JPMorgan High Yield Fund
Schedule of Portfolio Investments as of November 30, 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 FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — 84.2% | ||
Aerospace & Defense — 0.8% | ||
Bombardier, Inc. (Canada) | ||
7.50%, 3/15/2025 (a) | 538 | 538 |
7.88%, 4/15/2027 (a) | 12,906 | 12,915 |
8.75%, 11/15/2030 (a) | 2,532 | 2,592 |
BWX Technologies, Inc. | ||
4.13%, 6/30/2028 (a) | 5,876 | 5,311 |
4.13%, 4/15/2029 (a) | 8,074 | 7,277 |
Spirit AeroSystems, Inc. 9.38%, 11/30/2029 (a) | 4,569 | 4,940 |
Triumph Group, Inc. 9.00%, 3/15/2028 (a) | 3,036 | 3,117 |
Wesco Aircraft Holdings, Inc. | ||
8.50%, 11/15/2024 (a) (b) | 3,987 | 140 |
9.00%, 11/15/2026 (a) (b) | 17,835 | 1,694 |
13.13%, 11/15/2027 (a) (b) | 4,215 | 126 |
38,650 | ||
Automobile Components — 4.3% | ||
Adient Global Holdings Ltd. | ||
4.88%, 8/15/2026 (a) | 11,407 | 10,982 |
7.00%, 4/15/2028 (a) | 6,551 | 6,656 |
8.25%, 4/15/2031 (a) | 7,863 | 7,995 |
Allison Transmission, Inc. | ||
5.88%, 6/1/2029 (a) | 17,039 | 16,492 |
3.75%, 1/30/2031 (a) | 660 | 551 |
American Axle & Manufacturing, Inc. | ||
6.25%, 3/15/2026 | 2,343 | 2,312 |
6.50%, 4/1/2027 | 8,150 | 7,862 |
6.88%, 7/1/2028 | 10,181 | 9,368 |
5.00%, 10/1/2029 | 6,600 | 5,462 |
Clarios Global LP | ||
6.75%, 5/15/2025 (a) | 17,398 | 17,441 |
6.25%, 5/15/2026 (a) | 424 | 422 |
8.50%, 5/15/2027 (a) | 15,150 | 15,241 |
6.75%, 5/15/2028 (a) | 5,436 | 5,485 |
Cooper-Standard Automotive, Inc. | ||
13.50% (Blend (Cash 9.00% + PIK 4.50%)), 3/31/2027 (a) (c) | 53,067 | 55,679 |
10.63% (PIK), 5/15/2027 (a) (c) | 31,666 | 21,855 |
Dana, Inc. | ||
5.38%, 11/15/2027 | 7,835 | 7,437 |
5.63%, 6/15/2028 | 668 | 637 |
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) | 10,268 | 8,758 |
Goodyear Tire & Rubber Co. (The) | ||
5.00%, 7/15/2029 | 3,021 | 2,756 |
5.25%, 4/30/2031 | 3,059 | 2,687 |
5.25%, 7/15/2031 | 4,375 | 3,795 |
209,873 | ||
Automobiles — 0.2% | ||
PM General Purchaser LLC 9.50%, 10/1/2028 (a) | 9,101 | 8,916 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Banks — 0.6% | ||
Bank of America Corp. Series AA, (3-MONTH CME TERM SOFR + 4.16%), 6.10%, 3/17/2025 (d) (e) (f) | 12,177 | 12,034 |
Barclays plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.67%), 8.00%, 6/15/2024 (d) (e) (f) (g) | 5,787 | 5,692 |
Citigroup, Inc. | ||
Series P, (3-MONTH CME TERM SOFR + 4.17%), 5.95%, 5/15/2025 (d) (e) (f) | 2,725 | 2,632 |
Series T, (3-MONTH CME TERM SOFR + 4.78%), 6.25%, 8/15/2026 (d) (e) (f) | 9,565 | 9,289 |
29,647 | ||
Beverages — 0.2% | ||
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a) | 9,903 | 8,479 |
Biotechnology — 0.2% | ||
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a) | 7,800 | 3,071 |
Grifols SA (Spain) 4.75%, 10/15/2028 (a) | 8,095 | 7,151 |
10,222 | ||
Broadline Retail — 0.6% | ||
Macy's Retail Holdings LLC 5.88%, 3/15/2030 (a) | 172 | 156 |
NMG Holding Co., Inc. 7.13%, 4/1/2026 (a) | 20,080 | 18,810 |
Nordstrom, Inc. 4.38%, 4/1/2030 | 221 | 184 |
Shutterfly Finance LLC | ||
8.50% (Blend (Cash 4.25% + PIK 4.25%)), 10/1/2027 (a) (c) | 13,662 | 9,008 |
9.75%, 10/1/2027 (a) | 2,389 | 2,365 |
30,523 | ||
Building Products — 2.0% | ||
Builders FirstSource, Inc. | ||
4.25%, 2/1/2032 (a) | 8,869 | 7,608 |
6.38%, 6/15/2032 (a) | 6,137 | 6,038 |
Emerald Debt Merger Sub LLC 6.63%, 12/15/2030 (a) | 17,350 | 17,307 |
Griffon Corp. 5.75%, 3/1/2028 | 14,980 | 14,158 |
JELD-WEN, Inc. 4.88%, 12/15/2027 (a) | 16,106 | 14,856 |
Masonite International Corp. 5.38%, 2/1/2028 (a) | 2,179 | 2,070 |
MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | 5,642 | 4,780 |
PGT Innovations, Inc. 4.38%, 10/1/2029 (a) | 3,908 | 3,698 |
Standard Industries, Inc. | ||
5.00%, 2/15/2027 (a) | 5,445 | 5,214 |
4.75%, 1/15/2028 (a) | 19,600 | 18,420 |
3.38%, 1/15/2031 (a) | 3,003 | 2,466 |
Summit Materials LLC | ||
5.25%, 1/15/2029 (a) | 1,738 | 1,625 |
7.25%, 1/15/2031 (a) (h) | 2,228 | 2,243 |
100,483 | ||
Capital Markets — 0.0% ^ | ||
Coinbase Global, Inc. 3.38%, 10/1/2028 (a) | 1,507 | 1,213 |
Chemicals — 2.5% | ||
Avient Corp. 7.13%, 8/1/2030 (a) | 3,279 | 3,298 |
Axalta Coating Systems Dutch Holding B BV 7.25%, 2/15/2031 (a) | 2,006 | 2,066 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Chemicals — continued | ||
Axalta Coating Systems LLC | ||
4.75%, 6/15/2027 (a) | 10,023 | 9,502 |
3.38%, 2/15/2029 (a) | 7,652 | 6,667 |
Chemours Co. (The) | ||
5.75%, 11/15/2028 (a) | 12,712 | 11,507 |
4.63%, 11/15/2029 (a) | 7,755 | 6,516 |
CVR Partners LP 6.13%, 6/15/2028 (a) | 4,512 | 4,140 |
Element Solutions, Inc. 3.88%, 9/1/2028 (a) | 7,018 | 6,236 |
INEOS Finance plc (Luxembourg) 6.75%, 5/15/2028 (a) | 1,683 | 1,604 |
INEOS Quattro Finance 2 plc (United Kingdom) 9.63%, 3/15/2029 (a) | 4,502 | 4,648 |
NOVA Chemicals Corp. (Canada) | ||
5.00%, 5/1/2025 (a) | 1,682 | 1,630 |
5.25%, 6/1/2027 (a) | 18,151 | 16,339 |
8.50%, 11/15/2028 (a) | 3,496 | 3,611 |
4.25%, 5/15/2029 (a) | 3,907 | 3,085 |
Scotts Miracle-Gro Co. (The) | ||
5.25%, 12/15/2026 | 3,376 | 3,216 |
4.50%, 10/15/2029 | 11,307 | 9,641 |
4.00%, 4/1/2031 | 10,236 | 8,215 |
4.38%, 2/1/2032 | 5,788 | 4,596 |
Trinseo Materials Operating SCA | ||
5.38%, 9/1/2025 (a) | 3,161 | 2,639 |
5.13%, 4/1/2029 (a) | 7,239 | 2,812 |
WR Grace Holdings LLC | ||
4.88%, 6/15/2027 (a) | 7,039 | 6,703 |
5.63%, 8/15/2029 (a) | 2,553 | 2,149 |
120,820 | ||
Commercial Services & Supplies — 3.2% | ||
ACCO Brands Corp. 4.25%, 3/15/2029 (a) | 13,045 | 11,294 |
ADT Security Corp. (The) | ||
4.13%, 8/1/2029 (a) | 7,854 | 6,981 |
4.88%, 7/15/2032 (a) | 10,447 | 9,155 |
Allied Universal Holdco LLC | ||
6.63%, 7/15/2026 (a) | 2,089 | 2,030 |
4.63%, 6/1/2028 (a) | 9,060 | 7,862 |
APi Group DE, Inc. | ||
4.13%, 7/15/2029 (a) | 4,934 | 4,308 |
4.75%, 10/15/2029 (a) | 3,913 | 3,502 |
Aramark Services, Inc. 5.00%, 2/1/2028 (a) | 10,120 | 9,577 |
Brink's Co. (The) 4.63%, 10/15/2027 (a) | 13,378 | 12,541 |
CoreCivic, Inc. 8.25%, 4/15/2026 | 9,068 | 9,249 |
Garda World Security Corp. (Canada) | ||
4.63%, 2/15/2027 (a) | 7,825 | 7,440 |
9.50%, 11/1/2027 (a) | 670 | 646 |
6.00%, 6/1/2029 (a) | 7,555 | 6,292 |
GEO Group, Inc. (The) 10.50%, 6/30/2028 | 3,800 | 3,832 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Commercial Services & Supplies — continued | ||
GFL Environmental, Inc. (Canada) | ||
4.00%, 8/1/2028 (a) | 6,647 | 5,931 |
4.75%, 6/15/2029 (a) | 11,860 | 10,832 |
4.38%, 8/15/2029 (a) | 3,940 | 3,479 |
6.75%, 1/15/2031 (a) | 2,866 | 2,891 |
Interface, Inc. 5.50%, 12/1/2028 (a) | 7,000 | 6,291 |
Madison IAQ LLC | ||
4.13%, 6/30/2028 (a) | 3,281 | 2,915 |
5.88%, 6/30/2029 (a) | 12,176 | 10,216 |
Prime Security Services Borrower LLC | ||
5.75%, 4/15/2026 (a) | 6,368 | 6,298 |
3.38%, 8/31/2027 (a) | 5,339 | 4,830 |
Stericycle, Inc. 3.88%, 1/15/2029 (a) | 5,766 | 5,084 |
Williams Scotsman, Inc. 7.38%, 10/1/2031 (a) | 5,655 | 5,791 |
159,267 | ||
Communications Equipment — 0.8% | ||
CommScope Technologies LLC | ||
6.00%, 6/15/2025 (a) | 7,033 | 5,521 |
5.00%, 3/15/2027 (a) | 9,944 | 4,226 |
CommScope, Inc. | ||
6.00%, 3/1/2026 (a) | 13,986 | 11,993 |
8.25%, 3/1/2027 (a) | 13,340 | 6,637 |
4.75%, 9/1/2029 (a) | 18,624 | 11,686 |
40,063 | ||
Construction & Engineering — 0.8% | ||
Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | 9,056 | 8,187 |
Global Infrastructure Solutions, Inc. | ||
5.63%, 6/1/2029 (a) | 6,383 | 5,335 |
7.50%, 4/15/2032 (a) | 4,780 | 4,174 |
MasTec, Inc. 4.50%, 8/15/2028 (a) | 13,701 | 12,347 |
Pike Corp. | ||
5.50%, 9/1/2028 (a) | 7,639 | 6,957 |
8.63%, 1/31/2031 (a) | 1,892 | 1,913 |
38,913 | ||
Construction Materials — 0.1% | ||
Knife River Corp. 7.75%, 5/1/2031 (a) | 2,410 | 2,475 |
Consumer Finance — 3.3% | ||
Ford Motor Credit Co. LLC | ||
4.69%, 6/9/2025 | 3,125 | 3,036 |
5.13%, 6/16/2025 | 22,765 | 22,254 |
3.38%, 11/13/2025 | 8,400 | 7,914 |
4.39%, 1/8/2026 | 14,087 | 13,506 |
6.95%, 3/6/2026 | 3,018 | 3,045 |
(SOFR + 2.95%), 8.34%, 3/6/2026 (f) | 2,800 | 2,828 |
6.95%, 6/10/2026 | 4,083 | 4,129 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Consumer Finance — continued | ||
4.54%, 8/1/2026 | 17,253 | 16,411 |
4.27%, 1/9/2027 | 14,683 | 13,789 |
4.13%, 8/17/2027 | 14,375 | 13,284 |
3.82%, 11/2/2027 | 13,852 | 12,593 |
2.90%, 2/16/2028 | 1,975 | 1,725 |
6.80%, 5/12/2028 | 2,000 | 2,035 |
2.90%, 2/10/2029 | 7,765 | 6,585 |
7.20%, 6/10/2030 | 2,281 | 2,358 |
4.00%, 11/13/2030 | 5,568 | 4,786 |
ILFC E-Capital Trust II (3-MONTH CME TERM SOFR + 2.06%), 7.46%, 12/21/2065 (a) (f) | 16,298 | 12,459 |
OneMain Finance Corp. | ||
6.88%, 3/15/2025 | 3,033 | 3,055 |
7.13%, 3/15/2026 | 8,071 | 8,138 |
3.50%, 1/15/2027 | 5,704 | 5,097 |
6.63%, 1/15/2028 | 775 | 753 |
4.00%, 9/15/2030 | 1,532 | 1,248 |
161,028 | ||
Consumer Staples Distribution & Retail — 1.6% | ||
Albertsons Cos., Inc. | ||
3.25%, 3/15/2026 (a) | 585 | 550 |
4.63%, 1/15/2027 (a) | 4,480 | 4,304 |
5.88%, 2/15/2028 (a) | 525 | 518 |
3.50%, 3/15/2029 (a) | 13,075 | 11,588 |
4.88%, 2/15/2030 (a) | 4,870 | 4,554 |
New Albertsons LP | ||
7.75%, 6/15/2026 | 2,278 | 2,302 |
6.63%, 6/1/2028 | 1,704 | 1,621 |
7.45%, 8/1/2029 | 3,130 | 3,177 |
Performance Food Group, Inc. | ||
5.50%, 10/15/2027 (a) | 9,333 | 9,033 |
4.25%, 8/1/2029 (a) | 10,573 | 9,456 |
Rite Aid Corp. | ||
7.50%, 7/1/2025 (a) (b) | 10,299 | 7,776 |
8.00%, 11/15/2026 (a) (b) | 22,540 | 17,018 |
US Foods, Inc. | ||
6.88%, 9/15/2028 (a) | 2,333 | 2,365 |
4.75%, 2/15/2029 (a) | 1,175 | 1,089 |
4.63%, 6/1/2030 (a) | 4,670 | 4,214 |
79,565 | ||
Containers & Packaging — 2.1% | ||
Ardagh Metal Packaging Finance USA LLC 6.00%, 6/15/2027 (a) | 311 | 302 |
Ardagh Packaging Finance plc 5.25%, 8/15/2027 (a) | 31,065 | 22,809 |
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a) | 3,888 | 3,422 |
LABL, Inc. | ||
6.75%, 7/15/2026 (a) | 14,955 | 14,215 |
10.50%, 7/15/2027 (a) | 622 | 565 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Containers & Packaging — continued | ||
Mauser Packaging Solutions Holding Co. | ||
7.88%, 8/15/2026 (a) | 29,300 | 29,106 |
9.25%, 4/15/2027 (a) | 11,259 | 10,246 |
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a) | 3,650 | 3,612 |
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a) | 7,207 | 6,594 |
TriMas Corp. 4.13%, 4/15/2029 (a) | 5,856 | 5,091 |
Trivium Packaging Finance BV (Netherlands) | ||
5.50%, 8/15/2026 (a) (i) | 2,503 | 2,405 |
8.50%, 8/15/2027 (a) (i) | 4,212 | 3,828 |
102,195 | ||
Distributors — 0.2% | ||
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a) | 2,625 | 2,416 |
Ritchie Bros Holdings, Inc. (Canada) | ||
6.75%, 3/15/2028 (a) | 2,278 | 2,320 |
7.75%, 3/15/2031 (a) | 4,014 | 4,165 |
8,901 | ||
Diversified Consumer Services — 0.1% | ||
Service Corp. International | ||
7.50%, 4/1/2027 | 820 | 836 |
3.38%, 8/15/2030 | 2,580 | 2,167 |
3,003 | ||
Diversified REITs — 1.2% | ||
VICI Properties LP | ||
4.25%, 12/1/2026 (a) | 16,880 | 15,903 |
5.75%, 2/1/2027 (a) | 25,144 | 24,748 |
3.75%, 2/15/2027 (a) | 7,841 | 7,260 |
3.88%, 2/15/2029 (a) | 6,328 | 5,635 |
4.63%, 12/1/2029 (a) | 4,491 | 4,064 |
57,610 | ||
Diversified Telecommunication Services — 7.1% | ||
Altice France Holding SA (Luxembourg) | ||
10.50%, 5/15/2027 (a) | 10,254 | 5,446 |
6.00%, 2/15/2028 (a) | 3,390 | 1,369 |
Altice France SA (France) | ||
5.50%, 1/15/2028 (a) | 230 | 176 |
5.13%, 7/15/2029 (a) | 11,787 | 8,430 |
5.50%, 10/15/2029 (a) | 5,524 | 3,986 |
CCO Holdings LLC | ||
5.13%, 5/1/2027 (a) | 46,519 | 44,261 |
5.00%, 2/1/2028 (a) | 41,106 | 38,520 |
5.38%, 6/1/2029 (a) | 12,260 | 11,369 |
4.75%, 3/1/2030 (a) | 49,587 | 43,397 |
4.50%, 8/15/2030 (a) | 19,946 | 17,114 |
4.25%, 2/1/2031 (a) | 27,083 | 22,593 |
4.75%, 2/1/2032 (a) | 1,781 | 1,496 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Diversified Telecommunication Services — continued | ||
4.25%, 1/15/2034 (a) | 7,560 | 5,897 |
Embarq Corp. 8.00%, 6/1/2036 | 11,178 | 6,426 |
ESC Co., Escrow | ||
8.50%, 10/15/2024 ‡ (b) | 40,649 | 4 |
9.75%, 7/15/2025 ‡ (b) | 8,659 | 1 |
Frontier Communications Holdings LLC | ||
5.88%, 10/15/2027 (a) | 727 | 683 |
5.00%, 5/1/2028 (a) | 19,118 | 17,152 |
6.75%, 5/1/2029 (a) | 2,056 | 1,741 |
5.88%, 11/1/2029 | 1,630 | 1,304 |
6.00%, 1/15/2030 (a) | 1,631 | 1,307 |
8.75%, 5/15/2030 (a) | 6,304 | 6,286 |
Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a) | 54,889 | 50,864 |
Intelsat Jackson Holdings SA, Escrow (Luxembourg) 5.50%, 8/1/2023 ‡ (b) | 29,162 | 3 |
Level 3 Financing, Inc. | ||
4.63%, 9/15/2027 ‡ (a) | 6,634 | 4,047 |
4.25%, 7/1/2028 ‡ (a) | 9,435 | 5,284 |
3.63%, 1/15/2029 ‡ (a) | 4,796 | 2,230 |
Lumen Technologies, Inc. | ||
5.13%, 12/15/2026 (a) | 31,704 | 15,535 |
4.00%, 2/15/2027 (a) | 31,678 | 16,736 |
Series G, 6.88%, 1/15/2028 | 3,893 | 1,294 |
4.50%, 1/15/2029 (a) | 3,305 | 792 |
5.38%, 6/15/2029 (a) | 6,750 | 1,839 |
Telecom Italia Capital SA (Italy) | ||
6.38%, 11/15/2033 | 2,364 | 2,216 |
6.00%, 9/30/2034 | 1,580 | 1,426 |
Virgin Media Secured Finance plc (United Kingdom) 4.50%, 8/15/2030 (a) | 10,642 | 9,132 |
350,356 | ||
Electric Utilities — 0.7% | ||
NRG Energy, Inc. | ||
5.75%, 1/15/2028 | 4,884 | 4,765 |
3.38%, 2/15/2029 (a) | 5,229 | 4,475 |
5.25%, 6/15/2029 (a) | 5,235 | 4,877 |
3.88%, 2/15/2032 (a) | 393 | 321 |
7.00%, 3/15/2033 (a) | 3,490 | 3,529 |
PG&E Corp. 5.00%, 7/1/2028 | 7,320 | 6,963 |
Vistra Operations Co. LLC | ||
4.38%, 5/1/2029 (a) | 2,984 | 2,694 |
7.75%, 10/15/2031 (a) | 7,050 | 7,215 |
34,839 | ||
Electrical Equipment — 0.7% | ||
Regal Rexnord Corp. | ||
6.05%, 2/15/2026 (a) | 3,650 | 3,643 |
6.05%, 4/15/2028 (a) | 7,435 | 7,315 |
6.30%, 2/15/2030 (a) | 3,154 | 3,117 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Electrical Equipment — continued | ||
6.40%, 4/15/2033 (a) | 4,412 | 4,348 |
Sensata Technologies BV 4.00%, 4/15/2029 (a) | 16,484 | 14,795 |
33,218 | ||
Electronic Equipment, Instruments & Components — 0.4% | ||
Coherent Corp. 5.00%, 12/15/2029 (a) | 20,897 | 18,912 |
Energy Equipment & Services — 1.0% | ||
Archrock Partners LP | ||
6.88%, 4/1/2027 (a) | 5,032 | 4,986 |
6.25%, 4/1/2028 (a) | 2,965 | 2,895 |
Diamond Foreign Asset Co. 8.50%, 10/1/2030 (a) | 5,983 | 6,000 |
Nabors Industries Ltd. 7.25%, 1/15/2026 (a) | 3,050 | 2,916 |
Nabors Industries, Inc. 5.75%, 2/1/2025 | 6,945 | 6,928 |
Precision Drilling Corp. (Canada) | ||
7.13%, 1/15/2026 (a) | 8,976 | 8,921 |
6.88%, 1/15/2029 (a) | 1,568 | 1,482 |
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a) | 8,830 | 8,718 |
Transocean Titan Financing Ltd. 8.38%, 2/1/2028 (a) | 1,525 | 1,555 |
Transocean, Inc. 8.75%, 2/15/2030 (a) | 2,351 | 2,401 |
Valaris Ltd. 8.38%, 4/30/2030 (a) | 3,139 | 3,158 |
49,960 | ||
Entertainment — 1.4% | ||
AMC Entertainment Holdings, Inc. 10.00% (Cash), 6/15/2026 (a) (c) | 3,310 | 2,672 |
Cinemark USA, Inc. | ||
8.75%, 5/1/2025 (a) | 2,829 | 2,850 |
5.25%, 7/15/2028 (a) | 3,755 | 3,380 |
Live Nation Entertainment, Inc. | ||
4.88%, 11/1/2024 (a) | 7,300 | 7,218 |
5.63%, 3/15/2026 (a) | 10,421 | 10,138 |
6.50%, 5/15/2027 (a) | 20,308 | 20,302 |
4.75%, 10/15/2027 (a) | 18,813 | 17,684 |
WMG Acquisition Corp. 3.75%, 12/1/2029 (a) | 5,640 | 4,931 |
69,175 | ||
Financial Services — 0.8% | ||
Block, Inc. | ||
2.75%, 6/1/2026 | 3,180 | 2,933 |
3.50%, 6/1/2031 | 3,387 | 2,835 |
Nationstar Mortgage Holdings, Inc. | ||
5.50%, 8/15/2028 (a) | 3,333 | 3,084 |
5.13%, 12/15/2030 (a) | 6,022 | 5,204 |
5.75%, 11/15/2031 (a) | 6,960 | 6,077 |
NCR Atleos Corp. 9.50%, 4/1/2029 (a) | 7,765 | 8,019 |
Rocket Mortgage LLC | ||
2.88%, 10/15/2026 (a) | 4,164 | 3,763 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Financial Services — continued | ||
3.63%, 3/1/2029 (a) | 5,241 | 4,603 |
4.00%, 10/15/2033 (a) | 740 | 598 |
37,116 | ||
Food Products — 0.6% | ||
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (a) | 8,775 | 7,855 |
Post Holdings, Inc. | ||
5.63%, 1/15/2028 (a) | 600 | 584 |
5.50%, 12/15/2029 (a) | 13,362 | 12,561 |
4.63%, 4/15/2030 (a) | 11,016 | 9,842 |
30,842 | ||
Gas Utilities — 0.3% | ||
AmeriGas Partners LP | ||
5.88%, 8/20/2026 | 4,212 | 4,113 |
5.75%, 5/20/2027 | 2,773 | 2,649 |
9.38%, 6/1/2028 (a) | 3,599 | 3,692 |
Superior Plus LP (Canada) 4.50%, 3/15/2029 (a) | 2,992 | 2,635 |
13,089 | ||
Ground Transportation — 1.6% | ||
Avis Budget Car Rental LLC | ||
5.75%, 7/15/2027 (a) | 7,187 | 6,762 |
4.75%, 4/1/2028 (a) | 7,200 | 6,524 |
5.38%, 3/1/2029 (a) | 9,802 | 8,822 |
8.00%, 2/15/2031 (a) | 5,290 | 5,170 |
EquipmentShare.com, Inc. 9.00%, 5/15/2028 (a) | 10,128 | 9,976 |
Hertz Corp. (The) | ||
7.13%, 8/1/2026 ‡ (b) | 22,954 | 1,951 |
4.63%, 12/1/2026 (a) | 7,697 | 6,784 |
5.00%, 12/1/2029 (a) | 14,646 | 11,241 |
Hertz Corp. (The), Escrow | ||
5.50%, 10/15/2024 ‡ (b) | 6,563 | 197 |
6.00%, 1/15/2028 ‡ (b) | 20,858 | 1,669 |
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a) | 2,326 | 2,086 |
Uber Technologies, Inc. | ||
7.50%, 9/15/2027 (a) | 6,033 | 6,144 |
4.50%, 8/15/2029 (a) | 6,665 | 6,132 |
XPO, Inc. 6.25%, 6/1/2028 (a) | 4,940 | 4,880 |
78,338 | ||
Health Care Equipment & Supplies — 0.9% | ||
Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | 13,251 | 12,394 |
Hologic, Inc. 3.25%, 2/15/2029 (a) | 3,937 | 3,457 |
Medline Borrower LP | ||
3.88%, 4/1/2029 (a) | 20,001 | 17,752 |
5.25%, 10/1/2029 (a) | 10,524 | 9,524 |
43,127 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Health Care Providers & Services — 4.5% | ||
180 Medical, Inc. (United Kingdom) 3.88%, 10/15/2029 (a) | 1,918 | 1,673 |
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a) | 11,080 | 10,615 |
AHP Health Partners, Inc. 5.75%, 7/15/2029 (a) | 6,684 | 5,564 |
Community Health Systems, Inc. | ||
8.00%, 3/15/2026 (a) | 18,360 | 17,676 |
5.63%, 3/15/2027 (a) | 4,105 | 3,663 |
6.00%, 1/15/2029 (a) | 4,650 | 3,918 |
6.13%, 4/1/2030 (a) | 4,017 | 2,243 |
5.25%, 5/15/2030 (a) | 12,522 | 9,855 |
4.75%, 2/15/2031 (a) | 4,465 | 3,276 |
DaVita, Inc. | ||
4.63%, 6/1/2030 (a) | 10,420 | 8,807 |
3.75%, 2/15/2031 (a) | 20,911 | 16,370 |
Encompass Health Corp. | ||
4.50%, 2/1/2028 | 20,406 | 19,072 |
4.75%, 2/1/2030 | 2,225 | 2,022 |
4.63%, 4/1/2031 | 3,642 | 3,197 |
Envision Healthcare Corp. 8.75%, 10/15/2026 ‡ (b) | 10,925 | — |
Global Medical Response, Inc. 6.50%, 10/1/2025 (a) | 12,075 | 8,935 |
Owens & Minor, Inc. | ||
4.50%, 3/31/2029 (a) | 9,604 | 8,223 |
6.63%, 4/1/2030 (a) | 4,878 | 4,569 |
Radiology Partners, Inc. 9.25%, 2/1/2028 (a) | 6,010 | 2,791 |
RP Escrow Issuer LLC 5.25%, 12/15/2025 (a) | 4,086 | 3,159 |
Tenet Healthcare Corp. | ||
4.88%, 1/1/2026 | 38,131 | 37,467 |
6.25%, 2/1/2027 | 7,486 | 7,454 |
5.13%, 11/1/2027 | 25,966 | 24,910 |
4.25%, 6/1/2029 | 1,374 | 1,231 |
6.13%, 6/15/2030 | 6,855 | 6,678 |
6.75%, 5/15/2031 (a) | 8,421 | 8,430 |
221,798 | ||
Health Care Technology — 0.2% | ||
IQVIA, Inc. | ||
5.00%, 10/15/2026 (a) | 3,944 | 3,847 |
5.00%, 5/15/2027 (a) | 4,361 | 4,222 |
6.50%, 5/15/2030 (a) | 1,596 | 1,609 |
9,678 | ||
Hotel & Resort REITs — 0.7% | ||
RHP Hotel Properties LP | ||
4.75%, 10/15/2027 | 17,635 | 16,748 |
7.25%, 7/15/2028 (a) | 2,119 | 2,152 |
4.50%, 2/15/2029 (a) | 16,459 | 14,846 |
33,746 | ||
Hotels, Restaurants & Leisure — 4.4% | ||
1011778 BC ULC (Canada) 4.00%, 10/15/2030 (a) | 12,096 | 10,428 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Hotels, Restaurants & Leisure — continued | ||
Acushnet Co. 7.38%, 10/15/2028 (a) | 1,928 | 1,980 |
Boyne USA, Inc. 4.75%, 5/15/2029 (a) | 7,397 | 6,687 |
Caesars Entertainment, Inc. | ||
6.25%, 7/1/2025 (a) | 20,935 | 20,814 |
8.13%, 7/1/2027 (a) | 7,333 | 7,471 |
4.63%, 10/15/2029 (a) | 4,217 | 3,705 |
Carnival Corp. | ||
5.75%, 3/1/2027 (a) | 10,009 | 9,514 |
9.88%, 8/1/2027 (a) | 600 | 627 |
4.00%, 8/1/2028 (a) | 6,020 | 5,453 |
6.00%, 5/1/2029 (a) | 3,114 | 2,865 |
7.00%, 8/15/2029 (a) | 2,865 | 2,921 |
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (a) | 5,968 | 6,490 |
Cedar Fair LP | ||
5.38%, 4/15/2027 | 2,245 | 2,189 |
5.25%, 7/15/2029 | 8,310 | 7,598 |
Hilton Domestic Operating Co., Inc. | ||
5.75%, 5/1/2028 (a) | 1,937 | 1,908 |
3.75%, 5/1/2029 (a) | 1,387 | 1,246 |
4.88%, 1/15/2030 | 5,395 | 5,078 |
Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | 5,272 | 5,127 |
Marriott Ownership Resorts, Inc. 4.50%, 6/15/2029 (a) | 4,401 | 3,700 |
MGM Resorts International | ||
6.75%, 5/1/2025 | 2,155 | 2,159 |
5.75%, 6/15/2025 | 1,261 | 1,254 |
4.63%, 9/1/2026 | 14,278 | 13,710 |
5.50%, 4/15/2027 | 3,235 | 3,134 |
Royal Caribbean Cruises Ltd. | ||
11.63%, 8/15/2027 (a) | 11,633 | 12,617 |
8.25%, 1/15/2029 (a) | 5,292 | 5,517 |
9.25%, 1/15/2029 (a) | 5,307 | 5,648 |
7.25%, 1/15/2030 (a) | 4,366 | 4,447 |
Six Flags Entertainment Corp. | ||
5.50%, 4/15/2027 (a) | 1,712 | 1,637 |
7.25%, 5/15/2031 (a) | 5,100 | 4,918 |
Station Casinos LLC 4.50%, 2/15/2028 (a) | 17,122 | 15,486 |
Vail Resorts, Inc. 6.25%, 5/15/2025 (a) | 13,811 | 13,771 |
Wynn Las Vegas LLC 5.50%, 3/1/2025 (a) | 15,454 | 15,268 |
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a) | 10,990 | 9,898 |
Yum! Brands, Inc. 4.63%, 1/31/2032 | 2,063 | 1,855 |
217,120 | ||
Household Durables — 1.0% | ||
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a) | 13,604 | 13,158 |
Newell Brands, Inc. | ||
5.20%, 4/1/2026 (i) | 13,147 | 12,692 |
6.38%, 9/15/2027 | 4,876 | 4,758 |
6.63%, 9/15/2029 | 1,406 | 1,370 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Household Durables — continued | ||
6.37%, 4/1/2036 (i) | 1,985 | 1,753 |
Tempur Sealy International, Inc. | ||
4.00%, 4/15/2029 (a) | 10,947 | 9,475 |
3.88%, 10/15/2031 (a) | 5,616 | 4,513 |
47,719 | ||
Household Products — 1.3% | ||
Central Garden & Pet Co. | ||
4.13%, 10/15/2030 | 11,446 | 9,806 |
4.13%, 4/30/2031 (a) | 775 | 654 |
Energizer Holdings, Inc. | ||
6.50%, 12/31/2027 (a) | 3,445 | 3,345 |
4.75%, 6/15/2028 (a) | 17,876 | 15,979 |
4.38%, 3/31/2029 (a) | 14,935 | 12,881 |
Spectrum Brands, Inc. | ||
5.00%, 10/1/2029 (a) | 4,874 | 4,497 |
5.50%, 7/15/2030 (a) | 14,429 | 13,469 |
3.88%, 3/15/2031 (a) | 2,802 | 2,392 |
63,023 | ||
Independent Power and Renewable Electricity Producers — 0.2% | ||
Calpine Corp. | ||
5.25%, 6/1/2026 (a) | 2,800 | 2,749 |
4.63%, 2/1/2029 (a) | 2,354 | 2,132 |
5.00%, 2/1/2031 (a) | 815 | 720 |
Vistra Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.74%), 7.00%, 12/15/2026 (a) (d) (e) (f) | 6,765 | 6,427 |
12,028 | ||
IT Services — 0.6% | ||
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | 7,045 | 6,047 |
Arches Buyer, Inc. | ||
4.25%, 6/1/2028 (a) | 5,168 | 4,503 |
6.13%, 12/1/2028 (a) | 1,874 | 1,604 |
Conduent Business Services LLC 6.00%, 11/1/2029 (a) | 9,830 | 8,208 |
Gartner, Inc. | ||
4.50%, 7/1/2028 (a) | 161 | 151 |
3.63%, 6/15/2029 (a) | 4,925 | 4,401 |
Presidio Holdings, Inc. 4.88%, 2/1/2027 (a) | 4,790 | 4,632 |
29,546 | ||
Leisure Products — 0.2% | ||
Vista Outdoor, Inc. 4.50%, 3/15/2029 (a) | 12,339 | 11,691 |
Machinery — 0.5% | ||
ATS Corp. (Canada) 4.13%, 12/15/2028 (a) | 3,017 | 2,662 |
Chart Industries, Inc. | ||
7.50%, 1/1/2030 (a) | 3,838 | 3,914 |
9.50%, 1/1/2031 (a) | 1,020 | 1,089 |
Hillenbrand, Inc. 5.00%, 9/15/2026 (i) | 1,165 | 1,145 |
Terex Corp. 5.00%, 5/15/2029 (a) | 7,660 | 7,024 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Machinery — continued | ||
Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | 5,355 | 5,462 |
Wabash National Corp. 4.50%, 10/15/2028 (a) | 5,435 | 4,647 |
25,943 | ||
Media — 8.9% | ||
Altice Financing SA (Luxembourg) 5.75%, 8/15/2029 (a) | 7,483 | 6,152 |
Audacy Capital Corp. 6.50%, 5/1/2027 (a) | 32,380 | 405 |
Clear Channel Outdoor Holdings, Inc. | ||
5.13%, 8/15/2027 (a) | 17,834 | 16,507 |
7.75%, 4/15/2028 (a) | 8,845 | 7,250 |
9.00%, 9/15/2028 (a) | 2,350 | 2,373 |
7.50%, 6/1/2029 (a) | 13,562 | 10,689 |
CSC Holdings LLC | ||
5.38%, 2/1/2028 (a) | 15,087 | 12,827 |
7.50%, 4/1/2028 (a) | 4,524 | 3,094 |
11.25%, 5/15/2028 (a) | 3,256 | 3,250 |
6.50%, 2/1/2029 (a) | 14,190 | 12,001 |
5.75%, 1/15/2030 (a) | 10,678 | 6,033 |
4.50%, 11/15/2031 (a) | 8,300 | 5,874 |
Diamond Sports Group LLC 5.38%, 8/15/2026 (a) (b) | 8,271 | 196 |
Directv Financing LLC 5.88%, 8/15/2027 (a) | 7,799 | 7,018 |
DISH DBS Corp. | ||
5.88%, 11/15/2024 | 65,668 | 57,648 |
7.75%, 7/1/2026 | 23,998 | 14,324 |
5.25%, 12/1/2026 (a) | 27,905 | 22,437 |
5.75%, 12/1/2028 (a) | 4,637 | 3,434 |
DISH Network Corp. 11.75%, 11/15/2027 (a) | 23,398 | 23,225 |
Gannett Holdings LLC 6.00%, 11/1/2026 (a) | 3,128 | 2,747 |
GCI LLC 4.75%, 10/15/2028 (a) | 16,567 | 14,873 |
Gray Escrow II, Inc. 5.38%, 11/15/2031 (a) | 4,322 | 3,081 |
Gray Television, Inc. | ||
7.00%, 5/15/2027 (a) | 16,628 | 15,111 |
4.75%, 10/15/2030 (a) | 1,286 | 918 |
iHeartCommunications, Inc. | ||
6.38%, 5/1/2026 | 11,332 | 9,644 |
8.38%, 5/1/2027 | 18,977 | 13,282 |
5.25%, 8/15/2027 (a) | 9,745 | 7,468 |
Liberty Interactive LLC 8.25%, 2/1/2030 | 1,784 | 706 |
McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (a) | 5,580 | 5,092 |
Midcontinent Communications 5.38%, 8/15/2027 (a) | 5,463 | 5,083 |
News Corp. | ||
3.88%, 5/15/2029 (a) | 7,326 | 6,481 |
5.13%, 2/15/2032 (a) | 2,220 | 2,006 |
Nexstar Media, Inc. | ||
5.63%, 7/15/2027 (a) | 28,754 | 27,225 |
4.75%, 11/1/2028 (a) | 13,226 | 11,707 |
Outfront Media Capital LLC | ||
5.00%, 8/15/2027 (a) | 1,863 | 1,757 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Media — continued | ||
4.25%, 1/15/2029 (a) | 677 | 585 |
4.63%, 3/15/2030 (a) | 1,715 | 1,473 |
7.38%, 2/15/2031 (a) | 3,038 | 3,115 |
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a) | 4,906 | 4,133 |
Sirius XM Radio, Inc. | ||
5.00%, 8/1/2027 (a) | 14,805 | 14,066 |
4.00%, 7/15/2028 (a) | 9,251 | 8,266 |
5.50%, 7/1/2029 (a) | 39,149 | 36,376 |
Stagwell Global LLC 5.63%, 8/15/2029 (a) | 9,866 | 8,645 |
TEGNA, Inc. 5.00%, 9/15/2029 | 2,120 | 1,884 |
Univision Communications, Inc. | ||
6.63%, 6/1/2027 (a) | 1,745 | 1,720 |
8.00%, 8/15/2028 (a) | 5,071 | 5,126 |
4.50%, 5/1/2029 (a) | 2,888 | 2,534 |
7.38%, 6/30/2030 (a) | 6,928 | 6,799 |
VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (a) | 317 | 260 |
436,900 | ||
Metals & Mining — 1.3% | ||
Alcoa Nederland Holding BV | ||
5.50%, 12/15/2027 (a) | 6,842 | 6,569 |
6.13%, 5/15/2028 (a) | 4,505 | 4,436 |
ATI, Inc. | ||
5.88%, 12/1/2027 | 7,169 | 6,928 |
4.88%, 10/1/2029 | 3,082 | 2,758 |
7.25%, 8/15/2030 | 4,064 | 4,083 |
5.13%, 10/1/2031 | 2,310 | 2,033 |
Big River Steel LLC 6.63%, 1/31/2029 (a) | 9,200 | 9,184 |
Carpenter Technology Corp. | ||
6.38%, 7/15/2028 | 6,581 | 6,465 |
7.63%, 3/15/2030 | 1,513 | 1,536 |
Cleveland-Cliffs, Inc. | ||
4.63%, 3/1/2029 (a) | 8,550 | 7,684 |
6.75%, 4/15/2030 (a) | 4,029 | 3,920 |
Novelis Corp. | ||
4.75%, 1/30/2030 (a) | 4,887 | 4,437 |
3.88%, 8/15/2031 (a) | 1,649 | 1,388 |
United States Steel Corp. 6.88%, 3/1/2029 | 764 | 759 |
62,180 | ||
Oil, Gas & Consumable Fuels — 8.8% | ||
Antero Midstream Partners LP | ||
7.88%, 5/15/2026 (a) | 9,398 | 9,582 |
5.75%, 3/1/2027 (a) | 5,655 | 5,533 |
5.75%, 1/15/2028 (a) | 8,454 | 8,178 |
Antero Resources Corp. | ||
8.38%, 7/15/2026 (a) | 4,943 | 5,103 |
7.63%, 2/1/2029 (a) | 3,522 | 3,607 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
5.38%, 3/1/2030 (a) | 3,017 | 2,826 |
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026 (a) | 6,742 | 6,649 |
Baytex Energy Corp. (Canada) | ||
8.75%, 4/1/2027 (a) | 9,349 | 9,591 |
8.50%, 4/30/2030 (a) | 8,690 | 8,886 |
Blue Racer Midstream LLC 7.63%, 12/15/2025 (a) | 4,070 | 4,111 |
Buckeye Partners LP | ||
4.13%, 3/1/2025 (a) | 2,835 | 2,761 |
4.13%, 12/1/2027 | 2,953 | 2,727 |
4.50%, 3/1/2028 (a) | 6,011 | 5,484 |
California Resources Corp. 7.13%, 2/1/2026 (a) | 9,224 | 9,280 |
Chesapeake Energy Corp. | ||
5.50%, 2/1/2026 (a) | 2,529 | 2,479 |
6.75%, 4/15/2029 (a) | 14,104 | 14,054 |
Chord Energy Corp. 6.38%, 6/1/2026 (a) | 10,555 | 10,487 |
Civitas Resources, Inc. | ||
8.38%, 7/1/2028 (a) | 9,034 | 9,253 |
8.63%, 11/1/2030 (a) | 5,485 | 5,681 |
8.75%, 7/1/2031 (a) | 5,645 | 5,842 |
CNX Midstream Partners LP 4.75%, 4/15/2030 (a) | 1,540 | 1,341 |
CNX Resources Corp. | ||
6.00%, 1/15/2029 (a) | 2,964 | 2,826 |
7.38%, 1/15/2031 (a) | 3,105 | 3,086 |
Comstock Resources, Inc. | ||
6.75%, 3/1/2029 (a) | 16,793 | 15,461 |
5.88%, 1/15/2030 (a) | 4,231 | 3,670 |
Crescent Energy Finance LLC 9.25%, 2/15/2028 (a) | 10,598 | 10,952 |
DT Midstream, Inc. | ||
4.13%, 6/15/2029 (a) | 6,681 | 5,998 |
4.38%, 6/15/2031 (a) | 2,642 | 2,318 |
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a) | 12,192 | 11,881 |
Energy Transfer LP | ||
8.00%, 4/1/2029 (a) | 6,781 | 7,024 |
7.38%, 2/1/2031 (a) | 2,680 | 2,755 |
EnLink Midstream LLC 6.50%, 9/1/2030 (a) | 4,281 | 4,309 |
EnLink Midstream Partners LP Series C, (3-MONTH CME TERM SOFR + 4.37%), 9.78%, 1/8/2024 (d) (e) (f) | 7,226 | 6,470 |
EQM Midstream Partners LP | ||
6.00%, 7/1/2025 (a) | 1,397 | 1,386 |
4.13%, 12/1/2026 | 1,555 | 1,469 |
7.50%, 6/1/2027 (a) | 4,060 | 4,150 |
6.50%, 7/1/2027 (a) | 5,670 | 5,679 |
4.50%, 1/15/2029 (a) | 7,278 | 6,640 |
7.50%, 6/1/2030 (a) | 2,783 | 2,872 |
4.75%, 1/15/2031 (a) | 7,598 | 6,767 |
Genesis Energy LP | ||
6.25%, 5/15/2026 | 2,533 | 2,480 |
8.00%, 1/15/2027 | 5,055 | 5,060 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
7.75%, 2/1/2028 | 3,501 | 3,458 |
8.25%, 1/15/2029 | 1,781 | 1,763 |
8.88%, 4/15/2030 | 3,930 | 3,996 |
Gulfport Energy Corp. | ||
8.00%, 5/17/2026 | 4,317 | 4,371 |
8.00%, 5/17/2026 (a) | 9,001 | 9,112 |
Gulfport Energy Operating Corp., Escrow | ||
6.00%, 10/15/2024 ‡ (b) | 10,250 | 26 |
6.38%, 5/15/2025 ‡ (b) | 1,796 | 5 |
6.38%, 1/15/2026 ‡ (b) | 8,845 | 22 |
Hess Midstream Operations LP | ||
5.63%, 2/15/2026 (a) | 5,345 | 5,278 |
4.25%, 2/15/2030 (a) | 4,657 | 4,165 |
Hilcorp Energy I LP | ||
6.25%, 11/1/2028 (a) | 1,233 | 1,200 |
5.75%, 2/1/2029 (a) | 1,130 | 1,062 |
6.00%, 4/15/2030 (a) | 2,773 | 2,587 |
6.25%, 4/15/2032 (a) | 2,307 | 2,131 |
Holly Energy Partners LP 5.00%, 2/1/2028 (a) | 5,425 | 5,033 |
Howard Midstream Energy Partners LLC 8.88%, 7/15/2028 (a) | 5,435 | 5,652 |
Kinetik Holdings LP 5.88%, 6/15/2030 (a) | 2,564 | 2,442 |
NGL Energy Operating LLC 7.50%, 2/1/2026 (a) | 3,141 | 3,153 |
NuStar Logistics LP | ||
5.75%, 10/1/2025 | 992 | 985 |
6.00%, 6/1/2026 | 2,880 | 2,870 |
5.63%, 4/28/2027 | 7,468 | 7,352 |
Range Resources Corp. | ||
8.25%, 1/15/2029 | 9,512 | 9,857 |
4.75%, 2/15/2030 (a) | 5,120 | 4,670 |
Rockies Express Pipeline LLC 3.60%, 5/15/2025 (a) | 5,000 | 4,788 |
SM Energy Co. | ||
5.63%, 6/1/2025 | 5,345 | 5,270 |
6.75%, 9/15/2026 | 4,270 | 4,214 |
6.63%, 1/15/2027 | 4,338 | 4,268 |
6.50%, 7/15/2028 | 1,862 | 1,812 |
Southwestern Energy Co. | ||
8.38%, 9/15/2028 | 6,200 | 6,412 |
5.38%, 2/1/2029 | 1,731 | 1,647 |
5.38%, 3/15/2030 | 7,006 | 6,643 |
4.75%, 2/1/2032 | 1,018 | 908 |
Summit Midstream Holdings LLC 9.00%, 10/15/2026 (a) (i) | 4,421 | 4,394 |
Sunoco LP | ||
4.50%, 5/15/2029 | 1,538 | 1,402 |
4.50%, 4/30/2030 | 10,353 | 9,305 |
Tallgrass Energy Partners LP | ||
7.50%, 10/1/2025 (a) | 11,714 | 11,781 |
6.00%, 3/1/2027 (a) | 1,615 | 1,553 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
5.50%, 1/15/2028 (a) | 3,910 | 3,607 |
6.00%, 12/31/2030 (a) | 4,625 | 4,176 |
6.00%, 9/1/2031 (a) | 7,682 | 6,888 |
Targa Resources Partners LP 6.88%, 1/15/2029 | 1,469 | 1,491 |
Venture Global LNG, Inc. | ||
8.13%, 6/1/2028 (a) | 10,091 | 10,005 |
9.50%, 2/1/2029 (a) | 3,575 | 3,689 |
9.88%, 2/1/2032 (a) | 3,575 | 3,664 |
Vital Energy, Inc. | ||
10.13%, 1/15/2028 | 4,621 | 4,705 |
9.75%, 10/15/2030 | 2,574 | 2,579 |
433,099 | ||
Paper & Forest Products — 0.0% ^ | ||
Glatfelter Corp. 4.75%, 11/15/2029 (a) | 4,045 | 2,448 |
Passenger Airlines — 0.9% | ||
American Airlines, Inc. | ||
5.50%, 4/20/2026 (a) | 12,552 | 12,357 |
5.75%, 4/20/2029 (a) | 16,871 | 16,163 |
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (a) | 5,290 | 5,261 |
United Airlines, Inc. 4.38%, 4/15/2026 (a) | 8,206 | 7,803 |
VistaJet Malta Finance plc (Switzerland) 9.50%, 6/1/2028 (a) | 3,887 | 3,225 |
44,809 | ||
Personal Care Products — 0.4% | ||
Coty, Inc. 4.75%, 1/15/2029 (a) | 4,115 | 3,831 |
Edgewell Personal Care Co. | ||
5.50%, 6/1/2028 (a) | 9,630 | 9,173 |
4.13%, 4/1/2029 (a) | 4,332 | 3,822 |
Prestige Brands, Inc. 5.13%, 1/15/2028 (a) | 2,516 | 2,391 |
19,217 | ||
Pharmaceuticals — 3.6% | ||
Bausch Health Americas, Inc. | ||
9.25%, 4/1/2026 (a) | 37,024 | 32,585 |
8.50%, 1/31/2027 (a) | 4,545 | 2,241 |
Bausch Health Cos., Inc. | ||
5.50%, 11/1/2025 (a) | 40,002 | 34,852 |
9.00%, 12/15/2025 (a) | 34,921 | 31,312 |
5.00%, 1/30/2028 (a) | 5,505 | 2,038 |
4.88%, 6/1/2028 (a) | 12,580 | 6,402 |
5.00%, 2/15/2029 (a) | 10,285 | 3,595 |
6.25%, 2/15/2029 (a) | 5,466 | 1,947 |
5.25%, 1/30/2030 (a) | 8,054 | 2,884 |
5.25%, 2/15/2031 (a) | 8,085 | 2,850 |
Catalent Pharma Solutions, Inc. | ||
5.00%, 7/15/2027 (a) | 3,674 | 3,469 |
3.13%, 2/15/2029 (a) | 1,654 | 1,385 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Pharmaceuticals — continued | ||
Elanco Animal Health, Inc. 6.65%, 8/28/2028 (i) | 6,756 | 6,747 |
Endo Dac | ||
5.88%, 10/15/2024 (a) (i) | 5,067 | 3,224 |
9.50%, 7/31/2027 (a) (b) | 5,416 | 406 |
6.00%, 6/30/2028 (a) (b) | 4,621 | 335 |
Endo Luxembourg Finance Co. I SARL 6.13%, 4/1/2029 (a) (i) | 7,570 | 4,864 |
Mallinckrodt International Finance SA | ||
11.50%, 12/15/2028 (a) (b) | 17,610 | 15,647 |
10.00%, 6/15/2029 (a) (b) | 5,503 | 358 |
Organon & Co. | ||
4.13%, 4/30/2028 (a) | 12,728 | 11,302 |
5.13%, 4/30/2031 (a) | 7,521 | 5,917 |
Par Pharmaceutical, Inc. | ||
7.50%, 4/1/2027 (a) (b) (i) | 5,402 | 3,403 |
8.50%, 4/1/2027 (a) (b) (i) | 1,905 | 1,200 |
178,963 | ||
Professional Services — 0.1% | ||
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029 (a) | 2,244 | 2,028 |
TriNet Group, Inc. 7.13%, 8/15/2031 (a) | 4,838 | 4,886 |
6,914 | ||
Real Estate Management & Development — 0.2% | ||
Kennedy-Wilson, Inc. 4.75%, 3/1/2029 | 1,337 | 1,072 |
Realogy Group LLC | ||
5.75%, 1/15/2029 (a) | 3,790 | 2,703 |
5.25%, 4/15/2030 (a) | 12,038 | 8,103 |
11,878 | ||
Semiconductors & Semiconductor Equipment — 1.2% | ||
ams-OSRAM AG (Austria) | ||
7.00%, 7/31/2025 (a) | 7,869 | 8,002 |
12.25%, 3/30/2029 (a) | 4,985 | 5,084 |
Entegris Escrow Corp. | ||
4.75%, 4/15/2029 (a) | 8,907 | 8,415 |
5.95%, 6/15/2030 (a) | 10,236 | 9,888 |
Entegris, Inc. | ||
4.38%, 4/15/2028 (a) | 7,124 | 6,648 |
3.63%, 5/1/2029 (a) | 5,818 | 5,086 |
ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | 14,750 | 13,334 |
Synaptics, Inc. 4.00%, 6/15/2029 (a) | 3,950 | 3,418 |
59,875 | ||
Software — 1.0% | ||
ACI Worldwide, Inc. 5.75%, 8/15/2026 (a) | 3,540 | 3,481 |
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | 4,888 | 4,237 |
Clarivate Science Holdings Corp. | ||
3.88%, 7/1/2028 (a) | 4,720 | 4,259 |
4.88%, 7/1/2029 (a) | 5,242 | 4,691 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Software — continued | ||
NCR Voyix Corp. | ||
5.00%, 10/1/2028 (a) | 4,255 | 3,873 |
5.13%, 4/15/2029 (a) | 7,542 | 6,907 |
RingCentral, Inc. 8.50%, 8/15/2030 (a) | 5,775 | 5,753 |
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a) | 15,463 | 14,964 |
48,165 | ||
Specialized REITs — 0.3% | ||
Iron Mountain, Inc. | ||
5.00%, 7/15/2028 (a) | 4,173 | 3,897 |
4.88%, 9/15/2029 (a) | 6,112 | 5,566 |
4.50%, 2/15/2031 (a) | 4,457 | 3,857 |
SBA Communications Corp. 3.13%, 2/1/2029 | 345 | 301 |
13,621 | ||
Specialty Retail — 2.3% | ||
Asbury Automotive Group, Inc. | ||
4.50%, 3/1/2028 | 4,416 | 4,063 |
4.63%, 11/15/2029 (a) | 6,963 | 6,271 |
4.75%, 3/1/2030 | 1,685 | 1,510 |
Bath & Body Works, Inc. | ||
6.63%, 10/1/2030 (a) | 4,643 | 4,596 |
6.88%, 11/1/2035 | 331 | 313 |
6.75%, 7/1/2036 | 2,199 | 2,045 |
Gap, Inc. (The) 3.63%, 10/1/2029 (a) | 4,762 | 3,920 |
Lithia Motors, Inc. 3.88%, 6/1/2029 (a) | 7,055 | 6,219 |
PetSmart, Inc. | ||
4.75%, 2/15/2028 (a) | 15,254 | 13,950 |
7.75%, 2/15/2029 (a) | 7,336 | 6,915 |
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a) | 6,853 | 6,041 |
SRS Distribution, Inc. | ||
4.63%, 7/1/2028 (a) | 6,684 | 6,102 |
6.13%, 7/1/2029 (a) | 3,971 | 3,507 |
6.00%, 12/1/2029 (a) | 8,825 | 7,678 |
Staples, Inc. | ||
7.50%, 4/15/2026 (a) | 27,437 | 24,282 |
10.75%, 4/15/2027 (a) | 15,404 | 10,019 |
White Cap Buyer LLC 6.88%, 10/15/2028 (a) | 4,530 | 4,133 |
111,564 | ||
Technology Hardware, Storage & Peripherals — 0.2% | ||
Seagate HDD Cayman | ||
8.25%, 12/15/2029 (a) | 5,979 | 6,350 |
8.50%, 7/15/2031 (a) | 1,060 | 1,133 |
7,483 | ||
Textiles, Apparel & Luxury Goods — 0.0% ^ | ||
Hanesbrands, Inc. 9.00%, 2/15/2031 (a) | 2,510 | 2,366 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Trading Companies & Distributors — 1.0% | ||
Herc Holdings, Inc. 5.50%, 7/15/2027 (a) | 3,780 | 3,671 |
Imola Merger Corp. 4.75%, 5/15/2029 (a) | 16,787 | 15,252 |
United Rentals North America, Inc. | ||
4.88%, 1/15/2028 | 4,045 | 3,890 |
5.25%, 1/15/2030 | 6,890 | 6,583 |
WESCO Distribution, Inc. | ||
7.13%, 6/15/2025 (a) | 8,110 | 8,122 |
7.25%, 6/15/2028 (a) | 11,740 | 11,938 |
49,456 | ||
Wireless Telecommunication Services — 0.1% | ||
Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | 655 | 515 |
United States Cellular Corp. 6.70%, 12/15/2033 | 4,343 | 4,258 |
4,773 | ||
Total Corporate Bonds (Cost $4,528,716) | 4,136,821 | |
Loan Assignments — 5.3% (f) (j) | ||
Automobile Components — 0.2% | ||
DexKo Global, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 9.40%, 10/4/2028 | 9,910 | 9,709 |
Beverages — 0.1% | ||
Triton Water Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.90%, 3/31/2028 | 7,172 | 7,046 |
Building Products — 0.2% | ||
Cabinetworks, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.25%), 9.90%, 5/17/2028 | 9,187 | 7,579 |
Chemicals — 0.2% | ||
Ineos US Finance LLC, 1st Lien Term Loan B (Luxembourg) (1-MONTH CME TERM SOFR + 3.50%), 8.95%, 2/18/2030 | 5,885 | 5,829 |
Venator Materials Corp., 1st Lien Term Loan (3-MONTH SOFR + 8.00%), 9.00%, 10/12/2028 | 138 | 135 |
Venator Materials Corp., Term Loan (3-MONTH SOFR + 8.00%), 9.00%, 10/12/2028 | 4,601 | 4,491 |
10,455 | ||
Commercial Services & Supplies — 0.2% | ||
Madison IAQ LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.70%, 6/21/2028 (k) | 9,104 | 8,967 |
Consumer Staples Distribution & Retail — 0.5% | ||
Moran Foods LLC, 1st Lien Super Senior Delayed Term Loan (3-MONTH SOFR + 11.50%), 16.65%, 6/30/2026 ‡ | 6,664 | 6,664 |
Moran Foods, LLC, First Lien Term Loan | ||
(2-MONTH SOFR + 2.00%), 12.74%, 6/30/2026 ‡ | 18,562 | 15,095 |
(3-MONTH CME TERM SOFR + 2.00%), 12.74%, 6/30/2026 ‡ | 7,521 | 4,671 |
26,430 | ||
Containers & Packaging — 0.3% | ||
Graham Packaging Co., Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 8.46%, 8/4/2027 | 8,522 | 8,496 |
LABL, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 10.45%, 10/29/2028 | 8,093 | 7,633 |
16,129 | ||
Diversified Telecommunication Services — 0.1% | ||
Numericable U.S. LLC, 1st Lien Term Loan B-14 (France) (3-MONTH CME TERM SOFR + 5.50%), 10.89%, 8/15/2028 | 6,924 | 5,899 |
Ground Transportation — 0.3% | ||
First Student Bidco, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 8.65%, 7/21/2028 | 7,649 | 7,519 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Loan Assignments — continued | ||
Ground Transportation — continued | ||
First Student Bidco, Inc., 1st Lien Term Loan C (3-MONTH CME TERM SOFR + 3.00%), 8.65%, 7/21/2028 | 2,875 | 2,826 |
First Student Bidco, Inc., Term Loan B (3-MONTH CME TERM SOFR + 4.00%), 9.49%, 7/21/2028 | 5,955 | 5,898 |
16,243 | ||
Health Care Equipment & Supplies — 0.1% | ||
Medline, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.46%, 10/23/2028 | 4,775 | 4,775 |
Health Care Providers & Services — 0.4% | ||
Parexel International Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.69%, 11/15/2028 | 9,117 | 9,105 |
Syneos Health,Inc., 1st Lien Term Loan B (3-MONTH SOFR + 4.25%), 9.39%, 9/27/2030 | 3,350 | 3,271 |
U.S. Renal Care, 1st Lien Term Loan C (2-MONTH SOFR + 5.00%; 3-MONTH CME TERM SOFR + 5.00% ), 10.46%, 6/20/2028 | 11,544 | 8,196 |
20,572 | ||
IT Services — 0.1% | ||
Ahead DB Holdings LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 9.24%, 10/18/2027 | 2,552 | 2,521 |
Leisure Products — 0.3% | ||
FGI Operating Co. LLC, 1st Lien Term Loan (3-MONTH SOFR + 11.00%), 5/16/2024 ‡ (b) | 3,696 | 403 |
Hercules Achievement, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 10.46%, 12/15/2026 | 14,332 | 14,113 |
14,516 | ||
Machinery — 0.1% | ||
SPX Flow, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.50%), 9.95%, 4/5/2029 | 4,520 | 4,507 |
Media — 0.7% | ||
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 9.14%, 8/21/2026 | 3,969 | 3,890 |
CSC Holdings LLC, Term Loan B-6 (1-MONTH CME TERM SOFR + 4.50%), 9.82%, 1/18/2028 (k) | 3,930 | 3,781 |
DirectV Financing LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 5.00%), 10.64%, 8/2/2027 | 13,795 | 13,554 |
iHeartCommunications, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 8.46%, 5/1/2026 | 10,888 | 9,055 |
Shutterfly LLC, 2nd Lien Term Loan (3-MONTH CME TERM SOFR + 5.00%), 10.39%, 10/1/2027 | 5,197 | 3,487 |
33,767 | ||
Passenger Airlines — 0.2% | ||
AAdvantage Loyality IP Ltd., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.75%), 10.43%, 4/20/2028 (k) | 7,980 | 8,090 |
Personal Care Products — 0.5% | ||
Nestle Skin Health SA, Term Loan B (Luxembourg) (3-MONTH CME TERM SOFR + 3.50%), 9.24%, 10/1/2026 | 25,388 | 25,462 |
Software — 0.1% | ||
Genesys Telecom Holdings US, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.00%), 9.46%, 12/1/2027 | 4,667 | 4,669 |
Specialty Retail — 0.7% | ||
AppleCaramel Buyer LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.10%, 10/19/2027 | 697 | 696 |
Claire's Stores, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 6.50%), 11.95%, 12/18/2026 (l) | 12,971 | 11,803 |
Petco Health & Wellness Co., Inc., Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.90%, 3/3/2028 | 11,889 | 11,225 |
PrimeSource, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.91%, 12/28/2027 | 5,560 | 5,353 |
Serta Simmons Bedding LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 7.50%), 12.82%, 6/29/2028 | 6,309 | 6,120 |
35,197 | ||
Total Loan Assignments (Cost $278,995) | 262,533 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 2.0% | ||
Broadline Retail — 0.1% | ||
Moran Foods Backstop Equity ‡ * | 73,975 | 740 |
MYT Holding LLC ‡ * | 5,623 | 1,968 |
2,708 | ||
Chemicals — 0.2% | ||
Venator Materials plc * | 1,564,795 | 10,953 |
Communications Equipment — 0.0% ^ | ||
Goodman Networks, Inc. ‡ * | 300 | — |
Diversified Telecommunication Services — 0.1% | ||
Frontier Communications Parent, Inc. * | 251 | 5,492 |
Windstream Holdings, Inc. ‡ * | 14 | 144 |
5,636 | ||
Financial Services — 0.0% ^ | ||
ACC Claims Holdings LLC ‡ | 7,076 | 18 |
Health Care Providers & Services — 0.0% ^ | ||
Envision Healthcare Corp. ‡ * | 97 | 925 |
Machinery — 0.0% ^ | ||
SSB Equipment Co. Inc. ‡ * | 395 | — |
Media — 0.1% | ||
Clear Channel Outdoor Holdings, Inc. * | 2,312 | 3,352 |
iHeartMedia, Inc., Class A * | 273 | 715 |
National CineMedia, Inc. * | 572 | 2,323 |
6,390 | ||
Oil, Gas & Consumable Fuels — 0.4% | ||
Chesapeake Energy Corp. | 82 | 6,615 |
Chord Energy Corp. | 25 | 4,001 |
EP Energy Corp. ‡ * | 296 | 473 |
Gulfport Energy Corp. * | 64 | 8,699 |
19,788 | ||
Professional Services — 0.2% | ||
NMG, Inc. ‡ * | 89 | 9,986 |
Specialized REITs — 0.3% | ||
VICI Properties, Inc. | 393 | 11,741 |
Specialty Retail — 0.2% | ||
Claire's Stores, Inc. ‡ * | 17 | 5,262 |
Serta Simmons Bedding LLC ‡ * | 394 | 4,702 |
9,964 | ||
Wireless Telecommunication Services — 0.4% | ||
Intelsat SA (Luxembourg) ‡ * | 749 | 20,047 |
Total Common Stocks (Cost $95,656) | 98,156 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Convertible Bonds — 0.7% | ||
Media — 0.5% | ||
DISH Network Corp. | ||
2.38%, 3/15/2024 | 13,085 | 12,504 |
Zero Coupon, 12/15/2025 | 7,845 | 4,055 |
3.38%, 8/15/2026 | 18,645 | 8,437 |
Liberty Interactive LLC | ||
4.00%, 11/15/2029 | 2,570 | 643 |
3.75%, 2/15/2030 | 4,448 | 1,112 |
26,751 | ||
Oil, Gas & Consumable Fuels — 0.2% | ||
Gulfport Energy Corp. 10.00% (Cash), 1/8/2024 ‡ (c) (d) (e) | 1 | 7,234 |
Total Convertible Bonds (Cost $43,827) | 33,985 | |
SHARES (000) | ||
Convertible Preferred Stocks — 0.6% | ||
Specialty Retail — 0.6% | ||
Claire's Stores, Inc. ‡ * (Cost $3,724) | 14 | 27,891 |
Exchange-Traded Funds — 0.2% | ||
Fixed Income — 0.2% | ||
iShares Broad USD High Yield Corporate Bond ETF (Cost $9,946) | 280 | 9,965 |
Preferred Stocks — 0.2% | ||
Broadline Retail — 0.2% | ||
MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ | 13,477 | 7,918 |
Communications Equipment — 0.0% ^ | ||
Goodman Networks, Inc. ‡ * | 358 | — |
Oil, Gas & Consumable Fuels — 0.0% ^ | ||
Gulfport Energy Corp. ‡ * | — | 705 |
Total Preferred Stocks (Cost $14,233) | 8,623 | |
NO. OF RIGHTS (000) | ||
Rights — 0.1% | ||
Diversified Telecommunication Services — 0.0% ^ | ||
Intelsat Jackson Holdings SA, expiring 12/5/2025 (Luxembourg) ‡ * | 157 | 2 |
Independent Power and Renewable Electricity Producers — 0.1% | ||
Vistra Corp., expiring 12/31/2049 ‡ * | 2,823 | 3,600 |
Total Rights (Cost $2) | 3,602 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | NO. OF WARRANTS (000) | VALUE ($000) |
Warrants — 0.0% ^ | ||
Media — 0.0% ^ | ||
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD (United Kingdom) ‡ * (Cost $1) | 110 | 1,506 |
SHARES (000) | ||
Short-Term Investments — 5.0% | ||
Investment Companies — 5.0% | ||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 5.20% (m) (n) (Cost $243,317) | 243,317 | 243,317 |
Total Investments — 98.3% (Cost $5,218,417) | 4,826,399 | |
Other Assets Less Liabilities — 1.7% | 83,451 | |
NET ASSETS — 100.0% | 4,909,850 |
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 |
ETF | Exchange Traded Fund |
PIK | Payment In Kind |
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) | Defaulted security. | |
(c) | Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed. | |
(d) | Security is an interest bearing note with preferred security characteristics. | |
(e) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2023. | |
(f) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2023. | |
(g) | 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 November 30, 2023 is $5,692 or 0.12% of the Fund’s net assets as of November 30, 2023. | |
(h) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(i) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2023. | |
(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 November 30, 2023. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position. | |
(l) | Fund is subject to legal or contractual restrictions on the resale of the security. | |
(m) | 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. | |
(n) | The rate shown is the current yield as of November 30, 2023. |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 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, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s 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 November 30, 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 FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 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 | $— | $— | $2,708 | $2,708 |
Chemicals | 10,953 | — | — | 10,953 |
Communications Equipment | — | — | — (a) | — (a) |
Diversified Telecommunication Services | 5,492 | — | 144 | 5,636 |
Financial Services | — | — | 18 | 18 |
Health Care Providers & Services | — | — | 925 | 925 |
Machinery | — | — | — (a) | — (a) |
Media | 6,390 | — | — | 6,390 |
Oil, Gas & Consumable Fuels | 19,315 | — | 473 | 19,788 |
Professional Services | — | — | 9,986 | 9,986 |
Specialized REITs | 11,741 | — | — | 11,741 |
Specialty Retail | — | — | 9,964 | 9,964 |
Wireless Telecommunication Services | — | — | 20,047 | 20,047 |
Total Common Stocks | 53,891 | — | 44,265 | 98,156 |
Convertible Bonds | ||||
Media | — | 26,751 | — | 26,751 |
Oil, Gas & Consumable Fuels | — | — | 7,234 | 7,234 |
Total Convertible Bonds | — | 26,751 | 7,234 | 33,985 |
Convertible Preferred Stocks | — | — | 27,891 | 27,891 |
Corporate Bonds | ||||
Aerospace & Defense | — | 38,650 | — | 38,650 |
Automobile Components | — | 209,873 | — | 209,873 |
Automobiles | — | 8,916 | — | 8,916 |
Banks | — | 29,647 | — | 29,647 |
Beverages | — | 8,479 | — | 8,479 |
Biotechnology | — | 10,222 | — | 10,222 |
Broadline Retail | — | 30,523 | — | 30,523 |
Building Products | — | 100,483 | — | 100,483 |
Capital Markets | — | 1,213 | — | 1,213 |
Chemicals | — | 120,820 | — | 120,820 |
Commercial Services & Supplies | — | 159,267 | — | 159,267 |
Communications Equipment | — | 40,063 | — | 40,063 |
Construction & Engineering | — | 38,913 | — | 38,913 |
Construction Materials | — | 2,475 | — | 2,475 |
Consumer Finance | — | 161,028 | — | 161,028 |
Consumer Staples Distribution & Retail | — | 79,565 | — | 79,565 |
Containers & Packaging | — | 102,195 | — | 102,195 |
Distributors | — | 8,901 | — | 8,901 |
Diversified Consumer Services | — | 3,003 | — | 3,003 |
Diversified REITs | — | 57,610 | — | 57,610 |
Diversified Telecommunication Services | — | 338,787 | 11,569 | 350,356 |
Electric Utilities | — | 34,839 | — | 34,839 |
Electrical Equipment | — | 33,218 | — | 33,218 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)(Dollar values in thousands)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Electronic Equipment, Instruments & Components | $— | $18,912 | $— | $18,912 |
Energy Equipment & Services | — | 49,960 | — | 49,960 |
Entertainment | — | 69,175 | — | 69,175 |
Financial Services | — | 37,116 | — | 37,116 |
Food Products | — | 30,842 | — | 30,842 |
Gas Utilities | — | 13,089 | — | 13,089 |
Ground Transportation | — | 74,521 | 3,817 | 78,338 |
Health Care Equipment & Supplies | — | 43,127 | — | 43,127 |
Health Care Providers & Services | — | 221,798 | — (a) | 221,798 |
Health Care Technology | — | 9,678 | — | 9,678 |
Hotel & Resort REITs | — | 33,746 | — | 33,746 |
Hotels, Restaurants & Leisure | — | 217,120 | — | 217,120 |
Household Durables | — | 47,719 | — | 47,719 |
Household Products | — | 63,023 | — | 63,023 |
Independent Power and Renewable Electricity Producers | — | 12,028 | — | 12,028 |
IT Services | — | 29,546 | — | 29,546 |
Leisure Products | — | 11,691 | — | 11,691 |
Machinery | — | 25,943 | — | 25,943 |
Media | — | 436,900 | — | 436,900 |
Metals & Mining | — | 62,180 | — | 62,180 |
Oil, Gas & Consumable Fuels | — | 433,046 | 53 | 433,099 |
Paper & Forest Products | — | 2,448 | — | 2,448 |
Passenger Airlines | — | 44,809 | — | 44,809 |
Personal Care Products | — | 19,217 | — | 19,217 |
Pharmaceuticals | — | 178,963 | — | 178,963 |
Professional Services | — | 6,914 | — | 6,914 |
Real Estate Management & Development | — | 11,878 | — | 11,878 |
Semiconductors & Semiconductor Equipment | — | 59,875 | — | 59,875 |
Software | — | 48,165 | — | 48,165 |
Specialized REITs | — | 13,621 | — | 13,621 |
Specialty Retail | — | 111,564 | — | 111,564 |
Technology Hardware, Storage & Peripherals | — | 7,483 | — | 7,483 |
Textiles, Apparel & Luxury Goods | — | 2,366 | — | 2,366 |
Trading Companies & Distributors | — | 49,456 | — | 49,456 |
Wireless Telecommunication Services | — | 4,773 | — | 4,773 |
Total Corporate Bonds | — | 4,121,382 | 15,439 | 4,136,821 |
Exchange-Traded Funds | 9,965 | — | — | 9,965 |
Loan Assignments | ||||
Automobile Components | — | 9,709 | — | 9,709 |
Beverages | — | 7,046 | — | 7,046 |
Building Products | — | 7,579 | — | 7,579 |
Chemicals | — | 10,455 | — | 10,455 |
Commercial Services & Supplies | — | 8,967 | — | 8,967 |
Consumer Staples Distribution & Retail | — | — | 26,430 | 26,430 |
Containers & Packaging | — | 16,129 | — | 16,129 |
Diversified Telecommunication Services | — | 5,899 | — | 5,899 |
Ground Transportation | — | 16,243 | — | 16,243 |
JPMorgan High Yield FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 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 Equipment & Supplies | $— | $4,775 | $— | $4,775 |
Health Care Providers & Services | — | 20,572 | — | 20,572 |
IT Services | — | 2,521 | — | 2,521 |
Leisure Products | — | 14,113 | 403 | 14,516 |
Machinery | — | 4,507 | — | 4,507 |
Media | — | 33,767 | — | 33,767 |
Passenger Airlines | — | 8,090 | — | 8,090 |
Personal Care Products | — | 25,462 | — | 25,462 |
Software | — | 4,669 | — | 4,669 |
Specialty Retail | — | 35,197 | — | 35,197 |
Total Loan Assignments | — | 235,700 | 26,833 | 262,533 |
Preferred Stocks | — | — | 8,623 | 8,623 |
Rights | — | — | 3,602 | 3,602 |
Warrants | — | — | 1,506 | 1,506 |
Short-Term Investments | ||||
Investment Companies | 243,317 | — | — | 243,317 |
Total Investments in Securities | $307,173 | $4,383,833 | $135,393 | $4,826,399 |
(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 November 30, 2023 | |
Investments in Securities: | |||||||||
Common Stocks | $45,294 | $1,628 | $(8,444 ) | $— | $7,419 | $(1,632 ) | $— | $— | $44,265 |
Convertible Bonds | 3,490 | — | 3,744 | — | — | — | — | — | 7,234 |
Convertible Preferred Stocks | 29,715 | — | (1,824 ) | — | — | — | — | — | 27,891 |
Corporate Bonds | 8 | 17 | (3,080 ) | 42 | 1,272 | (16 ) | 17,196 | — | 15,439 |
Loan Assignments | 403 | — | (1,785 ) | 4,335 | 24,593 | (713 ) | — | — | 26,833 |
Preferred Stocks | 12,406 | — | (3,783 ) | — | — | — | — | — | 8,623 |
Rights | 3,601 | — | 1 | — | — | — | — | — | 3,602 |
Warrants | 3,389 | — | (1,883 ) | — | — | — | — | — | 1,506 |
Total | $98,306 | $1,645 | $(17,054 ) | $4,377 | $33,284 | $(2,361 ) | $17,196 | $— | $135,393 |
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 November 30, 2023, which were valued using significant unobservable inputs (level 3) amounted to $(16,952).
There were no significant transfers into or out of level 3 for the period ended November 30, 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 FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 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 November 30, 2023 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) (a) | |
$491 | Terms of Exchange Offer / Restructuring | Expected Recovery | $0.00 - $1.60 ($1.60) | |
- (b ) | Market Comparable Companies | EBITDA Multiple (c) | 5.0x (5.0x) | |
Common Stocks | 491 | |||
705 | Term of Restructuring | Liquidation Preference | 71.43x (71.43x) | |
Preferred Stocks | 705 | |||
403 | Term of Restructuring | Expected Recovery | 10.90% (10.90%) | |
Loan Assignments | 403 | |||
7,234 | Term of Restructuring | Liquidation Preference | 71.43x (71.43x) | |
Convertible Bonds | 7,234 | |||
1 | Pending Distribution Amount | Expected Recovery | 0.01 ($0.01) | |
Rights | 1 | |||
Total | $8,834 |
# | The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At November 30, 2023, the value of these investments was $ 126,559. 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 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 November 30, 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 November 30, 2023 | Shares at November 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 5.20% (a) (b) | $12,389 | $1,559,620 | $1,328,692 | $— | $— | $243,317 | 243,317 | $5,250 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of November 30, 2023. |