85%, 3/15/2052 | 200 | 154 |
Guardian Life Insurance Co. of America (The) 4.88%, 6/19/2064 (a) | 98 | 84 |
Manulife Financial Corp. (Canada) (USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (b) | 284 | 272 |
Met Tower Global Funding 5.25%, 4/12/2029 (a) | 965 | 964 |
Metropolitan Life Global Funding I | ||
5.15%, 3/28/2033 (a) | 405 | 399 |
5.05%, 1/8/2034 (a) | 325 | 317 |
Nationwide Mutual Insurance Co. 4.35%, 4/30/2050 (a) | 390 | 296 |
New York Life Global Funding 1.20%, 8/7/2030 (a) | 220 | 174 |
New York Life Insurance Co. 4.45%, 5/15/2069 (a) | 123 | 97 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Insurance — continued | ||
Northwestern Mutual Life Insurance Co. (The) | ||
6.06%, 3/30/2040 (a) | 232 | 240 |
3.85%, 9/30/2047 (a) | 144 | 110 |
Pine Street Trust I 4.57%, 2/15/2029 (a) | 655 | 624 |
Prudential Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.40%), 6.50%, 3/15/2054 (b) | 212 | 213 |
Teachers Insurance & Annuity Association of America | ||
6.85%, 12/16/2039 (a) | 630 | 699 |
(3-MONTH SOFR + 2.66%), 4.38%, 9/15/2054 (a) (b) | 244 | 242 |
5,569 | ||
Interactive Media & Services — 0.2% | ||
Meta Platforms, Inc. | ||
4.45%, 8/15/2052 | 583 | 498 |
5.75%, 5/15/2063 | 114 | 116 |
614 | ||
IT Services — 0.1% | ||
IBM International Capital Pte. Ltd. 5.30%, 2/5/2054 | 170 | 159 |
Leisure Products — 0.1% | ||
Hasbro, Inc. 6.05%, 5/14/2034 | 340 | 339 |
Life Sciences Tools & Services — 0.0% ^ | ||
Danaher Corp. 2.80%, 12/10/2051 | 126 | 79 |
Machinery — 0.2% | ||
Ingersoll Rand, Inc. 5.31%, 6/15/2031 | 260 | 260 |
Otis Worldwide Corp. 2.57%, 2/15/2030 | 388 | 338 |
598 | ||
Media — 2.5% | ||
Charter Communications Operating LLC | ||
6.65%, 2/1/2034 | 285 | 289 |
6.55%, 6/1/2034 | 675 | 676 |
6.38%, 10/23/2035 | 948 | 925 |
3.50%, 6/1/2041 | 757 | 509 |
3.50%, 3/1/2042 | 111 | 74 |
3.70%, 4/1/2051 | 263 | 161 |
Comcast Corp. | ||
5.30%, 6/1/2034 | 365 | 365 |
3.20%, 7/15/2036 | 841 | 675 |
3.75%, 4/1/2040 | 73 | 59 |
2.80%, 1/15/2051 | 386 | 237 |
2.89%, 11/1/2051 | 1,140 | 709 |
5.35%, 5/15/2053 | 46 | 44 |
2.94%, 11/1/2056 | 1,401 | 842 |
Cox Communications, Inc. 4.80%, 2/1/2035 (a) | 126 | 115 |
Discovery Communications LLC 3.95%, 3/20/2028 | 438 | 410 |
Time Warner Cable LLC | ||
6.55%, 5/1/2037 | 500 | 474 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Media — continued | ||
5.88%, 11/15/2040 | 239 | 207 |
4.50%, 9/15/2042 | 67 | 49 |
6,820 | ||
Metals & Mining — 1.6% | ||
Anglo American Capital plc (South Africa) 5.75%, 4/5/2034 (a) | 230 | 229 |
BHP Billiton Finance USA Ltd. (Australia) | ||
5.25%, 9/8/2030 | 325 | 327 |
5.25%, 9/8/2033 | 250 | 249 |
Corp. Nacional del Cobre de Chile (Chile) 6.44%, 1/26/2036 (a) | 686 | 698 |
Glencore Funding LLC (Australia) | ||
6.38%, 10/6/2030 (a) | 280 | 291 |
5.63%, 4/4/2034 (a) | 1,225 | 1,204 |
5.89%, 4/4/2054 (a) | 150 | 146 |
Kinross Gold Corp. (Canada) 6.25%, 7/15/2033 | 185 | 194 |
Newmont Corp. | ||
3.25%, 5/13/2030 (a) | 441 | 395 |
4.20%, 5/13/2050 (a) | 240 | 193 |
Teck Resources Ltd. (Canada) 5.20%, 3/1/2042 | 173 | 154 |
Vale Overseas Ltd. (Brazil) 6.13%, 6/12/2033 | 316 | 316 |
4,396 | ||
Multi-Utilities — 2.3% | ||
CenterPoint Energy, Inc. 5.40%, 6/1/2029 | 540 | 540 |
Consolidated Edison Co. of New York, Inc. 5.70%, 5/15/2054 | 490 | 487 |
Dominion Energy, Inc. | ||
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.35%, 1/15/2027 (b) (d) (e) | 450 | 425 |
4.70%, 12/1/2044 | 311 | 264 |
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%), 7.00%, 6/1/2054 (b) | 120 | 124 |
Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.88%, 2/1/2055 (b) | 180 | 183 |
DTE Energy Co. 5.85%, 6/1/2034 | 460 | 466 |
Engie SA (France) | ||
5.25%, 4/10/2029 (a) | 280 | 278 |
5.63%, 4/10/2034 (a) | 235 | 234 |
5.88%, 4/10/2054 (a) | 250 | 243 |
NiSource, Inc. | ||
5.35%, 4/1/2034 | 459 | 449 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 6.95%, 11/30/2054 (b) | 275 | 276 |
Public Service Enterprise Group, Inc. 5.85%, 11/15/2027 | 364 | 370 |
Puget Energy, Inc. 2.38%, 6/15/2028 | 220 | 195 |
San Diego Gas & Electric Co. | ||
4.95%, 8/15/2028 | 495 | 494 |
5.35%, 4/1/2053 | 304 | 288 |
Sempra (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.79%), 6.88%, 10/1/2054 (b) | 270 | 267 |
Southern Co. Gas Capital Corp. | ||
5.75%, 9/15/2033 | 180 | 184 |
4.40%, 6/1/2043 | 200 | 164 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Multi-Utilities — continued | ||
3.95%, 10/1/2046 | 151 | 113 |
Series 21A, 3.15%, 9/30/2051 | 321 | 203 |
6,247 | ||
Office REITs — 0.1% | ||
COPT Defense Properties LP | ||
2.00%, 1/15/2029 | 63 | 53 |
2.75%, 4/15/2031 | 88 | 73 |
126 | ||
Oil, Gas & Consumable Fuels — 10.2% | ||
Aker BP ASA (Norway) 3.10%, 7/15/2031 (a) | 841 | 712 |
Antero Resources Corp. 5.38%, 3/1/2030 (a) | 585 | 560 |
BP Capital Markets America, Inc. | ||
4.99%, 4/10/2034 | 375 | 365 |
3.06%, 6/17/2041 | 113 | 82 |
BP Capital Markets plc (EUR Swap Annual 5 Year + 3.52%), 3.25%, 3/22/2026 (b) (d) (e) (g) | 500 | 528 |
Buckeye Partners LP 5.60%, 10/15/2044 | 16 | 12 |
Cheniere Corpus Christi Holdings LLC 3.70%, 11/15/2029 | 275 | 253 |
Cheniere Energy Partners LP | ||
4.50%, 10/1/2029 | 1,395 | 1,326 |
5.75%, 8/15/2034 (a) | 460 | 457 |
Cheniere Energy, Inc. 4.63%, 10/15/2028 | 402 | 387 |
Chesapeake Energy Corp. | ||
5.88%, 2/1/2029 (a) | 398 | 391 |
6.75%, 4/15/2029 (a) | 615 | 617 |
Columbia Pipelines Holding Co. LLC 6.04%, 8/15/2028 (a) | 268 | 273 |
Columbia Pipelines Operating Co. LLC | ||
5.93%, 8/15/2030 (a) | 125 | 127 |
6.04%, 11/15/2033 (a) | 486 | 495 |
ConocoPhillips Co. 5.70%, 9/15/2063 | 330 | 329 |
Continental Resources, Inc. 2.27%, 11/15/2026 (a) | 176 | 163 |
Diamondback Energy, Inc. | ||
6.25%, 3/15/2033 | 225 | 235 |
5.40%, 4/18/2034 | 173 | 171 |
Enbridge, Inc. (Canada) | ||
5.25%, 4/5/2027 | 920 | 918 |
5.30%, 4/5/2029 | 390 | 389 |
Series NC5, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.25%, 1/15/2084 (b) | 475 | 493 |
Energy Transfer LP | ||
Series A, (3-MONTH CME TERM SOFR + 4.29%), 9.61%, 6/24/2024 (b) (d) (e) | 525 | 523 |
6.00%, 2/1/2029 (a) | 1,285 | 1,292 |
7.38%, 2/1/2031 (a) | 210 | 218 |
5.80%, 6/15/2038 | 442 | 429 |
Eni SpA (Italy) | ||
5.70%, 10/1/2040 (a) | 195 | 186 |
5.95%, 5/15/2054 (a) | 230 | 227 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
EnLink Midstream LLC | ||
5.63%, 1/15/2028 (a) | 130 | 128 |
5.38%, 6/1/2029 | 719 | 700 |
6.50%, 9/1/2030 (a) | 200 | 204 |
Enterprise Products Operating LLC Series H, 6.65%, 10/15/2034 | 240 | 263 |
EQT Corp. 3.13%, 5/15/2026 (a) | 610 | 580 |
Exxon Mobil Corp. 3.00%, 8/16/2039 | 339 | 257 |
Flex Intermediate Holdco LLC 3.36%, 6/30/2031 (a) | 634 | 521 |
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (a) | 480 | 460 |
Hess Corp. | ||
6.00%, 1/15/2040 | 175 | 181 |
5.60%, 2/15/2041 | 410 | 409 |
Hess Midstream Operations LP 5.13%, 6/15/2028 (a) | 745 | 718 |
Kinder Morgan Energy Partners LP | ||
5.00%, 8/15/2042 | 170 | 149 |
4.70%, 11/1/2042 | 889 | 748 |
Kinder Morgan, Inc. 3.25%, 8/1/2050 | 80 | 51 |
Kinetik Holdings LP 5.88%, 6/15/2030 (a) | 955 | 931 |
Marathon Oil Corp. | ||
5.30%, 4/1/2029 | 255 | 256 |
5.70%, 4/1/2034 | 610 | 621 |
MPLX LP | ||
5.00%, 3/1/2033 | 60 | 57 |
5.50%, 6/1/2034 | 580 | 567 |
5.65%, 3/1/2053 | 50 | 47 |
NGPL PipeCo LLC 4.88%, 8/15/2027 (a) | 453 | 441 |
Northern Natural Gas Co. | ||
3.40%, 10/16/2051 (a) | 161 | 108 |
5.63%, 2/1/2054 (a) | 65 | 64 |
Occidental Petroleum Corp. | ||
3.50%, 8/15/2029 | 1,100 | 992 |
6.20%, 3/15/2040 | 134 | 135 |
4.63%, 6/15/2045 | 325 | 256 |
ONEOK Partners LP 6.20%, 9/15/2043 | 450 | 456 |
Ovintiv, Inc. 6.50%, 2/1/2038 | 47 | 48 |
Petroleos Mexicanos (Mexico) 6.50%, 3/13/2027 | 315 | 297 |
Phillips 66 Co. 3.15%, 12/15/2029 | 726 | 652 |
Pioneer Natural Resources Co. | ||
1.90%, 8/15/2030 | 505 | 422 |
2.15%, 1/15/2031 | 335 | 281 |
Santos Finance Ltd. (Australia) | ||
3.65%, 4/29/2031 (a) | 507 | 439 |
6.88%, 9/19/2033 (a) | 306 | 320 |
Southwestern Energy Co. | ||
5.38%, 2/1/2029 | 54 | 52 |
4.75%, 2/1/2032 | 455 | 412 |
TotalEnergies Capital International SA (France) 2.99%, 6/29/2041 | 635 | 462 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
TotalEnergies Capital SA (France) | ||
5.49%, 4/5/2054 | 375 | 371 |
5.64%, 4/5/2064 | 260 | 259 |
TransCanada PipeLines Ltd. (Canada) 6.10%, 6/1/2040 | 150 | 152 |
Transcanada Trust (Canada) Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, 8/15/2076 (b) | 250 | 244 |
Western Midstream Operating LP 5.25%, 2/1/2050 (f) | 245 | 213 |
Williams Cos., Inc. (The) 5.30%, 8/15/2028 | 715 | 715 |
27,797 | ||
Personal Care Products — 0.0% ^ | ||
Kenvue, Inc. 5.20%, 3/22/2063 | 30 | 28 |
Pharmaceuticals — 2.0% | ||
Bristol-Myers Squibb Co. | ||
4.90%, 2/22/2029 | 204 | 203 |
5.10%, 2/22/2031 | 120 | 120 |
5.20%, 2/22/2034 | 330 | 328 |
3.70%, 3/15/2052 | 290 | 212 |
6.25%, 11/15/2053 | 300 | 323 |
5.55%, 2/22/2054 | 416 | 409 |
3.90%, 3/15/2062 | 200 | 144 |
6.40%, 11/15/2063 | 120 | 131 |
5.65%, 2/22/2064 | 400 | 391 |
Merck & Co., Inc. 5.15%, 5/17/2063 | 90 | 85 |
Pfizer Investment Enterprises Pte. Ltd. | ||
4.75%, 5/19/2033 | 252 | 244 |
5.30%, 5/19/2053 | 41 | 39 |
5.34%, 5/19/2063 | 1,237 | 1,162 |
Roche Holdings, Inc. | ||
5.49%, 11/13/2030 (a) | 560 | 572 |
4.99%, 3/8/2034 (a) | 200 | 198 |
Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, 7/9/2040 | 235 | 172 |
Zoetis, Inc. | ||
2.00%, 5/15/2030 | 782 | 653 |
4.70%, 2/1/2043 | 19 | 17 |
5,403 | ||
Residential REITs — 0.3% | ||
Essex Portfolio LP | ||
1.70%, 3/1/2028 | 340 | 297 |
2.65%, 3/15/2032 | 117 | 95 |
5.50%, 4/1/2034 | 130 | 128 |
UDR, Inc. 4.40%, 1/26/2029 | 435 | 417 |
937 | ||
Retail REITs — 0.6% | ||
Kimco Realty OP LLC 6.40%, 3/1/2034 | 450 | 475 |
NNN REIT, Inc. | ||
5.60%, 10/15/2033 | 130 | 130 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Retail REITs — continued | ||
5.50%, 6/15/2034 | 130 | 128 |
3.00%, 4/15/2052 | 113 | 70 |
Realty Income Corp. 3.25%, 1/15/2031 | 370 | 327 |
Regency Centers LP | ||
2.95%, 9/15/2029 | 322 | 287 |
3.70%, 6/15/2030 | 359 | 328 |
1,745 | ||
Semiconductors & Semiconductor Equipment — 2.1% | ||
Broadcom, Inc. | ||
3.42%, 4/15/2033 (a) | 1,113 | 951 |
3.14%, 11/15/2035 (a) | 819 | 651 |
Intel Corp. | ||
3.25%, 11/15/2049 | 303 | 202 |
3.05%, 8/12/2051 | 311 | 197 |
KLA Corp. 4.65%, 7/15/2032 | 240 | 233 |
Marvell Technology, Inc. | ||
5.75%, 2/15/2029 | 1,430 | 1,455 |
2.95%, 4/15/2031 | 58 | 50 |
5.95%, 9/15/2033 | 703 | 721 |
NXP BV (China) | ||
2.50%, 5/11/2031 | 300 | 249 |
2.65%, 2/15/2032 | 704 | 581 |
Texas Instruments, Inc. 5.00%, 3/14/2053 | 392 | 366 |
Xilinx, Inc. 2.38%, 6/1/2030 | 229 | 197 |
5,853 | ||
Software — 0.8% | ||
Intuit, Inc. 5.20%, 9/15/2033 | 274 | 274 |
Microsoft Corp. 2.50%, 9/15/2050 (a) | 360 | 222 |
Oracle Corp. | ||
3.60%, 4/1/2040 | 179 | 138 |
4.00%, 11/15/2047 | 141 | 107 |
3.60%, 4/1/2050 | 794 | 552 |
3.95%, 3/25/2051 | 215 | 158 |
4.38%, 5/15/2055 | 200 | 156 |
Roper Technologies, Inc. 2.95%, 9/15/2029 | 392 | 350 |
VMware LLC 4.70%, 5/15/2030 | 290 | 279 |
2,236 | ||
Specialized REITs — 1.3% | ||
American Tower Corp. | ||
5.20%, 2/15/2029 | 775 | 769 |
2.95%, 1/15/2051 | 160 | 99 |
Crown Castle, Inc. | ||
3.65%, 9/1/2027 | 421 | 399 |
5.00%, 1/11/2028 | 361 | 355 |
5.60%, 6/1/2029 | 600 | 604 |
3.10%, 11/15/2029 | 184 | 164 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Specialized REITs — continued | ||
Extra Space Storage LP | ||
4.00%, 6/15/2029 | 347 | 325 |
5.50%, 7/1/2030 | 398 | 398 |
5.90%, 1/15/2031 | 400 | 407 |
3,520 | ||
Specialty Retail — 0.3% | ||
Home Depot, Inc. (The) | ||
3.30%, 4/15/2040 | 130 | 101 |
5.40%, 9/15/2040 | 210 | 209 |
3.35%, 4/15/2050 | 210 | 148 |
2.38%, 3/15/2051 | 189 | 107 |
Lowe's Cos., Inc. 2.80%, 9/15/2041 | 200 | 138 |
703 | ||
Technology Hardware, Storage & Peripherals — 0.0% ^ | ||
Apple, Inc. 2.80%, 2/8/2061 | 153 | 93 |
Tobacco — 1.9% | ||
Altria Group, Inc. | ||
6.88%, 11/1/2033 | 520 | 561 |
3.40%, 2/4/2041 | 257 | 184 |
BAT Capital Corp. (United Kingdom) | ||
5.83%, 2/20/2031 | 950 | 962 |
6.00%, 2/20/2034 | 138 | 139 |
4.39%, 8/15/2037 | 300 | 253 |
7.08%, 8/2/2043 | 466 | 498 |
4.54%, 8/15/2047 | 280 | 218 |
Philip Morris International, Inc. | ||
5.13%, 2/13/2031 | 425 | 418 |
5.38%, 2/15/2033 | 1,167 | 1,157 |
5.25%, 2/13/2034 | 600 | 588 |
3.88%, 8/21/2042 | 116 | 91 |
5,069 | ||
Water Utilities — 0.1% | ||
American Water Capital Corp. 5.45%, 3/1/2054 | 364 | 351 |
Wireless Telecommunication Services — 1.4% | ||
Rogers Communications, Inc. (Canada) 3.80%, 3/15/2032 | 460 | 408 |
T-Mobile USA, Inc. | ||
2.63%, 2/15/2029 | 1,413 | 1,255 |
3.38%, 4/15/2029 | 1,318 | 1,206 |
3.88%, 4/15/2030 | 620 | 576 |
3.50%, 4/15/2031 | 227 | 202 |
United States Cellular Corp. 6.70%, 12/15/2033 | 180 | 190 |
3,837 | ||
Total Corporate Bonds (Cost $255,306) | 249,567 | |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Loan Assignments — 4.4% (b) (h) | ||
Automobile Components — 0.3% | ||
Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.75%), 8.08%, 1/31/2031 (i) | 500 | 504 |
Clarios Global LP, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.33%, 5/6/2030 (i) | 250 | 251 |
755 | ||
Beverages — 0.2% | ||
Triton Water Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.81%, 3/31/2028 | 497 | 496 |
Broadline Retail — 0.1% | ||
The Go Daddy Group, Inc., 1st Lien Term Loan B-6 (1-MONTH CME TERM SOFR + 2.00%), 7.33%, 11/9/2029 | 421 | 421 |
Building Products — 0.3% | ||
AZZ, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.57%, 5/13/2029 | 461 | 464 |
Emerson Climate Technologies, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.83%, 5/31/2030 | 500 | 503 |
967 | ||
Chemicals — 0.2% | ||
Ineos US Finance LLC, 1st Lien Term Loan B (Luxembourg) (1-MONTH CME TERM SOFR + 3.50%), 8.93%, 2/18/2030 | 498 | 499 |
Commercial Services & Supplies — 0.1% | ||
Madison IAQ LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.69%, 6/21/2028 | 249 | 250 |
Construction & Engineering — 0.1% | ||
Osmose Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.69%, 6/23/2028 | 249 | 248 |
Financial Services — 0.4% | ||
GTCR W Merger Sub LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 8.31%, 1/31/2031 | 500 | 501 |
NorthRiver Midstream, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 7.80%, 8/16/2030 | 500 | 501 |
1,002 | ||
Ground Transportation — 0.2% | ||
Genesee & Wyoming, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 7.30%, 4/10/2031 (i) | 500 | 501 |
Health Care Providers & Services — 0.1% | ||
Parexel International Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.69%, 11/15/2028 | 249 | 251 |
Hotels, Restaurants & Leisure — 0.1% | ||
Whataburger, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.07%, 8/3/2028 | 249 | 250 |
Household Durables — 0.1% | ||
KDC US Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 10.32%, 8/15/2028 | 249 | 250 |
Insurance — 0.1% | ||
Hub International Ltd., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.57%, 6/20/2030 | 250 | 252 |
Machinery — 0.2% | ||
CPM Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.50%), 9.81%, 9/28/2028 | 499 | 499 |
Oil, Gas & Consumable Fuels — 0.3% | ||
Buckeye Partners, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.00%), 2.50%, 11/22/2030 | 499 | 500 |
EPIC Crude Services LP, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 5.00%), 10.61%, 3/2/2026 | 495 | 496 |
996 | ||
Passenger Airlines — 0.2% | ||
AAdvantage Loyality IP Ltd., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.75%), 10.34%, 4/20/2028 | 445 | 461 |
Pharmaceuticals — 0.2% | ||
Elanco Animal Health, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 1.75%), 7.16%, 8/1/2027 | 497 | 496 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Loan Assignments — continued | ||
Professional Services — 0.5% | ||
Brookfield WEC Holdings Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 8.08%, 1/27/2031 | 500 | 502 |
Creative Artists Agency LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.58%, 11/27/2028 | 498 | 500 |
KBR, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.25%), 7.58%, 1/17/2031 | 500 | 503 |
1,505 | ||
Semiconductors & Semiconductor Equipment — 0.4% | ||
Brooks Automation, 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 3.10%), 7.95%, 2/1/2029 | 149 | 150 |
Entegris, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 1.75%), 7.06%, 7/6/2029 | 500 | 502 |
Vertiv Group Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.93%, 3/2/2027 | 499 | 500 |
1,152 | ||
Software — 0.1% | ||
Ultimate Software Group, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.82%, 2/10/2031 | 250 | 252 |
Specialty Retail — 0.2% | ||
PetSmart LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.18%, 2/11/2028 | 497 | 495 |
Total Loan Assignments (Cost $11,973) | 11,998 | |
Asset-Backed Securities — 0.4% | ||
Air Canada Pass-Through Trust (Canada) | ||
Series 2020-2, Class B, 9.00%, 10/1/2025 (a) | 98 | 99 |
Series 2015-1, Class A, 3.60%, 3/15/2027 (a) | 90 | 85 |
American Airlines Pass-Through Trust | ||
Series 2015-1, Class A, 3.38%, 5/1/2027 | 148 | 139 |
Series 2016-1, Class A, 4.10%, 1/15/2028 | 247 | 231 |
Series 2021-1, Class B, 3.95%, 7/11/2030 | 60 | 55 |
JetBlue Pass-Through Trust | ||
Series 2019-1, Class B, 8.00%, 11/15/2027 | 256 | 261 |
Series 2019-1, Class AA, 2.75%, 5/15/2032 | 127 | 108 |
United Airlines Pass-Through Trust Series 2013-1, Class A, 4.30%, 8/15/2025 | 166 | 163 |
Total Asset-Backed Securities (Cost $1,185) | 1,141 | |
Municipal Bonds — 0.1% (j) | ||
Colorado — 0.1% | ||
Colorado Health Facilities Authority, Sanford Health Series 2019B, Rev., 3.80%, 11/1/2044 (Cost $326) | 320 | 252 |
U.S. Treasury Obligations — 0.0% ^ | ||
U.S. Treasury Bonds 3.63%, 5/15/2053 (Cost $91) | 105 | 88 |
SHARES (000) | ||
Short-Term Investments — 3.0% | ||
Investment Companies — 2.6% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.31% (k) (l) (Cost $7,095) | 7,093 | 7,094 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
U.S. Treasury Obligations — 0.4% | ||
U.S. Treasury Bills, 5.31%, 6/13/2024 (m) (n) (Cost $1,207) | 1,209 | 1,207 |
Total Short-Term Investments (Cost $8,302) | 8,301 | |
Total Investments — 99.3% (Cost $277,183) | 271,347 | |
Other Assets Less Liabilities — 0.7% | 1,822 | |
NET ASSETS — 100.0% | 273,169 | |
Percentages indicated are based on net assets. |
Abbreviations | |
CME | Chicago Mercantile Exchange |
ICE | Intercontinental Exchange |
REIT | Real Estate Investment Trust |
Rev. | Revenue |
SOFR | Secured Overnight Financing Rate |
SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
USD | United States Dollar |
^ | Amount rounds to less than 0.1% of net assets. | |
(a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2024. | |
(c) | Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2024 is $3,199 or 1.17% of the Fund’s net assets as of May 31, 2024. | |
(d) | Security is an interest bearing note with preferred security characteristics. | |
(e) | 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 May 31, 2024. | |
(f) | 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 May 31, 2024. | |
(g) | 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. | |
(h) | Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. | |
(i) | All or a portion of this security is unsettled as of May 31, 2024. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position. | |
(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 May 31, 2024. | |
(m) | The rate shown is the effective yield as of May 31, 2024. | |
(n) | All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)Futures contracts outstanding as of May 31, 2024 (amounts in thousands, except number of contracts):
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
Euro-Bobl | 67 | 06/06/2024 | EUR | 8,429 | (66 ) |
Euro-BTP | 132 | 06/06/2024 | EUR | 15,222 | (93 ) |
Australia 3 Year Bond | 6 | 06/17/2024 | AUD | 421 | (2 ) |
U.S. Treasury 10 Year Note | 15 | 09/19/2024 | USD | 1,635 | 2 |
U.S. Treasury Long Bond | 127 | 09/19/2024 | USD | 14,796 | (28 ) |
U.S. Treasury Ultra Bond | 117 | 09/19/2024 | USD | 14,365 | (180 ) |
Long Gilt | 32 | 09/26/2024 | GBP | 3,928 | (37 ) |
U.S. Treasury 2 Year Note | 94 | 09/30/2024 | USD | 19,158 | 15 |
(389 ) | |||||
Short Contracts | |||||
Euro-Buxl 30 Year Bond | (15 ) | 06/06/2024 | EUR | (2,056 ) | 63 |
Euro-Schatz | (339 ) | 06/06/2024 | EUR | (38,608 ) | 191 |
Australia 10 Year Bond | (3 ) | 06/17/2024 | AUD | (225 ) | 2 |
U.S. Treasury 10 Year Note | (2 ) | 09/19/2024 | USD | (218 ) | — (a) |
U.S. Treasury 10 Year Ultra Note | (186 ) | 09/19/2024 | USD | (20,887 ) | 2 |
U.S. Treasury 5 Year Note | (105 ) | 09/30/2024 | USD | (11,125 ) | (17 ) |
241 | |||||
(148 ) |
Abbreviations | |
AUD | Australian Dollar |
EUR | Euro |
GBP | British Pound |
USD | United States Dollar |
(a) | Amount rounds to less than one thousand. |
Forward foreign currency exchange contracts outstanding as of May 31, 2024 (amounts in thousands):
CURRENCY PURCHASED | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION) ($) | ||
AUD | 234 | USD | 151 | State Street Corp. | 6/5/2024 | 5 |
EUR | 2,181 | USD | 2,358 | Morgan Stanley | 6/5/2024 | 7 |
EUR | 40 | USD | 43 | Royal Bank of Canada | 6/5/2024 | 1 |
GBP | 65 | USD | 83 | HSBC Bank, NA | 6/5/2024 | — (a) |
GBP | 300 | USD | 377 | Merrill Lynch International | 6/5/2024 | 6 |
GBP | 54 | USD | 69 | Morgan Stanley | 6/5/2024 | — (a) |
GBP | 40 | USD | 50 | Standard Chartered Bank | 6/5/2024 | 2 |
Total unrealized appreciation | 21 | |||||
USD | 153 | AUD | 234 | Citibank, NA | 6/5/2024 | (3 ) |
USD | 2,384 | EUR | 2,221 | Goldman Sachs International | 6/5/2024 | (25 ) |
USD | 511 | GBP | 407 | HSBC Bank, NA | 6/5/2024 | (8 ) |
USD | 66 | GBP | 53 | Standard Chartered Bank | 6/5/2024 | (1 ) |
USD | 2,361 | EUR | 2,181 | Morgan Stanley | 7/3/2024 | (8 ) |
USD | 50 | GBP | 40 | BNP Paribas | 7/3/2024 | — (a) |
USD | 83 | GBP | 65 | HSBC Bank, NA | 7/3/2024 | — (a) |
USD | 37 | GBP | 29 | State Street Corp. | 7/3/2024 | — (a) |
Total unrealized depreciation | (45 ) | |||||
Net unrealized depreciation | (24 ) | |||||
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)Abbreviations | |
AUD | Australian Dollar |
EUR | Euro |
GBP | British Pound |
USD | United States Dollar |
(a) | Amount rounds to less than one thousand. |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(Dollar values in thousands)A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
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. 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.
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:
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Asset-Backed Securities | $— | $1,141 | $— | $1,141 |
Corporate Bonds | — | 249,567 | — | 249,567 |
Loan Assignments | — | 11,998 | — | 11,998 |
Municipal Bonds | — | 252 | — | 252 |
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(Dollar values in thousands)Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
U.S. Treasury Obligations | $— | $88 | $— | $88 |
Short-Term Investments | ||||
Investment Companies | 7,094 | — | — | 7,094 |
U.S. Treasury Obligations | — | 1,207 | — | 1,207 |
Total Short-Term Investments | 7,094 | 1,207 | — | 8,301 |
Total Investments in Securities | $7,094 | $264,253 | $— | $271,347 |
Appreciation in Other Financial Instruments | ||||
Forward Foreign Currency Exchange Contracts | $— | $21 | $— | $21 |
Futures Contracts | 273 | 2 | — | 275 |
Depreciation in Other Financial Instruments | ||||
Forward Foreign Currency Exchange Contracts | — | (45 ) | — | (45 ) |
Futures Contracts | (421 ) | (2 ) | — | (423 ) |
Total Net Appreciation/ Depreciation in Other Financial Instruments | $(148 ) | $(24 ) | $— | $(172 ) |
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended May 31, 2024 | |||||||||
Security Description | Value at February 29, 2024 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at May 31, 2024 | Shares at May 31, 2024 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.31% (a) (b) | $13,092 | $47,067 | $53,061 | $(4 ) | $— (c) | $7,094 | 7,093 | $194 | $— |
(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 May 31, 2024. |
(c) | Amount rounds to less than one thousand. |
C. Derivatives— The Fund used derivative instruments including options, 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
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(Dollar values in thousands)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) — (2) below describe the various derivatives used by the Fund.
(1). Futures Contracts— The Fund used currency, index, interest rate, treasury or other financial 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. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund's exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.
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 the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. 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 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.