NPORT-EX 2 HG_EMD.htm FOR VALIDATION PURPOSES ONLY - [13425.HG_EMD]

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited)

 

Investments

         Principal
Amount
($000)		      Value
($000)		  

FOREIGN GOVERNMENT SECURITIES — 62.8%

 

Angola — 1.5%

 

Republic of Angola

 

9.50%, 11/12/2025(a)

                      700        665  

8.25%, 5/9/2028(a)

         2,492        2,224  

8.00%, 11/26/2029(a)

         2,300        2,001  

8.00%, 11/26/2029(b)

         1,539        1,339  

9.38%, 5/8/2048(a)

         4,058        3,530  

9.13%, 11/26/2049(a)

         2,260        1,938  
        

 

 

  
           11,697  
        

 

 

  

Argentina — 1.2%

 

Argentine Republic

 

1.00%, 7/9/2029

         896        382  

0.12%, 7/9/2030(c)

         4,207        1,641  

0.12%, 7/9/2035(c)

         13,254        4,645  

0.12%, 1/9/2038(c)

         3,421        1,351  

0.12%, 7/9/2041(c)

         3,710        1,345  
        

 

 

  
           9,364  
        

 

 

  

Armenia — 0.4%

 

Republic of Armenia

 

7.15%, 3/26/2025(a)

         1,400        1,567  

3.95%, 9/26/2029(b)

         1,271        1,231  

3.95%, 9/26/2029(a)

         200        194  
        

 

 

  
           2,992  
        

 

 

  

Azerbaijan — 0.2%

 

Republic of Azerbaijan 3.50%, 9/1/2032(a)

         1,600        1,650  
        

 

 

  

Bahrain — 2.1%

 

Kingdom of Bahrain

 

7.00%, 1/26/2026(a)

         1,611        1,862  

7.00%, 10/12/2028(a)

         2,060        2,360  

6.75%, 9/20/2029(a)

         3,081        3,489  

7.38%, 5/14/2030(b)

         2,900        3,390  

5.45%, 9/16/2032(b)

         2,324        2,411  

5.45%, 9/16/2032(a)

         800        830  

6.00%, 9/19/2044(a)

         1,352        1,371  

7.50%, 9/20/2047(a)

         500        571  
        

 

 

  
           16,284  
        

 

 

  

Belarus — 1.5%

 

Republic of Belarus

 

6.88%, 2/28/2023(a)

         4,939        5,092  

6.38%, 2/24/2031(b)

         5,760        5,789  

6.38%, 2/24/2031(a)

         1,063        1,068  
        

 

 

  
           11,949  
        

 

 

  

Bermuda — 0.6%

 

Bermuda Government Bond

 

3.72%, 1/25/2027(a)

         2,302        2,555  

2.38%, 8/20/2030(b)

         1,217        1,260  

3.38%, 8/20/2050(b)

         518        548  
        

 

 

  
           4,363  
        

 

 

  

Brazil — 1.3%

 

Federative Republic of Brazil

 

4.50%, 5/30/2029

         1,366        1,512  

8.25%, 1/20/2034

         5,942        8,549  
        

 

 

  
           10,061  
        

 

 

  

Colombia — 1.4%

 

Republic of Colombia

 

8.13%, 5/21/2024

         920        1,117  

4.50%, 3/15/2029

         986        1,120  

10.38%, 1/28/2033

         563        890  

6.13%, 1/18/2041

         200        264  

5.00%, 6/15/2045

         3,420        4,106  

5.20%, 5/15/2049

         1,722        2,152  

4.13%, 5/15/2051

         1,479        1,614  
        

 

 

  
           11,263  
        

 

 

  

Costa Rica — 0.4%

 

Republic of Costa Rica

 

4.38%, 4/30/2025(a)

         1,265        1,126  

5.63%, 4/30/2043(a)

         1,597        1,264  

7.16%, 3/12/2045(a)

         1,000        870  
        

 

 

  
           3,260  
        

 

 

  

Dominican Republic — 3.1%

 

Dominican Republic Government Bond

 

5.88%, 4/18/2024(a)

         3,078        3,281  

6.88%, 1/29/2026(a)

         2,700        3,128  

5.95%, 1/25/2027(a)

         1,075        1,207  

6.00%, 7/19/2028(a)

         1,906        2,169  

4.50%, 1/30/2030(a)

         600        628  

4.88%, 9/23/2032(b)

         3,800        4,064  

6.40%, 6/5/2049(a)

         2,340        2,592  

5.88%, 1/30/2060(b)

         5,901        6,150  

5.88%, 1/30/2060(a)

         700        729  
        

 

 

  
           23,948  
        

 

 

  

Ecuador — 0.5%

 

Republic of Ecuador

 

Zero Coupon, 7/31/2030(b)

         379        168  

0.50%, 7/31/2030(b)(c)

         2,227        1,411  

0.50%, 7/31/2035(b)(c)

         2,954        1,610  

0.50%, 7/31/2040(b)(c)

         1,354        667  
        

 

 

  
           3,856  
        

 

 

  

Egypt — 3.4%

 

Arab Republic of Egypt

 

5.75%, 5/29/2024(a)

         2,500        2,631  

5.75%, 5/29/2024(b)

         1,750        1,842  

7.50%, 1/31/2027(a)

         5,468        6,119  

6.59%, 2/21/2028(a)

         400        428  

7.60%, 3/1/2029(a)

         560        624  

7.05%, 1/15/2032(a)

         1,900        2,009  

7.05%, 1/15/2032(b)

         891        942  

7.63%, 5/29/2032(a)

         1,600        1,750  

8.50%, 1/31/2047(a)

         1,471        1,589  

8.88%, 5/29/2050(a)

         2,400        2,668  

8.88%, 5/29/2050(b)

         1,750        1,945  

8.15%, 11/20/2059(a)

         2,600        2,703  

8.15%, 11/20/2059(b)

         1,514        1,574  
        

 

 

  
           26,824  
        

 

 

  

El Salvador — 1.7%

 

Republic of El Salvador

 

5.88%, 1/30/2025(a)

         2,739        2,447  

6.38%, 1/18/2027(a)

         1,992        1,758  

8.63%, 2/28/2029(a)

         3,231        3,016  

7.63%, 2/1/2041(a)

         1,292        1,111  

7.12%, 1/20/2050(a)

         3,864        3,219  

9.50%, 7/15/2052(a)

         2,000        1,891  
        

 

 

  
           13,442  
        

 

 

  

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

 

Investments

           Principal
Amount
($000)		      Value
($000)		  

Ethiopia — 0.5%

 

Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024(a)

                          4,113        4,038  
        

 

 

  

Ghana — 1.9%

 

Republic of Ghana

 

6.38%, 2/11/2027(a)

         800        803  

7.88%, 3/26/2027(a)

         1,700        1,781  

7.63%, 5/16/2029(a)

         1,492        1,522  

8.13%, 3/26/2032(a)

         200        203  

7.88%, 2/11/2035(b)

         2,700        2,628  

7.88%, 2/11/2035(a)

         400        389  

8.63%, 6/16/2049(a)

         2,900        2,828  

8.95%, 3/26/2051(a)

         409        406  

8.75%, 3/11/2061(b)

         2,700        2,649  

8.75%, 3/11/2061(a)

         1,500        1,472  
        

 

 

  
        14,681  
     

 

 

  

Guatemala — 1.0%

 

Republic of Guatemala

 

4.50%, 5/3/2026(a)

         801        873  

4.90%, 6/1/2030(b)

         2,024        2,322  

5.38%, 4/24/2032(a)

         1,300        1,549  

5.38%, 4/24/2032(b)

         900        1,072  

6.13%, 6/1/2050(b)

         1,140        1,453  

6.13%, 6/1/2050(a)

         500        637  
        

 

 

  
        7,906  
     

 

 

  

Honduras — 0.1%

 

Republic of Honduras 5.63%, 6/24/2030(b)

         770        865  
        

 

 

  

Hungary — 0.3%

 

Hungary Government Bond 7.63%, 3/29/2041

         1,200        2,138  
        

 

 

  

Indonesia — 0.8%

         

Republic of Indonesia 6.63%, 2/17/2037(a)

         4,095        5,874  
        

 

 

  

Iraq — 0.5%

 

Republic of Iraq

 

6.75%, 3/9/2023(a)

         1,878        1,812  

5.80%, 1/15/2028(a)

         1,922        1,764  
        

 

 

  
        3,576  
     

 

 

  

Ivory Coast — 1.2%

 

Republic of Cote d’Ivoire

 

4.88%, 1/30/2032(b)

      EUR        1,769        2,105  

5.75%, 12/31/2032(a)(c)

         295        296  

6.13%, 6/15/2033(a)

         1,300        1,428  

6.88%, 10/17/2040(a)

      EUR        3,062        4,002  

6.63%, 3/22/2048(a)

      EUR        1,088        1,392  
        

 

 

  
        9,223  
     

 

 

  

Jamaica — 0.7%

 

Jamaica Government Bond

 

9.25%, 10/17/2025

         1,471        1,787  

6.75%, 4/28/2028

         1,000        1,181  

7.88%, 7/28/2045

         1,912        2,581  
        

 

 

  
        5,549  
     

 

 

  

Jordan — 0.8%

 

Hashemite Kingdom of Jordan

 

4.95%, 7/7/2025(a)

         800        835  

5.75%, 1/31/2027(a)

         2,564        2,756  

5.85%, 7/7/2030(b)

         2,310        2,466  

5.85%, 7/7/2030(a)

         400        427  
        

 

 

  
        6,484  
     

 

 

  

Kenya — 1.4%

 

Republic of Kenya

 

6.88%, 6/24/2024(a)

         1,400        1,514  

7.00%, 5/22/2027(a)

         1,100        1,192  

8.00%, 5/22/2032(a)

         3,146        3,592  

8.25%, 2/28/2048(a)

         3,929        4,392  
        

 

 

  
        10,690  
     

 

 

  

Lebanon — 0.3%

 

Lebanese Republic

 

6.38%, 3/9/2020(d)

         6,767        1,015  

6.15%, 6/19/2020(d)

         720        90  

6.85%, 3/23/2027(a)(d)

         489        61  

6.65%, 11/3/2028(a)(d)

         6,496        812  

7.05%, 11/2/2035(a)(d)

         162        20  
        

 

 

  
        1,998  
     

 

 

  

Luxembourg — 0.7%

 

Ecuador Social Bond SARL Zero Coupon, 1/30/2035(b)(d)

         8,255        5,781  
        

 

 

  

Malaysia — 0.4%

 

1MDB Global Investments Ltd. 4.40%, 3/9/2023(a)

         3,000        3,010  
        

 

 

  

Mexico — 2.4%

 

United Mexican States

 

3.75%, 1/11/2028

         2,800        3,094  

4.50%, 1/31/2050

         5,300        6,003  

5.00%, 4/27/2051

         6,750        8,137  

3.77%, 5/24/2061

         1,075        1,071  
        

 

 

  
        18,305  
     

 

 

  

Mongolia — 0.5%

 

State of Mongolia

 

8.75%, 3/9/2024(a)

         2,575        2,973  

5.13%, 4/7/2026(b)

         700        739  
        

 

 

  
        3,712  
     

 

 

  

Morocco — 0.3%

 

Kingdom of Morocco 5.50%, 12/11/2042(a)

         1,875        2,327  
        

 

 

  

Nigeria — 2.5%

 

Federal Republic of Nigeria

 

6.50%, 11/28/2027(a)

         1,900        1,993  

7.14%, 2/23/2030(a)

         2,842        2,986  

8.75%, 1/21/2031(a)

         1,700        1,921  

7.88%, 2/16/2032(a)

         1,077        1,157  

7.70%, 2/23/2038(a)

         1,600        1,656  

7.70%, 2/23/2038(b)

         1,514        1,567  

7.63%, 11/28/2047(a)

         5,519        5,622  

9.25%, 1/21/2049(a)

         2,000        2,270  
        

 

 

  
        19,172  
     

 

 

  

Oman — 1.6%

 

Sultanate of Oman Government Bond

 

4.75%, 6/15/2026(a)

         5,634        5,426  

5.38%, 3/8/2027(a)

         2,313        2,263  

5.63%, 1/17/2028(a)

         1,788        1,752  

7.38%, 10/28/2032(b)

         2,227        2,333  

6.75%, 1/17/2048(a)

         829        766  
        

 

 

  
        12,540  
     

 

 

  

Pakistan — 0.6%

 

Islamic Republic of Pakistan

 

8.25%, 4/15/2024(a)

         2,591        2,794  

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

 

Investments

           Principal
Amount
($000)		      Value
($000)		  

6.88%, 12/5/2027(a)

         1,500        1,540  
        

 

 

  
        4,334  
     

 

 

  

Panama — 1.7%

 

Notas del Tesoro 3.75%, 4/17/2026

         4,822        5,230  

Republic of Panama

 

   

9.38%, 4/1/2029

         1,465        2,255  

4.50%, 4/16/2050

         1,700        2,150  

4.50%, 4/1/2056

         3,070        3,888  
        

 

 

  
        13,523  
     

 

 

  

Paraguay — 2.5%

 

Republic of Paraguay

 

   

4.70%, 3/27/2027(a)

         3,363        3,872  

4.95%, 4/28/2031(b)

         2,180        2,587  

4.95%, 4/28/2031(a)

         600        712  

6.10%, 8/11/2044(a)

         3,822        5,060  

5.60%, 3/13/2048(a)

         1,427        1,803  

5.40%, 3/30/2050(a)

         4,211        5,253  
        

 

 

  
        19,287  
     

 

 

  

Peru — 0.5%

 

Republic of Peru 8.75%, 11/21/2033

         2,150        3,574  
        

 

 

  

Philippines — 0.3%

 

Republic of Philippines

 

   

0.88%, 5/17/2027

      EUR        874        1,056  

7.75%, 1/14/2031

         1,104        1,693  
        

 

 

  
        2,749  
     

 

 

  

Qatar — 2.2%

 

State of Qatar

 

   

3.75%, 4/16/2030(a)

         2,600        3,045  

5.10%, 4/23/2048(a)

         900        1,286  

4.82%, 3/14/2049(a)

         4,692        6,488  

4.40%, 4/16/2050(b)

         4,540        5,993  
        

 

 

  
        16,812  
     

 

 

  

Romania — 1.6%

 

Romania Government Bond

 

   

3.62%, 5/26/2030(b)

      EUR        2,000        2,815  

3.00%, 2/14/2031(b)

         1,700        1,814  

2.63%, 12/2/2040(b)

      EUR        1,176        1,413  

4.63%, 4/3/2049(a)

      EUR        3,272        5,106  

4.00%, 2/14/2051(a)

         1,188        1,299  
        

 

 

  
        12,447  
     

 

 

  

Russia — 1.7%

 

Russian Federation

 

   

12.75%, 6/24/2028(a)

         1,975        3,380  

4.38%, 3/21/2029(a)

         4,800        5,559  

5.63%, 4/4/2042(a)

         2,000        2,729  

5.88%, 9/16/2043(a)

         1,000        1,417  
        

 

 

  
        13,085  
     

 

 

  

Saudi Arabia — 1.0%

 

Kingdom of Saudi Arabia

 

   

3.25%, 10/22/2030(a)

         1,100        1,209  

4.63%, 10/4/2047(a)

         1,100        1,376  

5.00%, 4/17/2049(a)

         900        1,192  

5.25%, 1/16/2050(a)

         1,921        2,637  

3.75%, 1/21/2055(a)

         1,000        1,111  
        

 

 

  
        7,525  
     

 

 

  

Senegal — 0.5%

 

Republic of Senegal

 

   

8.75%, 5/13/2021(a)

         432        446  

6.25%, 5/23/2033(a)

         1,000        1,103  

6.75%, 3/13/2048(a)

         1,853        2,008  
        

 

 

  
        3,557  
     

 

 

  

Serbia — 0.4%

 

Republic of Serbia

 

   

1.50%, 6/26/2029(b)

      EUR        1,566        1,887  

2.13%, 12/1/2030(b)

         1,134        1,116  
        

 

 

  
        3,003  
     

 

 

  

South Africa — 1.6%

 

Republic of South Africa

 

   

4.88%, 4/14/2026

         1,300        1,379  

4.30%, 10/12/2028

         4,685        4,719  

5.88%, 6/22/2030

         700        769  

5.00%, 10/12/2046

         4,328        3,882  

5.75%, 9/30/2049

         1,946        1,872  
        

 

 

  
        12,621  
     

 

 

  

Sri Lanka — 1.0%

 

Democratic Socialist Republic of Sri Lanka

 

   

6.83%, 7/18/2026(a)

         1,027        622  

6.20%, 5/11/2027(a)

         3,761        2,210  

6.75%, 4/18/2028(a)

         3,674        2,165  

7.85%, 3/14/2029(a)

         3,806        2,245  

7.55%, 3/28/2030(a)

         1,100        644  
        

 

 

  
        7,886  
     

 

 

  

Tajikistan — 0.0%(e)

 

Republic of Tajikistan 7.13%, 9/14/2027(a)

         400        322  
        

 

 

  

Trinidad and Tobago — 0.2%

 

Republic of Trinidad and Tobago 4.50%, 6/26/2030(b)

         1,900        1,980  
        

 

 

  

Turkey — 2.9%

 

Republic of Turkey

 

   

5.75%, 3/22/2024

         5,900        6,033  

5.60%, 11/14/2024

         2,045        2,086  

4.25%, 4/14/2026

         2,400        2,301  

5.25%, 3/13/2030

         6,670        6,443  

4.88%, 4/16/2043

         5,234        4,356  

5.75%, 5/11/2047

         476        427  

Turkiye Ihracat Kredi Bankasi A/S 8.25%, 1/24/2024(b)

         610        649  
        

 

 

  
        22,295  
     

 

 

  

Ukraine — 3.5%

 

Ukraine Government Bond

 

   

7.75%, 9/1/2023(a)

         3,958        4,296  

8.99%, 2/1/2024(a)

         300        335  

7.75%, 9/1/2024(a)

         4,465        4,870  

7.75%, 9/1/2025(a)

         4,763        5,234  

9.75%, 11/1/2028(a)

         1,100        1,309  

7.38%, 9/25/2032(a)

         4,262        4,572  

7.25%, 3/15/2033(b)

         3,100        3,291  

7.25%, 3/15/2033(a)

         400        425  

0.00%, 5/31/2040(a)(f)

         2,597        2,575  
        

 

 

  
        26,907  
     

 

 

  

United Arab Emirates — 1.2%

 

United Arab Emirates Government Bond

 

   

4.13%, 10/11/2047(a)

         3,507        4,443  

3.88%, 4/16/2050(b)

         2,400        2,976  

4.00%, 7/28/2050(b)

         1,550        1,596  
        

 

 

  
        9,015  
     

 

 

  

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

 

Investments

           Principal
Amount
($000)		      Value
($000)		  

Uruguay — 1.8%

 

Oriental Republic of Uruguay

 

7.88%, 1/15/2033

                          4,840        7,603  

7.63%, 3/21/2036

         1,773        2,811  

4.98%, 4/20/2055

         2,634        3,587  
        

 

 

  
           14,001  
        

 

 

  

Uzbekistan — 0.1%

 

Republic of Uzbekistan 4.75%, 2/20/2024(a)

         928        993  
        

 

 

  

Venezuela, Bolivarian Republic of — 0.1%

 

Bolivarian Republic of Venezuela

 

12.75%, 8/23/2022(a)(d)

         1,900        171  

8.25%, 10/13/2024(a)(d)

         2,590        233  

7.65%, 4/21/2025(a)(d)

         2,013        181  

9.25%, 5/7/2028(a)(d)

         2,630        237  
        

 

 

  
           822  
        

 

 

  

Zambia — 0.2%

 

Republic of Zambia

 

5.38%, 9/20/2022(a)

         1,606        754  

8.97%, 7/30/2027(a)

         1,651        786  
        

 

 

  
           1,540  
        

 

 

  

TOTAL FOREIGN GOVERNMENT SECURITIES

(Cost $478,041)

            487,100  
  

 

 

  

CORPORATE BONDS — 32.3%

 

Azerbaijan — 0.7%

 

Southern Gas Corridor CJSC 6.88%, 3/24/2026(a)

         600        721  

State Oil Co. of the Azerbaijan Republic 6.95%, 3/18/2030(a)

         3,525        4,409  
        

 

 

  
           5,130  
        

 

 

  

Bahrain — 0.5%

 

Oil and Gas Holding Co. BSCC (The)

         

7.63%, 11/7/2024(a)

         600        661  

8.38%, 11/7/2028(a)

         800        921  

8.38%, 11/7/2028(b)

         1,740        2,002  
        

 

 

  
           3,584  
        

 

 

  

Belarus — 0.2%

 

Development Bank of the Republic of Belarus JSC 6.75%, 5/2/2024(b)

         1,340        1,333  
        

 

 

  

Brazil — 1.9%

 

Banco Bradesco SA 3.20%, 1/27/2025(b)

         1,670        1,712  

Banco do Brasil SA

 

   

(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 6.36%), 9.00%, 6/18/2024(a)(g)(h)(i)

         1,848        2,037  

Klabin Austria GmbH 5.75%, 4/3/2029(a)

         1,882        2,161  

MV24 Capital BV 6.75%, 6/1/2034(b)

         2,839        3,064  

Petrobras Global Finance BV 6.90%, 3/19/2049

         3,074        3,710  

Votorantim Cimentos International SA 7.25%, 4/5/2041(a)

         1,837        2,431  
        

 

 

  
           15,115  
        

 

 

  

Cayman Islands — 0.8%

 

Bioceanico Sovereign Certificate Ltd. Zero Coupon, 6/5/2034(b)

         9,029        6,642  
        

 

 

  

Chile — 2.4%

 

Celulosa Arauco y Constitucion SA 4.25%, 4/30/2029(b)

         3,330        3,667  

Corp. Nacional del Cobre de Chile

         

3.75%, 1/15/2031(a)

         2,800        3,160  

4.38%, 2/5/2049(a)

         1,296        1,575  

Empresa de los Ferrocarriles del Estado 3.07%, 8/18/2050(b)

         871        843  

Empresa de Transporte de Pasajeros Metro SA

         

3.65%, 5/7/2030(b)

         1,140        1,264  

5.00%, 1/25/2047(a)

         1,370        1,744  

4.70%, 5/7/2050(b)

         940        1,179  

Empresa Nacional del Petroleo

         

3.75%, 8/5/2026(a)

         1,301        1,393  

5.25%, 11/6/2029(a)

         2,800        3,267  

4.50%, 9/14/2047(a)

         900        987  
        

 

 

  
           19,079  
        

 

 

  

China — 1.1%

 

China Evergrande Group 8.75%, 6/28/2025(a)

         1,700        1,309  

Chinalco Capital Holdings Ltd. 4.00%, 8/25/2021(a)

         3,092        3,121  

CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027(a)

         1,925        1,983  

Minmetals Bounteous Finance BVI Ltd. 4.20%, 7/27/2026(a)

         1,792        1,999  
        

 

 

  
           8,412  
        

 

 

  

Colombia — 1.3%

 

Ecopetrol SA

         

5.88%, 9/18/2023

         3,205        3,569  

5.88%, 5/28/2045

         3,436        4,073  

Empresas Publicas de Medellin ESP

         

4.25%, 7/18/2029(b)

         2,101        2,228  

4.25%, 7/18/2029(a)

         300        318  
        

 

 

  
           10,188  
        

 

 

  

Costa Rica — 0.2%

 

Instituto Costarricense de Electricidad

         

6.95%, 11/10/2021(a)

         900        889  

6.38%, 5/15/2043(a)

         802        577  
        

 

 

  
           1,466  
        

 

 

  

Croatia — 0.2%

 

Hrvatska Elektroprivreda 5.88%, 10/23/2022(a)

         1,800        1,951  
        

 

 

  

Ecuador — 0.2%

 

Petroamazonas EP 4.63%, 12/6/2021(b)

         1,696        1,561  
        

 

 

  

Georgia — 0.2%

 

Georgian Railway JSC 7.75%, 7/11/2022(a)

         1,891        1,980  
        

 

 

  

Hong Kong — 0.3%

 

King Power Capital Ltd. 5.63%, 11/3/2024(a)

                          2,260        2,577  
        

 

 

  

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

 

Investments

           Principal
Amount
($000)		      Value
($000)		  

India — 0.4%

 

Indian Railway Finance Corp. Ltd.

 

   

3.25%, 2/13/2030(b)

         1,850        1,962  

3.95%, 2/13/2050(a)

         1,100        1,090  
        

 

 

  
           3,052  
        

 

 

  

Indonesia — 3.8%

 

Hutama Karya Persero PT 3.75%, 5/11/2030(a)

         1,600        1,780  

Indonesia Asahan Aluminium Persero PT

 

   

6.53%, 11/15/2028(a)

         2,000        2,492  

6.53%, 11/15/2028(b)

         518        645  

6.76%, 11/15/2048(a)

         4,361        5,878  

Minejesa Capital BV

 

   

4.63%, 8/10/2030(a)

         1,100        1,172  

4.63%, 8/10/2030(b)

         1,036        1,103  

Pertamina Persero PT

 

   

3.65%, 7/30/2029(a)

         1,800        1,998  

6.45%, 5/30/2044(a)

         1,600        2,184  

6.50%, 11/7/2048(a)

         700        985  

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

 

   

4.13%, 5/15/2027(a)

         1,341        1,486  

3.88%, 7/17/2029(b)

         1,990        2,202  

6.15%, 5/21/2048(b)

         1,100        1,461  

6.15%, 5/21/2048(a)

         900        1,196  

4.88%, 7/17/2049(a)

         600        688  

4.88%, 7/17/2049(b)

         499        572  

4.00%, 6/30/2050(b)

         3,470        3,593  
        

 

 

  
           29,435  
        

 

 

  

Israel — 0.5%

 

Leviathan Bond Ltd.

 

   

6.13%, 6/30/2025(a)

         910        974  

6.50%, 6/30/2027(a)

         987        1,087  

6.75%, 6/30/2030(a)

         1,768        1,936  
        

 

 

  
           3,997  
        

 

 

  

Kazakhstan — 2.1%

 

Kazakhstan Temir Zholy Finance BV 6.95%, 7/10/2042(a)

         1,369        1,941  

KazMunayGas National Co. JSC

 

   

4.75%, 4/19/2027(a)

         2,358        2,711  

5.38%, 4/24/2030(a)

         900        1,105  

3.50%, 4/14/2033(b)

         1,700        1,845  

5.75%, 4/19/2047(a)

         2,463        3,252  

6.38%, 10/24/2048(a)

         3,804        5,417  
        

 

 

  
           16,271  
        

 

 

  

Malaysia — 0.3%

 

Petronas Capital Ltd. 4.50%, 3/18/2045(a)

         1,744        2,320  
        

 

 

  

Mexico — 6.7%

 

Banco Mercantil del Norte SA

 

   

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%),
6.87%, 7/6/2022(b)(g)(h)(i)

         2,165        2,250  

(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.47%),
7.50%, 6/27/2029(a)(g)(h)(i)

         457        494  

Banco Nacional de Comercio Exterior SNC 4.38%, 10/14/2025(a)

         1,600        1,738  

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%),
3.80%, 8/11/2026(b)(h)

         1,020        1,022  

Cemex SAB de CV

 

   

5.20%, 9/17/2030(b)

         1,428        1,560  

5.20%, 9/17/2030(a)

         400        437  

Elementia SAB de CV 5.50%, 1/15/2025(a)

         2,075        2,099  

FEL Energy VI SARL 5.75%, 12/1/2040(b)

         3,626        3,815  

Petroleos Mexicanos

 

   

(ICE LIBOR USD 3 Month + 3.65%), 3.90%, 3/11/2022(h)

         2,454        2,454  

5.38%, 3/13/2022

         1,243        1,270  

3.50%, 1/30/2023

         733        730  

4.25%, 1/15/2025

         1,170        1,134  

6.88%, 8/4/2026

         6,769        7,006  

5.35%, 2/12/2028

         4,200        3,929  

6.50%, 1/23/2029

         3,700        3,597  

5.95%, 1/28/2031

         1,849        1,719  

7.69%, 1/23/2050

         10,490        9,653  

6.95%, 1/28/2060

         8,010        6,869  
        

 

 

  
           51,776  
        

 

 

  

Panama — 0.9%

 

Aeropuerto Internacional de Tocumen SA

         

6.00%, 11/18/2048(a)

         1,790        2,052  

6.00%, 11/18/2048(b)

         911        1,045  

AES Panama Generation Holdings SRL 4.38%, 5/31/2030(b)

         1,740        1,864  

Empresa de Transmision Electrica SA

         

5.13%, 5/2/2049(b)

         1,417        1,692  

5.13%, 5/2/2049(a)

         400        477  
        

 

 

  
           7,130  
        

 

 

  

Peru — 2.1%

 

Consorcio Transmantaro SA 4.38%, 5/7/2023(a)

         1,700        1,807  

Corp. Financiera de Desarrollo SA

         

4.75%, 7/15/2025(a)

         640        719  

2.40%, 9/28/2027(b)

         1,060        1,073  

Fondo MIVIVIENDA SA 3.50%, 1/31/2023(a)

         3,092        3,235  

Lima Metro Line 2 Finance Ltd. 4.35%, 4/5/2036(b)

         1,800        1,982  

Petroleos del Peru SA

         

4.75%, 6/19/2032(a)

         2,885        3,260  

5.63%, 6/19/2047(a)

         3,286        3,947  
        

 

 

  
           16,023  
        

 

 

  

Russia — 0.8%

 

Russian Agricultural Bank OJSC 8.50%, 10/16/2023(a)

         2,312        2,601  

Vnesheconombank Via VEB Finance plc 5.94%, 11/21/2023(a)

                          3,090        3,441  
        

 

 

  
           6,042  
        

 

 

  

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

 

Investments

           Principal
Amount
($000)		      Value
($000)		  

Saudi Arabia — 0.6%

 

Saudi Arabian Oil Co. 3.50%, 4/16/2029(a)

         4,234        4,684  
        

 

 

  

South Africa — 0.9%

 

Eskom Holdings SOC Ltd.

         

5.75%, 1/26/2021(a)

         1,004        998  

6.75%, 8/6/2023(a)

         2,376        2,426  

8.45%, 8/10/2028(a)

         1,361        1,461  

Transnet SOC Ltd. 4.00%, 7/26/2022(a)

         1,900        1,899  
        

 

 

  
           6,784  
        

 

 

  

Spain — 0.5%

 

AI Candelaria Spain SLU 7.50%, 12/15/2028(a)

         3,352        3,754  
        

 

 

  

Trinidad and Tobago — 0.4%

 

Trinidad Petroleum Holdings Ltd. 9.75%, 6/15/2026(b)

         3,112        3,502  
        

 

 

  

Ukraine — 0.1%

 

State Savings Bank of Ukraine 9.63%, 3/20/2025(a)(c)

         585        619  
        

 

 

  

United Arab Emirates — 2.1%

 

Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/2/2047(a)

         2,761        3,420  

DP World plc 5.63%, 9/25/2048(a)

         1,500        1,827  

MDGH — GMTN BV

 

   

3.75%, 4/19/2029(a)

         1,545        1,762  

2.88%, 11/7/2029(b)

         3,365        3,609  

3.70%, 11/7/2049(b)

         4,847        5,527  
        

 

 

  
           16,145  
        

 

 

  

Venezuela, Bolivarian Republic of — 0.1%

 

Petroleos de Venezuela SA

 

   

8.50%, 10/27/2020(a)(d)

         1,123        225  

9.00%, 11/17/2021(a)(d)

         1,510        48  

5.38%, 4/12/2027(a)(d)

         5,758        184  
        

 

 

  
           457  
        

 

 

  

TOTAL CORPORATE BONDS

(Cost $239,238)

            251,009  
  

 

 

  

U.S. TREASURY OBLIGATIONS — 0.2%

 

U.S. Treasury Bonds 8.13%, 5/15/2021(Cost $1,284)

         1,238        1,283  
        

 

 

  
            Shares
(000)		         

SHORT-TERM INVESTMENTS — 4.8%

 

INVESTMENT COMPANIES — 4.8%

 

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(j)(k)(Cost $37,502)

         37,480        37,503  
        

 

 

  

Total Investments — 100.1%

(Cost $756,065)

            776,895  

Liabilities in Excess of Other Assets — (0.1)%

            (445 ) 
  

 

 

  

Net Assets — 100.0%

            776,450  
        

 

 

  

 

Percentages indicated are based on net assets.

Abbreviations

 

CJSC    Closed Joint Stock Company
EUR    Euro
GMTN    Global medium term note
ICE    Intercontinental Exchange
JSC    Joint Stock Company
LIBOR    London Interbank Offered Rate
OJSC    Open Joint Stock Company
PT    Limited liability company
USD    United States Dollar
(a)    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.
(b)    Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)    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, 2020.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

 

(d)    Defaulted security.
(e)    Amount rounds to less than 0.1% of net assets.
(f)    Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2020.
(g)    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, 2020.
(h)    Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2020.
(i)    Security is an interest bearing note with preferred security characteristics.
(j)    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.
(k)    The rate shown is the current yield as of November 30, 2020.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

 

Forward foreign currency exchange contracts outstanding as of November 30, 2020 (amounts in thousands):

 

Currency Purchased

   

Currency Sold

     

Counterparty

    Settlement
Date		      Unrealized
Appreciation
(Depreciation) ($)		  

USD

    3,510    EUR      2,934      BNP Paribas      12/22/2020        7  
                 

 

 

  
Total unrealized appreciation         7  
     

 

 

  

USD

    5,880    COP      21,383,676      Goldman Sachs International**      12/22/2020        (60 ) 

USD

    1,180    EUR      990      BNP Paribas      12/22/2020        (1 ) 

USD

    14,181    EUR      11,952      Citibank, NA      12/22/2020        (86 ) 

USD

    1,099    EUR      924      State Street Corp.      12/22/2020        (4 ) 
                 

 

 

  
Total unrealized depreciation         (151 ) 
     

 

 

  
Net unrealized depreciation         (144 ) 
     

 

 

  

Abbreviations

 

COP    Colombian Peso
EUR    Euro
USD    United States Dollar

 

** 

Non-deliverable forward.

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.

J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This 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.

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 (amounts in thousands):

 

      Level 1
Quoted prices		      Level 2
Other significant observable
inputs		     Level 3
Significant unobservable inputs		      Total  

Investments in Securities

 

     

Corporate Bonds

    $ —        $ 251,009     $ —        $ 251,009  

Foreign Government Securities

      —          487,100       —          487,100  

U.S. Treasury Obligations

      —          1,283       —          1,283  

Short-Term Investments

 

     

Investment Companies

      37,503        —         —          37,503  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ 37,503      $ 739,392     $ —        $ 776,895  
  

 

 

     

 

 

    

 

 

     

 

 

  

Appreciation in Other Financial Instruments

 

     

Forward Currency Contracts

    $ —        $ 7     $ —        $ 7  
  

 

 

     

 

 

    

 

 

     

 

 

  

Depreciation in Other Financial Instruments

 

     

Forward Foreign Currency Exchange Contracts

    $ —        $ (151 )    $ —        $ (151 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.

 

For the period ended November 30, 2020

  

Security Description

    Value at
February 29, 2020		      Purchases
at Cost		      Proceeds
from Sales		      Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
November 30, 2020		      Shares at
November 30, 2020		      Dividend
Income		      Capital Gain
Distributions		  

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(a)(b)

    $ 26,905      $ 574,011      $ 563,404      $ (6 )    $ (3 )    $ 37,503        37,480      $ 112      $ —    

JPMorgan U.S. Government Money Market Fund Class IM Shares(a)

      900        886        1,786        —         —         —          —          1        —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

     

 

 

  

Total

    $ 27,805      $ 574,897      $ 565,190      $ (6 )    $ (3 )    $ 37,503         $ 113      $ —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

     

 

 

  

 

(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, 2020.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

 

C. Derivatives — The Fund used derivative instruments including forward foreign currency exchange contracts in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.

Notes (1) below describe the various derivatives used by the Fund.

(1). 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.