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