JPMorgan High Yield Fund
Schedule of Portfolio Investments as of May 31, 2023
(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., 2023. |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — 86.7% | ||
Aerospace & Defense — 1.1% | ||
Bombardier, Inc. (Canada) | ||
7.50%, 3/15/2025 (a) | 538 | 539 |
7.88%, 4/15/2027 (a) | 11,996 | 11,860 |
BWX Technologies, Inc. | ||
4.13%, 6/30/2028 (a) | 5,876 | 5,311 |
4.13%, 4/15/2029 (a) | 8,074 | 7,145 |
Spirit AeroSystems, Inc. | ||
7.50%, 4/15/2025 (a) | 4,536 | 4,479 |
9.38%, 11/30/2029 (a) | 4,254 | 4,531 |
TransDigm, Inc. 6.25%, 3/15/2026 (a) | 9,747 | 9,680 |
Triumph Group, Inc. 9.00%, 3/15/2028 (a) | 2,821 | 2,858 |
Wesco Aircraft Holdings, Inc. | ||
8.50%, 11/15/2024 (a) | 3,987 | 179 |
9.00%, 11/15/2026 (a) | 17,835 | 1,605 |
13.13%, 11/15/2027 (a) | 4,215 | 253 |
48,440 | ||
Automobile Components — 4.4% | ||
Adient Global Holdings Ltd. | ||
4.88%, 8/15/2026 (a) | 10,682 | 10,112 |
7.00%, 4/15/2028 (a) | 6,076 | 6,140 |
8.25%, 4/15/2031 (a) | 6,723 | 6,717 |
Allison Transmission, Inc. | ||
5.88%, 6/1/2029 (a) | 17,039 | 16,431 |
3.75%, 1/30/2031 (a) | 610 | 515 |
American Axle & Manufacturing, Inc. | ||
6.25%, 3/15/2026 | 2,743 | 2,633 |
6.50%, 4/1/2027 | 10,133 | 9,453 |
6.88%, 7/1/2028 | 7,163 | 6,407 |
5.00%, 10/1/2029 | 6,255 | 5,085 |
Clarios Global LP | ||
6.75%, 5/15/2025 (a) | 17,373 | 17,409 |
6.25%, 5/15/2026 (a) | 74 | 73 |
8.50%, 5/15/2027 (a) | 12,745 | 12,778 |
6.75%, 5/15/2028 (a) | 5,061 | 5,061 |
Cooper-Standard Automotive, Inc. | ||
4.50% (PIK), 3/31/2027 (a) (b) | 52,167 | 51,618 |
10.63% (PIK), 5/15/2027 (a) (b) | 30,427 | 16,067 |
Dana, Inc. | ||
5.38%, 11/15/2027 | 10,210 | 9,563 |
5.63%, 6/15/2028 | 3,588 | 3,285 |
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) | 10,268 | 7,708 |
Goodyear Tire & Rubber Co. (The) | ||
5.00%, 7/15/2029 | 2,816 | 2,536 |
5.25%, 4/30/2031 | 3,059 | 2,688 |
5.25%, 7/15/2031 | 4,375 | 3,806 |
196,085 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Automobiles — 0.2% | ||
PM General Purchaser LLC 9.50%, 10/1/2028 (a) | 10,326 | 9,678 |
Banks — 0.8% | ||
Bank of America Corp. Series AA, (3-MONTH CME TERM SOFR + 4.16%), 6.10%, 3/17/2025 (c) (d) (e) | 12,177 | 11,873 |
Barclays plc (United Kingdom) | ||
(USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023 (c) (d) (e) (f) | 6,252 | 6,049 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.67%), 8.00%, 6/15/2024 (c) (d) (e) (f) | 5,787 | 5,435 |
Citigroup, Inc. | ||
Series P, (3-MONTH CME TERM SOFR + 4.17%), 5.95%, 5/15/2025 (c) (d) (e) | 2,725 | 2,559 |
Series T, (3-MONTH CME TERM SOFR + 4.78%), 6.25%, 8/15/2026 (c) (d) (e) | 9,565 | 9,254 |
35,170 | ||
Beverages — 0.2% | ||
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a) | 9,903 | 8,261 |
Biotechnology — 0.2% | ||
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a) | 7,800 | 4,287 |
Grifols Escrow Issuer SA (Spain) 4.75%, 10/15/2028 (a) | 7,155 | 6,053 |
10,340 | ||
Broadline Retail — 0.6% | ||
Macy's Retail Holdings LLC 5.88%, 3/15/2030 (a) | 172 | 149 |
NMG Holding Co., Inc. 7.13%, 4/1/2026 (a) | 17,505 | 15,752 |
Nordstrom, Inc. 4.38%, 4/1/2030 | 221 | 176 |
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a) | 15,180 | 8,732 |
24,809 | ||
Building Products — 2.2% | ||
Builders FirstSource, Inc. | ||
4.25%, 2/1/2032 (a) | 8,254 | 7,091 |
6.38%, 6/15/2032 (a) | 5,722 | 5,630 |
Emerald Debt Merger Sub LLC 6.63%, 12/15/2030 (a) | 16,150 | 16,021 |
Griffon Corp. 5.75%, 3/1/2028 | 14,980 | 13,811 |
JELD-WEN, Inc. | ||
6.25%, 5/15/2025 (a) | 3,605 | 3,632 |
4.88%, 12/15/2027 (a) | 16,106 | 14,026 |
Knife River Holding Co. 7.75%, 5/1/2031 (a) | 1,775 | 1,785 |
Masonite International Corp. 5.38%, 2/1/2028 (a) | 2,179 | 2,065 |
MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | 5,642 | 4,542 |
PGT Innovations, Inc. 4.38%, 10/1/2029 (a) | 3,908 | 3,567 |
Standard Industries, Inc. | ||
5.00%, 2/15/2027 (a) | 5,060 | 4,749 |
4.75%, 1/15/2028 (a) | 18,340 | 16,814 |
3.38%, 1/15/2031 (a) | 2,798 | 2,186 |
Summit Materials LLC 5.25%, 1/15/2029 (a) | 1,618 | 1,518 |
97,437 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Capital Markets — 0.0% ^ | ||
Coinbase Global, Inc. | ||
3.38%, 10/1/2028 (a) | 1,402 | 884 |
3.63%, 10/1/2031 (a) | 1,779 | 1,036 |
1,920 | ||
Chemicals — 2.6% | ||
Avient Corp. 7.13%, 8/1/2030 (a) | 3,049 | 3,078 |
Axalta Coating Systems LLC | ||
4.75%, 6/15/2027 (a) | 10,023 | 9,471 |
3.38%, 2/15/2029 (a) | 7,162 | 6,136 |
Chemours Co. (The) | ||
5.75%, 11/15/2028 (a) | 11,832 | 10,416 |
4.63%, 11/15/2029 (a) | 7,755 | 6,277 |
CVR Partners LP 6.13%, 6/15/2028 (a) | 4,512 | 3,916 |
Element Solutions, Inc. 3.88%, 9/1/2028 (a) | 7,018 | 6,142 |
INEOS Finance plc (Luxembourg) 6.75%, 5/15/2028 (a) | 1,683 | 1,658 |
INEOS Quattro Finance 2 plc (United Kingdom) 3.38%, 1/15/2026 (a) | 1,500 | 1,376 |
NOVA Chemicals Corp. (Canada) | ||
5.00%, 5/1/2025 (a) | 1,832 | 1,792 |
5.25%, 6/1/2027 (a) | 16,906 | 15,258 |
4.25%, 5/15/2029 (a) | 3,907 | 3,218 |
Scotts Miracle-Gro Co. (The) | ||
4.50%, 10/15/2029 | 7,127 | 6,076 |
4.00%, 4/1/2031 | 10,236 | 8,127 |
4.38%, 2/1/2032 | 5,788 | 4,625 |
Trinseo Materials Operating SCA | ||
5.38%, 9/1/2025 (a) | 14,059 | 11,072 |
5.13%, 4/1/2029 (a) | 7,239 | 3,917 |
Venator Finance Sarl 9.50%, 7/1/2025 (a) | 6,750 | 4,725 |
WR Grace Holdings LLC | ||
4.88%, 6/15/2027 (a) | 6,554 | 6,079 |
5.63%, 8/15/2029 (a) | 2,373 | 1,970 |
115,329 | ||
Commercial Services & Supplies — 3.1% | ||
ACCO Brands Corp. 4.25%, 3/15/2029 (a) | 12,145 | 10,232 |
ADT Security Corp. (The) | ||
4.13%, 8/1/2029 (a) | 7,309 | 6,377 |
4.88%, 7/15/2032 (a) | 10,447 | 8,899 |
Allied Universal Holdco LLC | ||
6.63%, 7/15/2026 (a) | 1,944 | 1,826 |
9.75%, 7/15/2027 (a) | 600 | 526 |
4.63%, 6/1/2028 (a) | 8,460 | 6,964 |
APi Group DE, Inc. | ||
4.13%, 7/15/2029 (a) | 4,934 | 4,285 |
4.75%, 10/15/2029 (a) | 3,913 | 3,516 |
Aramark Services, Inc. 5.00%, 2/1/2028 (a) | 9,420 | 8,903 |
Brink's Co. (The) 4.63%, 10/15/2027 (a) | 13,818 | 12,886 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Commercial Services & Supplies — continued | ||
CoreCivic, Inc. 8.25%, 4/15/2026 | 9,068 | 9,070 |
Garda World Security Corp. (Canada) | ||
4.63%, 2/15/2027 (a) | 7,425 | 6,781 |
9.50%, 11/1/2027 (a) | 620 | 580 |
6.00%, 6/1/2029 (a) | 7,555 | 6,014 |
GFL Environmental, Inc. (Canada) | ||
4.00%, 8/1/2028 (a) | 6,187 | 5,525 |
4.75%, 6/15/2029 (a) | 11,045 | 10,028 |
4.38%, 8/15/2029 (a) | 3,940 | 3,497 |
Interface, Inc. 5.50%, 12/1/2028 (a) | 7,000 | 5,460 |
Madison IAQ LLC | ||
4.13%, 6/30/2028 (a) | 3,056 | 2,641 |
5.88%, 6/30/2029 (a) | 11,346 | 8,637 |
Prime Security Services Borrower LLC | ||
5.75%, 4/15/2026 (a) | 5,913 | 5,785 |
3.38%, 8/31/2027 (a) | 4,974 | 4,366 |
Stericycle, Inc. 3.88%, 1/15/2029 (a) | 5,766 | 5,085 |
137,883 | ||
Communications Equipment — 1.0% | ||
CommScope Technologies LLC | ||
6.00%, 6/15/2025 (a) | 2,308 | 2,169 |
5.00%, 3/15/2027 (a) | 5,820 | 3,915 |
CommScope, Inc. | ||
6.00%, 3/1/2026 (a) | 13,001 | 12,208 |
8.25%, 3/1/2027 (a) | 12,375 | 9,708 |
7.13%, 7/1/2028 (a) | 3,294 | 2,215 |
4.75%, 9/1/2029 (a) | 17,399 | 13,704 |
43,919 | ||
Construction & Engineering — 0.8% | ||
Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | 9,056 | 8,178 |
Global Infrastructure Solutions, Inc. | ||
5.63%, 6/1/2029 (a) | 6,383 | 5,266 |
7.50%, 4/15/2032 (a) | 4,780 | 4,031 |
MasTec, Inc. 4.50%, 8/15/2028 (a) | 13,701 | 12,616 |
Pike Corp. 5.50%, 9/1/2028 (a) | 7,639 | 6,818 |
36,909 | ||
Consumer Finance — 3.2% | ||
Ford Motor Credit Co. LLC | ||
4.69%, 6/9/2025 | 3,125 | 3,004 |
5.13%, 6/16/2025 | 10,875 | 10,543 |
3.38%, 11/13/2025 | 7,810 | 7,203 |
4.39%, 1/8/2026 | 13,202 | 12,414 |
6.95%, 3/6/2026 | 3,018 | 3,024 |
(SOFR + 2.95%), 8.07%, 3/6/2026 (e) | 2,800 | 2,788 |
4.54%, 8/1/2026 | 19,918 | 18,627 |
4.27%, 1/9/2027 | 13,763 | 12,627 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Consumer Finance — continued | ||
4.13%, 8/17/2027 | 13,460 | 12,159 |
3.82%, 11/2/2027 | 13,242 | 11,750 |
2.90%, 2/16/2028 | 4,775 | 4,032 |
6.80%, 5/12/2028 | 4,446 | 4,400 |
2.90%, 2/10/2029 | 9,765 | 7,938 |
4.00%, 11/13/2030 | 5,103 | 4,288 |
ILFC E-Capital Trust II 6.80%, 12/21/2065 (a) (g) | 21,298 | 14,323 |
OneMain Finance Corp. | ||
6.13%, 3/15/2024 | 1,700 | 1,661 |
6.88%, 3/15/2025 | 553 | 533 |
7.13%, 3/15/2026 | 10,141 | 9,696 |
3.50%, 1/15/2027 | 2,664 | 2,218 |
6.63%, 1/15/2028 | 725 | 656 |
4.00%, 9/15/2030 | 1,427 | 1,053 |
144,937 | ||
Consumer Staples Distribution & Retail — 1.4% | ||
Albertsons Cos., Inc. | ||
3.25%, 3/15/2026 (a) | 550 | 510 |
4.63%, 1/15/2027 (a) | 4,175 | 3,970 |
5.88%, 2/15/2028 (a) | 485 | 474 |
3.50%, 3/15/2029 (a) | 12,165 | 10,577 |
4.88%, 2/15/2030 (a) | 4,525 | 4,140 |
New Albertsons LP | ||
7.75%, 6/15/2026 | 2,278 | 2,295 |
6.63%, 6/1/2028 | 1,704 | 1,619 |
7.45%, 8/1/2029 | 3,130 | 3,177 |
Performance Food Group, Inc. | ||
5.50%, 10/15/2027 (a) | 8,683 | 8,349 |
4.25%, 8/1/2029 (a) | 9,838 | 8,686 |
Rite Aid Corp. | ||
7.50%, 7/1/2025 (a) | 9,639 | 6,563 |
8.00%, 11/15/2026 (a) | 16,020 | 8,399 |
US Foods, Inc. | ||
4.75%, 2/15/2029 (a) | 1,085 | 989 |
4.63%, 6/1/2030 (a) | 4,670 | 4,204 |
63,952 | ||
Containers & Packaging — 2.2% | ||
Ardagh Metal Packaging Finance USA LLC 6.00%, 6/15/2027 (a) | 311 | 305 |
Ardagh Packaging Finance plc 5.25%, 8/15/2027 (a) | 29,110 | 24,439 |
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a) | 3,888 | 3,296 |
LABL, Inc. | ||
6.75%, 7/15/2026 (a) | 13,925 | 13,386 |
10.50%, 7/15/2027 (a) | 577 | 538 |
Mauser Packaging Solutions Holding Co. | ||
7.88%, 8/15/2026 (a) | 27,295 | 27,053 |
9.25%, 4/15/2027 (a) | 10,464 | 9,550 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Containers & Packaging — continued | ||
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a) | 3,395 | 3,391 |
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a) | 6,702 | 5,904 |
TriMas Corp. 4.13%, 4/15/2029 (a) | 5,856 | 5,199 |
Trivium Packaging Finance BV (Netherlands) | ||
5.50%, 8/15/2026 (a) (h) | 2,503 | 2,378 |
8.50%, 8/15/2027 (a) (h) | 4,212 | 3,966 |
99,405 | ||
Distributors — 0.2% | ||
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a) | 4,300 | 3,922 |
Ritchie Bros Holdings, Inc. (Canada) | ||
6.75%, 3/15/2028 (a) | 2,238 | 2,264 |
7.75%, 3/15/2031 (a) | 3,729 | 3,887 |
10,073 | ||
Diversified Consumer Services — 0.0% ^ | ||
Service Corp. International 3.38%, 8/15/2030 | 2,400 | 1,998 |
Diversified REITs — 1.3% | ||
VICI Properties LP | ||
4.25%, 12/1/2026 (a) | 16,880 | 15,835 |
5.75%, 2/1/2027 (a) | 25,144 | 24,807 |
3.75%, 2/15/2027 (a) | 7,841 | 7,261 |
3.88%, 2/15/2029 (a) | 6,328 | 5,592 |
4.63%, 12/1/2029 (a) | 4,491 | 4,093 |
57,588 | ||
Diversified Telecommunication Services — 7.7% | ||
Altice France Holding SA (Luxembourg) | ||
10.50%, 5/15/2027 (a) | 10,074 | 6,019 |
6.00%, 2/15/2028 (a) | 3,390 | 1,678 |
Altice France SA (France) | ||
5.50%, 1/15/2028 (a) | 230 | 175 |
5.13%, 7/15/2029 (a) | 11,567 | 8,237 |
5.50%, 10/15/2029 (a) | 5,059 | 3,671 |
CCO Holdings LLC | ||
5.13%, 5/1/2027 (a) | 49,739 | 46,074 |
5.00%, 2/1/2028 (a) | 35,646 | 32,396 |
5.38%, 6/1/2029 (a) | 12,085 | 10,877 |
4.75%, 3/1/2030 (a) | 40,092 | 33,812 |
4.50%, 8/15/2030 (a) | 11,361 | 9,352 |
4.25%, 2/1/2031 (a) | 24,373 | 19,524 |
4.75%, 2/1/2032 (a) | 2,621 | 2,100 |
4.25%, 1/15/2034 (a) | 7,035 | 5,205 |
Embarq Corp. 8.00%, 6/1/2036 | 11,178 | 5,561 |
ESC Co., Escrow | ||
5.50%, 8/1/2023 ‡ (i) | 29,162 | 3 |
8.50%, 10/15/2024 ‡ (i) | 40,649 | 4 |
9.75%, 7/15/2025 ‡ (i) | 8,659 | 1 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Diversified Telecommunication Services — continued | ||
Frontier Communications Holdings LLC | ||
5.88%, 10/15/2027 (a) | 6,035 | 5,379 |
5.00%, 5/1/2028 (a) | 17,655 | 14,787 |
6.75%, 5/1/2029 (a) | 1,916 | 1,413 |
5.88%, 11/1/2029 | 1,550 | 1,085 |
6.00%, 1/15/2030 (a) | 1,521 | 1,067 |
8.75%, 5/15/2030 (a) | 734 | 686 |
Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a) | 51,199 | 47,098 |
Level 3 Financing, Inc. | ||
4.63%, 9/15/2027 (a) | 6,029 | 3,767 |
4.25%, 7/1/2028 (a) | 8,590 | 4,942 |
3.63%, 1/15/2029 (a) | 4,456 | 2,407 |
Lumen Technologies, Inc. | ||
5.13%, 12/15/2026 (a) | 17,935 | 10,985 |
4.00%, 2/15/2027 (a) | 24,513 | 16,039 |
Series G, 6.88%, 1/15/2028 | 3,893 | 1,673 |
4.50%, 1/15/2029 (a) | 3,305 | 1,314 |
5.38%, 6/15/2029 (a) | 6,750 | 2,919 |
Sprint Capital Corp. 8.75%, 3/15/2032 | 26,118 | 31,731 |
Telecom Italia Capital SA (Italy) | ||
6.38%, 11/15/2033 | 2,364 | 2,061 |
6.00%, 9/30/2034 | 1,580 | 1,329 |
Virgin Media Secured Finance plc (United Kingdom) 4.50%, 8/15/2030 (a) | 12,997 | 10,801 |
346,172 | ||
Electric Utilities — 0.6% | ||
NRG Energy, Inc. | ||
5.75%, 1/15/2028 | 7,174 | 6,822 |
3.38%, 2/15/2029 (a) | 2,514 | 2,073 |
5.25%, 6/15/2029 (a) | 4,875 | 4,396 |
3.88%, 2/15/2032 (a) | 4,065 | 3,156 |
7.00%, 3/15/2033 (a) | 3,490 | 3,521 |
PG&E Corp. 5.00%, 7/1/2028 | 6,815 | 6,286 |
Vistra Operations Co. LLC 4.38%, 5/1/2029 (a) | 464 | 404 |
26,658 | ||
Electrical Equipment — 0.8% | ||
Regal Rexnord Corp. | ||
6.05%, 2/15/2026 (a) | 3,650 | 3,658 |
6.05%, 4/15/2028 (a) | 7,435 | 7,348 |
6.30%, 2/15/2030 (a) | 3,154 | 3,147 |
6.40%, 4/15/2033 (a) | 4,412 | 4,364 |
Sensata Technologies BV | ||
4.00%, 4/15/2029 (a) | 15,439 | 13,753 |
5.88%, 9/1/2030 (a) | 2,730 | 2,636 |
34,906 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Electronic Equipment, Instruments & Components — 0.4% | ||
CDW LLC 4.25%, 4/1/2028 | 5,750 | 5,314 |
Coherent Corp. 5.00%, 12/15/2029 (a) | 16,396 | 14,581 |
19,895 | ||
Energy Equipment & Services — 1.0% | ||
Archrock Partners LP | ||
6.88%, 4/1/2027 (a) | 5,032 | 4,808 |
6.25%, 4/1/2028 (a) | 2,760 | 2,560 |
Nabors Industries Ltd. 7.25%, 1/15/2026 (a) | 2,835 | 2,583 |
Nabors Industries, Inc. 5.75%, 2/1/2025 | 7,105 | 6,787 |
Noble Finance II LLC 8.00%, 4/15/2030 (a) | 72 | 73 |
Precision Drilling Corp. (Canada) | ||
7.13%, 1/15/2026 (a) | 8,590 | 8,455 |
6.88%, 1/15/2029 (a) | 1,673 | 1,498 |
Telford Offshore Ltd. (United Arab Emirates) 12.00% (PIK), 12/31/2164 (b) | 11,063 | 5 |
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a) | 9,566 | 9,338 |
Transocean Titan Financing Ltd. 8.38%, 2/1/2028 (a) | 1,490 | 1,509 |
Transocean, Inc. 8.75%, 2/15/2030 (a) | 2,295 | 2,294 |
Valaris Ltd. 8.38%, 4/30/2030 (a) | 3,214 | 3,191 |
43,101 | ||
Entertainment — 1.3% | ||
AMC Entertainment Holdings, Inc. 10.00% (Cash), 6/15/2026 (a) (b) | 5,825 | 3,708 |
Cinemark USA, Inc. | ||
8.75%, 5/1/2025 (a) | 2,829 | 2,878 |
5.25%, 7/15/2028 (a) | 3,495 | 3,059 |
Live Nation Entertainment, Inc. | ||
4.88%, 11/1/2024 (a) | 6,970 | 6,846 |
5.63%, 3/15/2026 (a) | 10,421 | 10,183 |
6.50%, 5/15/2027 (a) | 14,438 | 14,463 |
4.75%, 10/15/2027 (a) | 14,713 | 13,628 |
WMG Acquisition Corp. 3.75%, 12/1/2029 (a) | 5,640 | 4,850 |
59,615 | ||
Financial Services — 0.7% | ||
Block, Inc. | ||
2.75%, 6/1/2026 | 2,960 | 2,664 |
3.50%, 6/1/2031 | 3,157 | 2,578 |
Nationstar Mortgage Holdings, Inc. | ||
5.50%, 8/15/2028 (a) | 4,953 | 4,284 |
5.13%, 12/15/2030 (a) | 5,902 | 4,757 |
5.75%, 11/15/2031 (a) | 6,960 | 5,652 |
Rocket Mortgage LLC | ||
2.88%, 10/15/2026 (a) | 3,874 | 3,385 |
3.63%, 3/1/2029 (a) | 4,876 | 4,021 |
4.00%, 10/15/2033 (a) | 685 | 516 |
Sabre GLBL, Inc. 7.38%, 9/1/2025 (a) | 4,725 | 3,996 |
31,853 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Food Products — 0.6% | ||
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (a) | 8,170 | 7,275 |
Post Holdings, Inc. | ||
5.63%, 1/15/2028 (a) | 565 | 545 |
5.50%, 12/15/2029 (a) | 12,447 | 11,572 |
4.63%, 4/15/2030 (a) | 10,251 | 8,977 |
28,369 | ||
Gas Utilities — 0.2% | ||
AmeriGas Partners LP | ||
5.88%, 8/20/2026 | 3,007 | 2,796 |
5.75%, 5/20/2027 | 2,153 | 1,950 |
9.38%, 6/1/2028 (a) | 3,599 | 3,599 |
Superior Plus LP (Canada) 4.50%, 3/15/2029 (a) | 2,992 | 2,619 |
10,964 | ||
Ground Transportation — 1.4% | ||
Avis Budget Car Rental LLC | ||
5.75%, 7/15/2027 (a) | 8,257 | 7,747 |
4.75%, 4/1/2028 (a) | 5,760 | 5,135 |
5.38%, 3/1/2029 (a) | 8,907 | 8,022 |
EquipmentShare.com, Inc. 9.00%, 5/15/2028 (a) | 6,800 | 6,239 |
Hertz Corp. (The) | ||
4.63%, 12/1/2026 (a) | 5,228 | 4,662 |
5.00%, 12/1/2029 (a) | 13,031 | 10,462 |
Hertz Corp. (The), Escrow | ||
5.50%, 10/15/2024 | 6,563 | 164 |
6.00%, 1/15/2028 | 20,858 | 1,460 |
Hertz Corp., Escrow 7.13%, 8/1/2026 | 22,954 | 1,607 |
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a) | 2,326 | 2,056 |
Uber Technologies, Inc. | ||
7.50%, 9/15/2027 (a) | 5,613 | 5,758 |
4.50%, 8/15/2029 (a) | 6,195 | 5,651 |
XPO, Inc. 6.25%, 6/1/2028 (a) | 3,830 | 3,769 |
62,732 | ||
Health Care Equipment & Supplies — 0.9% | ||
Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | 12,341 | 11,415 |
Hologic, Inc. 3.25%, 2/15/2029 (a) | 3,662 | 3,198 |
Medline Borrower LP | ||
3.88%, 4/1/2029 (a) | 18,701 | 16,129 |
5.25%, 10/1/2029 (a) | 9,784 | 8,371 |
39,113 | ||
Health Care Providers & Services — 5.2% | ||
180 Medical, Inc. (United Kingdom) 3.88%, 10/15/2029 (a) | 1,918 | 1,677 |
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a) | 11,080 | 10,532 |
AHP Health Partners, Inc. 5.75%, 7/15/2029 (a) | 6,184 | 5,256 |
Centene Corp. 4.63%, 12/15/2029 | 26,793 | 24,848 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Health Care Providers & Services — continued | ||
Community Health Systems, Inc. | ||
8.00%, 3/15/2026 (a) | 13,850 | 12,932 |
5.63%, 3/15/2027 (a) | 3,815 | 3,266 |
6.00%, 1/15/2029 (a) | 4,330 | 3,491 |
6.13%, 4/1/2030 (a) | 3,732 | 2,016 |
5.25%, 5/15/2030 (a) | 11,657 | 8,756 |
4.75%, 2/15/2031 (a) | 4,155 | 2,985 |
DaVita, Inc. | ||
4.63%, 6/1/2030 (a) | 9,705 | 8,312 |
3.75%, 2/15/2031 (a) | 19,541 | 15,503 |
Encompass Health Corp. | ||
4.50%, 2/1/2028 | 19,086 | 17,581 |
4.75%, 2/1/2030 | 3,890 | 3,543 |
4.63%, 4/1/2031 | 3,642 | 3,180 |
Envision Healthcare Corp. 8.75%, 10/15/2026 (a) | 10,925 | 55 |
Global Medical Response, Inc. 6.50%, 10/1/2025 (a) | 12,075 | 8,159 |
Owens & Minor, Inc. | ||
4.50%, 3/31/2029 (a) | 10,359 | 8,494 |
6.63%, 4/1/2030 (a) | 3,863 | 3,482 |
Radiology Partners, Inc. 9.25%, 2/1/2028 (a) | 6,010 | 1,653 |
RP Escrow Issuer LLC 5.25%, 12/15/2025 (a) | 4,096 | 2,735 |
Tenet Healthcare Corp. | ||
4.88%, 1/1/2026 | 35,566 | 34,404 |
6.25%, 2/1/2027 | 20,360 | 20,056 |
5.13%, 11/1/2027 | 18,376 | 17,560 |
6.13%, 6/15/2030 (a) | 6,385 | 6,171 |
6.75%, 5/15/2031 (a) | 7,841 | 7,833 |
234,480 | ||
Health Care Technology — 0.2% | ||
IQVIA, Inc. | ||
5.00%, 10/15/2026 (a) | 3,237 | 3,148 |
5.00%, 5/15/2027 (a) | 4,261 | 4,098 |
6.50%, 5/15/2030 (a) | 2,503 | 2,545 |
9,791 | ||
Hotel & Resort REITs — 0.6% | ||
RHP Hotel Properties LP | ||
4.75%, 10/15/2027 | 21,206 | 19,647 |
4.50%, 2/15/2029 (a) | 6,648 | 5,878 |
25,525 | ||
Hotels, Restaurants & Leisure — 4.8% | ||
1011778 BC ULC (Canada) 4.00%, 10/15/2030 (a) | 16,456 | 14,127 |
Boyne USA, Inc. 4.75%, 5/15/2029 (a) | 7,397 | 6,607 |
Caesars Entertainment, Inc. | ||
6.25%, 7/1/2025 (a) | 14,045 | 14,003 |
8.13%, 7/1/2027 (a) | 6,833 | 6,963 |
4.63%, 10/15/2029 (a) | 3,922 | 3,381 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Hotels, Restaurants & Leisure — continued | ||
Carnival Corp. | ||
10.50%, 2/1/2026 (a) | 1,818 | 1,889 |
5.75%, 3/1/2027 (a) | 11,204 | 9,591 |
9.88%, 8/1/2027 (a) | 600 | 619 |
4.00%, 8/1/2028 (a) | 6,020 | 5,250 |
6.00%, 5/1/2029 (a) | 1,919 | 1,595 |
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (a) | 5,553 | 6,011 |
Cedar Fair LP | ||
5.38%, 4/15/2027 | 1,660 | 1,583 |
5.25%, 7/15/2029 | 8,310 | 7,639 |
Hilton Domestic Operating Co., Inc. | ||
5.75%, 5/1/2028 (a) | 1,937 | 1,910 |
3.75%, 5/1/2029 (a) | 1,292 | 1,140 |
4.88%, 1/15/2030 | 5,025 | 4,672 |
Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | 4,792 | 4,653 |
International Game Technology plc 6.50%, 2/15/2025 (a) | 530 | 532 |
IRB Holding Corp. 7.00%, 6/15/2025 (a) | 1,810 | 1,814 |
Marriott Ownership Resorts, Inc. 4.50%, 6/15/2029 (a) | 8,221 | 7,044 |
MGM Resorts International | ||
6.75%, 5/1/2025 | 2,005 | 2,013 |
5.75%, 6/15/2025 | 1,241 | 1,232 |
4.63%, 9/1/2026 | 14,278 | 13,495 |
5.50%, 4/15/2027 | 3,010 | 2,882 |
Royal Caribbean Cruises Ltd. | ||
11.50%, 6/1/2025 (a) | 6,261 | 6,618 |
11.63%, 8/15/2027 (a) | 10,188 | 11,072 |
8.25%, 1/15/2029 (a) | 5,292 | 5,568 |
9.25%, 1/15/2029 (a) | 5,307 | 5,642 |
7.25%, 1/15/2030 (a) | 4,366 | 4,405 |
Six Flags Entertainment Corp. | ||
5.50%, 4/15/2027 (a) | 3,439 | 3,250 |
7.25%, 5/15/2031 (a) | 3,155 | 3,033 |
Station Casinos LLC 4.50%, 2/15/2028 (a) | 15,917 | 14,164 |
Vail Resorts, Inc. 6.25%, 5/15/2025 (a) | 12,128 | 12,158 |
Wynn Las Vegas LLC 5.50%, 3/1/2025 (a) | 14,364 | 14,083 |
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a) | 10,225 | 9,124 |
Yum! Brands, Inc. | ||
3.63%, 3/15/2031 | 4,105 | 3,507 |
4.63%, 1/31/2032 | 3,778 | 3,436 |
216,705 | ||
Household Durables — 0.8% | ||
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a) | 11,224 | 9,902 |
Newell Brands, Inc. | ||
4.70%, 4/1/2026 (h) | 6,703 | 6,217 |
6.38%, 9/15/2027 | 4,876 | 4,638 |
6.63%, 9/15/2029 | 1,156 | 1,091 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Household Durables — continued | ||
Tempur Sealy International, Inc. | ||
4.00%, 4/15/2029 (a) | 10,182 | 8,664 |
3.88%, 10/15/2031 (a) | 5,226 | 4,180 |
34,692 | ||
Household Products — 1.3% | ||
Central Garden & Pet Co. | ||
4.13%, 10/15/2030 | 11,446 | 9,601 |
4.13%, 4/30/2031 (a) | 775 | 638 |
Energizer Holdings, Inc. | ||
6.50%, 12/31/2027 (a) | 3,445 | 3,311 |
4.75%, 6/15/2028 (a) | 17,006 | 15,127 |
4.38%, 3/31/2029 (a) | 13,895 | 11,898 |
Spectrum Brands, Inc. | ||
5.00%, 10/1/2029 (a) | 4,874 | 4,350 |
5.50%, 7/15/2030 (a) | 14,429 | 13,203 |
3.88%, 3/15/2031 (a) | 2,802 | 2,289 |
60,417 | ||
Independent Power and Renewable Electricity Producers — 0.2% | ||
Calpine Corp. | ||
4.63%, 2/1/2029 (a) | 2,144 | 1,813 |
5.00%, 2/1/2031 (a) | 760 | 613 |
Vistra Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.74%), 7.00%, 12/15/2026 (a) (c) (d) (e) | 6,765 | 5,951 |
8,377 | ||
IT Services — 0.7% | ||
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | 7,045 | 5,724 |
Arches Buyer, Inc. | ||
4.25%, 6/1/2028 (a) | 4,808 | 4,071 |
6.13%, 12/1/2028 (a) | 1,874 | 1,622 |
Booz Allen Hamilton, Inc. 3.88%, 9/1/2028 (a) | 3,231 | 2,895 |
Conduent Business Services LLC 6.00%, 11/1/2029 (a) | 9,830 | 8,037 |
Gartner, Inc. | ||
4.50%, 7/1/2028 (a) | 151 | 142 |
3.63%, 6/15/2029 (a) | 4,830 | 4,292 |
Presidio Holdings, Inc. 4.88%, 2/1/2027 (a) | 4,790 | 4,477 |
31,260 | ||
Leisure Products — 0.3% | ||
Mattel, Inc. 5.88%, 12/15/2027 (a) | 3,462 | 3,374 |
Vista Outdoor, Inc. 4.50%, 3/15/2029 (a) | 12,339 | 10,106 |
13,480 | ||
Life Sciences Tools & Services — 0.1% | ||
Syneos Health, Inc. 3.63%, 1/15/2029 (a) | 5,944 | 5,751 |
Machinery — 0.4% | ||
ATS Corp. (Canada) 4.13%, 12/15/2028 (a) | 3,017 | 2,702 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Machinery — continued | ||
Chart Industries, Inc. | ||
7.50%, 1/1/2030 (a) | 3,008 | 3,038 |
9.50%, 1/1/2031 (a) | 1,025 | 1,072 |
Hillenbrand, Inc. 5.00%, 9/15/2026 (h) | 1,165 | 1,125 |
Terex Corp. 5.00%, 5/15/2029 (a) | 7,660 | 7,098 |
Wabash National Corp. 4.50%, 10/15/2028 (a) | 5,435 | 4,728 |
19,763 | ||
Media — 8.1% | ||
Altice Financing SA (Luxembourg) | ||
5.00%, 1/15/2028 (a) | 253 | 198 |
5.75%, 8/15/2029 (a) | 6,923 | 5,279 |
Audacy Capital Corp. 6.50%, 5/1/2027 (a) | 20,880 | 574 |
Clear Channel Outdoor Holdings, Inc. | ||
5.13%, 8/15/2027 (a) | 16,579 | 14,615 |
7.75%, 4/15/2028 (a) | 8,220 | 6,124 |
7.50%, 6/1/2029 (a) | 12,627 | 8,993 |
CSC Holdings LLC | ||
5.38%, 2/1/2028 (a) | 14,132 | 11,118 |
7.50%, 4/1/2028 (a) | 4,109 | 2,226 |
11.25%, 5/15/2028 (a) | 3,256 | 3,085 |
6.50%, 2/1/2029 (a) | 12,630 | 9,944 |
5.75%, 1/15/2030 (a) | 9,998 | 4,403 |
4.50%, 11/15/2031 (a) | 7,710 | 5,361 |
Diamond Sports Group LLC 5.38%, 8/15/2026 (a) (i) | 8,271 | 348 |
Directv Financing LLC 5.88%, 8/15/2027 (a) | 7,244 | 6,381 |
DISH DBS Corp. | ||
5.88%, 11/15/2024 | 43,518 | 37,273 |
7.75%, 7/1/2026 | 19,813 | 11,368 |
5.25%, 12/1/2026 (a) | 26,075 | 20,597 |
5.75%, 12/1/2028 (a) | 4,317 | 3,131 |
DISH Network Corp. 11.75%, 11/15/2027 (a) | 20,703 | 19,815 |
Gannett Holdings LLC 6.00%, 11/1/2026 (a) | 3,128 | 2,604 |
GCI LLC 4.75%, 10/15/2028 (a) | 16,567 | 13,987 |
Gray Escrow II, Inc. 5.38%, 11/15/2031 (a) | 4,027 | 2,562 |
Gray Television, Inc. | ||
7.00%, 5/15/2027 (a) | 15,483 | 12,751 |
4.75%, 10/15/2030 (a) | 1,221 | 791 |
iHeartCommunications, Inc. | ||
6.38%, 5/1/2026 | 6,717 | 5,099 |
8.38%, 5/1/2027 | 17,742 | 10,009 |
5.25%, 8/15/2027 (a) | 9,055 | 6,359 |
Liberty Interactive LLC 8.25%, 2/1/2030 | 1,784 | 623 |
McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (a) | 5,305 | 4,523 |
Midcontinent Communications 5.38%, 8/15/2027 (a) | 6,373 | 5,938 |
National CineMedia LLC 5.88%, 4/15/2028 (a) | 6,030 | 1,951 |
News Corp. | ||
3.88%, 5/15/2029 (a) | 6,591 | 5,787 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Media — continued | ||
5.13%, 2/15/2032 (a) | 2,220 | 2,020 |
Nexstar Media, Inc. | ||
5.63%, 7/15/2027 (a) | 25,524 | 23,418 |
4.75%, 11/1/2028 (a) | 12,311 | 10,388 |
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a) | 4,906 | 3,778 |
Sirius XM Radio, Inc. | ||
5.00%, 8/1/2027 (a) | 12,905 | 11,701 |
4.00%, 7/15/2028 (a) | 8,616 | 7,215 |
5.50%, 7/1/2029 (a) | 35,034 | 30,581 |
4.13%, 7/1/2030 (a) | 1,942 | 1,527 |
Stagwell Global LLC 5.63%, 8/15/2029 (a) | 9,171 | 7,871 |
Univision Communications, Inc. | ||
6.63%, 6/1/2027 (a) | 1,620 | 1,534 |
4.50%, 5/1/2029 (a) | 2,688 | 2,257 |
7.38%, 6/30/2030 (a) | 6,458 | 6,004 |
UPC Holding BV (Netherlands) 5.50%, 1/15/2028 (a) | 1,890 | 1,658 |
Videotron Ltd. (Canada) 5.13%, 4/15/2027 (a) | 11,273 | 10,874 |
VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (a) | 1,817 | 1,445 |
366,088 | ||
Metals & Mining — 1.7% | ||
Alcoa Nederland Holding BV | ||
5.50%, 12/15/2027 (a) | 6,842 | 6,678 |
6.13%, 5/15/2028 (a) | 4,505 | 4,421 |
Arconic Corp. | ||
6.00%, 5/15/2025 (a) | 3,765 | 3,775 |
6.13%, 2/15/2028 (a) | 13,889 | 14,019 |
ATI, Inc. | ||
5.88%, 12/1/2027 | 7,169 | 6,829 |
4.88%, 10/1/2029 | 3,082 | 2,735 |
5.13%, 10/1/2031 | 2,310 | 2,026 |
Big River Steel LLC 6.63%, 1/31/2029 (a) | 9,200 | 9,131 |
Carpenter Technology Corp. | ||
6.38%, 7/15/2028 | 6,581 | 6,343 |
7.63%, 3/15/2030 | 1,513 | 1,521 |
Cleveland-Cliffs, Inc. | ||
4.63%, 3/1/2029 (a) | 8,550 | 7,597 |
6.75%, 4/15/2030 (a) | 3,744 | 3,536 |
Novelis Corp. | ||
4.75%, 1/30/2030 (a) | 4,547 | 4,035 |
3.88%, 8/15/2031 (a) | 1,534 | 1,260 |
United States Steel Corp. 6.88%, 3/1/2029 | 764 | 738 |
74,644 | ||
Oil, Gas & Consumable Fuels — 8.7% | ||
Antero Midstream Partners LP | ||
7.88%, 5/15/2026 (a) | 8,938 | 9,059 |
5.75%, 3/1/2027 (a) | 5,255 | 5,035 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
5.75%, 1/15/2028 (a) | 7,874 | 7,510 |
Antero Resources Corp. | ||
8.38%, 7/15/2026 (a) | 4,943 | 5,126 |
7.63%, 2/1/2029 (a) | 3,522 | 3,583 |
5.38%, 3/1/2030 (a) | 2,802 | 2,576 |
Baytex Energy Corp. (Canada) | ||
8.75%, 4/1/2027 (a) | 9,164 | 9,260 |
8.50%, 4/30/2030 (a) | 7,860 | 7,682 |
Blue Racer Midstream LLC 7.63%, 12/15/2025 (a) | 4,070 | 4,115 |
Buckeye Partners LP | ||
4.13%, 3/1/2025 (a) | 2,835 | 2,694 |
4.13%, 12/1/2027 | 2,953 | 2,584 |
4.50%, 3/1/2028 (a) | 6,011 | 5,289 |
California Resources Corp. 7.13%, 2/1/2026 (a) | 9,224 | 9,362 |
Cheniere Energy, Inc. 4.63%, 10/15/2028 | 5,208 | 4,887 |
Chesapeake Energy Corp. | ||
5.50%, 2/1/2026 (a) | 2,474 | 2,406 |
6.75%, 4/15/2029 (a) | 13,114 | 12,822 |
Chord Energy Corp. 6.38%, 6/1/2026 (a) | 10,555 | 10,397 |
CNX Midstream Partners LP 4.75%, 4/15/2030 (a) | 1,540 | 1,275 |
CNX Resources Corp. | ||
6.00%, 1/15/2029 (a) | 2,964 | 2,737 |
7.38%, 1/15/2031 (a) | 3,105 | 2,989 |
Comstock Resources, Inc. | ||
6.75%, 3/1/2029 (a) | 15,608 | 13,641 |
5.88%, 1/15/2030 (a) | 3,941 | 3,286 |
Crescent Energy Finance LLC 9.25%, 2/15/2028 (a) | 6,281 | 6,081 |
Crestwood Midstream Partners LP | ||
5.75%, 4/1/2025 | 9,094 | 8,920 |
8.00%, 4/1/2029 (a) | 9,781 | 9,833 |
7.38%, 2/1/2031 (a) | 2,495 | 2,449 |
DT Midstream, Inc. | ||
4.13%, 6/15/2029 (a) | 6,226 | 5,399 |
4.38%, 6/15/2031 (a) | 2,462 | 2,071 |
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a) | 11,130 | 10,226 |
EnLink Midstream LLC 6.50%, 9/1/2030 (a) | 3,981 | 3,956 |
EnLink Midstream Partners LP Series C, (ICE LIBOR USD 3 Month + 4.11%), 8.98%, 7/10/2023 (c) (d) (e) | 7,226 | 5,975 |
EQM Midstream Partners LP | ||
6.00%, 7/1/2025 (a) | 1,397 | 1,382 |
4.13%, 12/1/2026 | 1,555 | 1,430 |
7.50%, 6/1/2027 (a) | 3,980 | 4,004 |
6.50%, 7/1/2027 (a) | 5,285 | 5,163 |
4.50%, 1/15/2029 (a) | 6,778 | 5,922 |
7.50%, 6/1/2030 (a) | 2,783 | 2,797 |
4.75%, 1/15/2031 (a) | 7,073 | 6,070 |
Genesis Energy LP | ||
6.25%, 5/15/2026 | 5,665 | 5,381 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
8.00%, 1/15/2027 | 2,125 | 2,070 |
7.75%, 2/1/2028 | 3,256 | 3,130 |
8.88%, 4/15/2030 | 3,930 | 3,865 |
Gulfport Energy Corp. | ||
8.00%, 5/17/2026 | 4,317 | 4,307 |
8.00%, 5/17/2026 (a) | 9,001 | 8,978 |
Gulfport Energy Operating Corp., Escrow | ||
6.00%, 10/15/2024 | 10,250 | 6 |
6.38%, 5/15/2025 | 1,796 | 1 |
6.38%, 1/15/2026 | 8,845 | 6 |
Hess Midstream Operations LP | ||
5.63%, 2/15/2026 (a) | 4,965 | 4,872 |
4.25%, 2/15/2030 (a) | 4,332 | 3,754 |
Hilcorp Energy I LP | ||
6.25%, 11/1/2028 (a) | 1,173 | 1,096 |
5.75%, 2/1/2029 (a) | 1,070 | 968 |
6.00%, 4/15/2030 (a) | 2,773 | 2,500 |
6.25%, 4/15/2032 (a) | 2,307 | 2,064 |
Holly Energy Partners LP 5.00%, 2/1/2028 (a) | 5,425 | 4,998 |
Kinetik Holdings LP 5.88%, 6/15/2030 (a) | 2,389 | 2,264 |
NGL Energy Operating LLC 7.50%, 2/1/2026 (a) | 2,926 | 2,796 |
NuStar Logistics LP | ||
5.75%, 10/1/2025 | 922 | 900 |
6.00%, 6/1/2026 | 2,880 | 2,795 |
5.63%, 4/28/2027 | 7,093 | 6,714 |
Occidental Petroleum Corp. | ||
8.50%, 7/15/2027 | 1,167 | 1,278 |
6.38%, 9/1/2028 | 2,710 | 2,789 |
8.88%, 7/15/2030 | 9,323 | 10,744 |
6.63%, 9/1/2030 | 4,677 | 4,876 |
6.13%, 1/1/2031 | 2,471 | 2,511 |
Range Resources Corp. | ||
8.25%, 1/15/2029 | 8,857 | 9,224 |
4.75%, 2/15/2030 (a) | 6,838 | 6,179 |
SM Energy Co. | ||
5.63%, 6/1/2025 | 1,245 | 1,201 |
6.75%, 9/15/2026 | 2,970 | 2,867 |
6.63%, 1/15/2027 | 4,338 | 4,169 |
6.50%, 7/15/2028 | 1,862 | 1,746 |
Southwestern Energy Co. | ||
8.38%, 9/15/2028 | 6,200 | 6,462 |
5.38%, 2/1/2029 | 1,611 | 1,500 |
5.38%, 3/15/2030 | 6,516 | 5,989 |
4.75%, 2/1/2032 | 948 | 820 |
Summit Midstream Holdings LLC 9.00%, 10/15/2026 (a) (h) | 4,106 | 3,912 |
Sunoco LP | ||
4.50%, 5/15/2029 | 1,433 | 1,276 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
4.50%, 4/30/2030 | 9,638 | 8,454 |
Tallgrass Energy Partners LP | ||
7.50%, 10/1/2025 (a) | 14,519 | 14,483 |
6.00%, 3/1/2027 (a) | 1,615 | 1,510 |
6.00%, 12/31/2030 (a) | 4,310 | 3,744 |
6.00%, 9/1/2031 (a) | 7,682 | 6,533 |
Targa Resources Partners LP | ||
5.50%, 3/1/2030 | 1,860 | 1,787 |
4.88%, 2/1/2031 | 7,082 | 6,516 |
Venture Global LNG, Inc. 8.13%, 6/1/2028 (a) | 7,926 | 7,966 |
391,994 | ||
Paper & Forest Products — 0.1% | ||
Glatfelter Corp. 4.75%, 11/15/2029 (a) | 4,045 | 2,568 |
Passenger Airlines — 0.9% | ||
American Airlines, Inc. | ||
5.50%, 4/20/2026 (a) | 14,028 | 13,767 |
5.75%, 4/20/2029 (a) | 15,705 | 15,049 |
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (a) | 5,090 | 5,081 |
United Airlines, Inc. 4.38%, 4/15/2026 (a) | 5,531 | 5,233 |
VistaJet Malta Finance plc (Switzerland) 6.38%, 2/1/2030 (a) | 3,247 | 2,582 |
41,712 | ||
Personal Care Products — 0.5% | ||
Coty, Inc. | ||
5.00%, 4/15/2026 (a) | 5,409 | 5,195 |
4.75%, 1/15/2029 (a) | 4,025 | 3,695 |
Edgewell Personal Care Co. | ||
5.50%, 6/1/2028 (a) | 8,965 | 8,382 |
4.13%, 4/1/2029 (a) | 3,577 | 3,085 |
Prestige Brands, Inc. 5.13%, 1/15/2028 (a) | 2,516 | 2,403 |
22,760 | ||
Pharmaceuticals — 3.8% | ||
Bausch Health Americas, Inc. | ||
9.25%, 4/1/2026 (a) | 34,389 | 28,371 |
8.50%, 1/31/2027 (a) | 4,545 | 2,386 |
Bausch Health Cos., Inc. | ||
5.50%, 11/1/2025 (a) | 37,327 | 33,130 |
9.00%, 12/15/2025 (a) | 32,496 | 27,663 |
5.00%, 1/30/2028 (a) | 5,505 | 2,419 |
4.88%, 6/1/2028 (a) | 12,360 | 7,454 |
5.00%, 2/15/2029 (a) | 10,285 | 4,476 |
6.25%, 2/15/2029 (a) | 5,466 | 2,437 |
5.25%, 1/30/2030 (a) | 8,054 | 3,425 |
5.25%, 2/15/2031 (a) | 8,085 | 3,436 |
Catalent Pharma Solutions, Inc. | ||
5.00%, 7/15/2027 (a) | 3,674 | 3,340 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Pharmaceuticals — continued | ||
3.13%, 2/15/2029 (a) | 1,654 | 1,346 |
Elanco Animal Health, Inc. 6.65%, 8/28/2028 (h) | 2,946 | 2,819 |
Endo Dac | ||
5.88%, 10/15/2024 (a) (h) | 5,067 | 3,704 |
9.50%, 7/31/2027 (a) (i) | 5,416 | 298 |
6.00%, 6/30/2028 (a) (i) | 4,621 | 254 |
Endo Luxembourg Finance Co. I SARL | ||
6.13%, 4/1/2029 (a) (h) (i) | 4,515 | 3,292 |
6.13%, 4/1/2029 (a) (h) | 3,055 | 2,228 |
Jazz Securities DAC 4.38%, 1/15/2029 (a) | 1,781 | 1,596 |
Mallinckrodt International Finance SA | ||
11.50%, 12/15/2028 (a) | 17,610 | 13,031 |
10.00%, 6/15/2029 (a) | 5,503 | 1,962 |
Organon & Co. | ||
4.13%, 4/30/2028 (a) | 11,933 | 10,623 |
5.13%, 4/30/2031 (a) | 6,966 | 5,911 |
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a) (h) (i) | 7,307 | 5,397 |
170,998 | ||
Professional Services — 0.0% ^ | ||
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029 (a) | 2,244 | 1,955 |
Real Estate Management & Development — 0.2% | ||
Kennedy-Wilson, Inc. 4.75%, 3/1/2029 | 1,337 | 1,050 |
Realogy Group LLC 5.25%, 4/15/2030 (a) | 10,943 | 7,591 |
8,641 | ||
Semiconductors & Semiconductor Equipment — 1.1% | ||
ams-OSRAM AG (Austria) 7.00%, 7/31/2025 (a) | 7,669 | 6,710 |
Entegris Escrow Corp. | ||
4.75%, 4/15/2029 (a) | 8,287 | 7,748 |
5.95%, 6/15/2030 (a) | 6,927 | 6,673 |
Entegris, Inc. | ||
4.38%, 4/15/2028 (a) | 7,124 | 6,547 |
3.63%, 5/1/2029 (a) | 5,818 | 5,021 |
ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | 14,750 | 13,320 |
Synaptics, Inc. 4.00%, 6/15/2029 (a) | 3,950 | 3,308 |
49,327 | ||
Software — 1.4% | ||
ACI Worldwide, Inc. 5.75%, 8/15/2026 (a) | 3,540 | 3,496 |
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | 4,258 | 3,507 |
Black Knight InfoServ LLC 3.63%, 9/1/2028 (a) | 6,876 | 6,154 |
Clarivate Science Holdings Corp. | ||
3.88%, 7/1/2028 (a) | 4,395 | 3,883 |
4.88%, 7/1/2029 (a) | 4,882 | 4,193 |
NCR Corp. | ||
5.75%, 9/1/2027 (a) | 10,740 | 10,682 |
5.00%, 10/1/2028 (a) | 3,960 | 3,481 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Software — continued | ||
5.13%, 4/15/2029 (a) | 6,057 | 5,298 |
6.13%, 9/1/2029 (a) | 8,610 | 8,539 |
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a) | 14,378 | 13,724 |
62,957 | ||
Specialized REITs — 0.3% | ||
Iron Mountain, Inc. | ||
5.00%, 7/15/2028 (a) | 3,844 | 3,519 |
4.88%, 9/15/2029 (a) | 5,670 | 5,057 |
4.50%, 2/15/2031 (a) | 4,401 | 3,748 |
SBA Communications Corp. 3.13%, 2/1/2029 | 325 | 274 |
12,598 | ||
Specialty Retail — 2.3% | ||
Asbury Automotive Group, Inc. | ||
4.50%, 3/1/2028 | 4,416 | 4,028 |
4.63%, 11/15/2029 (a) | 6,483 | 5,714 |
4.75%, 3/1/2030 | 1,685 | 1,476 |
Bath & Body Works, Inc. | ||
6.63%, 10/1/2030 (a) | 4,313 | 4,110 |
6.88%, 11/1/2035 | 331 | 300 |
6.75%, 7/1/2036 | 2,199 | 1,963 |
Gap, Inc. (The) 3.63%, 10/1/2029 (a) | 4,527 | 3,185 |
Lithia Motors, Inc. 3.88%, 6/1/2029 (a) | 6,570 | 5,660 |
PetSmart, Inc. | ||
4.75%, 2/15/2028 (a) | 14,279 | 13,211 |
7.75%, 2/15/2029 (a) | 6,731 | 6,535 |
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a) | 6,233 | 5,157 |
SRS Distribution, Inc. | ||
4.63%, 7/1/2028 (a) | 6,229 | 5,496 |
6.13%, 7/1/2029 (a) | 3,971 | 3,288 |
6.00%, 12/1/2029 (a) | 8,220 | 6,750 |
Staples, Inc. | ||
7.50%, 4/15/2026 (a) | 25,587 | 21,032 |
10.75%, 4/15/2027 (a) | 15,104 | 9,261 |
White Cap Buyer LLC 6.88%, 10/15/2028 (a) | 4,530 | 3,917 |
101,083 | ||
Technology Hardware, Storage & Peripherals — 0.1% | ||
Seagate HDD Cayman | ||
8.25%, 12/15/2029 (a) | 4,154 | 4,248 |
8.50%, 7/15/2031 (a) | 1,040 | 1,065 |
5,313 | ||
Textiles, Apparel & Luxury Goods — 0.1% | ||
Hanesbrands, Inc. 9.00%, 2/15/2031 (a) | 2,330 | 2,330 |
Trading Companies & Distributors — 1.0% | ||
Herc Holdings, Inc. 5.50%, 7/15/2027 (a) | 3,525 | 3,347 |
Imola Merger Corp. 4.75%, 5/15/2029 (a) | 15,632 | 13,447 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Trading Companies & Distributors — continued | ||
United Rentals North America, Inc. | ||
4.88%, 1/15/2028 | 3,770 | 3,597 |
5.25%, 1/15/2030 | 6,415 | 6,080 |
WESCO Distribution, Inc. | ||
7.13%, 6/15/2025 (a) | 7,555 | 7,610 |
7.25%, 6/15/2028 (a) | 10,930 | 11,172 |
45,253 | ||
Wireless Telecommunication Services — 0.7% | ||
Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | 605 | 559 |
Sprint LLC | ||
7.13%, 6/15/2024 | 4,175 | 4,218 |
7.63%, 2/15/2025 | 10,268 | 10,520 |
7.63%, 3/1/2026 | 14,074 | 14,714 |
United States Cellular Corp. 6.70%, 12/15/2033 | 4,343 | 3,571 |
33,582 | ||
Total Corporate Bonds (Cost $4,407,657) | 3,901,555 | |
Loan Assignments — 6.2% (e) (j) | ||
Automobile Components — 0.2% | ||
DexKo Global, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 8.91%, 10/4/2028 | 9,960 | 9,399 |
Beverages — 0.1% | ||
Triton Water Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 8.66%, 3/31/2028 | 7,208 | 6,820 |
Broadline Retail — 0.1% | ||
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 10.27%, 9/25/2026 | 5,704 | 3,265 |
Building Products — 0.2% | ||
Cabinetworks, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 9.41%, 5/17/2028 | 10,629 | 8,624 |
Chemicals — 0.2% | ||
Ineos US Finance LLC, 1st Lien Term Loan B (Luxembourg) (1-MONTH CME TERM SOFR + 3.50%), 8.75%, 2/18/2030 | 5,900 | 5,845 |
Venator Materials Corp., 1st Lien New Dip Term Loan (3-MONTH CME TERM SOFR + 10.00%), 10.00%, 9/14/2023 | 1,645 | 1,653 |
7,498 | ||
Commercial Services & Supplies — 0.2% | ||
Madison IAQ LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 8.30%, 6/21/2028 | 7,588 | 7,256 |
Consumer Staples Distribution & Retail — 0.5% | ||
Moran Foods LLC, 2nd Lien Term Loan (3-MONTH CME TERM SOFR + 9.50%), 14.46%, 12/31/2026 | 6,959 | 4,871 |
Moran Foods, LLC, 1st Lien Super Senior Delayed Term Loan (3-MONTH SOFR + 11.50%), 16.55%, 6/30/2026 ‡ | 2,148 | 2,149 |
Moran Foods, LLC, 1st Lien Term Loan | ||
(3-MONTH CME TERM SOFR + 7.25%), 12.21%, 6/30/2026 | 14,403 | 12,963 |
(3-MONTH CME TERM SOFR + 7.25%), 12.21%, 6/30/2026 ‡ | 4,082 | 3,265 |
23,248 | ||
Containers & Packaging — 0.5% | ||
Graham Packaging Co., Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 8.27%, 8/4/2027 | 12,886 | 12,546 |
LABL, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 10.25%, 10/29/2028 | 8,134 | 7,911 |
20,457 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Loan Assignments — continued | ||
Diversified Telecommunication Services — 0.1% | ||
Numericable U.S. LLC, 1st Lien Term Loan B-14 (France) (3-MONTH CME TERM SOFR + 5.50%), 10.49%, 8/15/2028 | 6,959 | 5,788 |
Ground Transportation — 0.3% | ||
First Student Bidco, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 8.14%, 7/21/2028 | 7,691 | 7,135 |
First Student Bidco, Inc., 1st Lien Term Loan C | ||
(ICE LIBOR USD 3 Month + 3.00%), 8.14%, 7/21/2028 | 2,875 | 2,667 |
(3-MONTH CME TERM SOFR + 4.00%), 9.00%, 7/21/2028 | 417 | 400 |
First Student Bidco, Inc., Term Loan B (3-MONTH CME TERM SOFR + 4.00%), 9.00%, 7/21/2028 | 5,985 | 5,738 |
15,940 | ||
Health Care Equipment & Supplies — 0.1% | ||
Medline, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 8.40%, 10/23/2028 | 4,800 | 4,648 |
Health Care Providers & Services — 0.4% | ||
Envision Healthcare Corp., 1st Lien Term Loan | ||
(3-MONTH CME TERM SOFR + 3.75%), 8.65%, 3/31/2027 | 11,737 | 99 |
(3-MONTH CME TERM SOFR + 4.25%), 9.15%, 3/31/2027 | 4,803 | 699 |
Parexel International Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 8.40%, 11/15/2028 | 9,163 | 8,852 |
U.S. Renal Care, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 10.02%, 6/26/2026 | 13,650 | 7,130 |
16,780 | ||
IT Services — 0.1% | ||
Ahead DB Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 8.91%, 10/18/2027 | 2,565 | 2,419 |
Exela Intermediate LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 11.66%, 7/12/2023 | 4,262 | 2,003 |
4,422 | ||
Leisure Products — 0.3% | ||
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2023 ‡ (i) | 3,701 | 403 |
Hercules Achievement, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 10.27%, 12/15/2026 | 14,405 | 13,365 |
13,768 | ||
Machinery — 0.4% | ||
SPX Flow, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.50%), 9.75%, 4/5/2029 | 4,520 | 4,269 |
Thyssenkrupp Elevator, 1st Lien Term Loan B-1 (Germany) (ICE LIBOR USD 6 Month + 3.50%), 8.60%, 7/30/2027 | 9,736 | 9,376 |
Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 8.15%, 3/28/2025 | 3,984 | 3,769 |
17,414 | ||
Media — 0.6% | ||
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.81%, 8/21/2026 | 3,980 | 3,738 |
CSC Holdings LLC, Term Loan B-6 (1-MONTH CME TERM SOFR + 4.50%), 9.56%, 1/18/2028 | 600 | 529 |
DirectV Financing LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 10.15%, 8/2/2027 (k) (l) | 14,551 | 13,783 |
iHeartCommunications, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 8.15%, 5/1/2026 | 12,331 | 9,616 |
27,666 | ||
Passenger Airlines — 0.1% | ||
AAdvantage Loyality IP Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.75%), 10.00%, 4/20/2028 (k) (l) | 5,350 | 5,367 |
Personal Care Products — 0.5% | ||
Nestle Skin Health SA, Term Loan B (Luxembourg) (ICE LIBOR USD 3 Month + 3.75%), 8.91%, 10/1/2026 | 25,518 | 24,859 |
Semiconductors & Semiconductor Equipment — 0.1% | ||
Brooks Automation, 1st Lien Term Loan B (6-MONTH SOFR + 3.10%), 6.61%, 2/1/2029 | 3,474 | 3,300 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Loan Assignments — continued | ||
Software — 0.1% | ||
Genesys Telecom Holdings US, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 9.07%, 12/1/2027 | 4,691 | 4,568 |
Specialty Retail — 1.1% | ||
AppleCaramel Buyer LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 8.90%, 10/19/2027 (k) (l) | 700 | 687 |
Claire's Stores, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 6.50%), 11.75%, 12/18/2026 (m) | 13,038 | 12,044 |
Petco Health and Wellness Co., Inc., Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.41%, 3/3/2028 | 12,001 | 11,746 |
PrimeSource, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 8.52%, 12/28/2027 | 5,588 | 5,227 |
Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 9.65%, 12/22/2025 | 19,826 | 12,689 |
Serta Simmons Bedding LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 7.50%), 12.27%, 8/10/2023 | 12,878 | 7,046 |
49,439 | ||
Total Loan Assignments (Cost $321,810) | 280,526 | |
SHARES (000) | ||
Common Stocks — 2.0% | ||
Broadline Retail — 0.1% | ||
Moran Foods Backstop Equity ‡ * | 616 | 1,539 |
MYT Holding LLC ‡ * | 5,623 | 2,671 |
4,210 | ||
Communications Equipment — 0.0% ^ | ||
Goodman Networks, Inc. ‡ * | 300 | — |
Diversified Telecommunication Services — 0.1% | ||
Frontier Communications Parent, Inc. * | 251 | 3,733 |
Energy Equipment & Services — 0.0% ^ | ||
Telford Offshore Holdings Ltd. (Cayman Islands) ‡ * | 367 | — |
Financial Services — 0.0% ^ | ||
ACC Claims Holdings LLC ‡ | 7,076 | 18 |
Media — 0.1% | ||
Clear Channel Outdoor Holdings, Inc. * | 2,312 | 2,843 |
iHeartMedia, Inc., Class A * | 273 | 647 |
3,490 | ||
Oil, Gas & Consumable Fuels — 0.6% | ||
Chesapeake Energy Corp. | 82 | 6,198 |
Chord Energy Corp. | 58 | 8,229 |
EP Energy Corp. ‡ * | 296 | 2,220 |
Gulfport Energy Corp. * | 127 | 12,320 |
28,967 | ||
Pharmaceuticals — 0.0% ^ | ||
Mallinckrodt plc * | 193 | 532 |
Professional Services — 0.3% | ||
NMG, Inc. ‡ * | 89 | 11,651 |
Specialized REITs — 0.3% | ||
VICI Properties, Inc. | 393 | 12,150 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Specialty Retail — 0.1% | ||
Claire's Stores, Inc. ‡ * | 17 | 5,011 |
Wireless Telecommunication Services — 0.4% | ||
Intelsat SA (Luxembourg) ‡ * | 748 | 19,441 |
Total Common Stocks (Cost $89,309) | 89,203 | |
Convertible Preferred Stocks — 0.7% | ||
Specialty Retail — 0.7% | ||
Claire's Stores, Inc. ‡ * (Cost $3,724) | 14 | 31,443 |
PRINCIPAL AMOUNT ($000) | ||
Convertible Bonds — 0.7% | ||
Media — 0.6% | ||
DISH Network Corp. | ||
2.38%, 3/15/2024 | 13,085 | 11,286 |
Zero Coupon, 12/15/2025 | 7,845 | 3,589 |
3.38%, 8/15/2026 | 18,645 | 8,368 |
Liberty Interactive LLC | ||
4.00%, 11/15/2029 | 2,570 | 610 |
3.75%, 2/15/2030 | 4,448 | 1,023 |
24,876 | ||
Oil, Gas & Consumable Fuels — 0.1% | ||
Gulfport Energy Corp. 10.00% (Cash), 7/10/2023 ‡ (b) (c) (d) | 1 | 5,122 |
Total Convertible Bonds (Cost $42,589) | 29,998 | |
SHARES (000) | ||
Preferred Stocks — 0.2% | ||
Broadline Retail — 0.2% | ||
MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ | 13,477 | 10,950 |
Communications Equipment — 0.0% ^ | ||
Goodman Networks, Inc. ‡ * | 358 | — |
Oil, Gas & Consumable Fuels — 0.0% ^ | ||
Gulfport Energy Corp. ‡ * | — | 499 |
Total Preferred Stocks (Cost $14,233) | 11,449 | |
NO. OF RIGHTS (000) | ||
Rights — 0.1% | ||
Diversified Telecommunication Services — 0.0% ^ | ||
Intelsat Jackson Holdings SA, expiring 12/5/2025 (Luxembourg) ‡ * | 157 | 2 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | NO. OF RIGHTS (000) | VALUE ($000) |
Rights — continued | ||
Independent Power and Renewable Electricity Producers — 0.1% | ||
Vistra Corp., expiring 12/31/2049 ‡ * | 2,823 | 3,600 |
Total Rights (Cost $2) | 3,602 | |
NO. OF WARRANTS (000) | ||
Warrants — 0.1% | ||
Diversified Telecommunication Services — 0.0% ^ | ||
Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD ‡ * | 14 | 103 |
Media — 0.1% | ||
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD (United Kingdom) ‡ * | 109 | 2,464 |
Total Warrants (Cost $1) | 2,567 | |
SHARES (000) | ||
Short-Term Investments — 1.7% | ||
Investment Companies — 1.7% | ||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 4.97% (n) (o) (Cost $77,149) | 77,149 | 77,149 |
Total Investments — 98.4% (Cost $4,956,474) | 4,427,492 | |
Other Assets Less Liabilities — 1.6% | 70,423 | |
NET ASSETS — 100.0% | 4,497,915 |
Percentages indicated are based on net assets. | ||
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
Abbreviations | |
CME | Chicago Mercantile Exchange |
DIP | Debtor-in-Possession |
ICE | Intercontinental Exchange |
LIBOR | London Interbank Offered Rate |
REIT | Real Estate Investment Trust |
SCA | Limited partnership with share capital |
SOFR | Secured Overnight Financing Rate |
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) | Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed. | |
(c) | Security is an interest bearing note with preferred security characteristics. | |
(d) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of May 31, 2023. | |
(e) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2023. |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(f) | 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, 2023 is $11,484 or 0.26% of the Fund’s net assets as of May 31, 2023. | |
(g) | 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, 2023. | |
(h) | 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, 2023. | |
(i) | Defaulted security. | |
(j) | Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. | |
(k) | All or a portion of this security is unsettled as of May 31, 2023. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position. | |
(l) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(m) | Fund is subject to legal or contractual restrictions on the resale of the security. | |
(n) | 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. | |
(o) | The rate shown is the current yield as of May 31, 2023. |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (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.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values ("NAV") per share as of the report date.
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, 2023.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Broadline Retail | $— | $— | $4,210 | $4,210 |
Communications Equipment | — | — | — (a) | — (a) |
Diversified Telecommunication Services | 3,733 | — | — | 3,733 |
Energy Equipment & Services | — | — | — (a) | — (a) |
Financial Services | — | — | 18 | 18 |
Media | 3,490 | — | — | 3,490 |
Oil, Gas & Consumable Fuels | 26,747 | — | 2,220 | 28,967 |
Pharmaceuticals | 532 | — | — | 532 |
Professional Services | — | — | 11,651 | 11,651 |
Specialized REITs | 12,150 | — | — | 12,150 |
Specialty Retail | — | — | 5,011 | 5,011 |
Wireless Telecommunication Services | — | — | 19,441 | 19,441 |
Total Common Stocks | 46,652 | — | 42,551 | 89,203 |
Convertible Bonds | ||||
Media | — | 24,876 | — | 24,876 |
Oil, Gas & Consumable Fuels | — | — | 5,122 | 5,122 |
Total Convertible Bonds | — | 24,876 | 5,122 | 29,998 |
Convertible Preferred Stocks | — | — | 31,443 | 31,443 |
Corporate Bonds | ||||
Aerospace & Defense | — | 48,440 | — | 48,440 |
Automobile Components | — | 196,085 | — | 196,085 |
Automobiles | — | 9,678 | — | 9,678 |
Banks | — | 35,170 | — | 35,170 |
Beverages | — | 8,261 | — | 8,261 |
Biotechnology | — | 10,340 | — | 10,340 |
Broadline Retail | — | 24,809 | — | 24,809 |
Building Products | — | 97,437 | — | 97,437 |
Capital Markets | — | 1,920 | — | 1,920 |
Chemicals | — | 115,329 | — | 115,329 |
Commercial Services & Supplies | — | 137,883 | — | 137,883 |
Communications Equipment | — | 43,919 | — | 43,919 |
Construction & Engineering | — | 36,909 | — | 36,909 |
Consumer Finance | — | 144,937 | — | 144,937 |
Consumer Staples Distribution & Retail | — | 63,952 | — | 63,952 |
Containers & Packaging | — | 99,405 | — | 99,405 |
Distributors | — | 10,073 | — | 10,073 |
Diversified Consumer Services | — | 1,998 | — | 1,998 |
Diversified REITs | — | 57,588 | — | 57,588 |
Diversified Telecommunication Services | — | 346,164 | 8 | 346,172 |
Electric Utilities | — | 26,658 | — | 26,658 |
Electrical Equipment | — | 34,906 | — | 34,906 |
Electronic Equipment, Instruments & Components | — | 19,895 | — | 19,895 |
Energy Equipment & Services | — | 43,101 | — | 43,101 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Entertainment | $— | $59,615 | $— | $59,615 |
Financial Services | — | 31,853 | — | 31,853 |
Food Products | — | 28,369 | — | 28,369 |
Gas Utilities | — | 10,964 | — | 10,964 |
Ground Transportation | — | 62,732 | — | 62,732 |
Health Care Equipment & Supplies | — | 39,113 | — | 39,113 |
Health Care Providers & Services | — | 234,480 | — | 234,480 |
Health Care Technology | — | 9,791 | — | 9,791 |
Hotel & Resort REITs | — | 25,525 | — | 25,525 |
Hotels, Restaurants & Leisure | — | 216,705 | — | 216,705 |
Household Durables | — | 34,692 | — | 34,692 |
Household Products | — | 60,417 | — | 60,417 |
Independent Power and Renewable Electricity Producers | — | 8,377 | — | 8,377 |
IT Services | — | 31,260 | — | 31,260 |
Leisure Products | — | 13,480 | — | 13,480 |
Life Sciences Tools & Services | — | 5,751 | — | 5,751 |
Machinery | — | 19,763 | — | 19,763 |
Media | — | 366,088 | — | 366,088 |
Metals & Mining | — | 74,644 | — | 74,644 |
Oil, Gas & Consumable Fuels | — | 391,994 | — | 391,994 |
Paper & Forest Products | — | 2,568 | — | 2,568 |
Passenger Airlines | — | 41,712 | — | 41,712 |
Personal Care Products | — | 22,760 | — | 22,760 |
Pharmaceuticals | — | 170,998 | — | 170,998 |
Professional Services | — | 1,955 | — | 1,955 |
Real Estate Management & Development | — | 8,641 | — | 8,641 |
Semiconductors & Semiconductor Equipment | — | 49,327 | — | 49,327 |
Software | — | 62,957 | — | 62,957 |
Specialized REITs | — | 12,598 | — | 12,598 |
Specialty Retail | — | 101,083 | — | 101,083 |
Technology Hardware, Storage & Peripherals | — | 5,313 | — | 5,313 |
Textiles, Apparel & Luxury Goods | — | 2,330 | — | 2,330 |
Trading Companies & Distributors | — | 45,253 | — | 45,253 |
Wireless Telecommunication Services | — | 33,582 | — | 33,582 |
Total Corporate Bonds | — | 3,901,547 | 8 | 3,901,555 |
Loan Assignments | ||||
Automobile Components | — | 9,399 | — | 9,399 |
Beverages | — | 6,820 | — | 6,820 |
Broadline Retail | — | 3,265 | — | 3,265 |
Building Products | — | 8,624 | — | 8,624 |
Chemicals | — | 7,498 | — | 7,498 |
Commercial Services & Supplies | — | 7,256 | — | 7,256 |
Consumer Staples Distribution & Retail | — | 17,834 | 5,414 | 23,248 |
Containers & Packaging | — | 20,457 | — | 20,457 |
Diversified Telecommunication Services | — | 5,788 | — | 5,788 |
Ground Transportation | — | 15,940 | — | 15,940 |
Health Care Equipment & Supplies | — | 4,648 | — | 4,648 |
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Health Care Providers & Services | $— | $16,780 | $— | $16,780 |
IT Services | — | 4,422 | — | 4,422 |
Leisure Products | — | 13,365 | 403 | 13,768 |
Machinery | — | 17,414 | — | 17,414 |
Media | — | 27,666 | — | 27,666 |
Passenger Airlines | — | 5,367 | — | 5,367 |
Personal Care Products | — | 24,859 | — | 24,859 |
Semiconductors & Semiconductor Equipment | — | 3,300 | — | 3,300 |
Software | — | 4,568 | — | 4,568 |
Specialty Retail | — | 49,439 | — | 49,439 |
Total Loan Assignments | — | 274,709 | 5,817 | 280,526 |
Preferred Stocks | — | — | 11,449 | 11,449 |
Rights | — | — | 3,602 | 3,602 |
Warrants | — | — | 2,567 | 2,567 |
Short-Term Investments | ||||
Investment Companies | 77,149 | — | — | 77,149 |
Total Investments in Securities | $123,801 | $4,201,132 | $102,559 | $4,427,492 |
(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 28, 2023 | 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, 2023 | |
Investments in Securities: | |||||||||
Common Stocks | $45,294 | $296 | $(2,739 ) | $— | $— | $(300 ) | $— | $— | $42,551 |
Convertible Bonds | 3,490 | — | 1,632 | — | — | — | — | — | 5,122 |
Convertible Preferred Stocks | 29,715 | — | 1,728 | — | — | — | — | — | 31,443 |
Corporate Bonds | 8 | — | — | — | — | — | — | — | 8 |
Loan Assignments | 403 | — | 20 | (20 ) | 2,148 | — | 3,266 | — | 5,817 |
Preferred Stocks | 12,406 | — | (957 ) | — | — | — | — | — | 11,449 |
Rights | 3,601 | — | 1 | — | — | — | — | — | 3,602 |
Warrants | 3,389 | — | (822 ) | — | — | — | — | — | 2,567 |
Total | $98,306 | $296 | $(1,137 ) | $(20 ) | $2,148 | $(300 ) | $3,266 | $— | $102,559 |
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. |
The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2023, which were valued using significant unobservable inputs (level 3) amounted to $(1,137).
There were no significant transfers into or out of level 3 for the period ended May 31, 2023.
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
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
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 June 30, 2023 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) (a) | |
$18 | Terms of Exchange Offer / Restructuring | Expected Recovery | $0.00 ($0.00) | |
- (b ) | Market Comparable Companies | EBITDA Multiple (c) | 5.0x (5.0x) | |
Liquidity Discount | 30.00% (30.00%) | |||
Common Stocks | 18 | |||
499 | Term of Restructuring | Liquidation Preference | 71.43x (71.43x) | |
- (b ) | Market Comparable Companies | EBITDA Multiple (c) | 5.0x (5.0x) | |
Liquidity Discount | 30.00% (30.00%) | |||
Preferred Stocks | 499 | |||
5,122 | Term of Restructuring | Liquidation Preference | 71.43x (71.43x) | |
Convertible Bonds | 5,122 | |||
2,552 | Term of Restructuring | Expected Recovery | 10.90% - 100.00% (85.91%) | |
Loan Assignments | 2,552 | |||
2 | Pending Distribution Amount | Expected Recovery | 0.01 ($0.01) | |
Rights | 2 | |||
Total | $8,193 |
# | The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At May 31 2023, the value of these investments was $ 94,366. 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. |
(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, which is 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, 2023 | |||||||||
Security Description | Value at February 28, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at May 31, 2023 | Shares at May 31, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 4.97% (a) (b) | $12,389 | $322,991 | $258,231 | $— | $— | $77,149 | 77,149 | $962 | $— |
(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, 2023. |