JPMorgan Global Bond Opportunities 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 Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — 61.9% | ||
Australia — 0.5% | ||
Commonwealth Bank of Australia 3.78%, 3/14/2032 (a) (b) | 620 | 541 |
Glencore Funding LLC | ||
5.40%, 5/8/2028 (a) | 4,660 | 4,650 |
6.38%, 10/6/2030 (a) | 410 | 426 |
2.85%, 4/27/2031 (a) | 7,500 | 6,318 |
5.63%, 4/4/2034 (a) | 5,180 | 5,089 |
Westpac Banking Corp. (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (b) (c) | 900 | 868 |
17,892 | ||
Austria — 0.1% | ||
ams-OSRAM AG 12.25%, 3/30/2029 (a) | 475 | 491 |
Benteler International AG | ||
9.38%, 5/15/2028 (a) | EUR576 | 665 |
9.38%, 5/15/2028 (d) | EUR580 | 669 |
1,825 | ||
Belgium — 0.5% | ||
Azelis Finance NV 5.75%, 3/15/2028 (d) | EUR2,390 | 2,662 |
KBC Group NV | ||
(EUR Swap Annual 5 Year + 3.59%), 4.25%, 10/24/2025 (b) (c) (d) (e) (f) | EUR2,200 | 2,314 |
(EURIBOR ICE Swap Rate 5 Year + 4.93%), 8.00%, 9/5/2028 (b) (c) (d) (e) (f) | EUR7,000 | 8,105 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, 1/19/2029 (a) (c) | 1,340 | 1,347 |
Ontex Group NV 3.50%, 7/15/2026 (d) | EUR1,733 | 1,835 |
Telenet Finance Luxembourg Notes SARL 3.50%, 3/1/2028 (d) | EUR2,000 | 2,078 |
18,341 | ||
Brazil — 0.5% | ||
Braskem Netherlands Finance BV 7.25%, 2/13/2033 (d) | 3,100 | 2,890 |
Guara Norte SARL 5.20%, 6/15/2034 (a) | 3,689 | 3,353 |
Klabin Austria GmbH 7.00%, 4/3/2049 (d) | 2,991 | 2,991 |
MV24 Capital BV 6.75%, 6/1/2034 (a) | 2,596 | 2,429 |
Suzano Austria GmbH | ||
3.75%, 1/15/2031 | 806 | 690 |
7.00%, 3/16/2047 (d) | 1,660 | 1,682 |
Vale Overseas Ltd. 6.13%, 6/12/2033 | 1,397 | 1,397 |
15,432 | ||
Canada — 0.7% | ||
1011778 BC ULC | ||
3.88%, 1/15/2028 (a) | 1,840 | 1,709 |
4.00%, 10/15/2030 (a) | 975 | 848 |
Baytex Energy Corp. | ||
8.50%, 4/30/2030 (a) | 795 | 829 |
7.38%, 3/15/2032 (a) | 965 | 976 |
Bombardier, Inc. 7.00%, 6/1/2032 (a) (g) | 359 | 360 |
Canadian Pacific Railway Co. 3.50%, 5/1/2050 | 1,250 | 899 |
Emera US Finance LP 2.64%, 6/15/2031 | 6,984 | 5,704 |
Emera, Inc. Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076 (c) | 1,903 | 1,882 |
Enbridge, Inc. Series NC5, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.25%, 1/15/2084 (c) | 7,100 | 7,364 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Canada — continued | ||
NOVA Chemicals Corp. | ||
5.00%, 5/1/2025 (a) | 570 | 563 |
5.25%, 6/1/2027 (a) | 1,073 | 1,028 |
Precision Drilling Corp. | ||
7.13%, 1/15/2026 (a) | 510 | 510 |
6.88%, 1/15/2029 (a) | 25 | 25 |
Ritchie Bros Holdings, Inc. 7.75%, 3/15/2031 (a) | 500 | 522 |
Transcanada Trust Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, 8/15/2076 (c) | 988 | 966 |
Videotron Ltd. 5.38%, 6/15/2024 (a) | 1,300 | 1,297 |
25,482 | ||
Chile — 0.1% | ||
Alfa Desarrollo SpA 4.55%, 9/27/2051 (a) | 4,492 | 3,342 |
China — 0.7% | ||
Country Garden Holdings Co. Ltd. 3.13%, 10/22/2025 (d) (h) | 6,408 | 529 |
Huarong Finance 2017 Co. Ltd. 4.25%, 11/7/2027 (d) | 3,620 | 3,336 |
NXP BV | ||
5.55%, 12/1/2028 | 7,310 | 7,366 |
2.50%, 5/11/2031 | 6,987 | 5,805 |
2.65%, 2/15/2032 | 5,990 | 4,941 |
TI Automotive Finance plc 3.75%, 4/15/2029 (d) | EUR1,993 | 2,003 |
23,980 | ||
Colombia — 0.1% | ||
AI Candelaria Spain SA | ||
7.50%, 12/15/2028 (d) | 990 | 963 |
5.75%, 6/15/2033 (a) | 1,869 | 1,477 |
2,440 | ||
Denmark — 0.4% | ||
Danske Bank A/S | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 1.62%, 9/11/2026 (a) (c) | 719 | 682 |
(EURIBOR ICE Swap Rate 1 Year + 1.70%), 4.75%, 6/21/2030 (c) (d) | EUR12,600 | 14,145 |
14,827 | ||
Finland — 0.0% ^ | ||
Amer Sports Co. 6.75%, 2/16/2031 (a) | 915 | 912 |
France — 4.2% | ||
Altice France SA | ||
5.88%, 2/1/2027 (d) | EUR2,000 | 1,572 |
8.13%, 2/1/2027 (a) | 1,060 | 817 |
3.38%, 1/15/2028 (d) | EUR2,619 | 1,935 |
4.13%, 1/15/2029 (d) | EUR2,105 | 1,517 |
5.50%, 10/15/2029 (a) | 1,745 | 1,171 |
Banijay Entertainment SASU | ||
7.00%, 5/1/2029 (d) | EUR700 | 796 |
7.00%, 5/1/2029 (a) | EUR791 | 900 |
Banijay Group SAS 6.50%, 3/1/2026 (d) | EUR1,510 | 1,641 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
France — continued | ||
Banque Federative du Credit Mutuel SA 4.75%, 7/13/2027 (a) | 4,415 | 4,342 |
Bertrand Franchise Finance SAS 6.50%, 7/18/2030 (a) (g) | EUR583 | 640 |
BNP Paribas SA | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.35%), 8.50%, 8/14/2028 (a) (b) (c) (e) (f) | 8,200 | 8,565 |
(EURIBOR ICE Swap Rate 5 Year + 4.63%), 7.38%, 6/11/2030 (b) (c) (d) (e) (f) | EUR3,000 | 3,459 |
BPCE SA | ||
(SOFR + 2.10%), 5.98%, 1/18/2027 (a) (c) | 10,985 | 11,016 |
4.38%, 7/13/2028 (d) | EUR3,000 | 3,311 |
(SOFR + 1.31%), 2.28%, 1/20/2032 (a) (c) | 3,640 | 2,943 |
(SOFR + 1.73%), 3.12%, 10/19/2032 (a) (c) | 1,765 | 1,452 |
(SOFR + 2.59%), 7.00%, 10/19/2034 (a) (c) | 4,435 | 4,778 |
Cerba Healthcare SACA 3.50%, 5/31/2028 (d) | EUR2,105 | 1,930 |
Chrome Holdco SAS 5.00%, 5/31/2029 (d) | EUR1,202 | 901 |
Credit Agricole SA | ||
(SOFR + 0.89%), 1.25%, 1/26/2027 (a) (c) | 827 | 770 |
(SOFR + 1.86%), 6.32%, 10/3/2029 (a) (c) | 2,275 | 2,345 |
Electricite de France SA | ||
(EUR Swap Annual 12 Year + 3.04%), 5.00%, 1/22/2026 (c) (d) (e) (f) | EUR3,000 | 3,245 |
(EURIBOR ICE Swap Rate 5 Year + 3.37%), 2.88%, 12/15/2026 (c) (d) (e) (f) | EUR2,200 | 2,241 |
(EUR Swap Annual 5 Year + 3.20%), 3.00%, 9/3/2027 (c) (d) (e) (f) | EUR2,200 | 2,211 |
(EUR Swap Annual 5 Year + 2.86%), 2.63%, 12/1/2027 (c) (d) (e) (f) | EUR2,800 | 2,755 |
5.70%, 5/23/2028 (a) | 670 | 678 |
(EUR Swap Annual 5 Year + 4.86%), 7.50%, 9/6/2028 (c) (d) (e) (f) | EUR200 | 237 |
(EUR Swap Annual 5 Year + 3.97%), 3.38%, 6/15/2030 (c) (d) (e) (f) | EUR2,200 | 2,110 |
Elis SA | ||
2.88%, 2/15/2026 (d) | EUR2,900 | 3,083 |
1.63%, 4/3/2028 (d) | EUR1,000 | 995 |
ELO SACA 6.00%, 3/22/2029 (d) | EUR1,400 | 1,506 |
Forvia SE | ||
2.63%, 6/15/2025 (d) | EUR650 | 695 |
3.13%, 6/15/2026 (d) | EUR2,320 | 2,458 |
2.75%, 2/15/2027 (d) | EUR400 | 415 |
2.38%, 6/15/2027 (d) | EUR5,100 | 5,223 |
3.75%, 6/15/2028 (d) | EUR1,370 | 1,444 |
Iliad Holding SASU | ||
5.13%, 10/15/2026 (d) | EUR115 | 125 |
5.63%, 10/15/2028 (d) | EUR2,000 | 2,159 |
6.88%, 4/15/2031 (a) | EUR1,116 | 1,231 |
iliad SA | ||
5.38%, 6/14/2027 (d) | EUR2,500 | 2,769 |
1.88%, 2/11/2028 (d) | EUR6,400 | 6,308 |
Loxam SAS 4.50%, 2/15/2027 (a) | EUR1,136 | 1,227 |
Lune Holdings SARL 5.63%, 11/15/2028 (d) | EUR1,599 | 1,437 |
Orange SA (EUR Swap Annual 5 Year + 1.49%), 1.38%, 2/11/2029 (c) (d) (e) (f) | EUR2,300 | 2,152 |
Orano SA 4.88%, 9/23/2024 | EUR1,200 | 1,305 |
Paprec Holding SA | ||
3.50%, 7/1/2028 (d) | EUR1,713 | 1,774 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
France — continued | ||
7.25%, 11/17/2029 (a) | EUR651 | 744 |
7.25%, 11/17/2029 (d) | EUR180 | 206 |
Picard Groupe SAS 3.88%, 7/1/2026 (d) | EUR1,250 | 1,329 |
Renault SA | ||
1.25%, 6/24/2025 (d) | EUR1,900 | 1,999 |
2.00%, 9/28/2026 (d) | EUR2,100 | 2,171 |
2.50%, 6/2/2027 (d) | EUR3,000 | 3,102 |
1.13%, 10/4/2027 (d) | EUR2,000 | 1,965 |
Rexel SA 2.13%, 12/15/2028 (d) | EUR2,000 | 1,980 |
Societe Generale SA | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.93%), 4.75%, 5/26/2026 (a) (b) (c) (e) (f) | 4,000 | 3,663 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (a) (b) (c) (e) (f) | 2,927 | 2,452 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 3.34%, 1/21/2033 (a) (c) | 5,032 | 4,208 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.95%), 6.69%, 1/10/2034 (a) (c) | 4,175 | 4,361 |
TotalEnergies Capital International SA | ||
2.83%, 1/10/2030 | 4,885 | 4,366 |
3.13%, 5/29/2050 | 800 | 543 |
Veolia Environnement SA (EURIBOR ICE Swap Rate 5 Year + 2.15%), 1.63%, 6/1/2026 (c) (d) (e) (f) | EUR2,500 | 2,526 |
Viridien 7.75%, 4/1/2027 (d) | EUR1,176 | 1,230 |
143,429 | ||
Germany — 2.2% | ||
Adler Pelzer Holding GmbH | ||
9.50%, 4/1/2027 (d) | EUR360 | 394 |
9.50%, 4/1/2027 (a) | EUR1,368 | 1,496 |
Bayer AG (EUR Swap Annual 5 Year + 3.90%), 7.00%, 9/25/2083 (c) (d) | EUR4,400 | 4,906 |
Birkenstock Financing SARL 5.25%, 4/30/2029 (d) | EUR3,479 | 3,793 |
Cheplapharm Arzneimittel GmbH 3.50%, 2/11/2027 (d) | EUR4,830 | 5,068 |
CT Investment GmbH 6.38%, 4/15/2030 (a) | EUR905 | 987 |
Deutsche Bank AG (SOFR + 2.26%), 3.74%, 1/7/2033 (c) | 4,391 | 3,631 |
Deutsche Lufthansa AG | ||
2.88%, 2/11/2025 (d) | EUR600 | 645 |
3.00%, 5/29/2026 (d) | EUR1,000 | 1,063 |
Evonik Industries AG (EUR Swap Annual 5 Year + 1.84%), 1.38%, 9/2/2081 (c) (d) | EUR1,000 | 997 |
IHO Verwaltungs GmbH | ||
3.88% (Cash), 5/15/2027 (d) (i) (j) | EUR2,510 | 2,657 |
8.75% (Cash), 5/15/2028 (a) (i) | EUR1,215 | 1,414 |
8.75% (Cash), 5/15/2028 (d) (i) (j) | EUR1,410 | 1,641 |
Nidda Healthcare Holding GmbH 7.50%, 8/21/2026 (d) | EUR4,760 | 5,335 |
ProGroup AG 5.13%, 4/15/2029 (a) | EUR583 | 634 |
Schaeffler AG | ||
2.88%, 3/26/2027 (d) | EUR3,510 | 3,691 |
3.38%, 10/12/2028 (d) | EUR2,300 | 2,418 |
Techem Verwaltungsgesellschaft 674 mbH 6.00%, 7/30/2026 (d) | EUR1,547 | 1,677 |
Techem Verwaltungsgesellschaft 675 mbH 5.38%, 7/15/2029 (a) | EUR624 | 685 |
TK Elevator Midco GmbH 4.38%, 7/15/2027 (d) | EUR2,146 | 2,253 |
TUI Cruises GmbH | ||
6.50%, 5/15/2026 (d) | EUR754 | 827 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Germany — continued | ||
6.25%, 4/15/2029 (a) | EUR406 | 447 |
Volkswagen International Finance NV | ||
(EUR Swap Annual 5 Year + 3.75%), 3.50%, 6/17/2025 (c) (d) (e) (f) | EUR4,100 | 4,376 |
(EUR Swap Annual 10 Year + 3.98%), 4.63%, 6/27/2028 (c) (d) (e) (f) | EUR5,100 | 5,376 |
Volkswagen Leasing GmbH | ||
0.50%, 1/12/2029 (d) | EUR4,300 | 4,003 |
0.63%, 7/19/2029 (d) | EUR3,100 | 2,858 |
ZF Europe Finance BV | ||
2.00%, 2/23/2026 (d) | EUR3,000 | 3,117 |
2.50%, 10/23/2027 (d) | EUR2,100 | 2,127 |
ZF Finance GmbH | ||
3.00%, 9/21/2025 (d) | EUR1,300 | 1,387 |
2.25%, 5/3/2028 (d) | EUR2,200 | 2,187 |
3.75%, 9/21/2028 (d) | EUR3,000 | 3,133 |
75,223 | ||
India — 0.2% | ||
Greenko Dutch BV 3.85%, 3/29/2026 (a) | 1,986 | 1,869 |
Greenko Power II Ltd. 4.30%, 12/13/2028 (a) | 4,942 | 4,454 |
6,323 | ||
Indonesia — 0.3% | ||
Indonesia Asahan Aluminium PT | ||
5.45%, 5/15/2030 (a) | 2,380 | 2,323 |
6.76%, 11/15/2048 (d) | 595 | 610 |
Pertamina Persero PT 3.65%, 7/30/2029 (a) | 3,619 | 3,326 |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | ||
4.13%, 5/15/2027 (d) | 610 | 586 |
3.00%, 6/30/2030 (a) | 2,940 | 2,538 |
4.38%, 2/5/2050 (d) | 879 | 672 |
10,055 | ||
Ireland — 2.2% | ||
AerCap Ireland Capital DAC | ||
2.45%, 10/29/2026 | 1,108 | 1,031 |
6.10%, 1/15/2027 | 5,715 | 5,798 |
5.75%, 6/6/2028 | 2,752 | 2,775 |
3.00%, 10/29/2028 | 704 | 636 |
AIB Group plc | ||
(EUR Swap Annual 5 Year + 6.63%), 6.25%, 6/23/2025 (b) (c) (d) (e) (f) | EUR6,400 | 6,944 |
(EUR Swap Annual 1 Year + 1.95%), 4.63%, 7/23/2029 (c) (d) | EUR7,400 | 8,224 |
(SOFR + 2.33%), 6.61%, 9/13/2029 (a) (c) | 1,040 | 1,069 |
Avolon Holdings Funding Ltd. | ||
3.95%, 7/1/2024 (a) | 2,337 | 2,334 |
5.50%, 1/15/2026 (a) | 3,740 | 3,701 |
2.13%, 2/21/2026 (a) | 810 | 758 |
3.25%, 2/15/2027 (a) | 905 | 842 |
2.53%, 11/18/2027 (a) | 796 | 710 |
2.75%, 2/21/2028 (a) | 340 | 304 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Ireland — continued | ||
6.38%, 5/4/2028 (a) | 2,593 | 2,629 |
5.75%, 3/1/2029 (a) | 12,055 | 11,970 |
5.75%, 11/15/2029 (a) | 4,020 | 3,986 |
Bank of Ireland Group plc | ||
(EUR Swap Annual 5 Year + 7.92%), 7.50%, 5/19/2025 (b) (c) (d) (e) (f) | EUR4,702 | 5,183 |
(EUR Swap Annual 5 Year + 6.43%), 6.00%, 9/1/2025 (b) (c) (d) (e) (f) | EUR4,800 | 5,182 |
eircom Finance DAC 3.50%, 5/15/2026 (d) | EUR4,050 | 4,267 |
SMBC Aviation Capital Finance DAC 5.55%, 4/3/2034 (a) | 4,800 | 4,695 |
Smurfit Kappa Acquisitions ULC 2.88%, 1/15/2026 (d) | EUR1,000 | 1,067 |
Smurfit Kappa Treasury ULC 1.50%, 9/15/2027 (d) | EUR1,500 | 1,511 |
75,616 | ||
Israel — 0.3% | ||
Energian Israel Finance Ltd. | ||
4.88%, 3/30/2026 (d) | 2,289 | 2,172 |
5.38%, 3/30/2028 (d) | 2,205 | 1,990 |
Leviathan Bond Ltd. | ||
6.13%, 6/30/2025 (d) | 2,229 | 2,185 |
6.50%, 6/30/2027 (d) | 2,001 | 1,898 |
6.75%, 6/30/2030 (d) | 1,390 | 1,268 |
9,513 | ||
Italy — 3.3% | ||
Assicurazioni Generali SpA (EURIBOR 3 Month + 5.35%), 5.50%, 10/27/2047 (c) (d) | EUR1,200 | 1,350 |
Autostrade per l'Italia SpA | ||
2.00%, 12/4/2028 (d) | EUR990 | 983 |
5.13%, 6/14/2033 (d) | EUR8,100 | 9,143 |
Enel Finance International NV | ||
3.50%, 4/6/2028 (a) | 3,665 | 3,430 |
1.87%, 7/12/2028 (a) (k) | 4,745 | 4,172 |
2.25%, 7/12/2031 (a) (k) | 1,130 | 921 |
5.00%, 6/15/2032 (a) | 3,570 | 3,397 |
Enel SpA Series 9.5Y, (EUR Swap Annual 5 Year + 2.01%), 1.88%, 6/8/2030 (c) (d) (e) (f) | EUR7,000 | 6,284 |
Guala Closures SpA 3.25%, 6/15/2028 (d) | EUR2,506 | 2,514 |
Infrastrutture Wireless Italiane SpA 1.88%, 7/8/2026 (d) | EUR1,500 | 1,561 |
Intesa Sanpaolo SpA | ||
7.00%, 11/21/2025 (a) | 745 | 756 |
(EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027 (b) (c) (d) (e) (f) | EUR2,510 | 2,815 |
4.88%, 5/19/2030 (d) | EUR3,000 | 3,428 |
6.63%, 6/20/2033 (a) | 10,220 | 10,570 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (a) (c) | 2,144 | 1,611 |
Lottomatica SpA | ||
7.13%, 6/1/2028 (d) | EUR1,830 | 2,095 |
7.13%, 6/1/2028 (a) | EUR846 | 968 |
5.38%, 6/1/2030 (a) | EUR1,077 | 1,174 |
Mundys SpA | ||
1.63%, 2/3/2025 (d) | EUR900 | 956 |
1.88%, 7/13/2027 (d) | EUR1,990 | 2,012 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Italy — continued | ||
1.88%, 2/12/2028 (d) | EUR1,980 | 1,959 |
Neopharmed Gentili SpA 7.13%, 4/8/2030 (a) | EUR1,397 | 1,552 |
Nexi SpA 1.63%, 4/30/2026 (d) | EUR747 | 772 |
Pro-Gest SpA 3.25%, 12/15/2024 (d) | EUR1,700 | 470 |
Rossini SARL 6.75%, 10/30/2025 (d) | EUR1,200 | 1,303 |
Shiba Bidco SpA 4.50%, 10/31/2028 (d) | EUR3,860 | 4,052 |
TeamSystem SpA 3.50%, 2/15/2028 (d) | EUR1,568 | 1,614 |
Telecom Italia Capital SA | ||
6.38%, 11/15/2033 (a) | 464 | 448 |
6.38%, 11/15/2033 | 78 | 69 |
7.20%, 7/18/2036 (a) | 550 | 561 |
7.20%, 7/18/2036 | 185 | 168 |
Telecom Italia Finance SA 7.75%, 1/24/2033 | EUR3,910 | 4,974 |
Telecom Italia SpA | ||
3.63%, 5/25/2026 (d) | EUR5,460 | 5,809 |
2.38%, 10/12/2027 (d) | EUR990 | 996 |
1.63%, 1/18/2029 (d) | EUR1,710 | 1,608 |
UniCredit SpA | ||
(EUR Swap Annual 5 Year + 4.93%), 5.38%, 6/3/2025 (b) (c) (d) (e) (f) | EUR3,400 | 3,652 |
(EURIBOR ICE Swap Rate 5 Year + 7.33%), 7.50%, 6/3/2026 (b) (c) (d) (e) (f) | EUR4,400 | 4,918 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a) (c) | 2,806 | 2,606 |
(EURIBOR 3 Month + 1.90%), 4.80%, 1/17/2029 (c) (d) | EUR10,086 | 11,282 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (a) (c) | 4,935 | 4,168 |
113,121 | ||
Japan — 0.2% | ||
Mitsubishi UFJ Financial Group, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.34%, 1/19/2028 (c) | 5,750 | 5,323 |
Takeda Pharmaceutical Co. Ltd. 3.03%, 7/9/2040 | 3,920 | 2,873 |
8,196 | ||
Kazakhstan — 0.3% | ||
KazMunayGas National Co. JSC | ||
5.38%, 4/24/2030 (d) | 5,400 | 5,226 |
5.75%, 4/19/2047 (d) | 5,480 | 4,667 |
9,893 | ||
Kuwait — 0.1% | ||
MEGlobal Canada ULC 5.00%, 5/18/2025 (a) | 2,530 | 2,502 |
Luxembourg — 0.8% | ||
Altice Finco SA 4.75%, 1/15/2028 (d) | EUR3,715 | 2,430 |
Altice France Holding SA | ||
8.00%, 5/15/2027 (d) | EUR1,400 | 480 |
8.00%, 5/15/2027 (a) | EUR2,823 | 967 |
4.00%, 2/15/2028 (d) | EUR1,660 | 468 |
ARD Finance SA 5.00% (Cash), 6/30/2027 (d) (i) (j) | EUR1,243 | 298 |
GCB144A ENDO 0.00%, 4/1/2029 ‡ | 2,955 | — |
Herens Midco SARL 5.25%, 5/15/2029 (d) | EUR2,026 | 1,565 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Luxembourg — continued | ||
INEOS Finance plc | ||
3.38%, 3/31/2026 (d) | EUR1,497 | 1,595 |
6.63%, 5/15/2028 (d) | EUR1,200 | 1,347 |
6.38%, 4/15/2029 (a) | EUR1,069 | 1,192 |
7.50%, 4/15/2029 (a) | 1,160 | 1,171 |
Intelsat Jackson Holdings SA 6.50%, 3/15/2030 (a) | 2,504 | 2,355 |
Matterhorn Telecom SA 3.13%, 9/15/2026 (d) | EUR1,914 | 2,015 |
Monitchem HoldCo 3 SA | ||
8.75%, 5/1/2028 (a) | EUR460 | 514 |
8.75%, 5/1/2028 (d) | EUR570 | 636 |
PLT VII Finance SARL | ||
4.63%, 1/5/2026 (d) | EUR2,793 | 3,023 |
6.00%, 6/15/2031 (a) (g) | EUR3,713 | 4,009 |
SES SA (EUR Swap Annual 5 Year + 3.19%), 2.88%, 5/27/2026 (c) (d) (e) (f) | EUR1,680 | 1,717 |
Summer BC Holdco A SARL 9.25%, 10/31/2027 (d) | EUR231 | 245 |
Summer BC Holdco B SARL 5.75%, 10/31/2026 (d) | EUR2,243 | 2,402 |
28,429 | ||
Malaysia — 0.1% | ||
Petronas Capital Ltd. 3.40%, 4/28/2061 (a) | 6,007 | 3,992 |
Mexico — 0.9% | ||
America Movil SAB de CV 2.88%, 5/7/2030 | 2,500 | 2,185 |
BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (a) (b) (c) | 4,300 | 3,967 |
Cemex SAB de CV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.13%, 6/8/2026 (a) (c) (e) (f) | 5,558 | 5,336 |
Fomento Economico Mexicano SAB de CV 3.50%, 1/16/2050 | 2,490 | 1,750 |
Petroleos Mexicanos | ||
6.88%, 8/4/2026 | 6,900 | 6,730 |
7.69%, 1/23/2050 | 9,080 | 6,591 |
Southern Copper Corp. 5.88%, 4/23/2045 | 3,070 | 3,032 |
29,591 | ||
Morocco — 0.1% | ||
OCP SA 6.88%, 4/25/2044 (d) | 2,280 | 2,157 |
Netherlands — 1.3% | ||
ABN AMRO Bank NV | ||
(EUR Swap Annual 5 Year + 4.67%), 4.38%, 9/22/2025 (b) (c) (d) (e) (f) | EUR2,000 | 2,120 |
(EUR Swap Annual 5 Year + 3.90%), 4.75%, 9/22/2027 (b) (c) (d) (e) (f) | EUR6,100 | 6,230 |
Cooperatieve Rabobank UA | ||
(EUR Swap Annual 5 Year + 4.68%), 4.38%, 6/29/2027 (b) (c) (d) (e) (f) | EUR8,200 | 8,515 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 3.65%, 4/6/2028 (a) (c) | 5,350 | 5,091 |
ING Groep NV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.34%), 5.75%, 11/16/2026 (b) (c) (e) (f) | 5,752 | 5,534 |
OCI NV 3.63%, 10/15/2025 (d) | EUR63 | 67 |
Q-Park Holding I BV | ||
5.13%, 3/1/2029 (a) | EUR1,398 | 1,532 |
5.13%, 3/1/2029 (d) | EUR360 | 395 |
Sigma Holdco BV 5.75%, 5/15/2026 (d) | EUR1,093 | 1,137 |
Sunrise HoldCo IV BV 3.88%, 6/15/2029 (d) | EUR2,370 | 2,439 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Netherlands — continued | ||
Titan Holdings II BV 5.13%, 7/15/2029 (d) | EUR1,161 | 1,139 |
Trivium Packaging Finance BV | ||
3.75%, 8/15/2026 (d) (k) | EUR3,000 | 3,190 |
5.50%, 8/15/2026 (a) (k) | 200 | 197 |
8.50%, 8/15/2027 (a) (k) | 200 | 200 |
VZ Vendor Financing II BV 2.88%, 1/15/2029 (d) | EUR2,030 | 1,906 |
Ziggo Bond Co. BV 3.38%, 2/28/2030 (d) | EUR4,434 | 4,011 |
Ziggo BV 2.88%, 1/15/2030 (d) | EUR1,065 | 1,017 |
44,720 | ||
Norway — 0.1% | ||
Aker BP ASA 6.00%, 6/13/2033 (a) | 2,340 | 2,361 |
DNB Bank ASA (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.13%, 9/16/2026 (a) (c) | 2,803 | 2,646 |
5,007 | ||
Portugal — 0.4% | ||
EDP - Energias de Portugal SA | ||
(EUR Swap Annual 5 Year + 1.84%), 1.70%, 7/20/2080 (c) (d) | EUR4,600 | 4,841 |
Series NC5., (EUR Swap Annual 5 Year + 1.89%), 1.50%, 3/14/2082 (c) (d) | EUR3,900 | 3,861 |
(EUR Swap Annual 5 Year + 3.18%), 5.94%, 4/23/2083 (c) (d) | EUR3,500 | 3,950 |
12,652 | ||
South Africa — 0.2% | ||
Anglo American Capital plc 5.50%, 5/2/2033 (a) | 7,480 | 7,371 |
Spain — 2.6% | ||
Abertis Infraestructuras Finance BV | ||
(EUR Swap Annual 5 Year + 3.69%), 3.25%, 11/24/2025 (c) (d) (e) (f) | EUR3,600 | 3,792 |
(EUR Swap Annual 5 Year + 3.27%), 2.63%, 1/26/2027 (c) (d) (e) (f) | EUR2,200 | 2,238 |
Banco Bilbao Vizcaya Argentaria SA | ||
Series 9, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.19%), 6.50%, 3/5/2025 (b) (c) (e) (f) | 2,800 | 2,777 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), 9.38%, 3/19/2029 (b) (c) (e) (f) | 6,800 | 7,256 |
Banco Santander SA | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (b) (c) (e) (f) | 7,800 | 8,338 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.30%), 9.63%, 5/21/2033 (b) (c) (e) (f) | 3,200 | 3,510 |
CaixaBank SA | ||
(EUR Swap Annual 5 Year + 6.35%), 5.88%, 10/9/2027 (b) (c) (d) (e) (f) | EUR8,000 | 8,539 |
(SOFR + 2.77%), 6.84%, 9/13/2034 (a) (c) | 3,945 | 4,183 |
Cellnex Finance Co. SA 1.25%, 1/15/2029 (d) | EUR1,500 | 1,448 |
Cellnex Telecom SA | ||
2.88%, 4/18/2025 (d) | EUR1,500 | 1,612 |
1.88%, 6/26/2029 (d) | EUR2,400 | 2,356 |
1.75%, 10/23/2030 (d) | EUR2,500 | 2,367 |
Cirsa Finance International Sarl | ||
10.38%, 11/30/2027 (d) | EUR2,250 | 2,618 |
6.50%, 3/15/2029 (a) | EUR524 | 586 |
Cirsa Finance International SARL 10.38%, 11/30/2027 (a) | EUR351 | 408 |
eDreams ODIGEO SA 5.50%, 7/15/2027 (d) | EUR2,517 | 2,708 |
Grifols SA |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Spain — continued | ||
1.63%, 2/15/2025 (d) | EUR2,930 | 3,128 |
2.25%, 11/15/2027 (d) | EUR2,461 | 2,376 |
3.88%, 10/15/2028 (d) | EUR2,362 | 2,140 |
4.75%, 10/15/2028 (a) | 440 | 383 |
Grupo Antolin-Irausa SA | ||
3.38%, 4/30/2026 (d) | EUR220 | 223 |
3.50%, 4/30/2028 (d) | EUR1,055 | 864 |
Kaixo Bondco Telecom SA 5.13%, 9/30/2029 (d) | EUR1,924 | 2,012 |
Lorca Telecom Bondco SA 4.00%, 9/18/2027 (d) | EUR7,112 | 7,533 |
Telefonica Emisiones SA 5.21%, 3/8/2047 | 1,950 | 1,736 |
Telefonica Europe BV | ||
(EUR Swap Annual 8 Year + 2.97%), 3.88%, 6/22/2026 (c) (d) (e) (f) | EUR3,900 | 4,147 |
(EUR Swap Annual 6 Year + 4.32%), 7.13%, 8/23/2028 (c) (d) (e) (f) | EUR3,000 | 3,527 |
(EUR Swap Annual 7 Year + 3.35%), 6.14%, 2/3/2030 (c) (d) (e) (f) | EUR5,100 | 5,755 |
88,560 | ||
Sweden — 0.7% | ||
Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, 3/1/2031 (b) (c) (d) (e) (f) | 10,400 | 8,853 |
Verisure Holding AB | ||
3.88%, 7/15/2026 (d) | EUR1,517 | 1,626 |
3.25%, 2/15/2027 (d) | EUR3,620 | 3,771 |
5.50%, 5/15/2030 (a) | EUR1,309 | 1,436 |
Verisure Midholding AB 5.25%, 2/15/2029 (d) | EUR3,903 | 4,112 |
Volvo Car AB | ||
2.00%, 1/24/2025 (d) | EUR2,200 | 2,343 |
2.50%, 10/7/2027 (d) | EUR750 | 772 |
22,913 | ||
Switzerland — 0.7% | ||
Dufry One BV 2.00%, 2/15/2027 (d) | EUR2,000 | 2,035 |
Swiss Re Finance Luxembourg SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, 4/2/2049 (a) (c) | 200 | 192 |
UBS Group AG | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (a) (c) | 3,558 | 3,489 |
4.28%, 1/9/2028 (a) | 6,530 | 6,254 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (a) (b) (c) (e) (f) | 1,275 | 1,361 |
(3-MONTH SOFR + 1.41%), 3.87%, 1/12/2029 (a) (c) | 1,585 | 1,496 |
(SOFR + 3.73%), 4.19%, 4/1/2031 (a) (c) | 1,853 | 1,723 |
(SOFR + 1.73%), 3.09%, 5/14/2032 (a) (c) | 5,132 | 4,373 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.40%), 4.99%, 8/5/2033 (a) (c) | 2,195 | 2,098 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (a) (b) (c) (e) (f) | 1,290 | 1,436 |
VistaJet Malta Finance plc 9.50%, 6/1/2028 (a) | 515 | 468 |
24,925 | ||
United Arab Emirates — 0.1% | ||
DP World Crescent Ltd. 4.85%, 9/26/2028 (d) | 2,490 | 2,425 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United Kingdom — 4.5% | ||
888 Acquisitions Ltd. | ||
7.56%, 7/15/2027 (a) | EUR1,070 | 1,147 |
7.56%, 7/15/2027 (d) | EUR495 | 532 |
Barclays plc | ||
4.84%, 5/9/2028 | 710 | 686 |
(SOFR + 2.22%), 6.49%, 9/13/2029 (c) | 3,300 | 3,412 |
(3-MONTH SOFR + 3.05%), 5.09%, 6/20/2030 (c) | 305 | 294 |
BAT Capital Corp. | ||
6.34%, 8/2/2030 | 3,370 | 3,514 |
7.08%, 8/2/2043 | 9,535 | 10,188 |
Cadent Finance plc 0.63%, 3/19/2030 (d) | EUR6,500 | 5,842 |
ContourGlobal Power Holdings SA | ||
2.75%, 1/1/2026 (d) | EUR2,000 | 2,086 |
3.13%, 1/1/2028 (d) | EUR712 | 710 |
CPUK Finance Ltd. 4.50%, 8/28/2027 (d) | GBP700 | 827 |
EC Finance plc 3.00%, 10/15/2026 (d) | EUR3,309 | 3,473 |
Heathrow Funding Ltd. | ||
1.13%, 10/8/2030 (d) | EUR10,300 | 9,414 |
5.88%, 5/13/2041 (d) | GBP1,900 | 2,431 |
HSBC Holdings plc | ||
(SOFR + 3.03%), 7.34%, 11/3/2026 (c) | 2,420 | 2,477 |
(SOFR + 2.61%), 5.21%, 8/11/2028 (c) | 4,135 | 4,097 |
(SOFR + 1.73%), 2.01%, 9/22/2028 (c) | 8,500 | 7,604 |
(SOFR + 1.29%), 2.21%, 8/17/2029 (c) | 535 | 468 |
(3-MONTH CME TERM SOFR + 1.87%), 3.97%, 5/22/2030 (c) | 1,981 | 1,844 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (b) (c) (e) (f) | 6,075 | 5,105 |
Iceland Bondco plc | ||
10.88%, 12/15/2027 (d) | GBP150 | 199 |
10.88%, 12/15/2027 (a) | GBP537 | 713 |
INEOS Quattro Finance 1 plc 3.75%, 7/15/2026 (d) | EUR1,967 | 2,070 |
INEOS Quattro Finance 2 plc | ||
8.50%, 3/15/2029 (a) | EUR1,033 | 1,185 |
8.50%, 3/15/2029 (d) | EUR280 | 321 |
INEOS Styrolution Ludwigshafen GmbH 2.25%, 1/16/2027 (d) | EUR1,263 | 1,279 |
International Consolidated Airlines Group SA | ||
2.75%, 3/25/2025 (d) | EUR2,100 | 2,250 |
1.50%, 7/4/2027 (d) | EUR400 | 400 |
Jaguar Land Rover Automotive plc | ||
5.88%, 11/15/2024 (d) | EUR985 | 1,071 |
4.50%, 1/15/2026 (d) | EUR1,390 | 1,508 |
6.88%, 11/15/2026 (d) | EUR706 | 808 |
Lloyds Banking Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), 5.99%, 8/7/2027 (c) | 3,670 | 3,688 |
Macquarie Airfinance Holdings Ltd. 6.40%, 3/26/2029 (a) | 77 | 78 |
National Grid plc | ||
0.25%, 9/1/2028 (d) | EUR3,600 | 3,372 |
0.55%, 9/18/2029 (d) | EUR6,800 | 6,216 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United Kingdom — continued | ||
NatWest Group plc | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (b) (c) (e) (f) | 4,257 | 4,160 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.27%), 5.52%, 9/30/2028 (c) | 4,800 | 4,788 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 8.13%, 11/10/2033 (b) (c) (e) (f) | 1,460 | 1,480 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.78%, 3/1/2035 (c) | 3,380 | 3,382 |
NGG Finance plc (EUR Swap Annual 5 Year + 2.53%), 2.13%, 9/5/2082 (c) (d) | EUR2,534 | 2,528 |
Nomad Foods Bondco plc 2.50%, 6/24/2028 (d) | EUR1,860 | 1,862 |
Pinnacle Bidco plc | ||
8.25%, 10/11/2028 (d) | EUR1,090 | 1,255 |
8.25%, 10/11/2028 (a) | EUR1,084 | 1,248 |
Punch Finance plc 6.13%, 6/30/2026 (d) | GBP1,856 | 2,300 |
RAC Bond Co. plc 5.25%, 11/4/2027 (d) | GBP2,398 | 2,866 |
Rolls-Royce plc | ||
4.63%, 2/16/2026 (d) | EUR1,331 | 1,454 |
5.75%, 10/15/2027 (d) | GBP1,220 | 1,562 |
Santander UK Group Holdings plc | ||
(SOFR + 2.75%), 6.83%, 11/21/2026 (c) | 2,785 | 2,825 |
(SOFR + 0.99%), 1.67%, 6/14/2027 (c) | 5,200 | 4,794 |
(SOFR + 2.60%), 6.53%, 1/10/2029 (c) | 7,950 | 8,160 |
Standard Chartered plc | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028 (a) (c) | 2,000 | 2,126 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031 (a) (c) | 1,007 | 954 |
Synthomer plc 3.88%, 7/1/2025 (d) | EUR165 | 177 |
Virgin Media Finance plc 3.75%, 7/15/2030 (d) | EUR2,450 | 2,269 |
Virgin Media Secured Finance plc 5.00%, 4/15/2027 (d) | GBP3,630 | 4,561 |
Virgin Media Vendor Financing Notes III DAC 4.88%, 7/15/2028 (d) | GBP849 | 959 |
Vodafone Group plc | ||
(EUR Swap Annual 5 Year + 3.48%), 3.00%, 8/27/2080 (c) (d) | EUR3,570 | 3,501 |
(EUR Swap Annual 5 Year + 3.49%), 6.50%, 8/30/2084 (c) (d) | EUR4,050 | 4,715 |
155,235 | ||
United States — 32.5% | ||
AbbVie, Inc. | ||
5.05%, 3/15/2034 | 1,525 | 1,509 |
4.70%, 5/14/2045 | 862 | 778 |
4.25%, 11/21/2049 | 12,364 | 10,271 |
5.40%, 3/15/2054 | 2,450 | 2,415 |
Acadia Healthcare Co., Inc. | ||
5.50%, 7/1/2028 (a) | 430 | 418 |
5.00%, 4/15/2029 (a) | 870 | 820 |
ACCO Brands Corp. 4.25%, 3/15/2029 (a) | 6,690 | 5,934 |
Acushnet Co. 7.38%, 10/15/2028 (a) | 780 | 802 |
Adient Global Holdings Ltd. | ||
3.50%, 8/15/2024 (d) | EUR299 | 323 |
4.88%, 8/15/2026 (a) | 700 | 680 |
7.00%, 4/15/2028 (a) | 835 | 853 |
8.25%, 4/15/2031 (a) | 710 | 739 |
ADT Security Corp. (The) 4.13%, 8/1/2029 (a) | 1,725 | 1,567 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
AES Corp. (The) 3.95%, 7/15/2030 (a) | 1,568 | 1,413 |
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | 1,115 | 1,034 |
Albertsons Cos., Inc. | ||
7.50%, 3/15/2026 (a) | 100 | 101 |
4.63%, 1/15/2027 (a) | 605 | 583 |
4.88%, 2/15/2030 (a) | 425 | 398 |
Alcoa Nederland Holding BV 5.50%, 12/15/2027 (a) | 596 | 589 |
Allied Universal Holdco LLC | ||
6.63%, 7/15/2026 (a) | 4 | 4 |
4.63%, 6/1/2028 (a) | 500 | 450 |
Allison Transmission, Inc. | ||
4.75%, 10/1/2027 (a) | 277 | 266 |
5.88%, 6/1/2029 (a) | 3,545 | 3,488 |
Ameren Corp. 3.50%, 1/15/2031 | 850 | 762 |
American Airlines, Inc. 5.50%, 4/20/2026 (a) | 1,303 | 1,291 |
American Axle & Manufacturing, Inc. | ||
6.25%, 3/15/2026 | 71 | 70 |
6.50%, 4/1/2027 | 1,780 | 1,770 |
6.88%, 7/1/2028 | 885 | 878 |
5.00%, 10/1/2029 | 1,300 | 1,184 |
American Express Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026 (c) (e) (f) | 1,388 | 1,265 |
American Medical Systems Europe BV 1.63%, 3/8/2031 | EUR200 | 190 |
AmeriGas Partners LP 5.50%, 5/20/2025 | 505 | 497 |
Amgen, Inc. | ||
5.25%, 3/2/2033 | 3,654 | 3,626 |
4.66%, 6/15/2051 | 2,660 | 2,275 |
Amkor Technology, Inc. 6.63%, 9/15/2027 (a) | 190 | 190 |
Antero Midstream Partners LP | ||
5.75%, 3/1/2027 (a) | 900 | 890 |
5.75%, 1/15/2028 (a) | 1,015 | 993 |
5.38%, 6/15/2029 (a) | 415 | 398 |
Antero Resources Corp. | ||
8.38%, 7/15/2026 (a) | 208 | 214 |
7.63%, 2/1/2029 (a) | 913 | 941 |
Anywhere Real Estate Group LLC 5.25%, 4/15/2030 (a) | 965 | 630 |
APi Group DE, Inc. | ||
4.13%, 7/15/2029 (a) | 410 | 367 |
4.75%, 10/15/2029 (a) | 498 | 457 |
Arches Buyer, Inc. | ||
4.25%, 6/1/2028 (a) | 470 | 410 |
6.13%, 12/1/2028 (a) | 2,175 | 1,752 |
Ardagh Packaging Finance plc | ||
2.13%, 8/15/2026 (d) | EUR4,115 | 3,615 |
4.13%, 8/15/2026 (a) | 935 | 795 |
4.75%, 7/15/2027 (d) | GBP1,120 | 785 |
5.25%, 8/15/2027 (a) | 365 | 214 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Asbury Automotive Group, Inc. 4.63%, 11/15/2029 (a) | 1,236 | 1,137 |
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026 (a) | 140 | 140 |
Ashland Services BV 2.00%, 1/30/2028 (d) | EUR407 | 406 |
AT&T, Inc. | ||
2.55%, 12/1/2033 | 4,170 | 3,290 |
3.50%, 9/15/2053 | 3,980 | 2,688 |
3.55%, 9/15/2055 | 410 | 275 |
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | 2,305 | 2,091 |
ATI, Inc. 4.88%, 10/1/2029 | 885 | 827 |
Audacy Capital Corp. | ||
6.50%, 5/1/2027 (a) (h) | 416 | 16 |
6.75%, 3/31/2029 (a) (h) | 185 | 7 |
Avantor Funding, Inc. | ||
3.88%, 7/15/2028 (d) | EUR2,425 | 2,559 |
4.63%, 7/15/2028 (a) | 1,156 | 1,088 |
Avient Corp. 7.13%, 8/1/2030 (a) | 190 | 193 |
Avis Budget Car Rental LLC | ||
5.75%, 7/15/2027 (a) | 264 | 253 |
5.38%, 3/1/2029 (a) | 3,070 | 2,801 |
8.00%, 2/15/2031 (a) | 150 | 148 |
Avis Budget Finance plc | ||
7.00%, 2/28/2029 (a) | EUR955 | 1,028 |
7.25%, 7/31/2030 (d) | EUR800 | 860 |
7.25%, 7/31/2030 (a) | EUR1,765 | 1,898 |
Axalta Coating Systems LLC 4.75%, 6/15/2027 (a) | 470 | 454 |
Ball Corp. 1.50%, 3/15/2027 | EUR750 | 765 |
Bank of America Corp. | ||
Series AA, (3-MONTH CME TERM SOFR + 4.16%), 6.10%, 3/17/2025 (c) (e) (f) | 235 | 235 |
(SOFR + 1.29%), 5.08%, 1/20/2027 (c) | 1,910 | 1,896 |
(3-MONTH CME TERM SOFR + 1.32%), 3.56%, 4/23/2027 (c) | 4,060 | 3,917 |
(SOFR + 0.96%), 1.73%, 7/22/2027 (c) | 5,405 | 4,991 |
(SOFR + 1.05%), 2.55%, 2/4/2028 (c) | 5,000 | 4,649 |
(SOFR + 1.63%), 5.20%, 4/25/2029 (c) | 5,085 | 5,058 |
(SOFR + 1.06%), 2.09%, 6/14/2029 (c) | 1,875 | 1,654 |
(SOFR + 1.57%), 5.82%, 9/15/2029 (c) | 2,035 | 2,069 |
(3-MONTH CME TERM SOFR + 1.45%), 2.88%, 10/22/2030 (c) | 9,282 | 8,202 |
(SOFR + 1.53%), 1.90%, 7/23/2031 (c) | 6,260 | 5,112 |
(SOFR + 1.37%), 1.92%, 10/24/2031 (c) | 3,490 | 2,830 |
(SOFR + 1.21%), 2.57%, 10/20/2032 (c) | 517 | 427 |
(SOFR + 1.84%), 5.87%, 9/15/2034 (c) | 3,280 | 3,354 |
(SOFR + 1.65%), 5.47%, 1/23/2035 (c) | 4,040 | 4,013 |
(SOFR + 1.93%), 2.68%, 6/19/2041 (c) | 1,965 | 1,370 |
Bath & Body Works, Inc. 7.50%, 6/15/2029 | 196 | 201 |
Bausch Health Americas, Inc. | ||
9.25%, 4/1/2026 (a) | 725 | 676 |
8.50%, 1/31/2027 (a) | 298 | 216 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Bausch Health Cos., Inc. | ||
5.50%, 11/1/2025 (a) | 2,797 | 2,638 |
5.75%, 8/15/2027 (a) | 29 | 23 |
5.00%, 1/30/2028 (a) | 505 | 286 |
4.88%, 6/1/2028 (a) | 1,480 | 1,084 |
5.25%, 1/30/2030 (a) | 2,654 | 1,347 |
Baxter International, Inc. 2.54%, 2/1/2032 | 5,800 | 4,711 |
Belden, Inc. 3.38%, 7/15/2027 (d) | EUR5,000 | 5,249 |
Berkshire Hathaway Energy Co. 4.60%, 5/1/2053 | 512 | 424 |
Berry Global, Inc. 5.80%, 6/15/2031 (a) | 2,815 | 2,801 |
Big River Steel LLC 6.63%, 1/31/2029 (a) | 400 | 398 |
Block, Inc. | ||
3.50%, 6/1/2031 | 415 | 355 |
6.50%, 5/15/2032 (a) | 1,077 | 1,087 |
Blue Racer Midstream LLC 6.63%, 7/15/2026 (a) | 400 | 400 |
Boeing Co. (The) | ||
6.53%, 5/1/2034 (a) | 175 | 177 |
3.50%, 3/1/2039 | 2,500 | 1,771 |
5.71%, 5/1/2040 | 1,080 | 992 |
3.95%, 8/1/2059 | 1,190 | 747 |
Boyne USA, Inc. 4.75%, 5/15/2029 (a) | 1,590 | 1,468 |
BP Capital Markets America, Inc. 4.81%, 2/13/2033 | 4,910 | 4,749 |
BP Capital Markets plc | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (c) (e) (f) | 705 | 689 |
(EUR Swap Annual 5 Year + 3.52%), 3.25%, 3/22/2026 (c) (d) (e) (f) | EUR7,100 | 7,492 |
(EUR Swap Annual 5 Year + 3.78%), 3.63%, 3/22/2029 (c) (d) (e) (f) | EUR800 | 828 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (c) (e) (f) | 5,995 | 5,656 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.15%), 6.45%, 12/1/2033 (c) (e) (f) | 3,120 | 3,190 |
Bristol-Myers Squibb Co. | ||
5.20%, 2/22/2034 | 4,370 | 4,342 |
5.55%, 2/22/2054 | 4,290 | 4,224 |
5.65%, 2/22/2064 | 1,245 | 1,217 |
Broadcom, Inc. 3.47%, 4/15/2034 (a) | 6,955 | 5,861 |
Buckeye Partners LP | ||
4.13%, 12/1/2027 | 435 | 403 |
4.50%, 3/1/2028 (a) | 140 | 131 |
Builders FirstSource, Inc. | ||
4.25%, 2/1/2032 (a) | 1,317 | 1,150 |
6.38%, 3/1/2034 (a) | 375 | 368 |
Burlington Northern Santa Fe LLC 2.88%, 6/15/2052 | 1,760 | 1,105 |
Caesars Entertainment, Inc. | ||
8.13%, 7/1/2027 (a) | 660 | 673 |
6.50%, 2/15/2032 (a) | 541 | 535 |
Carnival Corp. 5.75%, 3/1/2027 (a) | 650 | 638 |
Catalent Pharma Solutions, Inc. | ||
5.00%, 7/15/2027 (a) | 371 | 363 |
2.38%, 3/1/2028 (d) | EUR1,200 | 1,247 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
3.13%, 2/15/2029 (a) | 335 | 320 |
CCO Holdings LLC | ||
5.13%, 5/1/2027 (a) | 6,110 | 5,840 |
5.00%, 2/1/2028 (a) | 3,665 | 3,384 |
5.38%, 6/1/2029 (a) | 3,848 | 3,447 |
4.75%, 3/1/2030 (a) | 7,188 | 6,123 |
4.50%, 8/15/2030 (a) | 1,625 | 1,350 |
4.25%, 2/1/2031 (a) | 2,422 | 1,952 |
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a) | 3,490 | 3,462 |
CDW LLC 3.25%, 2/15/2029 | 143 | 129 |
Cedar Fair LP 5.25%, 7/15/2029 | 1,134 | 1,068 |
Cencora, Inc. 2.70%, 3/15/2031 | 5,053 | 4,287 |
Centene Corp. 4.63%, 12/15/2029 | 3,680 | 3,464 |
CenterPoint Energy, Inc. 2.95%, 3/1/2030 | 5,863 | 5,167 |
Central Garden & Pet Co. 4.13%, 10/15/2030 | 3,445 | 3,051 |
CF Industries, Inc. 4.95%, 6/1/2043 | 3,016 | 2,656 |
Chart Industries, Inc. 7.50%, 1/1/2030 (a) | 700 | 721 |
Charter Communications Operating LLC | ||
2.25%, 1/15/2029 | 1,280 | 1,088 |
2.80%, 4/1/2031 | 6,120 | 4,994 |
3.50%, 6/1/2041 | 3,375 | 2,268 |
5.38%, 5/1/2047 | 2,844 | 2,286 |
4.80%, 3/1/2050 | 1,725 | 1,272 |
3.70%, 4/1/2051 | 4,637 | 2,838 |
3.90%, 6/1/2052 | 4,238 | 2,660 |
Chemours Co. (The) | ||
5.38%, 5/15/2027 | 160 | 152 |
5.75%, 11/15/2028 (a) | 1,230 | 1,126 |
Cheniere Energy Partners LP | ||
4.50%, 10/1/2029 | 6,060 | 5,759 |
5.95%, 6/30/2033 | 4,670 | 4,711 |
5.75%, 8/15/2034 (a) | 1,495 | 1,485 |
Chesapeake Energy Corp. | ||
5.50%, 2/1/2026 (a) | 330 | 326 |
6.75%, 4/15/2029 (a) | 1,985 | 1,990 |
Chord Energy Corp. 6.38%, 6/1/2026 (a) | 640 | 639 |
Ciena Corp. 4.00%, 1/31/2030 (a) | 1,420 | 1,272 |
Cinemark USA, Inc. | ||
5.88%, 3/15/2026 (a) | 170 | 167 |
5.25%, 7/15/2028 (a) | 835 | 780 |
Citibank NA 5.57%, 4/30/2034 | 465 | 471 |
Citigroup, Inc. | ||
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (c) (e) (f) | 2,321 | 2,218 |
Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (c) (e) (f) | 6,687 | 6,291 |
(SOFR + 0.77%), 1.12%, 1/28/2027 (c) | 5,465 | 5,083 |
(3-MONTH CME TERM SOFR + 1.82%), 3.89%, 1/10/2028 (c) | 3,415 | 3,290 |
Series CC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.69%), 7.13%, 8/15/2029 (c) (e) (f) | 1,695 | 1,691 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
(SOFR + 1.36%), 5.17%, 2/13/2030 (c) | 2,080 | 2,060 |
(SOFR + 3.91%), 4.41%, 3/31/2031 (c) | 5,950 | 5,650 |
(SOFR + 2.11%), 2.57%, 6/3/2031 (c) | 9,400 | 8,020 |
(SOFR + 1.18%), 2.52%, 11/3/2032 (c) | 375 | 308 |
(SOFR + 2.06%), 5.83%, 2/13/2035 (c) | 3,345 | 3,311 |
Civitas Resources, Inc. | ||
8.38%, 7/1/2028 (a) | 1,025 | 1,076 |
8.75%, 7/1/2031 (a) | 995 | 1,062 |
Clarios Global LP | ||
6.25%, 5/15/2026 (a) | 764 | 763 |
8.50%, 5/15/2027 (a) | 1,873 | 1,885 |
Clarivate Science Holdings Corp. 4.88%, 7/1/2029 (a) | 250 | 228 |
Clear Channel Outdoor Holdings, Inc. | ||
5.13%, 8/15/2027 (a) | 2,762 | 2,609 |
7.75%, 4/15/2028 (a) | 2,575 | 2,221 |
9.00%, 9/15/2028 (a) | 392 | 408 |
Cleveland-Cliffs, Inc. 4.63%, 3/1/2029 (a) | 1,753 | 1,641 |
Coherent Corp. 5.00%, 12/15/2029 (a) | 5,309 | 4,951 |
Coinbase Global, Inc. 3.38%, 10/1/2028 (a) | 1,275 | 1,090 |
Columbia Pipelines Operating Co. LLC | ||
5.93%, 8/15/2030 (a) | 8,155 | 8,275 |
6.04%, 11/15/2033 (a) | 1,790 | 1,825 |
Comcast Corp. | ||
2.80%, 1/15/2051 | 6,899 | 4,229 |
5.35%, 5/15/2053 | 4,000 | 3,808 |
2.99%, 11/1/2063 | 3,052 | 1,782 |
CommScope Technologies LLC 6.00%, 6/15/2025 (a) | 1,543 | 1,268 |
CommScope, Inc. | ||
6.00%, 3/1/2026 (a) | 1,470 | 1,312 |
4.75%, 9/1/2029 (a) | 980 | 706 |
Community Health Systems, Inc. | ||
8.00%, 3/15/2026 (a) | 927 | 929 |
6.13%, 4/1/2030 (a) | 765 | 546 |
5.25%, 5/15/2030 (a) | 295 | 245 |
4.75%, 2/15/2031 (a) | 2,275 | 1,796 |
10.88%, 1/15/2032 (a) (g) | 820 | 847 |
Comstock Resources, Inc. 6.75%, 3/1/2029 (a) | 2,382 | 2,304 |
Conduent Business Services LLC 6.00%, 11/1/2029 (a) | 1,540 | 1,432 |
Constellation Brands, Inc. 2.25%, 8/1/2031 | 11,907 | 9,719 |
Constellation Energy Generation LLC | ||
5.80%, 3/1/2033 | 903 | 917 |
5.60%, 6/15/2042 | 2,735 | 2,630 |
6.50%, 10/1/2053 | 2,341 | 2,500 |
Constellium SE | ||
4.25%, 2/15/2026 (d) | EUR811 | 875 |
5.63%, 6/15/2028 (a) | 930 | 903 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Cooper-Standard Automotive, Inc. | ||
13.50% (Blend (Cash 9.00% + PIK 4.50%)), 3/31/2027 (a) (i) | 2,398 | 2,564 |
10.63% (PIK), 5/15/2027 (a) (i) | 1,474 | 1,039 |
Coty, Inc. | ||
3.88%, 4/15/2026 (d) | EUR1,760 | 1,900 |
4.75%, 4/15/2026 (d) | EUR760 | 822 |
5.00%, 4/15/2026 (a) | 498 | 491 |
4.75%, 1/15/2029 (a) | 420 | 395 |
Crescent Energy Finance LLC | ||
9.25%, 2/15/2028 (a) | 1,110 | 1,175 |
7.63%, 4/1/2032 (a) | 475 | 484 |
Crown European Holdings SA | ||
2.63%, 9/30/2024 (d) | EUR1,260 | 1,359 |
3.38%, 5/15/2025 (d) | EUR1,380 | 1,482 |
5.00%, 5/15/2028 (d) | EUR1,900 | 2,110 |
CSC Holdings LLC | ||
5.38%, 2/1/2028 (a) | 1,135 | 797 |
6.50%, 2/1/2029 (a) | 2,180 | 1,475 |
5.75%, 1/15/2030 (a) | 1,250 | 540 |
CVS Health Corp. | ||
2.13%, 9/15/2031 | 1,480 | 1,180 |
5.25%, 2/21/2033 | 1,475 | 1,434 |
4.13%, 4/1/2040 | 1,205 | 972 |
2.70%, 8/21/2040 | 3,480 | 2,308 |
Danaher Corp. 2.80%, 12/10/2051 | 4,050 | 2,538 |
DaVita, Inc. | ||
4.63%, 6/1/2030 (a) | 2,975 | 2,665 |
3.75%, 2/15/2031 (a) | 648 | 544 |
DCP Midstream Operating LP 6.75%, 9/15/2037 (a) | 535 | 570 |
Diamondback Energy, Inc. 3.13%, 3/24/2031 | 3,145 | 2,755 |
Discovery Communications LLC | ||
3.63%, 5/15/2030 | 445 | 392 |
4.65%, 5/15/2050 | 1,620 | 1,201 |
DISH DBS Corp. | ||
5.88%, 11/15/2024 | 2,860 | 2,723 |
7.75%, 7/1/2026 | 1,691 | 1,076 |
5.25%, 12/1/2026 (a) | 3,795 | 3,022 |
5.75%, 12/1/2028 (a) | 755 | 526 |
DISH Network Corp. 11.75%, 11/15/2027 (a) | 5,179 | 5,196 |
Dominion Energy, Inc. | ||
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%), 7.00%, 6/1/2054 (c) | 470 | 485 |
Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.88%, 2/1/2055 (c) | 730 | 741 |
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) | 1,340 | 1,158 |
Duke Energy Corp. 2.45%, 6/1/2030 | 3,029 | 2,583 |
Duke Energy Indiana LLC 5.40%, 4/1/2053 | 375 | 355 |
Duke Energy Ohio, Inc. | ||
5.25%, 4/1/2033 | 405 | 401 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
5.65%, 4/1/2053 | 149 | 146 |
Duke Energy Progress LLC 3.40%, 4/1/2032 | 1,410 | 1,239 |
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029 (a) | 315 | 293 |
Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (a) | 1,920 | 1,551 |
Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | 840 | 780 |
Edgewell Personal Care Co. | ||
5.50%, 6/1/2028 (a) | 2,281 | 2,217 |
4.13%, 4/1/2029 (a) | 1,469 | 1,337 |
Elastic NV 4.13%, 7/15/2029 (a) | 930 | 832 |
Element Solutions, Inc. 3.88%, 9/1/2028 (a) | 1,325 | 1,206 |
EMRLD Borrower LP | ||
6.38%, 12/15/2030 (a) | EUR1,597 | 1,794 |
6.38%, 12/15/2030 (d) | EUR800 | 899 |
6.63%, 12/15/2030 (a) | 1,795 | 1,798 |
Encino Acquisition Partners Holdings LLC | ||
8.50%, 5/1/2028 (a) | 1,460 | 1,488 |
8.75%, 5/1/2031 (a) | 338 | 350 |
Encompass Health Corp. | ||
5.75%, 9/15/2025 | 650 | 647 |
4.50%, 2/1/2028 | 642 | 607 |
4.75%, 2/1/2030 | 300 | 278 |
4.63%, 4/1/2031 | 1,590 | 1,437 |
Endo DAC 0.00%, 6/30/2028 ‡ | 308 | 9 |
Endo Finance Holdings, Inc. 8.50%, 4/15/2031 (a) | 223 | 229 |
Energizer Gamma Acquisition BV 3.50%, 6/30/2029 (d) | EUR2,409 | 2,352 |
Energizer Holdings, Inc. | ||
4.75%, 6/15/2028 (a) | 2,192 | 2,022 |
4.38%, 3/31/2029 (a) | 3,230 | 2,871 |
Energy Transfer LP | ||
5.75%, 4/1/2025 | 910 | 909 |
5.63%, 5/1/2027 (a) | 100 | 100 |
7.38%, 2/1/2031 (a) | 495 | 514 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.02%), 8.00%, 5/15/2054 (c) | 4,170 | 4,341 |
Entegris, Inc. | ||
4.38%, 4/15/2028 (a) | 200 | 187 |
5.95%, 6/15/2030 (a) | 3,500 | 3,445 |
Entergy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.13%, 12/1/2054 (c) | 1,280 | 1,275 |
Entergy Texas, Inc. 1.75%, 3/15/2031 | 1,355 | 1,092 |
Enterprise Products Operating LLC 3.20%, 2/15/2052 | 1,102 | 732 |
EQM Midstream Partners LP | ||
4.00%, 8/1/2024 | 347 | 346 |
6.00%, 7/1/2025 (a) | 35 | 35 |
4.50%, 1/15/2029 (a) | 3,055 | 2,847 |
EquipmentShare.com, Inc. | ||
9.00%, 5/15/2028 (a) | 1,040 | 1,073 |
8.63%, 5/15/2032 (a) | 740 | 766 |
Evergy Metro, Inc. Series 2020, 2.25%, 6/1/2030 | 1,974 | 1,666 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Exxon Mobil Corp. 3.00%, 8/16/2039 | 3,735 | 2,834 |
Fells Point Funding Trust 3.05%, 1/31/2027 (a) | 2,795 | 2,621 |
First Student Bidco, Inc. 4.00%, 7/31/2029 (a) | 535 | 482 |
FirstEnergy Transmission LLC | ||
2.87%, 9/15/2028 (a) | 4,375 | 3,965 |
4.55%, 4/1/2049 (a) | 2,223 | 1,817 |
Ford Motor Credit Co. LLC | ||
2.75%, 6/14/2024 | GBP946 | 1,204 |
1.36%, 2/7/2025 | EUR1,375 | 1,464 |
2.30%, 2/10/2025 | 1,975 | 1,926 |
5.13%, 6/16/2025 | 2,965 | 2,943 |
4.39%, 1/8/2026 | 500 | 488 |
6.95%, 6/10/2026 | 1,755 | 1,786 |
4.54%, 8/1/2026 | 785 | 763 |
4.27%, 1/9/2027 | 3,982 | 3,826 |
4.95%, 5/28/2027 | 2,550 | 2,486 |
3.63%, 6/17/2031 | 3,062 | 2,616 |
Freeport-McMoRan, Inc. | ||
4.13%, 3/1/2028 | 367 | 351 |
4.25%, 3/1/2030 | 955 | 898 |
4.63%, 8/1/2030 | 584 | 559 |
5.40%, 11/14/2034 | 1,582 | 1,543 |
Frontier Communications Holdings LLC | ||
5.88%, 10/15/2027 (a) | 2,430 | 2,366 |
5.00%, 5/1/2028 (a) | 785 | 733 |
Gannett Holdings LLC 6.00%, 11/1/2026 (a) | 410 | 387 |
GCI LLC 4.75%, 10/15/2028 (a) | 2,310 | 2,097 |
General Electric Co. 4.13%, 9/19/2035 (d) | EUR1,109 | 1,223 |
General Motors Co. 5.15%, 4/1/2038 | 1,600 | 1,468 |
Genesis Energy LP | ||
8.00%, 1/15/2027 | 785 | 800 |
7.75%, 2/1/2028 | 544 | 546 |
8.25%, 1/15/2029 | 235 | 241 |
GFL Environmental, Inc. | ||
3.75%, 8/1/2025 (a) | 385 | 376 |
4.00%, 8/1/2028 (a) | 2,110 | 1,929 |
4.75%, 6/15/2029 (a) | 875 | 814 |
4.38%, 8/15/2029 (a) | 400 | 365 |
Gilead Sciences, Inc. 5.55%, 10/15/2053 | 4,880 | 4,843 |
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a) | 345 | 320 |
Global Payments, Inc. | ||
2.90%, 5/15/2030 | 1,360 | 1,178 |
2.90%, 11/15/2031 | 3,450 | 2,871 |
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (a) | 790 | 769 |
Goldman Sachs Group, Inc. (The) | ||
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (c) (e) (f) | 3,709 | 3,479 |
(SOFR + 0.80%), 1.43%, 3/9/2027 (c) | 3,770 | 3,507 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
(SOFR + 1.51%), 4.39%, 6/15/2027 (c) | 4,905 | 4,800 |
(SOFR + 0.91%), 1.95%, 10/21/2027 (c) | 3,790 | 3,485 |
(SOFR + 1.11%), 2.64%, 2/24/2028 (c) | 4,540 | 4,219 |
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 7.50%, 2/10/2029 (c) (e) (f) | 2,052 | 2,138 |
Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%), 7.50%, 5/10/2029 (c) (e) (f) | 5,020 | 5,158 |
(SOFR + 1.28%), 2.62%, 4/22/2032 (c) | 1,730 | 1,444 |
(SOFR + 1.26%), 2.65%, 10/21/2032 (c) | 11,190 | 9,268 |
(SOFR + 1.41%), 3.10%, 2/24/2033 (c) | 2,515 | 2,135 |
(SOFR + 1.55%), 5.85%, 4/25/2035 (c) | 1,555 | 1,588 |
(3-MONTH CME TERM SOFR + 1.63%), 4.02%, 10/31/2038 (c) | 2,665 | 2,262 |
Goodyear Tire & Rubber Co. (The) 5.00%, 7/15/2029 | 1,728 | 1,589 |
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a) | 680 | 641 |
Graphic Packaging International LLC 3.50%, 3/15/2028 (a) | 573 | 524 |
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (a) | 810 | 776 |
Gray Television, Inc. | ||
7.00%, 5/15/2027 (a) | 2,408 | 2,125 |
10.50%, 7/15/2029 (a) | 1,345 | 1,336 |
Griffon Corp. 5.75%, 3/1/2028 | 3,280 | 3,171 |
Gulfport Energy Corp. 8.00%, 5/17/2026 (a) | 346 | 351 |
Hanesbrands, Inc. 9.00%, 2/15/2031 (a) | 500 | 510 |
HCA, Inc. | ||
4.50%, 2/15/2027 | 1,840 | 1,796 |
5.20%, 6/1/2028 | 1,740 | 1,726 |
5.63%, 9/1/2028 | 1,147 | 1,153 |
4.13%, 6/15/2029 | 6,950 | 6,548 |
3.50%, 9/1/2030 | 1,678 | 1,502 |
2.38%, 7/15/2031 | 4,335 | 3,537 |
5.50%, 6/15/2047 | 181 | 168 |
5.25%, 6/15/2049 | 3,010 | 2,670 |
3.50%, 7/15/2051 | 1,470 | 981 |
4.63%, 3/15/2052 | 6,715 | 5,413 |
5.90%, 6/1/2053 | 2,650 | 2,569 |
Healthpeak OP LLC, REIT 5.25%, 12/15/2032 | 4,042 | 3,963 |
Herc Holdings, Inc. 5.50%, 7/15/2027 (a) | 3,535 | 3,451 |
Hertz Corp. (The) 4.63%, 12/1/2026 (a) | 1,706 | 1,325 |
Hertz Corp. (The), Escrow | ||
5.50%, 10/15/2024 (h) | 1,600 | 52 |
7.13%, 8/1/2026 (h) | 265 | 24 |
6.00%, 1/15/2028 (h) | 685 | 62 |
Hess Midstream Operations LP 5.13%, 6/15/2028 (a) | 415 | 400 |
Hilcorp Energy I LP 5.75%, 2/1/2029 (a) | 1,205 | 1,164 |
Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | 955 | 930 |
Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | 1,413 | 576 |
Hyundai Capital America | ||
3.50%, 11/2/2026 (a) | 8,025 | 7,641 |
3.50%, 11/2/2026 (d) | 2,600 | 2,475 |
6.50%, 1/16/2029 (a) | 505 | 525 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
iHeartCommunications, Inc. | ||
6.38%, 5/1/2026 | 2,045 | 1,565 |
8.38%, 5/1/2027 | 2,728 | 985 |
5.25%, 8/15/2027 (a) | 1,140 | 630 |
ILFC E-Capital Trust I (3-MONTH CME TERM SOFR + 1.81%), 7.14%, 12/21/2065 (a) (c) | 500 | 400 |
ILFC E-Capital Trust II (3-MONTH CME TERM SOFR + 2.06%), 7.39%, 12/21/2065 (a) (c) | 535 | 435 |
Imola Merger Corp. 4.75%, 5/15/2029 (a) | 2,780 | 2,588 |
Interface, Inc. 5.50%, 12/1/2028 (a) | 775 | 731 |
International Game Technology plc 2.38%, 4/15/2028 (d) | EUR2,912 | 2,960 |
IQVIA, Inc. | ||
2.88%, 9/15/2025 (d) | EUR325 | 346 |
1.75%, 3/15/2026 (d) | EUR946 | 982 |
2.25%, 1/15/2028 (d) | EUR1,120 | 1,126 |
2.88%, 6/15/2028 (d) | EUR3,359 | 3,432 |
2.25%, 3/15/2029 (d) | EUR1,090 | 1,070 |
Iron Mountain, Inc., REIT | ||
4.88%, 9/15/2027 (a) | 597 | 576 |
5.00%, 7/15/2028 (a) | 1,100 | 1,044 |
4.88%, 9/15/2029 (a) | 345 | 320 |
4.50%, 2/15/2031 (a) | 750 | 668 |
ITC Holdings Corp. 2.95%, 5/14/2030 (a) | 7,371 | 6,447 |
Jazz Securities DAC 4.38%, 1/15/2029 (a) | 915 | 842 |
JBS USA Holding Lux SARL | ||
6.75%, 3/15/2034 (a) | 1,421 | 1,493 |
4.38%, 2/2/2052 | 1,177 | 872 |
7.25%, 11/15/2053 (a) | 2,820 | 3,086 |
JELD-WEN, Inc. 4.88%, 12/15/2027 (a) | 870 | 815 |
Jersey Central Power & Light Co. 2.75%, 3/1/2032 (a) | 2,715 | 2,234 |
Kennedy-Wilson, Inc. 4.75%, 3/1/2029 | 1,000 | 850 |
KeyCorp (SOFRINDX + 2.42%), 6.40%, 3/6/2035 (c) | 3,767 | 3,792 |
Kinder Morgan, Inc. 5.20%, 6/1/2033 | 3,440 | 3,321 |
Kinetik Holdings LP 5.88%, 6/15/2030 (a) | 550 | 536 |
Kraft Heinz Foods Co. | ||
2.25%, 5/25/2028 (d) | EUR400 | 412 |
4.88%, 10/1/2049 | 4,250 | 3,714 |
LABL, Inc. 6.75%, 7/15/2026 (a) | 2,175 | 2,149 |
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (a) | 270 | 243 |
Level 3 Financing, Inc. | ||
4.88%, 6/15/2029 (a) | 1,925 | 1,153 |
11.00%, 11/15/2029 (a) | 644 | 660 |
Live Nation Entertainment, Inc. | ||
4.88%, 11/1/2024 (a) | 1,435 | 1,425 |
6.50%, 5/15/2027 (a) | 450 | 452 |
4.75%, 10/15/2027 (a) | 1,800 | 1,705 |
Lowe's Cos., Inc. 4.25%, 4/1/2052 | 1,065 | 837 |
Lumen Technologies, Inc. | ||
4.13%, 4/15/2029 (a) | 582 | 374 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
4.13%, 4/15/2030 (a) | 1,015 | 649 |
Madison IAQ LLC | ||
4.13%, 6/30/2028 (a) | 1,630 | 1,510 |
5.88%, 6/30/2029 (a) | 1,475 | 1,367 |
Marvell Technology, Inc. 5.95%, 9/15/2033 | 5,124 | 5,258 |
Mauser Packaging Solutions Holding Co. | ||
7.88%, 4/15/2027 (a) | 2,490 | 2,537 |
9.25%, 4/15/2027 (a) | 485 | 483 |
Medline Borrower LP | ||
3.88%, 4/1/2029 (a) | 440 | 400 |
6.25%, 4/1/2029 (a) | 593 | 593 |
5.25%, 10/1/2029 (a) | 1,570 | 1,480 |
Medtronic Global Holdings SCA 1.50%, 7/2/2039 | EUR1,500 | 1,181 |
Meta Platforms, Inc. 4.45%, 8/15/2052 | 3,701 | 3,161 |
MetLife, Inc. | ||
6.40%, 12/15/2036 | 435 | 438 |
9.25%, 4/8/2038 (a) | 3,935 | 4,561 |
Metropolitan Life Global Funding I 3.30%, 3/21/2029 (a) | 2,100 | 1,936 |
MGM Resorts International | ||
4.63%, 9/1/2026 | 307 | 298 |
5.50%, 4/15/2027 | 15 | 15 |
Millennium Escrow Corp. 6.63%, 8/1/2026 (a) | 425 | 215 |
MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | 680 | 620 |
Molina Healthcare, Inc. 3.88%, 11/15/2030 (a) | 800 | 698 |
Morgan Stanley | ||
(SOFR + 0.88%), 1.59%, 5/4/2027 (c) | 11,955 | 11,089 |
(SOFR + 1.61%), 4.21%, 4/20/2028 (c) | 967 | 937 |
(SOFR + 1.73%), 5.12%, 2/1/2029 (c) | 3,015 | 2,995 |
(SOFR + 1.59%), 5.16%, 4/20/2029 (c) | 965 | 959 |
(SOFR + 1.63%), 5.45%, 7/20/2029 (c) | 7,680 | 7,707 |
(SOFR + 1.14%), 2.70%, 1/22/2031 (c) | 11,330 | 9,860 |
(SOFR + 3.12%), 3.62%, 4/1/2031 (c) | 3,908 | 3,567 |
(SOFR + 1.03%), 1.79%, 2/13/2032 (c) | 882 | 702 |
(SOFR + 1.20%), 2.51%, 10/20/2032 (c) | 535 | 439 |
(SOFR + 1.88%), 5.42%, 7/21/2034 (c) | 2,520 | 2,494 |
(SOFR + 1.36%), 2.48%, 9/16/2036 (c) | 5,235 | 4,128 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038 (c) | 1,255 | 1,246 |
3.97%, 7/22/2038 (j) | 3,985 | 3,360 |
MPLX LP | ||
4.00%, 3/15/2028 | 690 | 658 |
2.65%, 8/15/2030 | 1,246 | 1,064 |
Nabors Industries Ltd. 7.25%, 1/15/2026 (a) | 345 | 346 |
Nationstar Mortgage Holdings, Inc. | ||
5.50%, 8/15/2028 (a) | 1,345 | 1,284 |
5.13%, 12/15/2030 (a) | 1,140 | 1,035 |
7.13%, 2/1/2032 (a) | 285 | 284 |
Navient Corp. 5.00%, 3/15/2027 | 385 | 365 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
NCR Atleos Corp. 9.50%, 4/1/2029 (a) | 1,122 | 1,210 |
NCR Voyix Corp. | ||
5.00%, 10/1/2028 (a) | 2,480 | 2,321 |
5.13%, 4/15/2029 (a) | 690 | 641 |
Netflix, Inc. 5.38%, 11/15/2029 (a) | 9,956 | 10,022 |
New Albertsons LP | ||
7.45%, 8/1/2029 | 197 | 207 |
8.00%, 5/1/2031 | 480 | 511 |
Newell Brands, Inc. | ||
5.70%, 4/1/2026 (k) | 2,020 | 1,995 |
6.63%, 9/15/2029 | 455 | 445 |
7.00%, 4/1/2046 (k) | 300 | 247 |
Nexstar Media, Inc. | ||
5.63%, 7/15/2027 (a) | 912 | 861 |
4.75%, 11/1/2028 (a) | 1,160 | 1,023 |
NMG Holding Co., Inc. 7.13%, 4/1/2026 (a) | 1,030 | 1,024 |
NNN REIT, Inc., REIT 5.50%, 6/15/2034 | 930 | 917 |
Norfolk Southern Corp. 3.70%, 3/15/2053 | 1,930 | 1,393 |
Novelis Corp. 4.75%, 1/30/2030 (a) | 615 | 568 |
Novelis Sheet Ingot GmbH 3.38%, 4/15/2029 (d) | EUR1,368 | 1,403 |
NRG Energy, Inc. | ||
3.75%, 6/15/2024 (a) | 3,480 | 3,478 |
6.63%, 1/15/2027 | 310 | 310 |
5.75%, 1/15/2028 | 200 | 196 |
5.25%, 6/15/2029 (a) | 1,420 | 1,354 |
3.63%, 2/15/2031 (a) | 865 | 741 |
NuStar Logistics LP 5.63%, 4/28/2027 | 1,000 | 985 |
Occidental Petroleum Corp. 6.20%, 3/15/2040 | 1,290 | 1,298 |
OI European Group BV | ||
6.25%, 5/15/2028 (d) | EUR400 | 450 |
6.25%, 5/15/2028 (a) | EUR989 | 1,113 |
5.25%, 6/1/2029 (a) | EUR1,043 | 1,140 |
ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | 2,456 | 2,243 |
OneMain Finance Corp. | ||
7.13%, 3/15/2026 | 1,627 | 1,651 |
4.00%, 9/15/2030 | 700 | 595 |
Oracle Corp. 3.60%, 4/1/2050 | 4,277 | 2,975 |
Organon & Co. | ||
2.88%, 4/30/2028 (d) | EUR2,296 | 2,338 |
4.13%, 4/30/2028 (a) | 2,880 | 2,660 |
Outfront Media Capital LLC | ||
5.00%, 8/15/2027 (a) | 545 | 523 |
4.63%, 3/15/2030 (a) | 383 | 340 |
Owens & Minor, Inc. 6.63%, 4/1/2030 (a) | 955 | 908 |
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a) | 1,130 | 1,122 |
Pacific Gas and Electric Co. | ||
4.65%, 8/1/2028 | 4,230 | 4,069 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
6.15%, 1/15/2033 | 2,570 | 2,622 |
6.40%, 6/15/2033 | 5,220 | 5,419 |
5.80%, 5/15/2034 | 3,225 | 3,217 |
4.60%, 6/15/2043 | 2,692 | 2,192 |
4.75%, 2/15/2044 | 294 | 244 |
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a) | 1,735 | 1,619 |
Par Pharmaceutical, Inc. 0.00%, 4/1/2027 ‡ (h) | 248 | — (l) |
Paysafe Finance plc 3.00%, 6/15/2029 (d) | EUR860 | 853 |
Performance Food Group, Inc. | ||
5.50%, 10/15/2027 (a) | 824 | 803 |
4.25%, 8/1/2029 (a) | 195 | 177 |
Permian Resources Operating LLC 7.00%, 1/15/2032 (a) | 1,020 | 1,042 |
PetSmart, Inc. | ||
4.75%, 2/15/2028 (a) | 2,885 | 2,679 |
7.75%, 2/15/2029 (a) | 1,000 | 957 |
Pfizer Investment Enterprises Pte. Ltd. 5.34%, 5/19/2063 | 2,680 | 2,518 |
PG&E Corp. | ||
5.00%, 7/1/2028 | 1,563 | 1,498 |
5.25%, 7/1/2030 | 410 | 391 |
Philip Morris International, Inc. 5.63%, 11/17/2029 | 3,000 | 3,055 |
Pike Corp. 5.50%, 9/1/2028 (a) | 827 | 787 |
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 (c) (e) (f) | 3,704 | 3,292 |
(SOFR + 1.90%), 5.68%, 1/22/2035 (c) | 1,055 | 1,055 |
Post Holdings, Inc. | ||
5.50%, 12/15/2029 (a) | 1,409 | 1,342 |
4.63%, 4/15/2030 (a) | 1,000 | 908 |
Presidio Holdings, Inc. | ||
4.88%, 2/1/2027 (a) | 1,991 | 1,989 |
8.25%, 2/1/2028 (a) | 580 | 591 |
Prestige Brands, Inc. 5.13%, 1/15/2028 (a) | 1,270 | 1,224 |
Prime Security Services Borrower LLC | ||
5.75%, 4/15/2026 (a) | 750 | 745 |
3.38%, 8/31/2027 (a) | 40 | 37 |
Prudential Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.40%), 6.50%, 3/15/2054 (c) | 2,395 | 2,401 |
Public Service Enterprise Group, Inc. 1.60%, 8/15/2030 | 2,695 | 2,162 |
Range Resources Corp. | ||
8.25%, 1/15/2029 | 340 | 353 |
4.75%, 2/15/2030 (a) | 75 | 70 |
Regency Centers LP, REIT 2.95%, 9/15/2029 | 1,185 | 1,058 |
RHP Hotel Properties LP, REIT | ||
4.75%, 10/15/2027 | 3,624 | 3,475 |
4.50%, 2/15/2029 (a) | 755 | 701 |
RingCentral, Inc. 8.50%, 8/15/2030 (a) | 1,509 | 1,579 |
Rite Aid Corp. | ||
7.50%, 7/1/2025 (a) (h) | 947 | 464 |
8.00%, 11/15/2026 (a) (h) | 2,273 | 1,137 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Rocket Mortgage LLC | ||
2.88%, 10/15/2026 (a) | 1,170 | 1,088 |
3.63%, 3/1/2029 (a) | 640 | 572 |
4.00%, 10/15/2033 (a) | 435 | 361 |
Roper Technologies, Inc. 2.95%, 9/15/2029 | 1,807 | 1,613 |
Royal Caribbean Cruises Ltd. | ||
8.25%, 1/15/2029 (a) | 435 | 458 |
9.25%, 1/15/2029 (a) | 1,280 | 1,363 |
6.25%, 3/15/2032 (a) | 470 | 468 |
SBA Communications Corp., REIT 3.13%, 2/1/2029 | 295 | 260 |
Scotts Miracle-Gro Co. (The) | ||
5.25%, 12/15/2026 | 395 | 384 |
4.50%, 10/15/2029 | 2,197 | 1,977 |
4.00%, 4/1/2031 | 2,495 | 2,133 |
4.38%, 2/1/2032 | 1,485 | 1,266 |
Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a) | 515 | 331 |
Seagate HDD Cayman | ||
4.09%, 6/1/2029 | 1,369 | 1,253 |
8.25%, 12/15/2029 (a) | 825 | 883 |
8.50%, 7/15/2031 (a) | 96 | 102 |
Sempra | ||
3.80%, 2/1/2038 | 1,865 | 1,524 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.79%), 6.88%, 10/1/2054 (c) | 2,210 | 2,188 |
Sensata Technologies BV | ||
5.00%, 10/1/2025 (a) | 129 | 130 |
4.00%, 4/15/2029 (a) | 1,470 | 1,335 |
Sensata Technologies, Inc. 3.75%, 2/15/2031 (a) | 11 | 10 |
Service Corp. International | ||
5.13%, 6/1/2029 | 325 | 312 |
3.38%, 8/15/2030 | 974 | 835 |
Shutterfly Finance LLC | ||
8.50% (Blend (Cash 4.25% + PIK 4.25%)), 10/1/2027 (a) (i) | 1,079 | 864 |
9.75%, 10/1/2027 (a) | 173 | 173 |
Silgan Holdings, Inc. | ||
3.25%, 3/15/2025 | EUR2,850 | 3,061 |
2.25%, 6/1/2028 | EUR433 | 432 |
Sirius XM Radio, Inc. | ||
5.00%, 8/1/2027 (a) | 1,535 | 1,458 |
4.00%, 7/15/2028 (a) | 440 | 394 |
5.50%, 7/1/2029 (a) | 1,306 | 1,213 |
Six Flags Entertainment Corp. 5.50%, 4/15/2027 (a) | 4,110 | 4,030 |
SM Energy Co. 6.63%, 1/15/2027 | 1,675 | 1,665 |
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a) | 1,315 | 1,181 |
Southern California Edison Co. | ||
Series A, 4.20%, 3/1/2029 | 2,217 | 2,117 |
Series 13-A, 3.90%, 3/15/2043 | 564 | 438 |
3.65%, 2/1/2050 | 1,513 | 1,080 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Southern Co. Gas Capital Corp. | ||
Series 20-A, 1.75%, 1/15/2031 | 1,724 | 1,391 |
5.15%, 9/15/2032 | 2,350 | 2,319 |
Southwestern Energy Co. | ||
5.70%, 1/23/2025 (k) | 147 | 146 |
8.38%, 9/15/2028 | 630 | 650 |
5.38%, 3/15/2030 | 1,160 | 1,116 |
Spectrum Brands, Inc. | ||
4.00%, 10/1/2026 (d) | EUR1,820 | 1,951 |
5.00%, 10/1/2029 (a) | 1,550 | 1,549 |
3.88%, 3/15/2031 (a) | 910 | 838 |
Spirit AeroSystems, Inc. 9.38%, 11/30/2029 (a) | 460 | 493 |
Sprint Capital Corp. 6.88%, 11/15/2028 | 4,210 | 4,446 |
SRS Distribution, Inc. | ||
4.63%, 7/1/2028 (a) | 300 | 298 |
6.13%, 7/1/2029 (a) | 745 | 756 |
6.00%, 12/1/2029 (a) | 280 | 284 |
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a) | 3,240 | 3,173 |
Stagwell Global LLC 5.63%, 8/15/2029 (a) | 1,164 | 1,065 |
Standard Industries, Inc. | ||
5.00%, 2/15/2027 (a) | 34 | 33 |
4.75%, 1/15/2028 (a) | 3,900 | 3,715 |
4.38%, 7/15/2030 (a) | 420 | 375 |
Staples, Inc. | ||
7.50%, 4/15/2026 (a) | 3,215 | 3,214 |
10.75%, 4/15/2027 (a) | 1,210 | 1,077 |
10.75%, 9/1/2029 (a) (g) | 1,990 | 1,926 |
State Street Corp. Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 6.70%, 3/15/2029 (c) (e) (f) | 2,257 | 2,281 |
Summit Materials LLC 5.25%, 1/15/2029 (a) | 1,113 | 1,072 |
Summit Midstream Holdings LLC 9.50%, 10/15/2026 (a) (k) | 550 | 564 |
Synaptics, Inc. 4.00%, 6/15/2029 (a) | 2,590 | 2,320 |
Take-Two Interactive Software, Inc. 3.70%, 4/14/2027 | 2,230 | 2,138 |
Tallgrass Energy Partners LP | ||
5.50%, 1/15/2028 (a) | 105 | 100 |
7.38%, 2/15/2029 (a) | 100 | 100 |
6.00%, 12/31/2030 (a) | 400 | 377 |
6.00%, 9/1/2031 (a) | 1,500 | 1,405 |
Targa Resources Partners LP 4.00%, 1/15/2032 | 1,200 | 1,073 |
TEGNA, Inc. 4.63%, 3/15/2028 | 505 | 457 |
Tempur Sealy International, Inc. | ||
4.00%, 4/15/2029 (a) | 3,965 | 3,556 |
3.88%, 10/15/2031 (a) | 435 | 365 |
Tenet Healthcare Corp. | ||
6.25%, 2/1/2027 | 3,565 | 3,562 |
5.13%, 11/1/2027 | 1,237 | 1,205 |
4.63%, 6/15/2028 | 1,665 | 1,582 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
6.13%, 10/1/2028 | 345 | 342 |
4.25%, 6/1/2029 | 420 | 389 |
6.13%, 6/15/2030 | 25 | 25 |
6.75%, 5/15/2031 (a) | 735 | 742 |
Terex Corp. 5.00%, 5/15/2029 (a) | 1,580 | 1,486 |
Texas Instruments, Inc. 5.00%, 3/14/2053 | 200 | 187 |
Thermo Fisher Scientific, Inc. 0.88%, 10/1/2031 | EUR200 | 179 |
T-Mobile USA, Inc. | ||
2.63%, 2/15/2029 | 1,009 | 896 |
3.38%, 4/15/2029 | 4,380 | 4,009 |
2.55%, 2/15/2031 | 2,471 | 2,084 |
2.25%, 11/15/2031 | 3,778 | 3,065 |
TransDigm, Inc. | ||
6.38%, 3/1/2029 (a) | 611 | 610 |
6.63%, 3/1/2032 (a) | 612 | 614 |
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a) | 85 | 85 |
Transocean, Inc. 8.25%, 5/15/2029 (a) | 478 | 478 |
Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | 1,370 | 1,412 |
Trinseo Materials Operating SCA | ||
5.38%, 9/1/2025 (a) | 144 | 118 |
5.13%, 4/1/2029 (a) | 730 | 309 |
TripAdvisor, Inc. 7.00%, 7/15/2025 (a) | 2,317 | 2,321 |
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a) | 586 | 541 |
Triumph Group, Inc. 9.00%, 3/15/2028 (a) | 171 | 177 |
Truist Financial Corp. | ||
(SOFR + 2.30%), 6.12%, 10/28/2033 (c) | 945 | 965 |
(SOFR + 1.85%), 5.12%, 1/26/2034 (c) | 3,876 | 3,691 |
(SOFR + 2.36%), 5.87%, 6/8/2034 (c) | 3,181 | 3,191 |
(SOFR + 1.92%), 5.71%, 1/24/2035 (c) | 580 | 576 |
Uber Technologies, Inc. 4.50%, 8/15/2029 (a) | 530 | 500 |
UGI International LLC 2.50%, 12/1/2029 (d) | EUR1,985 | 1,910 |
Union Electric Co. 3.90%, 4/1/2052 | 885 | 679 |
United Rentals North America, Inc. | ||
5.50%, 5/15/2027 | 341 | 337 |
4.88%, 1/15/2028 | 195 | 188 |
United States Cellular Corp. 6.70%, 12/15/2033 | 2,099 | 2,209 |
United States Steel Corp. 6.88%, 3/1/2029 | 190 | 190 |
Univision Communications, Inc. 6.63%, 6/1/2027 (a) | 1,845 | 1,782 |
US Bancorp (SOFR + 1.86%), 5.68%, 1/23/2035 (c) | 1,100 | 1,098 |
US Foods, Inc. 4.75%, 2/15/2029 (a) | 135 | 127 |
Vail Resorts, Inc. 6.50%, 5/15/2032 (a) | 410 | 413 |
Venture Global LNG, Inc. | ||
8.13%, 6/1/2028 (a) | 550 | 562 |
9.50%, 2/1/2029 (a) | 620 | 672 |
9.88%, 2/1/2032 (a) | 748 | 802 |
Viavi Solutions, Inc. 3.75%, 10/1/2029 (a) | 222 | 184 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
VICI Properties LP, REIT | ||
3.50%, 2/15/2025 (a) | 220 | 216 |
4.25%, 12/1/2026 (a) | 823 | 791 |
5.75%, 2/1/2027 (a) | 258 | 258 |
3.75%, 2/15/2027 (a) | 240 | 227 |
4.63%, 12/1/2029 (a) | 664 | 621 |
4.13%, 8/15/2030 (a) | 245 | 221 |
Vista Outdoor, Inc. 4.50%, 3/15/2029 (a) | 1,359 | 1,335 |
Vistra Operations Co. LLC | ||
5.50%, 9/1/2026 (a) | 332 | 327 |
3.70%, 1/30/2027 (a) | 3,157 | 2,994 |
5.63%, 2/15/2027 (a) | 820 | 807 |
4.38%, 5/1/2029 (a) | 1,126 | 1,042 |
6.88%, 4/15/2032 (a) | 457 | 460 |
6.00%, 4/15/2034 (a) | 4,180 | 4,186 |
Vital Energy, Inc. 7.88%, 4/15/2032 (a) | 1,100 | 1,117 |
Wabash National Corp. 4.50%, 10/15/2028 (a) | 2,825 | 2,550 |
Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | 456 | 467 |
Warnermedia Holdings, Inc. | ||
3.76%, 3/15/2027 | 4,097 | 3,885 |
4.30%, 1/17/2030 | EUR2,922 | 3,166 |
4.28%, 3/15/2032 | 8,173 | 7,153 |
5.05%, 3/15/2042 | 1,765 | 1,459 |
5.14%, 3/15/2052 | 2,154 | 1,700 |
Weekley Homes LLC 4.88%, 9/15/2028 (a) | 980 | 898 |
Wells Fargo & Co. | ||
(SOFR + 1.51%), 3.53%, 3/24/2028 (c) | 4,820 | 4,583 |
(3-MONTH CME TERM SOFR + 1.57%), 3.58%, 5/22/2028 (c) | 3,320 | 3,156 |
(SOFR + 1.74%), 5.57%, 7/25/2029 (c) | 7,130 | 7,170 |
(3-MONTH CME TERM SOFR + 1.26%), 2.57%, 2/11/2031 (c) | 4,205 | 3,619 |
(SOFR + 1.78%), 5.50%, 1/23/2035 (c) | 3,930 | 3,896 |
4.90%, 11/17/2045 | 1,210 | 1,067 |
Welltower OP LLC, REIT | ||
2.80%, 6/1/2031 | 2,010 | 1,708 |
3.85%, 6/15/2032 | 1,390 | 1,249 |
Wesco Aircraft Holdings, Inc. 9.00%, 11/15/2026 (a) (h) | 1,235 | 170 |
WESCO Distribution, Inc. | ||
7.13%, 6/15/2025 (a) | 950 | 950 |
7.25%, 6/15/2028 (a) | 550 | 560 |
6.38%, 3/15/2029 (a) | 803 | 806 |
6.63%, 3/15/2032 (a) | 470 | 472 |
White Cap Buyer LLC 6.88%, 10/15/2028 (a) | 460 | 439 |
William Carter Co. (The) 5.63%, 3/15/2027 (a) | 752 | 738 |
Williams Cos., Inc. (The) 3.50%, 10/15/2051 | 3,945 | 2,732 |
WMG Acquisition Corp. | ||
2.75%, 7/15/2028 (d) | EUR1,620 | 1,654 |
2.25%, 8/15/2031 (d) | EUR1,698 | 1,573 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
WP Carey, Inc., REIT | ||
2.40%, 2/1/2031 | 580 | 482 |
2.25%, 4/1/2033 | 1,302 | 991 |
WR Grace Holdings LLC 4.88%, 6/15/2027 (a) | 180 | 173 |
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a) | 3,544 | 3,333 |
Xerox Holdings Corp. 8.88%, 11/30/2029 (a) | 1,093 | 1,059 |
XPO, Inc. 7.13%, 2/1/2032 (a) | 1,100 | 1,120 |
1,114,910 | ||
Total Corporate Bonds (Cost $2,250,113) | 2,121,231 | |
Foreign Government Securities — 13.7% | ||
Angola — 0.2% | ||
Republic of Angola | ||
8.00%, 11/26/2029 (d) | 3,420 | 3,107 |
8.75%, 4/14/2032 (a) | 3,248 | 2,900 |
6,007 | ||
Bahrain — 0.1% | ||
Kingdom of Bahrain 6.00%, 9/19/2044 (d) | 4,041 | 3,337 |
Brazil — 1.2% | ||
Notas do Tesouro Nacional 10.00%, 1/1/2027 | BRL229,960 | 42,771 |
Colombia — 0.5% | ||
Republic of Colombia | ||
3.13%, 4/15/2031 | 5,580 | 4,366 |
7.50%, 2/2/2034 | 4,700 | 4,658 |
5.20%, 5/15/2049 | 5,688 | 3,976 |
8.75%, 11/14/2053 | 2,469 | 2,581 |
15,581 | ||
Costa Rica — 0.2% | ||
Republic of Costa Rica | ||
6.13%, 2/19/2031 (d) | 3,310 | 3,312 |
7.30%, 11/13/2054 (a) | 4,664 | 4,881 |
8,193 | ||
Czech Republic — 1.6% | ||
Czech Republic | ||
4.50%, 11/11/2032 | CZK503,470 | 22,314 |
4.90%, 4/14/2034 | CZK434,150 | 19,786 |
1.95%, 7/30/2037 | CZK401,000 | 13,310 |
55,410 | ||
Dominican Republic — 0.4% | ||
Dominican Republic Government Bond | ||
6.88%, 1/29/2026 (a) | 4,620 | 4,675 |
6.85%, 1/27/2045 (d) | 7,910 | 7,769 |
12,444 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Foreign Government Securities — continued | ||
Egypt — 0.2% | ||
Arab Republic of Egypt 7.63%, 5/29/2032 (d) | 7,780 | 6,654 |
Hungary — 0.4% | ||
Hungary Government Bond | ||
5.50%, 3/26/2036 (a) | 8,143 | 7,755 |
6.75%, 9/25/2052 (a) | 3,931 | 4,175 |
11,930 | ||
Israel — 0.1% | ||
State of Israel Government Bond 3.38%, 1/15/2050 | 7,840 | 5,004 |
Ivory Coast — 0.4% | ||
Republic of Cote d'Ivoire | ||
6.38%, 3/3/2028 (d) | 2,330 | 2,268 |
6.13%, 6/15/2033 (d) | 6,302 | 5,602 |
6.88%, 10/17/2040 (a) | EUR7,400 | 6,828 |
14,698 | ||
Lebanon — 0.0% ^ | ||
Lebanese Republic | ||
6.65%, 4/22/2024 (d) (h) | 3,207 | 220 |
6.65%, 11/3/2028 (d) (h) | 3,134 | 214 |
434 | ||
Mexico — 4.7% | ||
Mex Bonos Desarr Fix Rt | ||
7.75%, 5/29/2031 | MXN1,263,970 | 66,686 |
7.50%, 5/26/2033 | MXN808,910 | 41,193 |
8.00%, 5/24/2035 | MXN647,590 | 33,250 |
United Mexican States | ||
4.49%, 5/25/2032 | EUR4,321 | 4,672 |
6.35%, 2/9/2035 | 3,247 | 3,278 |
3.77%, 5/24/2061 | 7,068 | 4,396 |
3.75%, 4/19/2071 | 11,835 | 7,208 |
160,683 | ||
Nigeria — 0.2% | ||
Federal Republic of Nigeria | ||
7.38%, 9/28/2033 (a) | 3,770 | 3,140 |
7.63%, 11/28/2047 (d) | 4,824 | 3,612 |
6,752 | ||
Oman — 0.3% | ||
Sultanate of Oman Government Bond | ||
5.63%, 1/17/2028 (d) | 3,200 | 3,191 |
6.25%, 1/25/2031 (d) | 5,140 | 5,268 |
6.75%, 1/17/2048 (d) | 3,450 | 3,459 |
11,918 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Foreign Government Securities — continued | ||
Paraguay — 0.3% | ||
Republic of Paraguay | ||
4.95%, 4/28/2031 (a) | 4,630 | 4,394 |
3.85%, 6/28/2033 (a) | 1,521 | 1,314 |
5.60%, 3/13/2048 (d) | 990 | 873 |
5.40%, 3/30/2050 (d) | 2,278 | 1,950 |
8,531 | ||
Poland — 1.2% | ||
Republic of Poland | ||
6.00%, 10/25/2033 | PLN88,550 | 22,942 |
5.13%, 9/18/2034 | 9,741 | 9,503 |
5.50%, 3/18/2054 | 8,439 | 8,090 |
40,535 | ||
Romania — 0.5% | ||
Romania Government Bond | ||
6.63%, 9/27/2029 (a) | EUR5,389 | 6,331 |
6.38%, 1/30/2034 (a) | 4,658 | 4,643 |
4.63%, 4/3/2049 (a) | EUR3,467 | 3,177 |
7.63%, 1/17/2053 (a) | 1,512 | 1,640 |
15,791 | ||
Saudi Arabia — 0.3% | ||
Kingdom of Saudi Arabia 5.00%, 1/18/2053 (a) | 11,522 | 10,036 |
Senegal — 0.1% | ||
Republic of Senegal 6.25%, 5/23/2033 (d) | 4,555 | 3,853 |
South Africa — 0.3% | ||
Republic of South Africa | ||
4.30%, 10/12/2028 | 5,530 | 4,949 |
5.75%, 9/30/2049 | 6,780 | 4,873 |
9,822 | ||
Turkey — 0.4% | ||
Istanbul Metropolitan Municipality | ||
6.38%, 12/9/2025 (d) | 3,440 | 3,377 |
10.50%, 12/6/2028 (d) | 3,120 | 3,346 |
Republic of Turkey | ||
9.88%, 1/15/2028 | 3,421 | 3,754 |
7.63%, 5/15/2034 | 4,819 | 4,831 |
15,308 | ||
United Arab Emirates — 0.1% | ||
United Arab Emirates Government Bond 4.00%, 7/28/2050 (a) | 6,850 | 4,375 |
Uruguay — 0.0% ^ | ||
Oriental Republic of Uruguay 5.10%, 6/18/2050 | 1,152 | 1,077 |
Total Foreign Government Securities (Cost $502,089) | 471,144 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Mortgage-Backed Securities — 9.3% | ||
United States — 9.3% | ||
FNMA/FHLMC UMBS, Single Family, 30 Year | ||
TBA, 4.50%, 6/25/2054 (g) | 182,547 | 170,927 |
TBA, 5.50%, 6/25/2054 (g) | 62,180 | 61,171 |
GNMA II, Single Family, 30 Year, TBA, 5.00%, 6/15/2054 (g) | 88,604 | 85,992 |
Total Mortgage-Backed Securities (Cost $318,972) | 318,090 | |
Convertible Bonds — 4.3% | ||
Austria — 0.0% ^ | ||
ams-OSRAM AG 2.13%, 11/3/2027 (d) | EUR2,000 | 1,709 |
Israel — 0.1% | ||
Nice Ltd. Zero Coupon, 9/15/2025 | 4,001 | 3,767 |
Singapore — 0.1% | ||
Sea Ltd. 2.38%, 12/1/2025 | 1,750 | 1,856 |
United States — 4.1% | ||
Advanced Energy Industries, Inc. 2.50%, 9/15/2028 (a) | 3,533 | 3,630 |
Air Transport Services Group, Inc. 3.88%, 8/15/2029 (a) | 1,375 | 1,135 |
Airbnb, Inc. Zero Coupon, 3/15/2026 | 2,265 | 2,058 |
Alarm.com Holdings, Inc. | ||
Zero Coupon, 1/15/2026 | 3,717 | 3,386 |
2.25%, 6/1/2029 (a) | 2,220 | 2,189 |
Bentley Systems, Inc. 0.13%, 1/15/2026 | 2,506 | 2,467 |
BigCommerce Holdings, Inc. 0.25%, 10/1/2026 | 5,421 | 4,669 |
Block, Inc. 0.13%, 3/1/2025 | 360 | 345 |
Box, Inc. Zero Coupon, 1/15/2026 | 2,759 | 3,237 |
Cheesecake Factory, Inc. (The) 0.38%, 6/15/2026 | 3,056 | 2,755 |
Dropbox, Inc. Zero Coupon, 3/1/2028 | 6,041 | 5,475 |
Enphase Energy, Inc. Zero Coupon, 3/1/2028 | 4,040 | 3,499 |
Envestnet, Inc. 2.63%, 12/1/2027 | 1,975 | 2,168 |
Etsy, Inc. 0.13%, 10/1/2026 | 3,150 | 3,191 |
Eventbrite, Inc. 0.75%, 9/15/2026 | 1,897 | 1,655 |
Everbridge, Inc. Zero Coupon, 3/15/2026 | 1,189 | 1,168 |
Five9, Inc. 1.00%, 3/15/2029 (a) | 3,622 | 3,260 |
Fluor Corp. 1.13%, 8/15/2029 (a) | 550 | 623 |
Ford Motor Co. Zero Coupon, 3/15/2026 | 3,243 | 3,228 |
Global Payments, Inc. 1.50%, 3/1/2031 (a) | 2,638 | 2,421 |
Greenbrier Cos., Inc. (The) 2.88%, 4/15/2028 | 4,969 | 5,645 |
Integra LifeSciences Holdings Corp. 0.50%, 8/15/2025 | 495 | 464 |
JetBlue Airways Corp. 0.50%, 4/1/2026 | 2,385 | 2,091 |
Kite Realty Group LP REIT, 0.75%, 4/1/2027 (a) | 2,431 | 2,350 |
Live Nation Entertainment, Inc. 3.13%, 1/15/2029 | 4,070 | 4,499 |
Lumentum Holdings, Inc. 1.50%, 12/15/2029 (a) | 3,131 | 2,783 |
Lyft, Inc. 0.63%, 3/1/2029 (a) | 3,322 | 3,408 |
Microchip Technology, Inc. 1.63%, 2/15/2027 | 835 | 2,313 |
MKS Instruments, Inc. 1.25%, 6/1/2030 (a) | 3,305 | 3,384 |
ON Semiconductor Corp. Zero Coupon, 5/1/2027 | 5,511 | 8,086 |
Pebblebrook Hotel Trust REIT, 1.75%, 12/15/2026 | 3,432 | 3,016 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Convertible Bonds — continued | ||
United States — continued | ||
PetIQ, Inc. 4.00%, 6/1/2026 | 590 | 615 |
PG&E Corp. 4.25%, 12/1/2027 (a) | 4,840 | 4,987 |
Rocket Lab USA, Inc. 4.25%, 2/1/2029 (a) | 2,792 | 3,045 |
Seagate HDD Cayman 3.50%, 6/1/2028 (a) | 3,430 | 4,320 |
Snap, Inc. | ||
0.75%, 8/1/2026 | 2,090 | 2,157 |
Zero Coupon,5/1/2027 | 1,711 | 1,403 |
0.50%, 5/1/2030 (a) | 935 | 901 |
SoFi Technologies, Inc. 1.25%, 3/15/2029 (a) | 4,075 | 3,863 |
Southern Co. (The) 4.50%, 6/15/2027 (a) | 2,520 | 2,567 |
Southwest Airlines Co. 1.25%, 5/1/2025 | 2,010 | 1,983 |
Spectrum Brands, Inc. 3.38%, 6/1/2029 (a) | 3,084 | 3,007 |
Topgolf Callaway Brands Corp. 2.75%, 5/1/2026 | 2,208 | 2,467 |
TripAdvisor, Inc. 0.25%, 4/1/2026 | 3,805 | 3,449 |
Uber Technologies, Inc. Series 2028, 0.88%, 12/1/2028 (a) | 3,563 | 3,926 |
Veeco Instruments, Inc. 2.88%, 6/1/2029 | 2,764 | 4,276 |
Wayfair, Inc. | ||
0.63%, 10/1/2025 | 2,125 | 1,992 |
3.25%, 9/15/2027 | 2,855 | 3,459 |
Wolfspeed, Inc. | ||
0.25%, 2/15/2028 | 2,055 | 1,216 |
1.88%, 12/1/2029 | 375 | 209 |
140,440 | ||
Total Convertible Bonds (Cost $152,021) | 147,772 | |
Loan Assignments — 2.3% (c) (m) | ||
Netherlands — 0.0% ^ | ||
CommScope, Inc., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 3.25%), 8.69%, 4/6/2026 | 564 | 504 |
United States — 2.3% | ||
AAdvantage Loyality IP Ltd., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.75%), 10.34%, 4/20/2028 | 1,882 | 1,954 |
Ahead DB Holdings LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.25%), 9.56%, 2/1/2031 | 183 | 184 |
AHP Health Partners, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.94%, 8/24/2028 | 1,760 | 1,768 |
Alliance Laundry Systems LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%, 3-MONTH CME TERM SOFR + 3.50%), 8.90%, 10/8/2027 | 983 | 987 |
AppleCaramel Buyer LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.08%, 10/19/2027 | 924 | 927 |
AthenaHealth, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.58%, 2/15/2029 | 997 | 995 |
Brookfield WEC Holdings Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 8.08%, 1/27/2031 | 1,500 | 1,507 |
Brooks Automation, 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 3.10%), 7.95%, 2/1/2029 | 427 | 427 |
Brooks Automation, 2nd Lien Term Loan (12-MONTH CME TERM SOFR + 5.60%), 10.40%, 2/1/2030 | 725 | 711 |
Buckeye Partners, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.00%), 2.50%, 11/22/2030 | 1,776 | 1,779 |
Camelot U.S. Acquisition LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.08%, 1/31/2031 | 2,020 | 2,020 |
CDK Global, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.58%, 7/6/2029 | 1,000 | 1,008 |
Cedar Fair LP, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 7.31%, 5/1/2031 (n) | 1,240 | 1,244 |
Chamberlain Group LLC (The), 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 11/3/2028 | 989 | 990 |
Charter Communications Operating LLC, 1st Lien Term Loan B-4 (3-MONTH CME TERM SOFR + 2.00%), 7.30%, 12/7/2030 | 444 | 441 |
Claire's Stores, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 6.50%), 11.93%, 12/18/2026 (o) | 1,617 | 1,528 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Loan Assignments — continued | ||
United States — continued | ||
Conair Holdings LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.19%, 5/17/2028 | 2,839 | 2,818 |
CSC Holdings LLC, Term Loan B-6 (1-MONTH CME TERM SOFR + 4.50%), 9.82%, 1/18/2028 | 1,852 | 1,779 |
Dun & Bradstreet Corp., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.75%), 8.07%, 1/18/2029 | 1,750 | 1,755 |
Elanco Animal Health, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 1.75%), 7.16%, 8/1/2027 | 1,920 | 1,917 |
Emerson Climate Technologies, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.83%, 5/31/2030 (n) | 953 | 958 |
FGI Operating Co. LLC, 1st Lien Term Loan (3-MONTH SOFR + 11.00%), 12.00%, 12/31/2024 ‡ (h) | 47 | 4 |
First Student Bidco, Inc., Term Loan B (3-MONTH CME TERM SOFR + 4.00%), 9.40%, 7/21/2028 (n) | 1,000 | 1,001 |
Genesee & Wyoming, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 7.30%, 4/10/2031 (n) | 1,780 | 1,784 |
Genesys Cloud Services Holdings, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.82%, 12/1/2027 | 2,674 | 2,691 |
GTCR W Merger Sub LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 8.31%, 1/31/2031 | 2,016 | 2,022 |
Hercules Achievement, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 10.44%, 12/15/2026 | 3,695 | 3,715 |
Holley, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.19%, 11/17/2028 | 997 | 994 |
Hub International Ltd., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.57%, 6/20/2030 | 1,780 | 1,791 |
Insulet Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.33%, 5/4/2028 (n) | 272 | 273 |
Iridium Communications, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.83%, 9/20/2030 | 1,237 | 1,238 |
KBR, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.25%), 7.58%, 1/17/2031 | 1,990 | 2,000 |
Leslie's Poolmart, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.19%, 3/9/2028 (n) | 1,297 | 1,288 |
Madison IAQ LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.69%, 6/21/2028 | 760 | 761 |
Medallion Midland Acquisition LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.50%), 8.83%, 10/18/2028 | 1,240 | 1,246 |
Medline Borrower LP, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.08%, 10/23/2028 | 740 | 745 |
MIWD Holdco II LLC, 1st Lien Term Loan B-2 (3-MONTH CME TERM SOFR + 3.75%), 8.83%, 3/28/2031 | 1,920 | 1,933 |
Modena Buyer LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.00%), 4.00%, 4/18/2031 (n) | 1,000 | 978 |
Moran Foods LLC, 1st Lien Super Senior Delayed Term Loan (3-MONTH SOFR + 11.50%), 16.91%, 6/30/2026 ‡ | 19 | 19 |
Moran Foods LLC, 1st Lien Term Loan | ||
(3-MONTH CME TERM SOFR + 2.00%), 2.00%, 6/30/2026 ‡ | 648 | 532 |
(3-MONTH CME TERM SOFR + 2.00%), 12.66%, 6/30/2026 ‡ | 325 | 195 |
NCR Atleos LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.75%), 10.18%, 3/27/2029 (n) | 800 | 807 |
NorthRiver Midstream, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 7.80%, 8/16/2030 | 1,736 | 1,740 |
Pactiv Evergreen Group Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 9/24/2028 | 1,731 | 1,733 |
Parexel International Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.69%, 11/15/2028 | 1,795 | 1,805 |
Petco Health & Wellness Co., Inc., Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.82%, 3/3/2028 | 700 | 632 |
PetSmart LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.18%, 2/11/2028 (n) | 898 | 894 |
Pike Corp., Delayed Draw Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.44%, 1/21/2028 | 518 | 520 |
PrimeSource, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.81%, 12/28/2027 | 2,002 | 1,980 |
Quikrete Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 7.58%, 3/19/2029 (n) | 1,240 | 1,244 |
Red Rock Resorts, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 7.58%, 3/14/2031 (n) | 1,450 | 1,453 |
Rocket Software, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.75%), 10.08%, 11/28/2028 | 1,240 | 1,244 |
Serta Simmons Bedding LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 7.50%), 12.92%, 6/29/2028 | 347 | 297 |
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-8 (3-MONTH CME TERM SOFR + 2.00%), 7.32%, 5/9/2031 (n) | 1,240 | 1,245 |
Syneos Health,Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.00%), 9.31%, 9/27/2030 | 1,355 | 1,355 |
Tekni-Plex, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.00%), 9.57%, 9/15/2028 | 833 | 834 |
Topgolf Callaway, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.33%, 3/15/2030 | 1,255 | 1,260 |
Triton Water Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.81%, 3/31/2028 | 325 | 325 |
Ultimate Software Group, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.82%, 2/10/2031 | 2,162 | 2,177 |
USI, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.55%, 9/27/2030 | 1,000 | 1,001 |
Vertiv Group Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.93%, 3/2/2027 | 1,237 | 1,241 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Loan Assignments — continued | ||
United States — continued | ||
Whataburger, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.07%, 8/3/2028 | 1,237 | 1,238 |
Zekelman Industries, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 7.57%, 1/24/2031 (n) | 1,500 | 1,501 |
79,433 | ||
Total Loan Assignments (Cost $79,883) | 79,937 | |
Asset-Backed Securities — 2.1% | ||
Cayman Islands — 0.6% | ||
AIMCO CLO Ltd. Series 2019-10A, Class AR, 6.65%, 7/22/2032 (a) (j) | 550 | 550 |
Apidos CLO Series 2020-34A, Class A1R, 6.74%, 1/20/2035 (a) (j) | 925 | 927 |
Bain Capital Credit CLO Series 2019-1A, Class AR, 6.72%, 4/19/2034 (a) (j) | 3,300 | 3,305 |
Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1, 6.73%, 1/22/2035 (a) (j) | 2,500 | 2,504 |
Dryden CLO Ltd. Series 2019-68A, Class AR, 6.76%, 7/15/2035 (a) (j) | 3,200 | 3,206 |
Galaxy CLO Ltd. Series 2013-15A, Class ARR, 6.56%, 10/15/2030 (a) (j) | 588 | 588 |
LCM LP Series 16A, Class A2R, 6.77%, 10/15/2031 (a) (j) | 1,454 | 1,457 |
Madison Park Funding Ltd. Series 2020-45A, Class AR, 6.71%, 7/15/2034 (a) (j) | 675 | 676 |
Neuberger Berman CLO Series 2013-15A, Class A1R2, 6.51%, 10/15/2029 (a) (j) | 454 | 455 |
Palmer Square CLO Ltd. Series 2015-1A, Class A1A4, 6.72%, 5/21/2034 (a) (j) | 4,800 | 4,811 |
Palmer Square Loan Funding Ltd. Series 2021-4A, Class A1, 6.39%, 10/15/2029 (a) (j) | 1,526 | 1,527 |
Renew Series 2017-1A, Class B, 5.75%, 9/20/2052 ‡ (a) | 83 | 80 |
20,086 | ||
United States — 1.5% | ||
Accelerated Assets LLC Series 2018-1, Class C, 6.65%, 12/2/2033 (a) | 516 | 509 |
ACE Securities Corp. Home Equity Loan Trust Series 2004-OP1, Class M2, 7.01%, 4/25/2034 (j) | 25 | 22 |
American Credit Acceptance Receivables Trust | ||
Series 2023-1, Class A, 5.45%, 9/14/2026 (a) | 160 | 160 |
Series 2022-3, Class D, 5.83%, 10/13/2028 (a) | 3,739 | 3,730 |
Series 2023-1, Class C, 5.59%, 4/12/2029 (a) | 2,866 | 2,855 |
AMSR Trust Series 2019-SFR1, Class E, 3.47%, 1/19/2039 (a) | 3,100 | 2,894 |
Amur Equipment Finance Receivables LLC Series 2022-2A, Class A2, 5.30%, 6/21/2028 (a) | 1,416 | 1,411 |
Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-W3, Class A3, 3.22%, 2/25/2034 (j) | 41 | 39 |
Avis Budget Rental Car Funding AESOP LLC Series 2019-2A, Class C, 4.24%, 9/22/2025 (a) | 540 | 538 |
BHG Securitization Trust | ||
Series 2021-B, Class A, 0.90%, 10/17/2034 (a) | 216 | 212 |
Series 2022-C, Class A, 5.32%, 10/17/2035 (a) | 516 | 515 |
BMW Vehicle Lease Trust Series 2023-1, Class A3, 5.16%, 11/25/2025 | 883 | 881 |
Countrywide Asset-Backed Certificates | ||
Series 2002-4, Class M1, 6.56%, 12/25/2032 (j) | 13 | 13 |
Series 2004-ECC2, Class M2, 6.41%, 12/25/2034 (j) | 10 | 11 |
Credit Acceptance Auto Loan Trust Series 2023-1A, Class A, 6.48%, 3/15/2033 (a) | 1,210 | 1,219 |
Driven Brands Funding LLC Series 2019-2A, Class A2, 3.98%, 10/20/2049 (a) | 1,757 | 1,668 |
DT Auto Owner Trust Series 2020-2A, Class D, 4.73%, 3/16/2026 (a) | 322 | 321 |
Exeter Automobile Receivables Trust | ||
Series 2023-1A, Class B, 5.72%, 4/15/2027 | 1,461 | 1,459 |
Series 2023-1A, Class C, 5.82%, 2/15/2028 | 1,653 | 1,648 |
FirstKey Homes Trust | ||
Series 2020-SFR2, Class F1, 3.02%, 10/19/2037 (a) | 3,000 | 2,845 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Asset-Backed Securities — continued | ||
United States — continued | ||
Series 2020-SFR2, Class F2, 3.12%, 10/19/2037 (a) | 2,000 | 1,891 |
Flagship Credit Auto Trust | ||
Series 2023-1, Class A3, 5.01%, 8/16/2027 (a) | 974 | 966 |
Series 2023-1, Class B, 5.05%, 1/18/2028 (a) | 733 | 724 |
Fremont Home Loan Trust Series 2004-2, Class M2, 6.37%, 7/25/2034 (j) | 3 | 3 |
GLS Auto Receivables Issuer Trust | ||
Series 2022-3A, Class B, 4.92%, 1/15/2027 (a) | 450 | 448 |
Series 2022-3A, Class C, 5.34%, 6/15/2028 (a) | 683 | 677 |
Series 2022-3A, Class D, 6.42%, 6/15/2028 (a) | 510 | 512 |
Series 2021-3A, Class E, 3.20%, 10/16/2028 (a) | 3,530 | 3,290 |
GM Financial Automobile Leasing Trust | ||
Series 2023-1, Class A2B, 5.87%, 6/20/2025 (j) | 204 | 204 |
Series 2023-1, Class A3, 5.16%, 4/20/2026 | 1,885 | 1,880 |
Hertz Vehicle Financing LLC Series 2021-1A, Class C, 2.05%, 12/26/2025 (a) | 1,370 | 1,345 |
HIN Timeshare Trust Series 2020-A, Class D, 5.50%, 10/9/2039 (a) | 1,489 | 1,395 |
JetBlue Pass-Through Trust | ||
Series 2019-1, Class B, 8.00%, 11/15/2027 | 516 | 526 |
Series 2019-1, Class A, 2.95%, 5/15/2028 | 476 | 422 |
Series 2020-1, Class B, 7.75%, 11/15/2028 | 324 | 331 |
Merrill Lynch Mortgage Investors Trust Series 2003-OPT1, Class M1, 6.41%, 7/25/2034 (j) | 11 | 10 |
Mid-State Capital Corp. Trust Series 2006-1, Class M2, 6.74%, 10/15/2040 (a) | 53 | 53 |
MVW LLC Series 2021-1WA, Class D, 3.17%, 1/22/2041 (a) | 2,746 | 2,520 |
OL SP LLC | ||
Series 2018, Class C, 4.25%, 5/15/2025 ‡ | 188 | 188 |
Series 2018, Class B, 4.61%, 2/9/2030 ‡ | 193 | 192 |
Pagaya AI Technology in Housing Trust Series 2022-1, Class D, 4.25%, 8/25/2025 (a) | 2,668 | 2,560 |
Renaissance Home Equity Loan Trust | ||
Series 2005-1, Class AF6, 5.47%, 5/25/2035 (k) | 31 | 31 |
Series 2005-2, Class M1, 5.55%, 8/25/2035 (k) | 541 | 492 |
Santander Drive Auto Receivables Trust Series 2022-6, Class C, 4.96%, 11/15/2028 | 1,035 | 1,024 |
Santander Revolving Auto Loan Trust Series 2019-A, Class D, 3.45%, 1/26/2032 (a) | 4,000 | 3,936 |
Saxon Asset Securities Trust Series 2004-3, Class M1, 6.34%, 12/26/2034 (j) | 114 | 109 |
Structured Asset Investment Loan Trust Series 2003-BC10, Class A4, 6.44%, 10/25/2033 (j) | 7 | 7 |
US Auto Funding Series 2021-1A, Class C, 2.20%, 5/15/2026 (a) | 4,951 | 4,577 |
53,263 | ||
Total Asset-Backed Securities (Cost $73,827) | 73,349 | |
Commercial Mortgage-Backed Securities — 2.1% | ||
United States — 2.1% | ||
A10 Revolving Asset Financing I LLC , 11.59%, 2/10/2028 ‡ (a) (j) | 250 | 250 |
BANK | ||
Series 2018-BN13, Class C, 4.54%, 8/15/2061 (j) | 1,703 | 1,483 |
Series 2019-BN20, Class XA, IO, 0.81%, 9/15/2062 (j) | 7,546 | 258 |
Benchmark Mortgage Trust Series 2019-B11, Class C, 3.75%, 5/15/2052 (j) | 5,352 | 3,991 |
BHMS Series 2018-ATLS, Class A, 6.86%, 7/15/2035 (a) (j) | 1,300 | 1,300 |
BX Commercial Mortgage Trust Series 2024-MF, Class B, 7.01%, 2/15/2039 (a) (j) | 2,720 | 2,716 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Commercial Mortgage-Backed Securities — continued | ||
United States — continued | ||
BX Trust Series 2022-LBA6, Class A, 6.32%, 1/15/2039 (a) (j) | 10,375 | 10,330 |
Cascade Funding Mortgage Trust Series 2021-FRR1, Class BK45, 2.04%, 2/28/2025 (a) (j) | 13,900 | 13,229 |
CCUBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.43%, 11/15/2050 (j) | 484 | 425 |
CD Mortgage Trust Series 2016-CD2, Class C, 3.98%, 11/10/2049 (j) | 303 | 232 |
FHLMC, Multi-Family Structured Pass-Through Certificates | ||
Series K729, Class X1, IO, 0.33%, 10/25/2024 (j) | 20,123 | 11 |
Series K731, Class X3, IO, 2.83%, 5/25/2025 (j) | 3,460 | 52 |
Series K739, Class X1, IO, 1.20%, 9/25/2027 (j) | 37,791 | 1,111 |
Series K104, Class X1, IO, 1.12%, 1/25/2030 (j) | 25,387 | 1,267 |
Series K108, Class X1, IO, 1.69%, 3/25/2030 (j) | 11,973 | 931 |
Series K117, Class X1, IO, 1.23%, 8/25/2030 (j) | 42,161 | 2,483 |
Series K724, Class X3, IO, 3.55%, 12/25/2044 (j) | 801 | — |
Series K072, Class X3, IO, 2.14%, 12/25/2045 (j) | 12,354 | 828 |
Series K089, Class X3, IO, 2.30%, 1/25/2046 (j) | 11,650 | 1,060 |
Series K078, Class X3, IO, 2.21%, 6/25/2046 (j) | 10,990 | 831 |
Series K088, Class X3, IO, 2.35%, 2/25/2047 (j) | 11,410 | 1,053 |
Series K094, Class X3, IO, 2.12%, 7/25/2047 (j) | 4,450 | 397 |
FNMA ACES | ||
Series 2020-M39, Class X2, IO, 1.55%, 8/25/2031 (j) | 10,524 | 584 |
Series 2016-M4, Class X2, IO, 2.68%, 1/25/2039 (j) | 2,838 | 15 |
FREMF Series 2018-KF46, Class B, 7.39%, 3/25/2028 (a) (j) | 805 | 747 |
FREMF Mortgage Trust | ||
Series 2017-KF38, Class B, 7.94%, 9/25/2024 (a) (j) | 251 | 249 |
Series 2017-KF41, Class B, 7.94%, 11/25/2024 (a) (j) | 304 | 222 |
Series 2018-KF42, Class B, 7.64%, 12/25/2024 (a) (j) | 648 | 641 |
Series 2018-KF45, Class B, 7.39%, 3/25/2025 (a) (j) | 150 | 147 |
Series 2018-KF47, Class B, 7.44%, 5/25/2025 (a) (j) | 157 | 154 |
Series 2016-KF24, Class B, 10.44%, 10/25/2026 (a) (j) | 142 | 137 |
Series 2017-KF40, Class B, 8.14%, 11/25/2027 (a) (j) | 537 | 503 |
Series 2018-KF50, Class B, 7.34%, 7/25/2028 (a) (j) | 645 | 613 |
Series 2017-K728, Class C, 3.72%, 11/25/2050 (a) (j) | 1,265 | 1,251 |
GS Mortgage Securities Trust Series 2015-GC30, Class C, 4.07%, 5/10/2050 (j) | 605 | 546 |
Harvest Commercial Capital Loan Trust Series 2019-1, Class A, 3.29%, 9/25/2046 (a) (j) | 88 | 87 |
Hunt Companies Finance Trust, Inc. , 7.25%, 2/13/2025 ‡ | 6,000 | 5,741 |
ILPT Commercial Mortgage Trust Series 2022-LPF2, Class A, 7.56%, 10/15/2039 (a) (j) | 2,729 | 2,726 |
JPMBB Commercial Mortgage Securities Trust | ||
Series 2015-C30, Class C, 4.23%, 7/15/2048 (j) | 860 | 683 |
Series 2015-C31, Class C, 4.62%, 8/15/2048 (j) | 395 | 336 |
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP4, Class C, 3.38%, 12/15/2049 (j) | 484 | 384 |
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 (j) | 1,171 | 446 |
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class C, 4.32%, 5/15/2048 (j) | 607 | 550 |
Morgan Stanley Capital I Trust | ||
Series 2005-HQ7, Class E, 5.44%, 11/14/2042 (j) | 38 | 36 |
Series 2015-MS1, Class B, 4.02%, 5/15/2048 (j) | 470 | 442 |
P -stlb Series 2019-STL B, 9.25%, 10/11/2026 ‡ | 3,800 | 3,640 |
SDR Commercial Mortgage Trust Series 2024-DSNY, Class B, 7.04%, 5/15/2039 (a) (j) | 3,090 | 3,089 |
UBS Commercial Mortgage Trust Series 2017-C7, Class B, 4.29%, 12/15/2050 (j) | 1,795 | 1,632 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Commercial Mortgage-Backed Securities — continued | ||
United States — continued | ||
Velocity Commercial Capital Loan Trust | ||
Series 2018-2, Class A, 4.05%, 10/26/2048 (a) (j) | 1,028 | 978 |
Series 2019-3, Class A, 3.03%, 10/25/2049 (a) (j) | 573 | 544 |
Series 2020-1, Class AFX, 2.61%, 2/25/2050 (a) (j) | 1,700 | 1,531 |
Total Commercial Mortgage-Backed Securities (Cost $78,659) | 72,892 | |
SHARES (000) | ||
Exchange-Traded Funds — 2.0% | ||
United States — 2.0% | ||
Invesco Senior Loan ETF(Cost $67,058) | 3,174 | 67,034 |
PRINCIPAL AMOUNT ($000) | ||
Supranational — 1.4% | ||
European Union, 3.00%, 3/4/2053 (d) (Cost $47,926) | EUR47,520 | 47,278 |
U.S. Treasury Obligations — 1.1% | ||
United States — 1.1% | ||
U.S. Treasury Inflation Linked Notes , 1.38%, 7/15/2033 (Cost $38,589) | 39,799 | 37,416 |
Collateralized Mortgage Obligations — 1.0% | ||
United States — 1.0% | ||
Alternative Loan Trust | ||
Series 2004-25CB, Class A1, 6.00%, 12/25/2034 | 1,566 | 1,358 |
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035 | 37 | 30 |
Series 2005-21CB, Class A17, 6.00%, 6/25/2035 | 603 | 460 |
Angel Oak Mortgage Trust Series 2020-1, Class A1, 2.47%, 12/25/2059 (a) (j) | 421 | 397 |
Chase Mortgage Finance Trust Series 2007-A1, Class 2A3, 5.62%, 2/25/2037 (j) | 15 | 14 |
CHL Mortgage Pass-Through Trust Series 2007-16, Class A1, 6.50%, 10/25/2037 | 883 | 369 |
Connecticut Avenue Securities Trust Series 2023-R02, Class 1M1, 7.62%, 1/25/2043 (a) (j) | 2,965 | 3,040 |
DSLA Mortgage Loan Trust Series 2005-AR4, Class 2A1A, 5.95%, 8/19/2045 (j) | 407 | 332 |
FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1B, 8.22%, 4/25/2042 (a) (j) | 1,700 | 1,767 |
FHLMC, REMIC | ||
Series 3914, Class LS, IF, IO, 1.36%, 8/15/2026 (j) | 38 | — |
Series 4030, Class IL, IO, 3.50%, 4/15/2027 | 34 | 1 |
Series 4043, Class PI, IO, 2.50%, 5/15/2027 | 314 | 8 |
Series 4057, Class UI, IO, 3.00%, 5/15/2027 | 118 | 2 |
Series 4120, Class UI, IO, 3.00%, 10/15/2027 | 175 | 6 |
Series 4311, Class QI, IO, 3.00%, 10/15/2028 | 48 | — |
Series 4324, Class AI, IO, 3.00%, 11/15/2028 | 77 | 1 |
Series 4313, Class UI, IO, 3.00%, 3/15/2029 | 267 | 10 |
Series 4280, Class KI, IO, 3.50%, 9/15/2031 | 4 | — |
Series 3459, Class JS, IF, IO, 0.81%, 6/15/2038 (j) | 146 | 10 |
Series 4018, Class HI, IO, 4.50%, 3/15/2041 | 53 | 3 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Collateralized Mortgage Obligations — continued | ||
United States — continued | ||
Series 4073, Class IQ, IO, 4.00%, 7/15/2042 | 116 | 16 |
Series 4173, Class I, IO, 4.00%, 3/15/2043 | 297 | 47 |
Series 4305, Class SK, IF, IO, 1.16%, 2/15/2044 (j) | 3,070 | 325 |
Series 4585, Class JI, IO, 4.00%, 5/15/2045 | 1,099 | 146 |
Series 4694, Class SA, IF, IO, 0.66%, 6/15/2047 (j) | 2,662 | 262 |
Series 4689, Class SD, IF, IO, 0.71%, 6/15/2047 (j) | 4,933 | 544 |
Series 5022, IO, 3.00%, 9/25/2050 | 6,273 | 1,069 |
Series 5023, Class MI, IO, 3.00%, 10/25/2050 | 11,399 | 1,926 |
Series 5072, Class DI, IO, 3.50%, 2/25/2051 | 10,339 | 1,979 |
FHLMC, STRIPS Series 319, Class S2, IF, IO, 0.56%, 11/15/2043 (j) | 5,899 | 556 |
FNMA, REMIC | ||
Series 2013-15, IO, 2.50%, 3/25/2028 | 518 | 16 |
Series 2014-35, Class KI, IO, 3.00%, 6/25/2029 | 331 | 12 |
Series 2014-44, Class QI, IO, 3.00%, 8/25/2029 | 158 | 5 |
Series 2013-66, Class IE, IO, 3.00%, 8/25/2032 | 1,664 | 53 |
Series 2013-61, Class HI, IO, 3.00%, 6/25/2033 | 1,864 | 158 |
Series 2013-64, Class LI, IO, 3.00%, 6/25/2033 | 471 | 38 |
Series 2012-93, Class SE, IF, IO, 0.66%, 9/25/2042 (j) | 1,371 | 136 |
Series 2012-93, Class SG, IF, IO, 0.66%, 9/25/2042 (j) | 265 | 23 |
Series 2014-14, Class SA, IF, IO, 0.51%, 4/25/2044 (j) | 4,015 | 383 |
Series 2015-40, Class LS, IF, IO, 0.73%, 6/25/2045 (j) | 2,139 | 192 |
Series 2015-85, Class SA, IF, IO, 0.18%, 11/25/2045 (j) | 2,608 | 194 |
Series 2016-39, Class LS, IF, IO, 0.56%, 7/25/2046 (j) | 7,970 | 973 |
Series 2016-61, Class ST, IF, IO, 0.56%, 9/25/2046 (j) | 5,380 | 555 |
FNMA, STRIPS | ||
Series 410, Class C12, IO, 5.50%, 7/25/2024 | — | — |
Series 401, Class C6, IO, 4.50%, 10/25/2029 | 54 | 1 |
GNMA | ||
Series 2011-13, Class S, IF, IO, 0.52%, 1/16/2041 (j) | 280 | 17 |
Series 2019-115, Class SD, IF, IO, 0.67%, 9/20/2049 (j) | 856 | 84 |
Series 2015-H13, Class GI, IO, 1.54%, 4/20/2065 (j) | 883 | 19 |
Goodgreen Trust Series 2017-R15.00%, 10/20/2051 ‡ | 598 | 574 |
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (a) (j) | 125 | 15 |
HarborView Mortgage Loan Trust Series 2007-6, Class 2A1A, 5.62%, 8/19/2037 (j) | 93 | 76 |
JPMorgan Alternative Loan Trust Series 2006-A2, Class 1A1, 5.80%, 5/25/2036 (j) | 1,433 | 1,100 |
MASTR Alternative Loan Trust Series 2003-5, Class 30B1, 5.87%, 8/25/2033 (j) | 115 | 65 |
MFA Trust Series 2023-RTL1, Class A1, 7.58%, 8/25/2027 (a) (k) | 2,540 | 2,533 |
Starwood Mortgage Residential Trust Series 2020-1, Class A1, 2.27%, 2/25/2050 (a) (j) | 117 | 109 |
Structured Adjustable Rate Mortgage Loan Trust Series 2005-1, Class 5A1, 5.24%, 2/25/2035 (j) | 68 | 63 |
Verus Securitization Trust Series 2020-1, Class A1, 3.42%, 1/25/2060 (a) (k) | 263 | 251 |
VM Master Issuer LLC Series 2022-1, Class A1, 5.16%, 5/24/2025 ‡ (a) (j) | 11,957 | 11,735 |
Total Collateralized Mortgage Obligations (Cost $37,708) | 34,058 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued) INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 0.2% | ||
France — 0.1% | ||
Vallourec SA * | 85 | 1,517 |
Luxembourg — 0.0% ^ | ||
Intelsat SA ‡ * | 35 | 1,275 |
Mallinckrodt plc ‡ * | 1 | 37 |
1,312 | ||
United States — 0.1% | ||
Chesapeake Energy Corp. | 13 | 1,144 |
Claire's Stores, Inc. ‡ * | 1 | 220 |
Clear Channel Outdoor Holdings, Inc. * | 71 | 102 |
Endo, Inc. ‡ * | 34 | 983 |
Endo, Inc. ‡ * (a) | 14 | 395 |
Envision Healthcare Corp. ‡ * | 3 | 22 |
Goodman Networks, Inc. ‡ * | — | — (l) |
iHeartMedia, Inc., Class A * | 24 | 23 |
Moran Foods Backstop Equity ‡ * | 2,629 | 26 |
MYT Holding LLC ‡ * | 247 | 86 |
NMG, Inc. ‡ * | 2 | 194 |
Serta Simmons Bedding LLC ‡ * | 84 | 642 |
SSB Equipment Co., Inc. ‡ * | 84 | — |
Windstream Holdings, Inc. ‡ * | 1 | 11 |
3,848 | ||
Total Common Stocks (Cost $6,303) | 6,677 | |
Convertible Preferred Stocks — 0.1% | ||
United States — 0.1% | ||
Claire's Stores, Inc. ‡ * (Cost $279) | 1 | 2,256 |
NO. OF WARRANTS (000) | ||
Warrants — 0.0% ^ | ||
United Kingdom — 0.0% ^ | ||
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD ‡ *(Cost $—) | 43 | 568 |
SHARES (000) | ||
Preferred Stocks — 0.0% ^ | ||
United States — 0.0% ^ | ||
Goodman Networks, Inc. ‡ * | 1 | — (l) |
MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ | 419 | 272 |
Total Preferred Stocks (Cost $405) | 272 | |
Short-Term Investments — 5.7% | ||
Investment Companies — 5.7% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.31% (p) (q)(Cost $196,074) | 196,041 | 196,080 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued) INVESTMENTS | SHARES (000) | VALUE ($000) |
Total Investments — 107.2% (Cost $3,849,906) | 3,676,054 | |
Liabilities in Excess of Other Assets — (7.2)% | (247,633 ) | |
NET ASSETS — 100.0% | 3,428,421 |
Percentages indicated are based on net assets. | ||
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
Abbreviations | |
ACES | Alternative Credit Enhancement Securities |
BRL | Brazilian Real |
CLO | Collateralized Loan Obligations |
CME | Chicago Mercantile Exchange |
CZK | Czech Republic Koruna |
ETF | Exchange Traded Fund |
EUR | Euro |
EURIBOR | Euro Interbank Offered Rate |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association |
GBP | British Pound |
GNMA | Government National Mortgage Association |
ICE | Intercontinental Exchange |
IF | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of May 31, 2024. The rate may be subject to a cap and floor. |
IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably. |
JSC | Joint Stock Company |
MXN | Mexican Peso |
PIK | Payment In Kind |
PLN | Polish Zloty |
PT | Limited liability company |
REIT | Real Estate Investment Trust |
REMIC | Real Estate Mortgage Investment Conduit |
SCA | Limited partnership with share capital |
SOFR | Secured Overnight Financing Rate |
SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
STRIPS | Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities. |
TBA | To Be Announced; Security is subject to delayed delivery. |
UMBS | Uniform Mortgage-Backed Securities |
USD | United States Dollar |
^ | Amount rounds to less than 0.1% of net assets. | |
‡ | Value determined using significant unobservable inputs. | |
* | Non-income producing security. | |
(a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(b) | 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 $137,842 or 4.02% of the Fund’s net assets as of May 31, 2024. | |
(c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2024. | |
(d) | 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. |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(e) | Security is an interest bearing note with preferred security characteristics. | |
(f) | 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. | |
(g) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(h) | Defaulted security. | |
(i) | Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed. | |
(j) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2024. | |
(k) | 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. | |
(l) | Value is zero. | |
(m) | Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. | |
(n) | 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. | |
(o) | Fund is subject to legal or contractual restrictions on the resale of the security. | |
(p) | 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. | |
(q) | The rate shown is the current yield as of May 31, 2024. |
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) ($) |
Long Contracts | |||||
Euro-Bobl | 1,906 | 06/06/2024 | EUR | 239,776 | (3,939 ) |
Euro-BTP | 918 | 06/06/2024 | EUR | 116,162 | (1,523 ) |
Euro-Bund | 357 | 06/06/2024 | EUR | 50,078 | (817 ) |
Euro-Buxl 30 Year Bond | 41 | 06/06/2024 | EUR | 5,619 | (242 ) |
Euro-Schatz | 1,497 | 06/06/2024 | EUR | 170,489 | (1,226 ) |
Canada 10 Year Bond | 1,022 | 09/18/2024 | CAD | 89,216 | (240 ) |
U.S. Treasury 10 Year Ultra Note | 162 | 09/19/2024 | USD | 18,192 | (76 ) |
Long Gilt | 1,266 | 09/26/2024 | GBP | 155,384 | (1,459 ) |
U.S. Treasury 2 Year Note | 840 | 09/30/2024 | USD | 171,203 | 120 |
U.S. Treasury 5 Year Note | 380 | 09/30/2024 | USD | 40,262 | (63 ) |
(9,465 ) | |||||
Short Contracts | |||||
Euro-Bobl | (659 ) | 06/06/2024 | EUR | (82,903 ) | 1,233 |
Euro-Buxl 30 Year Bond | (508 ) | 06/06/2024 | EUR | (69,617 ) | 4,564 |
Euro-Schatz | (11 ) | 06/06/2024 | EUR | (1,253 ) | 9 |
U.S. Treasury 10 Year Note | (668 ) | 09/19/2024 | USD | (72,791 ) | (44 ) |
U.S. Treasury 10 Year Ultra Note | (966 ) | 09/19/2024 | USD | (108,479 ) | (47 ) |
U.S. Treasury Long Bond | (236 ) | 09/19/2024 | USD | (27,494 ) | 106 |
U.S. Treasury Ultra Bond | (1,106 ) | 09/19/2024 | USD | (135,796 ) | 1,915 |
U.S. Treasury 5 Year Note | (2,218 ) | 09/30/2024 | USD | (235,004 ) | 349 |
8,085 | |||||
(1,380 ) |
Abbreviations | |
CAD | Canadian Dollar |
EUR | Euro |
GBP | British Pound |
USD | United States Dollar |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)Forward foreign currency exchange contracts outstanding as of May 31, 2024 (amounts in thousands):
CURRENCY PURCHASED | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION) ($) | ||
EUR | 1,478 | USD | 1,583 | Barclays Bank plc | 6/5/2024 | 20 |
EUR | 1,097 | USD | 1,175 | HSBC Bank, NA | 6/5/2024 | 16 |
EUR | 2,098 | USD | 2,264 | Merrill Lynch International | 6/5/2024 | 14 |
EUR | 542,840 | USD | 586,996 | Morgan Stanley | 6/5/2024 | 2,035 |
GBP | 12,693 | USD | 16,145 | HSBC Bank, NA | 6/5/2024 | 29 |
GBP | 2,108 | USD | 2,677 | Morgan Stanley | 6/5/2024 | 9 |
USD | 3,530 | EUR | 3,248 | Morgan Stanley | 6/5/2024 | 6 |
BRL | 133,533 | USD | 25,374 | Citibank, NA** | 6/24/2024 | 2 |
CNY | 186,143 | USD | 25,781 | BNP Paribas** | 6/24/2024 | 386 |
EUR | 3,647 | USD | 3,949 | Merrill Lynch International | 6/24/2024 | 12 |
INR | 2,030,927 | USD | 24,286 | BNP Paribas** | 6/24/2024 | 41 |
INR | 2,154,946 | USD | 25,783 | Citigroup Global Markets Holdings, Inc.** | 6/24/2024 | 29 |
KRW | 35,400,987 | USD | 25,606 | BNP Paribas** | 6/24/2024 | 21 |
PLN | 6,844 | USD | 1,725 | Morgan Stanley | 6/24/2024 | 12 |
USD | 31,522 | IDR | 508,199,376 | Goldman Sachs International** | 6/24/2024 | 288 |
USD | 113,859 | MXN | 1,930,063 | Citibank, NA | 6/24/2024 | 470 |
USD | 34,085 | MXN | 571,948 | Goldman Sachs International | 6/24/2024 | 484 |
USD | 24,409 | PHP | 1,410,793 | Goldman Sachs International** | 6/24/2024 | 307 |
USD | 25,929 | THB | 932,421 | Citibank, NA | 6/24/2024 | 544 |
USD | 50,375 | ZAR | 925,454 | Citibank, NA | 6/24/2024 | 1,192 |
USD | 2,252 | EUR | 2,072 | Citibank, NA | 7/3/2024 | — (a) |
TRY | 542,078 | USD | 12,649 | Barclays Bank plc | 1/22/2025 | 897 |
Total unrealized appreciation | 6,814 | |||||
EUR | 514 | USD | 559 | Morgan Stanley | 6/5/2024 | (2 ) |
USD | 584,988 | EUR | 544,780 | Goldman Sachs International | 6/5/2024 | (6,148 ) |
USD | 18,582 | GBP | 14,801 | HSBC Bank, NA | 6/5/2024 | (279 ) |
BRL | 26,024 | USD | 5,054 | Barclays Bank plc** | 6/24/2024 | (109 ) |
CLP | 23,697,260 | USD | 25,855 | Goldman Sachs International** | 6/24/2024 | (51 ) |
IDR | 98,510,718 | USD | 6,130 | Citibank, NA** | 6/24/2024 | (75 ) |
KRW | 34,667,938 | USD | 25,598 | HSBC Bank, NA** | 6/24/2024 | (502 ) |
PHP | 1,473,238 | USD | 25,478 | Goldman Sachs International** | 6/24/2024 | (308 ) |
THB | 887,581 | USD | 24,260 | Goldman Sachs International | 6/24/2024 | (95 ) |
USD | 25,700 | AUD | 38,637 | Citibank, NA | 6/24/2024 | (22 ) |
USD | 25,678 | CLP | 23,602,147 | Citibank, NA** | 6/24/2024 | (22 ) |
USD | 25,664 | CNY | 186,118 | BNP Paribas** | 6/24/2024 | (500 ) |
USD | 25,885 | CNY | 186,986 | Goldman Sachs International** | 6/24/2024 | (401 ) |
USD | 29,048 | CZK | 666,903 | State Street Corp. | 6/24/2024 | (266 ) |
USD | 120,063 | EUR | 111,122 | Citibank, NA | 6/24/2024 | (617 ) |
USD | 3,624 | EUR | 3,369 | Merrill Lynch International | 6/24/2024 | (34 ) |
USD | 24,437 | SGD | 33,012 | State Street Corp. | 6/24/2024 | (19 ) |
ZAR | 469,798 | USD | 25,441 | Goldman Sachs International | 6/24/2024 | (473 ) |
EUR | 892 | USD | 970 | HSBC Bank, NA | 7/3/2024 | (1 ) |
GBP | 505 | USD | 645 | Merrill Lynch International | 7/3/2024 | (1 ) |
USD | 587,724 | EUR | 542,840 | Morgan Stanley | 7/3/2024 | (2,061 ) |
USD | 16,147 | GBP | 12,693 | HSBC Bank, NA | 7/3/2024 | (29 ) |
USD | 13,073 | TRY | 546,787 | Goldman Sachs International | 1/22/2025 | (590 ) |
Total unrealized depreciation | (12,605 ) | |||||
Net unrealized depreciation | (5,791 ) |
Abbreviations | |
AUD | Australian Dollar |
BRL | Brazilian Real |
CLP | Chile Peso |
CNY | China Yuan |
CZK | Czech Republic Koruna |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)EUR | Euro |
GBP | British Pound |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
KRW | Korean Republic Won |
MXN | Mexican Peso |
PHP | Philippines Peso |
PLN | Polish Zloty |
SGD | Singapore Dollar |
THB | Thai Baht |
TRY | Turkish Lira |
USD | United States Dollar |
ZAR | South African Rand |
(a) | Amount rounds to less than one thousand. |
** | Non-deliverable forward. |
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of May 31, 2024 (amounts in thousands):
REFERENCE OBLIGATION/INDEX | FINANCING RATE PAID BY THE FUND (%) | PAYMENT FREQUENCY | MATURITY DATE | IMPLIED CREDIT SPREAD (%)(a) | NOTIONAL AMOUNT(b) | UPFRONT PAYMENTS (RECEIPTS) ($)(c) | UNREALIZED APPRECIATION (DEPRECIATION) ($) | VALUE ($) |
CDX.NA.HY.42-V1 | 5.00 | Quarterly | 6/20/2029 | 3.33 | USD 243,810 | (16,439 ) | (2,552 ) | (18,991 ) |
(*) | 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. | ||||||||
(a) | 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. | ||||||||
(b) | 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. | ||||||||
(c) | 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 |
Centrally Cleared interest rate swap contracts outstanding as of May 31, 2024 (amounts in thousands):
FLOATING RATE INDEX (a) | FIXED RATE | PAY/ RECEIVE FLOATING RATE | MATURITY DATE | NOTIONAL AMOUNT | UPFRONT PAYMENTS (RECEIPTS) ($) | UNREALIZED APPRECIATION (DEPRECIATION) ($) | VALUE ($) |
1 day SOFR annually | 3.95 annually | Pay | 4/19/2029 | USD1,000,000 | (179 ) | 2,152 | 1,973 |
1 day CDI at termination | 11.00 at termination | Pay | 1/4/2027 | BRL107,580 | — | (94 ) | (94 ) |
1 day CDI at termination | 9.64 at termination | Pay | 1/2/2026 | BRL132,519 | — | (587 ) | (587 ) |
1 day CDI at termination | 10.58 at termination | Pay | 1/2/2026 | BRL181,100 | — | (230 ) | (230 ) |
1 day SOFR annually | 4.02 annually | Receive | 4/19/2037 | USD230,000 | 117 | (1,201 ) | (1,084 ) |
1 day SOFR annually | 4.07 annually | Receive | 2/15/2034 | USD111,550 | (31 ) | (9 ) | (40 ) |
86 | (2,121 ) | (2,035 ) | |||||
(93 ) | 31 | (62 ) |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)Abbreviations | |
BRL | Brazilian Real |
CDI | Certificate of interbank deposits |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
(a) | Value of floating rate index at May 31, 2024 was as follows: |
FLOATING RATE INDEX | VALUE |
1 Day CDI | 1.80% |
1 Day SOFR | 5.34 |
JPMorgan Global Bond Opportunities 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.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from 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.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is calculated.
Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV 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.
See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at May 31, 2024.
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).
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(Dollar values in thousands)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 | ||||
Cayman Islands | $— | $20,006 | $80 | $20,086 |
United States | — | 52,883 | 380 | 53,263 |
Total Asset-Backed Securities | — | 72,889 | 460 | 73,349 |
Collateralized Mortgage Obligations | ||||
United States | — | 21,749 | 12,309 | 34,058 |
Commercial Mortgage-Backed Securities | ||||
United States | — | 63,261 | 9,631 | 72,892 |
Common Stocks | ||||
France | — | 1,517 | — | 1,517 |
Luxembourg | — | — | 1,312 | 1,312 |
United States | 1,269 | — | 2,579 | 3,848 |
Total Common Stocks | 1,269 | 1,517 | 3,891 | 6,677 |
Convertible Bonds | — | 147,772 | — | 147,772 |
Convertible Preferred Stocks | — | — | 2,256 | 2,256 |
Corporate Bonds | ||||
Australia | — | 17,892 | — | 17,892 |
Austria | — | 1,825 | — | 1,825 |
Belgium | — | 18,341 | — | 18,341 |
Brazil | — | 15,432 | — | 15,432 |
Canada | — | 25,482 | — | 25,482 |
Chile | — | 3,342 | — | 3,342 |
China | — | 23,980 | — | 23,980 |
Colombia | — | 2,440 | — | 2,440 |
Denmark | — | 14,827 | — | 14,827 |
Finland | — | 912 | — | 912 |
France | — | 143,429 | — | 143,429 |
Germany | — | 75,223 | — | 75,223 |
India | — | 6,323 | — | 6,323 |
Indonesia | — | 10,055 | — | 10,055 |
Ireland | — | 75,616 | — | 75,616 |
Israel | — | 9,513 | — | 9,513 |
Italy | — | 113,121 | — | 113,121 |
Japan | — | 8,196 | — | 8,196 |
Kazakhstan | — | 9,893 | — | 9,893 |
Kuwait | — | 2,502 | — | 2,502 |
Luxembourg | — | 28,429 | — (a) | 28,429 |
Malaysia | — | 3,992 | — | 3,992 |
Mexico | — | 29,591 | — | 29,591 |
Morocco | — | 2,157 | — | 2,157 |
Netherlands | — | 44,720 | — | 44,720 |
JPMorgan Global Bond Opportunities 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 | |
Norway | $— | $5,007 | $— | $5,007 |
Portugal | — | 12,652 | — | 12,652 |
South Africa | — | 7,371 | — | 7,371 |
Spain | — | 88,560 | — | 88,560 |
Sweden | — | 22,913 | — | 22,913 |
Switzerland | — | 24,925 | — | 24,925 |
United Arab Emirates | — | 2,425 | — | 2,425 |
United Kingdom | — | 155,235 | — | 155,235 |
United States | — | 1,114,901 | 9 | 1,114,910 |
Total Corporate Bonds | — | 2,121,222 | 9 | 2,121,231 |
Exchange-Traded Funds | 67,034 | — | — | 67,034 |
Foreign Government Securities | — | 471,144 | — | 471,144 |
Loan Assignments | ||||
Netherlands | — | 504 | — | 504 |
United States | — | 78,683 | 750 | 79,433 |
Total Loan Assignments | — | 79,187 | 750 | 79,937 |
Mortgage-Backed Securities | — | 318,090 | — | 318,090 |
Preferred Stocks | — | — | 272 | 272 |
Supranational | — | 47,278 | — | 47,278 |
U.S. Treasury Obligations | — | 37,416 | — | 37,416 |
Warrants | — | — | 568 | 568 |
Short-Term Investments | ||||
Investment Companies | 196,080 | — | — | 196,080 |
Total Investments in Securities | $264,383 | $3,381,525 | $30,146 | $3,676,054 |
Appreciation in Other Financial Instruments | ||||
Forward Foreign Currency Exchange Contracts | $— | $6,814 | $— | $6,814 |
Futures Contracts | 8,296 | — | — | 8,296 |
Swaps | — | 2,152 | — | 2,152 |
Depreciation in Other Financial Instruments | ||||
Forward Foreign Currency Exchange Contracts | — | (12,605 ) | — | (12,605 ) |
Futures Contracts | (9,676 ) | — | — | (9,676 ) |
Swaps | — | (4,673 ) | — | (4,673 ) |
Total Net Appreciation/ Depreciation in Other Financial Instruments | $(1,380 ) | $(8,312 ) | $— | $(9,692 ) |
(a) | Amount rounds to less than one thousand. |
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:
Balance as of February 29, 2024 | Realized gain (loss) | Change in net unrealized appreciation (depreciation) | Net accretion (amortization) | Purchases1 | Sales2 | Transfers into Level 3 | Transfers out of Level 3 | Balance as of May 31, 2024 | |
Investments in Securities: | |||||||||
Asset-Backed Securities | $1,121 | $— | $11 | $— (a) | $— | $(672 ) | $— | $— | $460 |
Collateralized Mortgage Obligations | 13,102 | — | (42 ) | — (a) | — | (751 ) | — | — | 12,309 |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(Dollar values in thousands)Balance as of February 29, 2024 | Realized gain (loss) | Change in net unrealized appreciation (depreciation) | Net accretion (amortization) | Purchases1 | Sales2 | Transfers into Level 3 | Transfers out of Level 3 | Balance as of May 31, 2024 | |
Commercial Mortgage-Backed Securities | $9,625 | $— | $6 | $— (a) | $— | $— | $— | $— | $9,631 |
Common Stocks | 2,170 | — | 880 | — | 841 | — | — | — | 3,891 |
Convertible Preferred Stocks | 2,174 | — | 82 | — | — | — | — | — | 2,256 |
Corporate Bonds | 2,112 | (823 ) | 958 | 3 | — (a) | (2,241 ) | — | — | 9 |
Loan Assignments | 743 | — | (19 ) | 13 | 14 | (1 ) | — | — | 750 |
Preferred Stocks | 237 | — | 35 | — | — | — | — | — | 272 |
Warrants | 568 | — | — | — | — | — | — | — | 568 |
Total | $31,852 | $(823 ) | $1,911 | $16 | $855 | $(3,665 ) | $— | $— | $30,146 |
1 | Purchases include all purchases of securities and securities received in corporate actions. | ||||||||
2 | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
(a) | Amount rounds to less than one thousand. |
The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2024, which were valued using significant unobservable inputs (level 3) amounted to $961.
There were no significant transfers into or out of level 3 for the period ended May 31, 2024.
The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.
Quantitative Information about Level 3 Fair Value Measurements #
Fair Value at May 31, 2024 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) (a) | |
$-(b ) | Market Comparable Companies | EBITDA Multiple (c) | 5.0x (5.0x) | |
Liquidity Discount | 30.00% (0.00%) | |||
26 | Terms of Restructuring | Expected Recovery | $0.01 ($0.01) | |
Common Stocks | 26 | |||
461 | Discounted Cash Flow | Constant Prepayment Rate | 8.00% - 20.00% (17.91%) | |
Yield (Discount Rate of Cash Flows) | 3.95% - 10.19% (5.06%) | |||
Asset-Backed Securities | 461 | |||
23 | Terms of Restructuring | Expected Recovery | 9.35% - 100.00% (82.86%) | |
727 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 20.65% - 38.74% (25.49%) | |
Loan Assignments | 750 | |||
Total | $1,237 |
# | The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At May 31, 2024, the value of these investments was $28,909. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. |
(a) | Unobservable inputs were weighted by the relative fair value of the instruments. |
(b) | Amount rounds to less than one thousand. |
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(Dollar values in thousands)(c) | Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments. |
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) | $234,833 | $392,346 | $431,039 | $(20 ) | $(40 ) | $196,080 | 196,041 | $2,762 | $— |
(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. 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 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 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.
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(Dollar values in thousands)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).
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 Funds are 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 Funds 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 on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to . The Funds may be subject 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 subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds 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 Funds' 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 Funds' 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 to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return 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,
JPMorgan Global Bond Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(Dollar values in thousands)including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. 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.
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.
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.
Interest Rate Swaps
The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically based on a fixed interest rate.