0001752724-24-014930.txt : 20240126 0001752724-24-014930.hdr.sgml : 20240126 20240126111437 ACCESSION NUMBER: 0001752724-24-014930 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231130 FILED AS OF DATE: 20240126 DATE AS OF CHANGE: 20240126 PERIOD START: 20240229 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMorgan Trust I CENTRAL INDEX KEY: 0001217286 ORGANIZATION NAME: IRS NUMBER: 331043149 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21295 FILM NUMBER: 24565247 BUSINESS ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 BUSINESS PHONE: 800-480-4111 MAIL ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 FORMER COMPANY: FORMER CONFORMED NAME: JP MORGAN MUTUAL FUND SERIES DATE OF NAME CHANGE: 20030204 0001217286 S000030249 JPMorgan Unconstrained Debt Fund C000093101 Class A JSIAX C000093102 Class C JINCX C000093103 Class I JSISX C000093104 Class R2 JISZX C000093105 Class R5 JSIRX C000106117 Class R6 JSIMX NPORT-P 1 primary_doc.xml NPORT-P false 0001217286 XXXXXXXX S000030249 C000093101 C000093104 C000093105 C000106117 C000093102 C000093103 JPMorgan Trust I 811-21295 0001217286 549300DM5WZMCZZ70R78 277 Park Avenue New York 10172 800-480-4111 JPMorgan Unconstrained Debt Fund S000030249 L741Z0PP68YKBPJH3F03 2024-02-29 2023-11-30 N 1123410632.99 155712203.99 967698429.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1387806.25000000 AUD BRL CNY CZK EUR GBP MXN USD ZAR N N/A N/A Amkor Technology, Inc. 529900VHLRTKPWZJBM84 Amkor Technology, Inc. 031652BK5 5000.00000000 PA USD 5022.80000000 0.000519046001 Long DBT CORP US Y 2 2027-09-15 Fixed 6.62500000 N N N N N N FHLMC S6XOOCT0IEG5ABCC6L87 FHLMC, REMIC, Series 4173, Class I 3137B0H31 1667541.91000000 PA USD 272860.55000000 0.028196857804 Long ABS-MBS USGSE US N 2 2043-03-15 Fixed 4.00000000 N N N N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A -44644.26000000 -0.00461344760 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 1024394.24000000 GBP 1248609.14000000 USD 2023-12-05 -44644.26000000 N N N Sonic Automotive, Inc. 549300NTLRGJ2JCBZU03 Sonic Automotive, Inc. 83545GBD3 150000.00000000 PA USD 132221.66000000 0.013663519133 Long DBT CORP US Y 2 2029-11-15 Fixed 4.62500000 N N N N N N Owens & Minor, Inc. 549300LMT5KQQXCEZ733 Owens & Minor, Inc. 690732AG7 65000.00000000 PA USD 60876.08000000 0.006290811080 Long DBT CORP US Y 2 2030-04-01 Fixed 6.62500000 N N N N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A 17770.67000000 0.001836385124 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 3074596562.00000000 KRW 2384887.19000000 USD 2023-12-27 17770.67000000 N N N FHLMC S6XOOCT0IEG5ABCC6L87 FHLMC, REMIC, Series 4216, Class MI 3137B2TV2 220001.31000000 PA USD 9027.09000000 0.000932841237 Long ABS-MBS USGSE US N 2 2028-06-15 Fixed 3.00000000 N N N N N N DISH DBS Corp. 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Trust, Series 2006-1, Class M2 59548PAC3 1408794.80000000 PA USD 1384900.23000000 0.143112790978 Long ABS-O CORP US Y 2 2040-10-15 Fixed 6.74200000 N N N N N N ContourGlobal Power Holdings SA 549300O5AGIFK0PQ1516 ContourGlobal Power Holdings SA N/A 200000.00000000 PA 203466.77000000 0.021025844819 Long DBT CORP LU Y 2 2026-01-01 Fixed 2.75000000 N N N N N N FREMF N/A FREMF, Series 2018-KF46, Class B 302955AC3 1065791.04000000 PA USD 975041.92000000 0.100758861519 Long ABS-MBS USGSE US Y 2 2028-03-25 Floating 7.38446040 N N N N N N FHLMC 5493000IS4M3TZMRB410 FHLMC STACR REMIC Trust, Series 2022-DNA3, Class M1B 35564KUX5 580000.00000000 PA USD 592417.80000000 0.061219258215 Long ABS-MBS CORP US Y 2 2042-04-25 Floating 8.22809160 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 FNMA, REMIC, Series 2019-42, Class SK 3136B5VS1 767054.48000000 PA USD 80141.62000000 0.008281673050 Long ABS-MBS USGSE US N 2 2049-08-25 Floating 0.60743160 N N N N N N AIB Group plc 635400AKJBGNS5WNQL34 AIB Group plc N/A 1900000.00000000 PA 2011275.88000000 0.207841184787 Long DBT CORP IE Y 2 2025-06-23 Variable 6.25000000 N N N N Y N/A N/A EUR XXXX N N N Oriental Republic of Uruguay 549300RDR012H2V82H43 Oriental Republic of Uruguay 760942BA9 135698.00000000 PA USD 127216.88000000 0.013146335282 Long DBT NUSS UY N 2 2050-06-18 Fixed 5.10000000 N N N N N N Ford Motor Credit Co. LLC UDSQCVRUX5BONN0VY111 Ford Motor Credit Co. LLC 345397A45 1048000.00000000 PA USD 984222.68000000 0.101707582703 Long DBT CORP US N 2 2027-01-09 Fixed 4.27100000 N N N N N N Assicurazioni Generali SpA 549300X5UKJVE386ZB61 Assicurazioni Generali SpA N/A 400000.00000000 PA 443367.82000000 0.045816734502 Long DBT CORP IT Y 2 2047-10-27 Variable 5.50000000 N N N N N N TripAdvisor, Inc. 549300XVG45PT5BART17 TripAdvisor, Inc. 896945AA0 128000.00000000 PA USD 128431.36000000 0.013271837191 Long DBT CORP US Y 2 2025-07-15 Fixed 7.00000000 N N N N N N Carnival Corp. F1OF2ZSX47CR0BCWA982 Carnival Corp. 143658BR2 70000.00000000 PA USD 64400.47000000 0.006655014420 Long DBT CORP PA Y 2 2029-05-01 Fixed 6.00000000 N N N N N N OCP CLO Ltd. 254900MN6N176YEZLX15 OCP CLO Ltd., Series 2020-18A, Class AR 671078AN3 600000.00000000 PA USD 599044.80000000 0.061904079003 Long ABS-CBDO CORP KY Y 2 2032-07-20 Floating 6.76743120 N N N N N N Bausch Health Cos., Inc. B3BS7ACMDUWISF18KY76 Bausch Health Cos., Inc. 071734AH0 90000.00000000 PA USD 33321.59000000 0.003443385769 Long DBT CORP CA Y 2 2028-01-30 Fixed 5.00000000 N N N N N N Civitas Resources, Inc. IIVIHPH28S64K95M2381 Civitas Resources, Inc. 17888HAA1 65000.00000000 PA USD 66572.42000000 0.006879459344 Long DBT CORP US Y 2 2028-07-01 Fixed 8.37500000 N N N N N N Dominican Republic N/A Dominican Republic Government Bond 25714PEG9 790000.00000000 PA USD 633975.00000000 0.065513695279 Long DBT NUSS DO Y 2 2041-01-21 Fixed 5.30000000 N N N N N N Summit Midstream Holdings LLC N/A Summit Midstream Holdings LLC 86614WAE6 105000.00000000 PA USD 104352.68000000 0.010783595061 Long DBT CORP US Y 2 2026-10-15 Variable 9.00000000 N N N N N N Commonbond Student Loan Trust 5493005PJR3MYTKJFJ48 Commonbond Student Loan Trust, Series 2018-AGS, Class B 20269DAC9 306584.42000000 PA USD 278085.90000000 0.028736834913 Long ABS-O CORP US Y 2 2044-02-25 Fixed 3.58000000 N N N N N N Huarong Finance 2017 Co. Ltd. 5493006V07LYI3HE6G83 Huarong Finance 2017 Co. Ltd. N/A 880000.00000000 PA USD 783200.00000000 0.080934305205 Long DBT CORP VG Y 2 2027-11-07 Fixed 4.25000000 N N N N N N Finance Department Government of Sharjah 254900ZNL8O3F1CLJO24 Finance Department Government of Sharjah 38381CAB8 1180000.00000000 PA USD 731600.00000000 0.075602065486 Long DBT NUSS AE Y 2 2050-07-28 Fixed 4.00000000 N N N N N N Hertz Vehicle Financing III LP N/A Hertz Vehicle Financing III LP, Series 2021-2A, Class B 42806MAF6 1393000.00000000 PA USD 1234013.98000000 0.127520510834 Long ABS-O CORP US Y 2 2027-12-27 Fixed 2.12000000 N N N N N N 2024-01-02 JPMorgan Trust I Timothy J. Clemens Timothy J. Clemens Treasurer and Principal Financial Officer XXXX NPORT-EX 2 JPMUDF.htm EDGAR HTML
JPMorgan Unconstrained Debt Fund
Schedule of Portfolio Investments as of November 30, 2023
(Unaudited)
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY.  IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan  Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2023.

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — 39.7%
Aerospace & Defense — 0.1%
Boeing Co. (The)
5.71%, 5/1/2040
415
409
3.85%, 11/1/2048
375
272
3.95%, 8/1/2059
435
309
Rolls-Royce plc (United Kingdom)
4.63%, 2/16/2026(a)
100
109
4.63%, 2/16/2026(b)
110
120
Spirit AeroSystems, Inc. 9.38%, 11/30/2029(b)
30
32
Triumph Group, Inc. 9.00%, 3/15/2028(b)
65
67
 
1,318
Automobile Components — 0.4%
Adient Global Holdings Ltd.
3.50%, 8/15/2024(a)
45
48
7.00%, 4/15/2028(b)
35
36
8.25%, 4/15/2031(b)
105
107
Adler Pelzer Holding GmbH (Germany) 9.50%, 4/1/2027(b)
206
216
Allison Transmission, Inc.
4.75%, 10/1/2027(b)
90
85
5.88%, 6/1/2029(b)
200
194
American Axle & Manufacturing, Inc.
6.50%, 4/1/2027
190
183
5.00%, 10/1/2029
110
91
Clarios Global LP 8.50%, 5/15/2027(b)
260
262
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029(b)
115
98
Forvia SE (France)
3.13%, 6/15/2026(a)
480
501
2.75%, 2/15/2027(a)
100
102
2.38%, 6/15/2027(a)
100
100
Goodyear Tire & Rubber Co. (The) 5.00%, 7/15/2029
300
274
Grupo Antolin-Irausa SA (Spain) 3.50%, 4/30/2028(b)
168
128
IHO Verwaltungs GmbH (Germany)
3.88% (Cash), 5/15/2027(a) (c) (d)
200
206
8.75% (Cash), 5/15/2028(b) (c)
185
214
Schaeffler AG (Germany) 2.88%, 3/26/2027(a)
330
346
TI Automotive Finance plc (China) 3.75%, 4/15/2029(a)
150
144
ZF Europe Finance BV (Germany)
2.00%, 2/23/2026(a)
100
102
2.50%, 10/23/2027(a)
300
298
ZF Finance GmbH (Germany) 3.75%, 9/21/2028(a)
200
206
 
3,941
Automobiles — 0.4%
Hyundai Capital America
1.30%, 1/8/2026(b)
430
392
3.50%, 11/2/2026(b)
2,180
2,051
6.50%, 1/16/2029(b)
280
287

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Automobiles — continued
Jaguar Land Rover Automotive plc (United Kingdom)
5.88%, 11/15/2024(a)
100
109
4.50%, 1/15/2026(a)
250
270
Renault SA (France) 2.50%, 6/2/2027(a)
600
609
Volvo Car AB (Sweden) 2.00%, 1/24/2025(a)
300
318
 
4,036
Banks — 11.9%
ABN AMRO Bank NV (Netherlands)
(EUR Swap Annual 5 Year + 4.67%), 4.38%, 9/22/2025(a) (e) (f) (g) (h)
400
409
4.80%, 4/18/2026(b)
800
772
(EUR Swap Annual 5 Year + 3.90%), 4.75%, 9/22/2027(a) (e) (f) (g) (h)
1,700
1,621
AIB Group plc (Ireland)
(EUR Swap Annual 5 Year + 6.63%), 6.25%, 6/23/2025(a) (e) (f) (g) (h)
1,900
2,011
(SOFR + 2.33%), 6.61%, 9/13/2029(b) (h)
335
341
Banco Bilbao Vizcaya Argentaria SA (Spain)
Series 9, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.19%), 6.50%, 3/5/2025(e) (f) (g) (h)
400
383
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), 9.38%, 3/19/2029(e) (f) (g) (h)
2,200
2,239
Banco Santander SA (Spain)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 5.74%, 6/30/2024(h)
2,000
1,997
5.15%, 8/18/2025
800
789
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028(e) (f) (g) (h)
2,400
2,447
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.30%), 9.63%, 5/21/2033(e) (f) (g) (h)
1,800
1,879
Bank of America Corp.
(3-MONTH CME TERM SOFR + 1.13%), 2.46%, 10/22/2025(h)
6,020
5,828
(SOFR + 1.29%), 5.08%, 1/20/2027(h)
525
519
(SOFR + 1.05%), 2.55%, 2/4/2028(h)
2,485
2,264
(SOFR + 1.63%), 5.20%, 4/25/2029(h)
440
433
(SOFR + 1.57%), 5.82%, 9/15/2029(h)
1,225
1,236
(SOFR + 1.22%), 2.30%, 7/21/2032(h)
399
313
(SOFR + 1.21%), 2.57%, 10/20/2032(h)
2,700
2,149
(SOFR + 1.84%), 5.87%, 9/15/2034(h)
1,100
1,104
(SOFR + 1.93%), 2.68%, 6/19/2041(h)
740
502
Bank of Ireland Group plc (Ireland)
(EUR Swap Annual 5 Year + 7.92%), 7.50%, 5/19/2025(a) (e) (f) (g) (h)
1,345
1,464
(EUR Swap Annual 5 Year + 6.43%), 6.00%, 9/1/2025(a) (e) (f) (g) (h)
1,400
1,474
Bank of Nova Scotia (The) (Canada)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 4.59%, 5/4/2037(e) (h)
430
366
Series 2, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 3.63%, 10/27/2081(e) (h)
2,100
1,531
Banque Federative du Credit Mutuel SA (France) 4.75%, 7/13/2027(b)
1,245
1,211
BNP Paribas SA (France) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.35%), 8.50%, 8/14/2028(b) (e)
(f) (g) (h)
2,400
2,436
BPCE SA (France)
(SOFR + 2.10%), 5.98%, 1/18/2027(b) (h)
2,703
2,690
(SOFR + 1.09%), 2.05%, 10/19/2027(b) (h)
300
268
(SOFR + 1.73%), 3.12%, 10/19/2032(b) (h)
1,060
816
(SOFR + 2.59%), 7.00%, 10/19/2034(b) (h)
2,210
2,277

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
CaixaBank SA (Spain)
(EUR Swap Annual 5 Year + 6.50%), 6.75%, 6/13/2024(a) (e) (f) (g) (h)
600
647
(SOFR + 2.77%), 6.84%, 9/13/2034(b) (h)
1,310
1,317
Citigroup, Inc.
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025(f) (g) (h)
550
493
(SOFR + 0.69%), 2.01%, 1/25/2026(h)
1,595
1,520
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026(f) (g) (h)
2,521
2,194
(SOFR + 1.55%), 5.61%, 9/29/2026(h)
1,557
1,555
(3-MONTH CME TERM SOFR + 1.82%), 3.89%, 1/10/2028(h)
1,225
1,166
(3-MONTH CME TERM SOFR + 1.41%), 3.52%, 10/27/2028(h)
3,220
2,994
(SOFR + 3.91%), 4.41%, 3/31/2031(h)
2,260
2,095
(SOFR + 1.18%), 2.52%, 11/3/2032(h)
920
728
Commerzbank AG (Germany) (EUR Swap Annual 5 Year + 4.35%), 4.00%, 12/5/2030(a) (h)
700
737
Commonwealth Bank of Australia (Australia) 3.78%, 3/14/2032(b) (e)
240
201
Cooperatieve Rabobank UA (Netherlands)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.00%, 9/24/2026(b) (h)
1,225
1,124
(EUR Swap Annual 5 Year + 3.70%), 3.25%, 12/29/2026(a) (e) (f) (g) (h)
1,000
932
(EUR Swap Annual 5 Year + 4.68%), 4.38%, 6/29/2027(a) (e) (f) (g) (h)
600
592
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 3.65%, 4/6/2028(b) (h)
1,720
1,609
Credit Agricole SA (France)
(SOFR + 0.89%), 1.25%, 1/26/2027(b) (h)
302
273
(SOFR + 1.86%), 6.32%, 10/3/2029(b) (h)
710
724
Danske Bank A/S (Denmark)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.45%), 3.77%, 3/28/2025(b) (h)
439
435
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.47%, 1/9/2026(b) (h)
1,237
1,240
DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.13%, 9/16/2026(b) (h)
701
642
HSBC Holdings plc (United Kingdom)
(SOFR + 1.43%), 3.00%, 3/10/2026(h)
3,000
2,885
(SOFR + 1.54%), 1.65%, 4/18/2026(h)
300
282
(SOFR + 2.61%), 5.21%, 8/11/2028(h)
2,565
2,520
(SOFR + 1.73%), 2.01%, 9/22/2028(h)
2,575
2,245
(3-MONTH CME TERM SOFR + 1.87%), 3.97%, 5/22/2030(h)
666
605
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030(e) (f) (g) (h)
1,794
1,393
(SOFR + 2.39%), 6.25%, 3/9/2034(h)
720
733
ING Groep NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.34%), 5.75%,
11/16/2026(e) (f) (g) (h)
1,488
1,346
Intesa Sanpaolo SpA (Italy)
7.00%, 11/21/2025(b)
256
259
(EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027(a) (e) (f) (g) (h)
862
931
6.63%, 6/20/2033(b)
3,845
3,765
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042(b) (h)
410
270
KBC Group NV (Belgium)
(EUR Swap Annual 5 Year + 3.59%), 4.25%, 10/24/2025(a) (e) (f) (g) (h)
2,000
1,946
(EURIBOR ICE Swap Rate 5 Year + 4.93%), 8.00%, 9/5/2028(a) (e) (f) (g) (h)
600
670
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, 1/19/2029(b) (h)
440
437
Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), 5.99%,
8/7/2027(h)
1,360
1,363

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
NatWest Group plc (United Kingdom)
(3-MONTH SOFR + 1.76%), 4.27%, 3/22/2025(h)
360
358
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025(e) (f) (g) (h)
1,256
1,193
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(f) (g) (h)
1,278
980
Santander UK Group Holdings plc (United Kingdom)
(SOFR + 2.75%), 6.83%, 11/21/2026(h)
940
948
(SOFR + 0.99%), 1.67%, 6/14/2027(h)
1,400
1,250
(SOFR + 2.60%), 6.53%, 1/10/2029(h)
2,100
2,118
Societe Generale SA (France)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.39%), 9.38%, 11/22/2027(b) (e) (f) (g) (h)
447
447
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030(b) (e) (f) (g) (h)
452
344
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032(b) (h)
490
384
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 3.34%, 1/21/2033(b) (h)
593
474
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.95%), 6.69%, 1/10/2034(b) (h)
1,365
1,367
Standard Chartered plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 0.99%, 1/12/2025(b) (h)
1,468
1,459
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 3.97%, 3/30/2026(b) (h)
1,280
1,239
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028(b) (h)
700
741
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031(b) (h)
544
498
Svenska Handelsbanken AB (Sweden) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%,
3/1/2031(a) (e) (f) (g) (h)
2,600
2,040
UniCredit SpA (Italy)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027(b) (h)
720
648
(EURIBOR 3 Month + 1.90%), 4.80%, 1/17/2029(a) (h)
781
869
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032(b) (h)
1,660
1,341
Wells Fargo & Co.
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026(f) (g) (h)
1,420
1,281
(SOFR + 1.51%), 3.53%, 3/24/2028(h)
1,410
1,322
(SOFR + 1.74%), 5.57%, 7/25/2029(h)
2,720
2,716
(3-MONTH CME TERM SOFR + 1.26%), 2.57%, 2/11/2031(h)
2,420
2,022
(SOFR + 1.99%), 5.56%, 7/25/2034(h)
155
151
Westpac Banking Corp. (Australia) (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031(e) (h)
250
236
 
115,063
Beverages — 0.2%
Constellation Brands, Inc. 2.25%, 8/1/2031
1,936
1,558
Triton Water Holdings, Inc. 6.25%, 4/1/2029(b)
30
26
 
1,584
Biotechnology — 0.6%
AbbVie, Inc.
4.05%, 11/21/2039
1,050
902
4.70%, 5/14/2045
417
376
4.25%, 11/21/2049
2,629
2,212
Amgen, Inc. 5.25%, 3/2/2033
680
673
Gilead Sciences, Inc. 5.55%, 10/15/2053
1,000
1,009

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Biotechnology — continued
Grifols SA (Spain)
1.63%, 2/15/2025(a)
100
106
2.25%, 11/15/2027(a)
360
358
3.88%, 10/15/2028(b)
130
125
4.75%, 10/15/2028(b)
200
177
 
5,938
Broadline Retail — 0.1%
Amazon.com, Inc. 2.70%, 6/3/2060
350
214
ANGI Group LLC 3.88%, 8/15/2028(b)
175
144
Go Daddy Operating Co. LLC 5.25%, 12/1/2027(b)
155
150
NMG Holding Co., Inc. 7.13%, 4/1/2026(b)
100
94
Shutterfly Finance LLC
8.50% (Blend (Cash 4.25% + PIK 4.25%)), 10/1/2027(b) (c)
127
84
9.75%, 10/1/2027(b)
25
24
 
710
Building Products — 0.1%
Emerald Debt Merger Sub LLC
6.38%, 12/15/2030(b)
143
157
6.63%, 12/15/2030(b)
155
155
Griffon Corp. 5.75%, 3/1/2028
405
383
MIWD Holdco II LLC 5.50%, 2/1/2030(b)
55
47
Standard Industries, Inc. 4.75%, 1/15/2028(b)
140
131
Summit Materials LLC 5.25%, 1/15/2029(b)
30
28
 
901
Capital Markets — 3.5%
Coinbase Global, Inc. 3.38%, 10/1/2028(b)
170
137
Deutsche Bank AG (Germany) (SOFR + 2.26%), 3.74%, 1/7/2033(h)
1,206
923
Goldman Sachs Group, Inc. (The)
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026(f) (g) (h)
1,118
942
(SOFR + 0.80%), 1.43%, 3/9/2027(h)
2,330
2,114
(SOFR + 1.11%), 2.64%, 2/24/2028(h)
1,270
1,157
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 7.50%, 2/10/2029(f) (g) (h)
1,660
1,684
(SOFR + 1.28%), 2.62%, 4/22/2032(h)
3,130
2,522
(SOFR + 1.26%), 2.65%, 10/21/2032(h)
1,525
1,217
(SOFR + 1.41%), 3.10%, 2/24/2033(h)
2,540
2,094
Huarong Finance 2017 Co. Ltd. (China) 4.25%, 11/7/2027(a)
880
783
Morgan Stanley
(SOFR + 0.88%), 1.59%, 5/4/2027(h)
2,660
2,412
(SOFR + 1.61%), 4.21%, 4/20/2028(h)
288
277
3.59%, 7/22/2028(d)
2,210
2,069
(SOFR + 1.73%), 5.12%, 2/1/2029(h)
4,130
4,065
(SOFR + 1.59%), 5.16%, 4/20/2029(h)
760
747
(SOFR + 1.63%), 5.45%, 7/20/2029(h)
2,860
2,849
(SOFR + 1.14%), 2.70%, 1/22/2031(h)
1,560
1,317
(SOFR + 1.20%), 2.51%, 10/20/2032(h)
159
126
(SOFR + 1.88%), 5.42%, 7/21/2034(h)
940
912

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Capital Markets — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038(h)
405
393
UBS Group AG (Switzerland)
4.28%, 1/9/2028(b)
2,840
2,684
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028(b) (e) (f) (g) (h)
365
381
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033(b) (e) (f) (g) (h)
375
398
(SOFR + 5.02%), 9.02%, 11/15/2033(b) (h)
1,455
1,722
 
33,925
Chemicals — 0.6%
Alpek SAB de CV (Mexico) 3.25%, 2/25/2031(a)
1,180
955
Ashland Services BV 2.00%, 1/30/2028(a)
100
97
Avient Corp. 7.13%, 8/1/2030(b)
20
20
Braskem Netherlands Finance BV (Brazil) 7.25%, 2/13/2033(a)
570
519
CF Industries, Inc.
4.50%, 12/1/2026(b)
835
807
4.95%, 6/1/2043
1,313
1,113
Chemours Co. (The)
4.00%, 5/15/2026
100
104
5.75%, 11/15/2028(b)
230
208
Element Solutions, Inc. 3.88%, 9/1/2028(b)
136
121
Herens Midco SARL (Luxembourg) 5.25%, 5/15/2029(b)
138
84
INEOS Finance plc (Luxembourg) 2.13%, 11/15/2025(a)
300
314
INEOS Styrolution Ludwigshafen GmbH (United Kingdom) 2.25%, 1/16/2027(a)
100
97
Lune Holdings SARL (France) 5.63%, 11/15/2028(b)
244
209
NOVA Chemicals Corp. (Canada) 5.25%, 6/1/2027(b)
73
66
OCP SA (Morocco) 6.88%, 4/25/2044(a)
390
353
Scotts Miracle-Gro Co. (The)
4.50%, 10/15/2029
365
311
4.38%, 2/1/2032
115
91
Solvay SA (Belgium) (EUR Swap Annual 5 Year + 2.98%), 2.50%, 12/2/2025(a) (f) (g) (h)
200
203
Synthomer plc (United Kingdom) 3.88%, 7/1/2025(a)
100
107
Trinseo Materials Operating SCA 5.38%, 9/1/2025(b)
12
10
 
5,789
Commercial Services & Supplies — 0.3%
ACCO Brands Corp. 4.25%, 3/15/2029(b)
580
502
APi Group DE, Inc.
4.13%, 7/15/2029(b)
60
52
4.75%, 10/15/2029(b)
27
24
Brink's Co. (The) 4.63%, 10/15/2027(b)
225
211
Elis SA (France) 2.88%, 2/15/2026(a)
200
212
GFL Environmental, Inc. (Canada)
4.00%, 8/1/2028(b)
130
116
4.75%, 6/15/2029(b)
120
110
Interface, Inc. 5.50%, 12/1/2028(b)
55
50
Paprec Holding SA (France) 3.50%, 7/1/2028(b)
164
164
Q-Park Holding I BV (Netherlands) 1.50%, 3/1/2025(a)
100
106
SPIE SA (France) 2.63%, 6/18/2026(a)
200
209

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Commercial Services & Supplies — continued
Techem Verwaltungsgesellschaft 674 mbH (Germany) 6.00%, 7/30/2026(a)
246
264
Verisure Holding AB (Sweden) 3.25%, 2/15/2027(a)
350
355
Verisure Midholding AB (Sweden)
5.25%, 2/15/2029(a)
150
149
5.25%, 2/15/2029(b)
119
118
 
2,642
Communications Equipment — 0.1%
CommScope, Inc. 6.00%, 3/1/2026(b)
525
450
Construction & Engineering — 0.2%
Dycom Industries, Inc. 4.50%, 4/15/2029(b)
60
54
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029(b)
25
21
Heathrow Funding Ltd. (United Kingdom)
1.13%, 10/8/2030(a)
1,400
1,256
5.88%, 5/13/2041(a)
500
625
 
1,956
Construction Materials — 0.1%
Cemex SAB de CV (Mexico) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.13%, 6/8/2026(b) (f)
(g) (h)
1,054
984
Consumer Finance — 1.5%
AerCap Ireland Capital DAC (Ireland)
1.65%, 10/29/2024
510
489
1.75%, 1/30/2026
1,030
942
2.45%, 10/29/2026
400
364
5.75%, 6/6/2028
750
747
3.30%, 1/30/2032
985
816
American Express Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026(f) (g) (h)
391
330
Avolon Holdings Funding Ltd. (Ireland)
3.95%, 7/1/2024(b)
1,995
1,961
2.88%, 2/15/2025(b)
890
850
5.50%, 1/15/2026(b)
270
265
2.13%, 2/21/2026(b)
100
91
4.25%, 4/15/2026(b)
610
580
4.38%, 5/1/2026(b)
460
438
3.25%, 2/15/2027(b)
255
231
2.75%, 2/21/2028(b)
95
82
Capital One Financial Corp. Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%,
9/1/2026(f) (g) (h)
975
737
Ford Motor Credit Co. LLC
2.30%, 2/10/2025
200
190
4.39%, 1/8/2026
420
403
4.27%, 1/9/2027
1,048
984
4.95%, 5/28/2027
760
725
3.63%, 6/17/2031
714
593
OneMain Finance Corp.
7.13%, 3/15/2026
60
61
4.00%, 9/15/2030
15
12

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Consumer Finance — continued
Volkswagen International Finance NV (Germany)
(EUR Swap Annual 5 Year + 3.75%), 3.50%, 6/17/2025(a) (f) (g) (h)
100
104
(EUR Swap Annual 10 Year + 3.98%), 4.63%, 6/27/2028(a) (f) (g) (h)
1,100
1,096
Volkswagen Leasing GmbH (Germany) 0.50%, 1/12/2029(a)
1,400
1,281
 
14,372
Consumer Staples Distribution & Retail — 0.1%
Albertsons Cos., Inc. 4.63%, 1/15/2027(b)
190
183
Bellis Acquisition Co. plc (United Kingdom) 3.25%, 2/16/2026(a)
200
230
Casino Guichard Perrachon SA (France) 4.50%, 3/7/2024(a) (i)
200
1
Performance Food Group, Inc. 4.25%, 8/1/2029(b)
95
85
Rite Aid Corp.
7.50%, 7/1/2025(b) (j)
50
38
8.00%, 11/15/2026(b) (j)
140
106
US Foods, Inc. 4.75%, 2/15/2029(b)
450
417
 
1,060
Containers & Packaging — 0.3%
ARD Finance SA (Luxembourg) 5.00% (Cash), 6/30/2027(a) (c) (d)
100
56
Ardagh Packaging Finance plc
2.13%, 8/15/2026(a)
200
192
4.75%, 7/15/2027(a)
100
90
5.25%, 8/15/2027(b)
295
217
Ball Corp. 1.50%, 3/15/2027
180
180
Crown European Holdings SA 3.38%, 5/15/2025(a)
240
258
Guala Closures SpA (Italy) 3.25%, 6/15/2028(a)
350
341
Mauser Packaging Solutions Holding Co. 7.88%, 8/15/2026(b)
260
258
OI European Group BV 6.25%, 5/15/2028(b)
126
141
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027(b)
305
302
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027(b)
125
114
Pro-Gest SpA (Italy) 3.25%, 12/15/2024(a)
350
204
Silgan Holdings, Inc. 3.25%, 3/15/2025
180
193
Titan Holdings II BV (Netherlands) 5.13%, 7/15/2029(a)
150
136
Trivium Packaging Finance BV (Netherlands) 3.75%, 8/15/2026(a) (i)
200
206
 
2,888
Distributors — 0.0% ^
Parts Europe SA (France) 6.50%, 7/16/2025(a)
100
109
Ritchie Bros Holdings, Inc. (Canada) 7.75%, 3/15/2031(b)
35
36
 
145
Diversified Consumer Services — 0.0% ^
RAC Bond Co. plc (United Kingdom) 5.25%, 11/4/2027(b)
168
179
Service Corp. International 3.38%, 8/15/2030
60
50
 
229
Diversified REITs — 0.1%
VICI Properties LP
3.75%, 2/15/2027(b)
60
56
4.50%, 1/15/2028(b)
55
51

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Diversified REITs — continued
WP Carey, Inc.
2.40%, 2/1/2031
180
145
2.25%, 4/1/2033
367
271
 
523
Diversified Telecommunication Services — 1.0%
Altice France Holding SA (Luxembourg)
8.00%, 5/15/2027(a)
221
115
4.00%, 2/15/2028(a)
200
83
Altice France SA (France)
5.88%, 2/1/2027(a)
100
91
3.38%, 1/15/2028(a)
100
80
AT&T, Inc. 3.50%, 9/15/2053
860
573
CCO Holdings LLC
5.13%, 5/1/2027(b)
2,520
2,398
5.00%, 2/1/2028(b)
765
717
5.38%, 6/1/2029(b)
105
97
4.75%, 3/1/2030(b)
210
184
4.25%, 2/1/2031(b)
60
50
Cellnex Telecom SA (Spain)
2.88%, 4/18/2025(a)
300
322
1.88%, 6/26/2029(a)
300
289
eircom Finance DAC (Ireland)
3.50%, 5/15/2026(a)
250
263
2.63%, 2/15/2027(a)
200
204
Frontier Communications Holdings LLC 5.88%, 10/15/2027(b)
50
47
Iliad Holding SASU (France) 5.63%, 10/15/2028(b)
344
370
iliad SA (France) 5.38%, 6/14/2027(a)
200
220
Infrastrutture Wireless Italiane SpA (Italy) 1.88%, 7/8/2026(a)
300
308
Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030(b)
200
185
Kaixo Bondco Telecom SA (Spain) 5.13%, 9/30/2029(a)
175
174
Level 3 Financing, Inc. 4.25%, 7/1/2028‡ (b)
50
28
Lorca Telecom Bondco SA (Spain)
4.00%, 9/18/2027(b)
100
103
4.00%, 9/18/2027(a)
200
207
Lumen Technologies, Inc.
5.13%, 12/15/2026(b)
185
91
4.00%, 2/15/2027(b)
140
74
Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034
131
118
Telecom Italia Finance SA (Italy) 7.75%, 1/24/2033
140
172
Telecom Italia SpA (Italy)
2.88%, 1/28/2026(a)
200
208
3.63%, 5/25/2026(a)
200
211
2.38%, 10/12/2027(a)
450
443
Telefonica Emisiones SA (Spain) 5.21%, 3/8/2047
700
601
Virgin Media Finance plc (United Kingdom) 3.75%, 7/15/2030(a)
210
194
 
9,220

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Electric Utilities — 3.0%
Alfa Desarrollo SpA (Chile) 4.55%, 9/27/2051(b)
935
672
ContourGlobal Power Holdings SA (United Kingdom) 2.75%, 1/1/2026(a)
200
203
Duke Energy Indiana LLC 5.40%, 4/1/2053
125
118
Duke Energy Ohio, Inc. 5.65%, 4/1/2053
44
43
Duquesne Light Holdings, Inc. 2.78%, 1/7/2032(b)
540
411
EDP - Energias de Portugal SA (Portugal)
(EUR Swap Annual 5 Year + 1.84%), 1.70%, 7/20/2080(a) (h)
600
615
Series NC5., (EUR Swap Annual 5 Year + 1.89%), 1.50%, 3/14/2082(a) (h)
1,500
1,420
Electricite de France SA (France)
(EUR Swap Annual 6 Year + 3.44%), 4.00%, 7/4/2024(a) (f) (g) (h)
100
107
(EUR Swap Annual 12 Year + 3.04%), 5.00%, 1/22/2026(a) (f) (g) (h)
300
319
5.70%, 5/23/2028(b)
245
248
(EUR Swap Annual 5 Year + 3.97%), 3.38%, 6/15/2030(a) (f) (g) (h)
200
181
Emera US Finance LP (Canada) 2.64%, 6/15/2031
1,964
1,550
Emera, Inc. (Canada) Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076(h)
1,058
1,023
Enel Finance International NV (Italy)
3.50%, 4/6/2028(b)
1,135
1,042
2.25%, 7/12/2031(b)
316
246
5.00%, 6/15/2032(b)
580
544
Enel SpA (Italy) (EUR Swap Annual 5 Year + 2.68%), 2.25%, 12/10/2026(a) (f) (g) (h)
1,800
1,758
Entergy Texas, Inc. 1.75%, 3/15/2031
385
300
Fells Point Funding Trust 3.05%, 1/31/2027(b)
832
766
FirstEnergy Transmission LLC
2.87%, 9/15/2028(b)
1,540
1,362
4.55%, 4/1/2049(b)
663
536
Iberdrola International BV (Spain) (EUR Swap Annual 5 Year + 2.06%), 2.63%, 1/8/2024(a) (f) (g) (h)
1,700
1,836
ITC Holdings Corp. 2.95%, 5/14/2030(b)
1,855
1,581
Jersey Central Power & Light Co. 2.75%, 3/1/2032(b)
771
624
Metropolitan Edison Co. 5.20%, 4/1/2028(b)
390
385
MidAmerican Energy Co. 4.25%, 5/1/2046
350
286
NRG Energy, Inc.
3.75%, 6/15/2024(b)
990
976
3.38%, 2/15/2029(b)
165
141
5.25%, 6/15/2029(b)
90
84
Pacific Gas and Electric Co.
2.95%, 3/1/2026
360
336
6.15%, 1/15/2033
1,430
1,424
6.40%, 6/15/2033
1,270
1,285
4.60%, 6/15/2043
250
189
PacifiCorp 3.30%, 3/15/2051
493
300
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia) 4.38%, 2/5/2050(a)
366
269
PG&E Corp. 5.00%, 7/1/2028
250
238
PPL Capital Funding, Inc. Series A, (3-MONTH CME TERM SOFR + 2.93%), 8.32%, 3/30/2067(h)
661
595
Southern California Edison Co.
Series B, 3.65%, 3/1/2028
1,220
1,141
Series 13-A, 3.90%, 3/15/2043
214
162
3.65%, 2/1/2050
484
342

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Electric Utilities — continued
Union Electric Co. 3.90%, 4/1/2052
260
197
Vistra Operations Co. LLC
3.55%, 7/15/2024(b)
688
674
3.70%, 1/30/2027(b)
1,031
959
4.38%, 5/1/2029(b)
192
173
4.30%, 7/15/2029(b)
1,550
1,406
 
29,067
Electrical Equipment — 0.0% ^
Energizer Gamma Acquisition BV 3.50%, 6/30/2029(a)
150
137
Electronic Equipment, Instruments & Components — 0.1%
Belden, Inc. 3.88%, 3/15/2028(a)
280
289
Coherent Corp. 5.00%, 12/15/2029(b)
431
390
Sensata Technologies, Inc. 3.75%, 2/15/2031(b)
175
148
 
827
Energy Equipment & Services — 0.1%
Guara Norte SARL (Brazil) 5.20%, 6/15/2034(b)
787
691
Precision Drilling Corp. (Canada) 6.88%, 1/15/2029(b)
50
47
Saipem Finance International BV (Italy) 2.63%, 1/7/2025(a)
100
106
Transocean Titan Financing Ltd. 8.38%, 2/1/2028(b)
45
46
Vallourec SA (France) 8.50%, 6/30/2026(a)
300
327
 
1,217
Entertainment — 0.7%
Banijay Entertainment SASU (France) 7.00%, 5/1/2029(b)
119
132
Cinemark USA, Inc. 5.88%, 3/15/2026(b)
150
145
Live Nation Entertainment, Inc.
6.50%, 5/15/2027(b)
70
70
4.75%, 10/15/2027(b)
150
141
Netflix, Inc.
4.88%, 4/15/2028
808
801
5.38%, 11/15/2029(b)
1,351
1,360
Take-Two Interactive Software, Inc.
3.55%, 4/14/2025
180
175
3.70%, 4/14/2027
660
629
Warnermedia Holdings, Inc.
4.28%, 3/15/2032
1,372
1,210
5.05%, 3/15/2042
2,100
1,734
WMG Acquisition Corp.
2.75%, 7/15/2028(a)
100
101
3.00%, 2/15/2031(b)
40
33
2.25%, 8/15/2031(b)
110
100
 
6,631
Financial Services — 0.4%
EDP Finance BV (Portugal) 3.63%, 7/15/2024(b)
2,150
2,118
Global Payments, Inc.
2.90%, 5/15/2030
400
341

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Financial Services — continued
2.90%, 11/15/2031
1,010
830
Nationstar Mortgage Holdings, Inc.
5.50%, 8/15/2028(b)
120
111
5.13%, 12/15/2030(b)
80
69
NCR Atleos Corp. 9.50%, 4/1/2029(b)
52
54
Nexi SpA (Italy) 1.63%, 4/30/2026(a)
100
101
Paysafe Finance plc 3.00%, 6/15/2029(b)
169
155
 
3,779
Food Products — 0.4%
Darling Global Finance BV 3.63%, 5/15/2026(a)
130
138
JBS USA LUX SA
6.75%, 3/15/2034(b)
1,130
1,136
4.38%, 2/2/2052
397
272
7.25%, 11/15/2053(b)
880
892
Kraft Heinz Foods Co. 4.88%, 10/1/2049
980
861
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030(b)
200
179
Post Holdings, Inc. 5.50%, 12/15/2029(b)
320
301
Sigma Holdco BV (Netherlands) 5.75%, 5/15/2026(a)
200
184
 
3,963
Gas Utilities — 0.0% ^
UGI International LLC 2.50%, 12/1/2029(b)
296
269
Ground Transportation — 0.2%
Avis Budget Car Rental LLC 5.75%, 7/15/2027(b)
245
231
Avis Budget Finance plc 7.25%, 7/31/2030(b)
252
278
Canadian Pacific Railway Co. (Canada) 3.50%, 5/1/2050
340
240
EC Finance plc (United Kingdom) 3.00%, 10/15/2026(a)
250
258
EquipmentShare.com, Inc. 9.00%, 5/15/2028(b)
105
103
Hertz Corp. (The) 4.63%, 12/1/2026(b)
150
132
Loxam SAS (France)
3.25%, 1/14/2025(a)
200
216
4.50%, 2/15/2027(b)
171
180
Uber Technologies, Inc. 7.50%, 9/15/2027(b)
50
51
 
1,689
Health Care Equipment & Supplies — 0.2%
Avantor Funding, Inc. 3.88%, 7/15/2028(a)
400
412
Baxter International, Inc. 2.54%, 2/1/2032
1,980
1,587
Medline Borrower LP
3.88%, 4/1/2029(b)
55
49
5.25%, 10/1/2029(b)
95
86
Medtronic Global Holdings SCA 1.50%, 7/2/2039
200
154
 
2,288
Health Care Providers & Services — 1.2%
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028(b)
45
43
Cencora, Inc. 2.70%, 3/15/2031
3,548
2,979

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
Community Health Systems, Inc.
8.00%, 3/15/2026(b)
175
169
5.25%, 5/15/2030(b)
125
98
4.75%, 2/15/2031(b)
120
88
CVS Health Corp.
5.25%, 2/21/2033
2,243
2,205
2.70%, 8/21/2040
690
461
DaVita, Inc. 4.63%, 6/1/2030(b)
290
245
Encompass Health Corp.
4.50%, 2/1/2028
155
145
4.63%, 4/1/2031
250
219
HCA, Inc.
5.20%, 6/1/2028
630
621
4.13%, 6/15/2029
1,570
1,456
5.50%, 6/15/2047
66
59
5.25%, 6/15/2049
950
824
3.50%, 7/15/2051
480
315
4.63%, 3/15/2052
2,018
1,598
Owens & Minor, Inc. 6.63%, 4/1/2030(b)
65
61
Tenet Healthcare Corp.
4.88%, 1/1/2026
60
59
5.13%, 11/1/2027
75
72
4.63%, 6/15/2028
190
177
6.75%, 5/15/2031(b)
56
56
 
11,950
Health Care REITs — 0.2%
Healthpeak OP LLC 5.25%, 12/15/2032
1,350
1,304
Welltower OP LLC
2.80%, 6/1/2031
700
584
3.85%, 6/15/2032
410
362
 
2,250
Health Care Technology — 0.1%
IQVIA, Inc.
1.75%, 3/15/2026(a)
300
310
5.00%, 10/15/2026(b)
345
336
2.25%, 1/15/2028(a)
300
299
 
945
Hotel & Resort REITs — 0.0% ^
RHP Hotel Properties LP 4.50%, 2/15/2029(b)
65
59
Hotels, Restaurants & Leisure — 0.5%
1011778 BC ULC (Canada) 4.00%, 10/15/2030(b)
220
190
888 Acquisitions Ltd. (United Kingdom) 7.56%, 7/15/2027(b)
160
162
Acushnet Co. 7.38%, 10/15/2028(b)
55
57
Boyne USA, Inc. 4.75%, 5/15/2029(b)
360
326
Caesars Entertainment, Inc. 8.13%, 7/1/2027(b)
280
285

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Carnival Corp. 6.00%, 5/1/2029(b)
70
64
Cedar Fair LP 6.50%, 10/1/2028
300
296
Cirsa Finance International SARL (Spain) 4.75%, 5/22/2025(a)
250
271
CPUK Finance Ltd. (United Kingdom) 4.88%, 8/28/2025(a)
200
241
eDreams ODIGEO SA (Spain) 5.50%, 7/15/2027(b)
183
191
Gohl Capital Ltd. (Malaysia) 4.25%, 1/24/2027(a)
970
914
International Game Technology plc
3.50%, 6/15/2026(a)
250
266
2.38%, 4/15/2028(a)
160
158
Lottomatica SpA (Italy) 7.13%, 6/1/2028(b)
165
187
MGM Resorts International 5.50%, 4/15/2027
40
39
Pinnacle Bidco plc (United Kingdom) 8.25%, 10/11/2028(b)
164
179
Punch Finance plc (United Kingdom) 6.13%, 6/30/2026(a)
200
225
Royal Caribbean Cruises Ltd.
11.63%, 8/15/2027(b)
110
119
8.25%, 1/15/2029(b)
15
16
9.25%, 1/15/2029(b)
110
117
Six Flags Entertainment Corp. 5.50%, 4/15/2027(b)
240
229
Vail Resorts, Inc. 6.25%, 5/15/2025(b)
90
90
Wynn Resorts Finance LLC 5.13%, 10/1/2029(b)
160
144
 
4,766
Household Durables — 0.1%
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025(b)
140
135
Newell Brands, Inc.
5.20%, 4/1/2026(i)
95
92
6.63%, 9/15/2029
30
29
6.50%, 4/1/2046(i)
50
40
Tempur Sealy International, Inc. 4.00%, 4/15/2029(b)
205
178
Versuni Group BV (Netherlands) 3.13%, 6/15/2028(b)
100
92
 
566
Household Products — 0.1%
Central Garden & Pet Co. 5.13%, 2/1/2028
80
76
Energizer Holdings, Inc. 4.75%, 6/15/2028(b)
420
375
Spectrum Brands, Inc.
4.00%, 10/1/2026(a)
100
107
5.50%, 7/15/2030(b)
479
447
 
1,005
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. (The)
3.30%, 7/15/2025(b)
497
475
3.95%, 7/15/2030(b)
768
683
Constellation Energy Generation LLC
5.80%, 3/1/2033
760
764

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Independent Power and Renewable Electricity Producers — continued
5.60%, 6/15/2042
770
720
6.50%, 10/1/2053
400
418
 
3,060
Industrial Conglomerates — 0.0% ^
General Electric Co. 4.13%, 9/19/2035(a)
262
289
Insurance — 0.5%
Assicurazioni Generali SpA (Italy) (EURIBOR 3 Month + 5.35%), 5.50%, 10/27/2047(a) (h)
400
443
Cloverie plc for Zurich Insurance Co. Ltd. (Switzerland) (3-MONTH SOFR + 4.92%), 5.63%, 6/24/2046(a) (h)
1,770
1,717
MetLife, Inc.
6.40%, 12/15/2036
1,340
1,317
9.25%, 4/8/2038(b)
380
421
Metropolitan Life Global Funding I 3.30%, 3/21/2029(b)
620
562
Swiss Re Finance Luxembourg SA (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%),
5.00%, 4/2/2049(b) (h)
200
187
 
4,647
Interactive Media & Services — 0.1%
Meta Platforms, Inc.
4.45%, 8/15/2052
399
341
5.60%, 5/15/2053
377
383
TripAdvisor, Inc. 7.00%, 7/15/2025(b)
128
129
 
853
IT Services — 0.0% ^
Ahead DB Holdings LLC 6.63%, 5/1/2028(b)
68
58
Conduent Business Services LLC 6.00%, 11/1/2029(b)
155
129
Gartner, Inc. 3.75%, 10/1/2030(b)
75
66
Presidio Holdings, Inc.
4.88%, 2/1/2027(b)
126
122
8.25%, 2/1/2028(b)
25
24
 
399
Leisure Products — 0.0% ^
Vista Outdoor, Inc. 4.50%, 3/15/2029(b)
200
189
Life Sciences Tools & Services — 0.2%
Danaher Corp. 2.80%, 12/10/2051
2,205
1,399
Machinery — 0.1%
Chart Industries, Inc. 7.50%, 1/1/2030(b)
50
51
Renk AG (Germany) 5.75%, 7/15/2025(a)
200
215
TK Elevator Midco GmbH (Germany) 4.38%, 7/15/2027(a)
130
134
Trinity Industries, Inc. 7.75%, 7/15/2028(b)
35
36
Wabash National Corp. 4.50%, 10/15/2028(b)
410
350
 
786
Media — 1.2%
Altice Financing SA (Luxembourg) 2.25%, 1/15/2025(a)
200
210
Altice Finco SA (Luxembourg) 4.75%, 1/15/2028(a)
150
126

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Media — continued
Charter Communications Operating LLC
2.25%, 1/15/2029
765
645
2.80%, 4/1/2031
410
333
3.50%, 6/1/2041
1,730
1,157
5.38%, 5/1/2047
958
775
3.70%, 4/1/2051
2,082
1,288
3.90%, 6/1/2052
1,038
664
Clear Channel Outdoor Holdings, Inc.
5.13%, 8/15/2027(b)
235
217
7.75%, 4/15/2028(b)
200
164
7.50%, 6/1/2029(b)
60
47
Comcast Corp.
2.80%, 1/15/2051
1,900
1,190
5.35%, 5/15/2053
1,410
1,361
2.99%, 11/1/2063
764
454
CSC Holdings LLC
5.25%, 6/1/2024
40
38
5.38%, 2/1/2028(b)
200
170
7.50%, 4/1/2028(b)
200
137
Discovery Communications LLC
3.63%, 5/15/2030
100
88
4.65%, 5/15/2050
450
340
DISH DBS Corp.
5.88%, 11/15/2024
65
57
5.25%, 12/1/2026(b)
440
354
5.75%, 12/1/2028(b)
90
67
DISH Network Corp. 11.75%, 11/15/2027(b)
415
412
Gannett Holdings LLC 6.00%, 11/1/2026(b)
50
44
GCI LLC 4.75%, 10/15/2028(b)
200
180
iHeartCommunications, Inc.
6.38%, 5/1/2026
100
85
8.38%, 5/1/2027
30
21
5.25%, 8/15/2027(b)
100
77
Outfront Media Capital LLC 5.00%, 8/15/2027(b)
85
80
Scripps Escrow II, Inc.
3.88%, 1/15/2029(b)
40
34
5.38%, 1/15/2031(b)
25
17
Sirius XM Radio, Inc. 4.00%, 7/15/2028(b)
90
80
Stagwell Global LLC 5.63%, 8/15/2029(b)
89
78
Summer BC Holdco A SARL (Luxembourg) 9.25%, 10/31/2027(a)
90
83
Summer BC Holdco B SARL (Luxembourg) 5.75%, 10/31/2026(a)
100
103
Univision Communications, Inc. 4.50%, 5/1/2029(b)
75
66
Virgin Media Vendor Financing Notes III DAC (United Kingdom) 4.88%, 7/15/2028(a)
100
110
Ziggo Bond Co. BV (Netherlands) 3.38%, 2/28/2030(a)
370
317
 
11,669
Metals & Mining — 1.0%
Anglo American Capital plc (South Africa) 5.50%, 5/2/2033(b)
2,640
2,556

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Metals & Mining — continued
ATI, Inc. 4.88%, 10/1/2029
43
38
Cleveland-Cliffs, Inc. 4.63%, 3/1/2029(b)
285
256
Constellium SE 4.25%, 2/15/2026(a)
100
108
Freeport-McMoRan, Inc.
4.25%, 3/1/2030
1,587
1,448
4.63%, 8/1/2030
820
762
5.40%, 11/14/2034
818
776
Glencore Funding LLC (Australia) 6.38%, 10/6/2030(b)
1,875
1,939
Indonesia Asahan Aluminium PT (Indonesia) 5.45%, 5/15/2030(b)
830
805
Nexa Resources SA (Brazil) 5.38%, 5/4/2027(a)
1,120
1,051
Novelis Sheet Ingot GmbH 3.38%, 4/15/2029(a)
200
195
thyssenkrupp AG (Germany) 2.88%, 2/22/2024(a)
100
108
United States Steel Corp. 6.88%, 3/1/2029
31
31
 
10,073
Multi-Utilities — 0.3%
Berkshire Hathaway Energy Co. 4.60%, 5/1/2053
151
124
CenterPoint Energy, Inc. 2.95%, 3/1/2030
1,015
872
NGG Finance plc (United Kingdom) (EUR Swap Annual 5 Year + 2.53%), 2.13%, 9/5/2082(a) (h)
518
498
San Diego Gas & Electric Co. Series UUU, 3.32%, 4/15/2050
200
133
Southern Co. Gas Capital Corp. Series 20-A, 1.75%, 1/15/2031
482
376
Veolia Environnement SA (France) (EURIBOR ICE Swap Rate 5 Year + 2.15%), 1.63%, 6/1/2026(a) (f) (g) (h)
900
885
 
2,888
Office REITs — 0.0% ^
Kilroy Realty LP 2.50%, 11/15/2032
410
288
Oil, Gas & Consumable Fuels — 3.2%
Aker BP ASA (Norway) 6.00%, 6/13/2033(b)
825
826
Antero Midstream Partners LP
5.75%, 3/1/2027(b)
40
39
5.75%, 1/15/2028(b)
175
169
Antero Resources Corp. 8.38%, 7/15/2026(b)
25
26
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026(b)
15
15
BP Capital Markets America, Inc. 4.81%, 2/13/2033
2,050
1,990
BP Capital Markets plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025(f) (g) (h)
1,192
1,148
(EUR Swap Annual 5 Year + 3.52%), 3.25%, 3/22/2026(a) (f) (g) (h)
2,700
2,793
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030(f) (g) (h)
1,716
1,542
California Resources Corp. 7.13%, 2/1/2026(b)
34
34
Cheniere Energy Partners LP
4.50%, 10/1/2029
2,380
2,220
5.95%, 6/30/2033(b)
1,625
1,612
Chesapeake Energy Corp. 6.75%, 4/15/2029(b)
440
438
Chevron USA, Inc. 2.34%, 8/12/2050
200
120
Chord Energy Corp. 6.38%, 6/1/2026(b)
25
25
Civitas Resources, Inc.
8.38%, 7/1/2028(b)
65
67
8.75%, 7/1/2031(b)
65
67

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Columbia Pipelines Operating Co. LLC
5.93%, 8/15/2030(b)
2,455
2,465
6.04%, 11/15/2033(b)
655
661
Comstock Resources, Inc. 6.75%, 3/1/2029(b)
415
382
Ecopetrol SA (Colombia)
6.88%, 4/29/2030
630
595
7.38%, 9/18/2043
550
468
Enbridge, Inc. (Canada) Series NC5, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.25%,
1/15/2084(h)
2,220
2,216
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028(b)
55
54
Energian Israel Finance Ltd. (Israel)
4.88%, 3/30/2026(a)
312
285
5.38%, 3/30/2028(a)
1,375
1,195
Energy Transfer LP 7.38%, 2/1/2031(b)
105
108
Eni SpA (Italy) 4.25%, 5/9/2029(b)
910
863
Exxon Mobil Corp. 3.00%, 8/16/2039
670
508
Genesis Energy LP 8.00%, 1/15/2027
75
75
Gray Oak Pipeline LLC 2.60%, 10/15/2025(b)
280
262
Greenko Dutch BV (India) 3.85%, 3/29/2026(b)
1,107
1,013
Greenko Power II Ltd. (India) 4.30%, 12/13/2028(b)
754
665
Gulfport Energy Corp. 8.00%, 5/17/2026(b)
23
23
Hess Midstream Operations LP 5.13%, 6/15/2028(b)
105
101
Hilcorp Energy I LP 5.75%, 2/1/2029(b)
65
61
KazMunayGas National Co. JSC (Kazakhstan) 5.75%, 4/19/2047(a)
998
793
Kinetik Holdings LP 5.88%, 6/15/2030(b)
40
38
Leviathan Bond Ltd. (Israel)
6.13%, 6/30/2025(a)
372
359
6.50%, 6/30/2027(a)
863
808
6.75%, 6/30/2030(a)
232
211
NGL Energy Operating LLC 7.50%, 2/1/2026(b)
64
64
NuStar Logistics LP 5.63%, 4/28/2027
65
64
Occidental Petroleum Corp. 8.88%, 7/15/2030
50
57
Petroleos Mexicanos (Mexico) 6.88%, 8/4/2026
2,040
1,917
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030
220
208
SM Energy Co. 6.63%, 1/15/2027
55
54
Southwestern Energy Co. 5.38%, 3/15/2030
60
57
Summit Midstream Holdings LLC 9.00%, 10/15/2026(b) (i)
105
104
Tallgrass Energy Partners LP
7.50%, 10/1/2025(b)
210
211
6.00%, 9/1/2031(b)
100
90
Targa Resources Partners LP 5.00%, 1/15/2028
130
126
TotalEnergies Capital International SA (France) 3.13%, 5/29/2050
310
213
Transcanada Trust (Canada) Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, 8/15/2076(h)
810
758
Venture Global LNG, Inc.
8.13%, 6/1/2028(b)
38
38

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
9.50%, 2/1/2029(b)
41
42
9.88%, 2/1/2032(b)
24
25
 
31,368
Paper & Forest Products — 0.1%
Suzano Austria GmbH (Brazil) 6.00%, 1/15/2029
1,200
1,189
Passenger Airlines — 0.2%
American Airlines, Inc. 5.50%, 4/20/2026(b)
63
61
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024
1,541
1,499
Deutsche Lufthansa AG (Germany) 3.00%, 5/29/2026(a)
600
628
VistaJet Malta Finance plc (Switzerland) 9.50%, 6/1/2028(b)
30
25
 
2,213
Personal Care Products — 0.1%
Coty, Inc.
3.88%, 4/15/2026(a)
200
215
4.75%, 1/15/2029(b)
100
93
Edgewell Personal Care Co.
5.50%, 6/1/2028(b)
205
195
4.13%, 4/1/2029(b)
255
225
Ontex Group NV (Belgium) 3.50%, 7/15/2026(a)
200
205
Prestige Brands, Inc. 5.13%, 1/15/2028(b)
135
128
 
1,061
Pharmaceuticals — 0.4%
Bausch Health Cos., Inc.
5.50%, 11/1/2025(b)
320
279
5.00%, 1/30/2028(b)
90
33
6.25%, 2/15/2029(b)
570
203
5.25%, 1/30/2030(b)
120
43
Catalent Pharma Solutions, Inc.
5.00%, 7/15/2027(b)
40
38
2.38%, 3/1/2028(a)
100
92
3.13%, 2/15/2029(b)
45
38
Cheplapharm Arzneimittel GmbH (Germany) 3.50%, 2/11/2027(a)
300
308
Nidda BondCo GmbH (Germany) 7.25%, 9/30/2025(a)
68
73
Nidda Healthcare Holding GmbH (Germany) 7.50%, 8/21/2026(a)
400
444
Organon & Co.
2.88%, 4/30/2028(a)
300
289
4.13%, 4/30/2028(b)
310
275
Rossini SARL (Italy) 6.75%, 10/30/2025(a)
120
131
Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, 7/9/2040
1,930
1,394
 
3,640
Professional Services — 0.0% ^
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029(b)
205
185

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Real Estate Management & Development — 0.1%
Country Garden Holdings Co. Ltd. (China)
3.13%, 10/22/2025(a)
1,072
91
7.25%, 4/8/2026(a)
1,540
131
Longfor Group Holdings Ltd. (China) 4.50%, 1/16/2028(a)
540
303
 
525
Retail REITs — 0.0% ^
Regency Centers LP 2.95%, 9/15/2029
320
279
Semiconductors & Semiconductor Equipment — 0.7%
Amkor Technology, Inc. 6.63%, 9/15/2027(b)
5
5
ams-OSRAM AG (Austria) 12.25%, 3/30/2029(b)
150
153
Broadcom, Inc.
3.42%, 4/15/2033(b)
1,675
1,408
3.47%, 4/15/2034(b)
1,515
1,260
Entegris Escrow Corp. 5.95%, 6/15/2030(b)
200
193
Entegris, Inc. 4.38%, 4/15/2028(b)
90
84
NXP BV (China)
2.50%, 5/11/2031
3,495
2,831
5.00%, 1/15/2033
565
538
ON Semiconductor Corp. 3.88%, 9/1/2028(b)
153
138
Synaptics, Inc. 4.00%, 6/15/2029(b)
25
22
Texas Instruments, Inc. 5.00%, 3/14/2053
140
134
 
6,766
Software — 0.4%
AthenaHealth Group, Inc. 6.50%, 2/15/2030(b)
255
221
Clarivate Science Holdings Corp. 3.88%, 7/1/2028(b)
150
135
Elastic NV 4.13%, 7/15/2029(b)
90
80
Intuit, Inc. 5.50%, 9/15/2053
95
97
NCR Voyix Corp. 5.00%, 10/1/2028(b)
315
287
Oracle Corp.
6.90%, 11/9/2052
673
751
5.55%, 2/6/2053
1,697
1,600
RingCentral, Inc. 8.50%, 8/15/2030(b)
85
85
SS&C Technologies, Inc. 5.50%, 9/30/2027(b)
205
198
TeamSystem SpA (Italy) 3.50%, 2/15/2028(a)
200
192
 
3,646
Specialized REITs — 0.2%
Crown Castle, Inc.
4.80%, 9/1/2028
740
715
3.30%, 7/1/2030
75
65
2.50%, 7/15/2031
1,695
1,362
Iron Mountain, Inc. 5.25%, 3/15/2028(b)
100
95
 
2,237
Specialty Retail — 0.2%
Asbury Automotive Group, Inc. 4.63%, 11/15/2029(b)
72
65
Douglas GmbH (Germany) 6.00%, 4/8/2026(b)
275
291

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Specialty Retail — continued
Dufry One BV (Switzerland) 2.50%, 10/15/2024(a)
100
107
Gap, Inc. (The) 3.63%, 10/1/2029(b)
75
62
PetSmart, Inc.
4.75%, 2/15/2028(b)
350
320
7.75%, 2/15/2029(b)
300
283
Sonic Automotive, Inc. 4.63%, 11/15/2029(b)
150
132
SRS Distribution, Inc. 4.63%, 7/1/2028(b)
65
59
Staples, Inc. 7.50%, 4/15/2026(b)
230
203
 
1,522
Technology Hardware, Storage & Peripherals — 0.0% ^
Seagate HDD Cayman
4.09%, 6/1/2029
92
83
8.25%, 12/15/2029(b)
31
33
8.50%, 7/15/2031(b)
7
7
 
123
Textiles, Apparel & Luxury Goods — 0.0% ^
Birkenstock Financing Sarl (Germany) 5.25%, 4/30/2029(a)
200
213
Hanesbrands, Inc. 9.00%, 2/15/2031(b)
35
33
 
246
Tobacco — 0.6%
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028
2,710
2,374
6.34%, 8/2/2030
1,260
1,294
7.08%, 8/2/2043
1,690
1,720
 
5,388
Trading Companies & Distributors — 0.2%
Air Lease Corp. 3.25%, 10/1/2029
1,170
1,026
Herc Holdings, Inc. 5.50%, 7/15/2027(b)
110
107
Imola Merger Corp. 4.75%, 5/15/2029(b)
80
73
United Rentals North America, Inc. 3.88%, 2/15/2031
90
78
WESCO Distribution, Inc. 7.13%, 6/15/2025(b)
95
95
 
1,379
Transportation Infrastructure — 0.1%
Abertis Infraestructuras Finance BV (Spain)
(EUR Swap Annual 5 Year + 3.69%), 3.25%, 11/24/2025(a) (f) (g) (h)
300
306
(EUR Swap Annual 5 Year + 3.27%), 2.63%, 1/26/2027(a) (f) (g) (h)
200
190
Mundys SpA (Italy)
1.88%, 7/13/2027(a)
100
99
1.88%, 2/12/2028(a)
200
192
 
787
Wireless Telecommunication Services — 0.6%
Hughes Satellite Systems Corp. 6.63%, 8/1/2026
75
59
Matterhorn Telecom SA (Luxembourg) 3.13%, 9/15/2026(a)
270
282
PLT VII Finance SARL (Luxembourg) 4.63%, 1/5/2026(a)
350
374

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Wireless Telecommunication Services — continued
Telefonica Europe BV (Spain)
Series NC5, (EUR Swap Annual 5 Year + 2.45%), 3.00%, 12/4/2023(a) (f) (g) (h)
100
109
(EUR Swap Annual 7 Year + 3.35%), 6.14%, 2/3/2030(a) (f) (g) (h)
600
639
T-Mobile USA, Inc.
2.63%, 2/15/2029
177
156
3.38%, 4/15/2029
1,460
1,323
2.55%, 2/15/2031
433
359
2.25%, 11/15/2031
2,586
2,061
Vodafone Group plc (United Kingdom)
(EUR Swap Annual 5 Year + 3.43%), 4.20%, 10/3/2078(a) (h)
240
247
(EUR Swap Annual 5 Year + 3.48%), 3.00%, 8/27/2080(a) (h)
100
92
 
5,701
Total Corporate Bonds
(Cost $417,396)
383,877
Asset-Backed Securities — 23.6%
ACC Trust
Series 2021-1, Class C, 2.08%, 12/20/2024(b)
129
127
Series 2021-1, Class D, 5.25%, 3/22/2027(b)
1,109
925
Accelerated LLC
Series 2021-1H, Class A, 1.35%, 10/20/2040(b)
143
130
Series 2021-1H, Class B, 1.90%, 10/20/2040(b)
190
172
Series 2021-1H, Class C, 2.35%, 10/20/2040(b)
833
752
Affirm Asset Securitization Trust
Series 2022-A, Class 1A, 4.30%, 5/17/2027(b)
1,111
1,090
Series 2023-A, Class 1A, 6.61%, 1/18/2028(b)
3,085
3,079
Series 2023-B, Class A, 6.82%, 9/15/2028(b)
2,692
2,710
AIMCO CLO Ltd. (Cayman Islands) Series 2019-10A, Class AR, 6.73%, 7/22/2032(b) (d)
250
249
American Credit Acceptance Receivables Trust
Series 2021-3, Class E, 2.56%, 11/15/2027(b)
2,375
2,259
Series 2021-4, Class E, 3.12%, 2/14/2028(b)
1,700
1,612
Series 2023-4, Class B, 6.63%, 2/14/2028(b)
2,127
2,139
Series 2022-1, Class E, 3.64%, 3/13/2028(b)
2,063
1,922
Series 2022-3, Class D, 5.83%, 10/13/2028(b)
2,333
2,294
Series 2023-1, Class C, 5.59%, 4/12/2029(b)
884
870
Series 2023-1, Class D, 6.35%, 4/12/2029(b)
780
766
Series 2023-2, Class C, 5.96%, 8/13/2029(b)
1,930
1,909
Series 2023-3, Class C, 6.44%, 10/12/2029(b)
1,944
1,942
Series 2023-3, Class D, 6.82%, 10/12/2029(b)
2,300
2,289
Series 2023-4, Class D, 7.65%, 9/12/2030(b)
1,400
1,422
AmeriCredit Automobile Receivables Trust Series 2022-2, Class C, 5.32%, 4/18/2028
2,900
2,855
Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2, 5.30%, 6/21/2028(b)
567
563
Apidos CLO (Cayman Islands)
Series 2018-18A, Class A1, 6.81%, 10/22/2030(b) (d)
1,400
1,398
Series 2020-34A, Class A1R, 6.83%, 1/20/2035(b) (d)
300
299
Applebee's Funding LLC Series 2019-1A, Class A2II, 4.72%, 6/5/2049(b)
693
651
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2004-HE7, Class M2, 7.03%, 10/25/2034(d)
70
67

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Avis Budget Rental Car Funding AESOP LLC
Series 2019-2A, Class C, 4.24%, 9/22/2025(b)
420
413
Series 2020-1A, Class C, 3.02%, 8/20/2026(b)
2,751
2,573
Bain Capital Credit CLO (Cayman Islands) Series 2019-1A, Class AR, 6.79%, 4/19/2034(b) (d)
1,000
996
Bain Capital Credit CLO Ltd. (Cayman Islands) Series 2021-7A, Class A1, 6.81%, 1/22/2035(b) (d)
900
896
BHG Securitization Trust Series 2021-B, Class A, 0.90%, 10/17/2034(b)
118
114
BMW Vehicle Lease Trust Series 2023-1, Class A3, 5.16%, 11/25/2025
301
300
Bridgecrest Lending Auto Securitization Trust Series 2023-1, Class B, 6.80%, 8/15/2029
663
670
Carmax Auto Owner Trust Series 2019-4, Class D, 2.80%, 4/15/2026
830
828
CARS-DB5 LP Series 2021-1A, Class A2, 2.28%, 8/15/2051(b)
895
664
CIFC Funding Ltd. (Cayman Islands)
Series 2017-3A, Class A1, 6.90%, 7/20/2030(b) (d)
903
902
Series 2021-4A, Class A, 6.71%, 7/15/2033(b) (d)
1,750
1,745
Commonbond Student Loan Trust
Series 2018-AGS, Class B, 3.58%, 2/25/2044(b)
307
278
Series 2018-AGS, Class C, 3.82%, 2/25/2044(b)
47
37
Conn's Receivables Funding LLC
Series 2021-A, Class C, 4.59%, 5/15/2026(b)
803
802
Series 2022-A, Class B, 9.52%, 12/15/2026(b)
1,409
1,415
Series 2023-A, Class A, 8.01%, 1/17/2028(b)
701
702
Countrywide Asset-Backed Certificates
Series 2002-4, Class M1, 6.58%, 12/25/2032(d)
360
353
Series 2004-ECC2, Class M2, 6.43%, 12/25/2034(d)
43
44
Credit Acceptance Auto Loan Trust Series 2022-1A, Class C, 5.70%, 10/15/2032(b)
404
390
CWABS, Inc. Asset-Backed Certificates Series 2004-1, Class M2, 6.28%, 3/25/2034(d)
58
58
Dewolf Park CLO Ltd. Series 2017-1A, Class AR, 6.58%, 10/15/2030(b) (d)
1,428
1,424
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I, 4.12%, 7/25/2048(b)
684
658
Dryden CLO Ltd. (Cayman Islands) Series 2019-68A, Class AR, 6.83%, 7/15/2035(b) (d)
3,870
3,860
Dryden Senior Loan Fund (Cayman Islands)
Series 2017-47A, Class A1R, 6.64%, 4/15/2028(b) (d)
2,401
2,399
Series 2013-26A, Class AR, 6.56%, 4/15/2029(b) (d)
886
884
Series 2014-36A, Class AR3, 6.68%, 4/15/2029(b) (d)
638
637
DT Auto Owner Trust
Series 2020-2A, Class C, 3.28%, 3/16/2026(b)
50
50
Series 2022-1A, Class D, 3.40%, 12/15/2027(b)
969
917
Series 2021-2A, Class E, 2.97%, 7/17/2028(b)
5,105
4,796
Series 2022-1A, Class E, 5.53%, 3/15/2029(b)
1,000
947
Series 2023-3A, Class C, 6.40%, 5/15/2029(b)
1,477
1,479
Exeter Automobile Receivables Trust
Series 2023-1A, Class B, 5.72%, 4/15/2027
533
531
Series 2023-1A, Class C, 5.82%, 2/15/2028
580
574
Series 2023-3A, Class C, 6.21%, 6/15/2028
2,232
2,230
Series 2023-4A, Class C, 6.51%, 8/15/2028
1,840
1,837
Series 2022-3A, Class D, 6.76%, 9/15/2028
2,100
2,079
Series 2022-4A, Class D, 5.98%, 12/15/2028
1,050
1,029
Series 2022-2A, Class E, 6.34%, 10/15/2029(b)
1,500
1,342
Series 2022-4A, Class E, 8.23%, 3/15/2030(b)
1,553
1,481
FHF Trust Series 2022-2A, Class A, 6.14%, 12/15/2027(b)
1,130
1,120

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
First Franklin Mortgage Loan Trust Series 2004-FF5, Class A1, 6.18%, 8/25/2034(d)
Flagship Credit Auto Trust
Series 2022-3, Class A3, 4.55%, 4/15/2027(b)
1,400
1,384
Series 2023-1, Class A3, 5.01%, 8/16/2027(b)
328
325
Series 2023-1, Class B, 5.05%, 1/18/2028(b)
246
243
Series 2022-3, Class C, 4.99%, 7/17/2028(b)
2,025
1,957
Series 2022-3, Class D, 6.00%, 7/17/2028(b)
500
488
Series 2021-3, Class E, 3.32%, 12/15/2028(b)
1,700
1,362
FREED ABS Trust
Series 2022-3FP, Class B, 5.79%, 8/20/2029(b)
1,067
1,065
Series 2022-3FP, Class C, 7.05%, 8/20/2029(b)
1,700
1,695
Galaxy CLO Ltd. (Cayman Islands) Series 2013-15A, Class ARR, 6.63%, 10/15/2030(b) (d)
310
309
GLS Auto Receivables Issuer Trust
Series 2022-3A, Class B, 4.92%, 1/15/2027(b)
130
128
Series 2023-1A, Class B, 6.19%, 6/15/2027(b)
734
732
Series 2021-3A, Class D, 1.48%, 7/15/2027(b)
1,075
993
Series 2020-4A, Class E, 3.51%, 10/15/2027(b)
650
620
Series 2021-1A, Class E, 3.14%, 1/18/2028(b)
2,700
2,555
Series 2022-2A, Class D, 6.15%, 4/17/2028(b)
1,800
1,770
Series 2022-3A, Class C, 5.34%, 6/15/2028(b)
217
214
Series 2022-3A, Class D, 6.42%, 6/15/2028(b)
160
158
Series 2021-3A, Class E, 3.20%, 10/16/2028(b)
1,130
1,037
Series 2021-4A, Class E, 4.43%, 10/16/2028(b)
990
908
Series 2023-1A, Class C, 6.38%, 12/15/2028(b)
638
636
GM Financial Automobile Leasing Trust Series 2023-1, Class A3, 5.16%, 4/20/2026
643
640
GoldenTree Loan Opportunities Ltd. Series 2015-10A, Class AR, 6.80%, 7/20/2031(b) (d)
1,530
1,529
Hertz Vehicle Financing LLC
Series 2022-3A, Class B, 3.86%, 3/25/2025(b)
1,800
1,792
Series 2022-4A, Class D, 6.56%, 9/25/2026(b)
1,000
955
Series 2023-1A, Class A, 5.49%, 6/25/2027(b)
1,200
1,185
Series 2023-1A, Class C, 6.91%, 6/25/2027(b)
876
868
Series 2023-3A, Class A, 5.94%, 2/25/2028(b)
1,400
1,401
Hertz Vehicle Financing LP
Series 2021-2A, Class A, 1.68%, 12/27/2027(b)
2,000
1,774
Series 2021-2A, Class B, 2.12%, 12/27/2027(b)
1,393
1,234
Series 2021-2A, Class C, 2.52%, 12/27/2027(b)
1,726
1,523
JetBlue Pass-Through Trust
Series 2019-1, Class B, 8.00%, 11/15/2027
153
152
Series 2019-1, Class A, 2.95%, 5/15/2028
143
122
Series 2020-1, Class B, 7.75%, 11/15/2028
103
104
KREF Ltd. Series 2021-FL2, Class A, 6.51%, 2/15/2039(b) (d)
2,335
2,274
Lendingpoint Asset Securitization Trust
Series 2021-B, Class C, 3.21%, 2/15/2029(b)
1,500
1,423
Series 2022-A, Class D, 4.54%, 6/15/2029(b)
1,000
827
Series 2022-B, Class A, 4.77%, 10/15/2029(b)
253
251
Series 2022-C, Class B, 7.46%, 2/15/2030(b)
926
925
LendingPoint Pass-Through Trust Series 2022-ST1, Class A, 2.50%, 3/15/2028(b)
462
449
Lendmark Funding Trust Series 2021-1A, Class A, 1.90%, 11/20/2031(b)
270
237

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
LL ABS Trust
Series 2020-1A, Class C, 6.54%, 1/17/2028(b)
352
351
Series 2021-1A, Class C, 3.54%, 5/15/2029(b)
500
456
Madison Park Funding Ltd. (Cayman Islands) Series 2020-45A, Class AR, 6.78%, 7/15/2034(b) (d)
250
249
Magnetite Ltd. (Cayman Islands) Series 2012-7A, Class A1R2, 6.46%, 1/15/2028(b) (d)
826
823
Marlette Funding Trust
Series 2021-2A, Class C, 1.50%, 9/15/2031(b)
500
487
Series 2021-2A, Class D, 2.16%, 9/15/2031(b)
300
277
Series 2023-1A, Class A, 6.07%, 4/15/2033(b)
1,138
1,135
Mid-State Capital Corp. Trust Series 2006-1, Class M2, 6.74%, 10/15/2040(b)
1,409
1,385
Morgan Stanley ABS Capital I, Inc. Trust
Series 2004-NC7, Class M3, 6.43%, 7/25/2034(d)
69
67
Series 2004-HE7, Class M2, 6.40%, 8/25/2034(d)
33
31
Series 2004-HE8, Class M2, 6.48%, 9/25/2034(d)
83
81
Series 2005-NC1, Class M3, 6.22%, 1/25/2035(d)
347
324
MVW LLC Series 2021-1WA, Class D, 3.17%, 1/22/2041(b)
786
708
Neuberger Berman CLO (Cayman Islands) Series 2013-15A, Class A1R2, 6.58%, 10/15/2029(b) (d)
237
236
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2019-31A, Class AR, 6.72%, 4/20/2031(b) (d)
2,400
2,398
New Century Home Equity Loan Trust
Series 2004-2, Class M2, 6.39%, 8/25/2034(d)
31
31
Series 2004-4, Class M2, 6.25%, 2/25/2035(d)
109
108
NRZ Excess Spread-Collateralized Notes
Series 2021-FNT2, Class A, 3.23%, 5/25/2026(b)
786
723
Series 2021-FHT1, Class A, 3.10%, 7/25/2026(b)
600
545
Series 2021-GNT1, Class A, 3.47%, 11/25/2026(b)
1,153
1,055
OCP CLO Ltd. (Cayman Islands)
Series 2018-15A, Class A1, 6.78%, 7/20/2031(b) (d)
1,089
1,088
Series 2020-18A, Class AR, 6.77%, 7/20/2032(b) (d)
600
599
Octagon Investment Partners Ltd. (Cayman Islands) Series 2013-1A, Class A1RR, 6.63%, 7/19/2030(b) (d)
2,357
2,351
Octagon Investment Partners Ltd. (Cayman Islands) Series 2018-18A, Class A1A, 6.62%, 4/16/2031(b) (d)
1,320
1,316
OnDeck Asset Securitization Trust III LLC
Series 2021-1A, Class A, 1.59%, 5/17/2027(b)
5,350
5,203
Series 2021-1A, Class B, 2.28%, 5/17/2027(b)
2,480
2,403
OnDeck Asset Securitization Trust IV LLC Series 2023-1A, Class A, 7.00%, 8/19/2030(b)
1,404
1,402
OneMain Financial Issuance Trust Series 2023-2A, Class A2, 6.82%, 9/15/2036(b) (d)
2,738
2,740
Oportun Issuance Trust
Series 2022-2, Class A, 5.94%, 10/9/2029(b)
147
147
Series 2022-2, Class D, 11.34%, 10/9/2029
863
833
Series 2022-3, Class A, 7.45%, 1/8/2030(b)
340
340
Series 2021-B, Class A, 1.47%, 5/8/2031(b)
2,538
2,330
Series 2021-B, Class B, 1.96%, 5/8/2031(b)
1,311
1,198
Series 2021-C, Class A, 2.18%, 10/8/2031(b)
2,300
2,105
Option One Mortgage Loan Trust Series 2004-3, Class M3, 6.43%, 11/25/2034(d)
18
18
Pagaya AI Debt Selection Trust
Series 2021-HG1, Class B, 1.82%, 1/16/2029(b)
298
282
Series 2021-3, Class C, 3.27%, 5/15/2029(b)
2,820
2,294
Palmer Square CLO Ltd. (Cayman Islands) Series 2015-1A, Class A1A4, 6.76%, 5/21/2034(b) (d)
1,660
1,659

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Palmer Square Loan Funding Ltd. (Cayman Islands)
Series 2021-4A, Class A1, 6.46%, 10/15/2029(b) (d)
594
592
Series 2021-4A, Class C, 8.26%, 10/15/2029(b) (d)
1,606
1,583
PMT Issuer Trust-FMSR Series 2021-FT1, Class A, 8.46%, 3/25/2026(b) (d)
1,940
1,906
Post Road Equipment Finance Series 2021-1A, Class E, 4.36%, 3/15/2029(b)
809
807
PRET LLC
Series 2021-NPL3, Class A1, 1.87%, 7/25/2051(b) (i)
1,201
1,126
Series 2021-NPL3, Class A2, 3.72%, 7/25/2051(b) (i)
832
684
Series 2021-NPL6, Class A2, 5.07%, 7/25/2051(b) (i)
2,500
2,187
Series 2021-RN4, Class A2, 5.19%, 10/25/2051(b) (d)
2,500
2,346
Progress Residential Trust Series 2021-SFR9, Class A, 2.01%, 11/17/2040(b)
3,249
2,709
PRPM LLC
Series 2021-5, Class A2, 3.72%, 6/25/2026(b) (i)
3,500
3,085
Series 2021-6, Class A1, 1.79%, 7/25/2026(b) (i)
1,850
1,754
Series 2021-6, Class A2, 3.47%, 7/25/2026(b) (i)
275
250
Series 2021-7, Class A1, 1.87%, 8/25/2026(b) (i)
1,920
1,816
Series 2021-7, Class A2, 3.67%, 8/25/2026(b) (i)
738
674
Series 2021-11, Class A2, 4.58%, 11/25/2026(b) (i)
2,400
2,289
Renaissance Home Equity Loan Trust
Series 2005-1, Class AF6, 5.47%, 5/25/2035(i)
55
55
Series 2005-2, Class M1, 5.55%, 8/25/2035(i)
1,228
1,095
Republic Finance Issuance Trust
Series 2020-A, Class A, 2.47%, 11/20/2030(b)
352
345
Series 2021-A, Class D, 5.23%, 12/22/2031(b)
1,500
1,248
Santander Drive Auto Receivables Trust
Series 2022-5, Class C, 4.74%, 10/16/2028
1,328
1,295
Series 2022-6, Class C, 4.96%, 11/15/2028
323
315
Series 2023-4, Class B, 5.77%, 12/15/2028
894
895
Series 2022-4, Class C, 5.00%, 11/15/2029
3,505
3,429
Series 2023-3, Class C, 5.77%, 11/15/2030
360
359
Santander Revolving Auto Loan Trust
Series 2019-A, Class A, 2.51%, 1/26/2032(b)
820
791
Series 2019-A, Class C, 3.00%, 1/26/2032(b)
2,936
2,814
Series 2019-A, Class D, 3.45%, 1/26/2032(b)
2,910
2,776
SBA Small Business Investment Cos. Series 2023-10A, Class 1, 5.17%, 3/10/2033
3,913
3,864
SoFi Consumer Loan Program Trust Series 2023-1S, Class A, 5.81%, 5/15/2031(b)
352
351
Stratus CLO Ltd. (Cayman Islands)
Series 2021-2A, Class A, 6.58%, 12/28/2029(b) (d)
914
912
Series 2021-3A, Class E, 11.43%, 12/29/2029(b) (d)
410
396
Structured Asset Investment Loan Trust Series 2004-8, Class M2, 6.39%, 9/25/2034(d)
127
120
Structured Asset Securities Corp. Mortgage Loan Trust Series 2005-WF2, Class M2, 6.09%, 5/25/2035(d)
119
116
Symphony CLO Ltd. (Cayman Islands) Series 2020-23A, Class AR, 6.68%, 1/15/2034(b) (d)
1,120
1,116
Tesla Auto Lease Trust Series 2021-A, Class D, 1.34%, 3/20/2025(b)
1,025
1,017
Theorem Funding Trust Series 2022-2A, Class B, 9.27%, 12/15/2028(b)
2,000
2,055
Tricolor Auto Securitization Trust
Series 2021-1A, Class E, 3.23%, 9/15/2026(b)
500
493
Series 2021-1A, Class F, 5.08%, 5/15/2028(b)
500
487
United Airlines Pass-Through Trust Series 2013-1, Class A, 4.30%, 8/15/2025
827
796

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Upstart Pass-Through Trust
Series 2021-ST4, Class A, 2.00%, 7/20/2027(b)
547
527
Series 2021-ST6, Class A, 1.85%, 8/20/2027(b)
183
176
Series 2021-ST9, Class A, 1.70%, 11/20/2029(b)
559
546
Series 2022-ST1, Class A, 2.60%, 3/20/2030(b)
403
394
Upstart Securitization Trust
Series 2021-2, Class C, 3.61%, 6/20/2031(b)
2,330
2,207
Series 2021-3, Class C, 3.28%, 7/20/2031(b)
1,200
1,112
Series 2021-5, Class A, 1.31%, 11/20/2031(b)
332
329
Series 2021-5, Class C, 4.15%, 11/20/2031(b)
5,476
4,974
Series 2022-4, Class A, 5.98%, 8/20/2032(b)
936
931
US Auto Funding
Series 2021-1A, Class B, 1.49%, 3/17/2025(b)
5
5
Series 2021-1A, Class C, 2.20%, 5/15/2026(b)
2,768
2,546
Westlake Automobile Receivables Trust
Series 2020-3A, Class E, 3.34%, 6/15/2026(b)
120
117
Series 2021-2A, Class D, 1.23%, 12/15/2026(b)
660
623
Series 2022-2A, Class C, 4.85%, 9/15/2027(b)
1,192
1,173
Series 2022-2A, Class D, 5.48%, 9/15/2027(b)
1,344
1,321
Series 2023-3A, Class C, 6.02%, 9/15/2028(b)
1,840
1,823
Series 2023-3A, Class D, 6.47%, 3/15/2029(b)
1,265
1,249
Total Asset-Backed Securities
(Cost $235,896)
227,968
Mortgage-Backed Securities — 17.2%
FHLMC Gold Pools, Other
Pool # WN2492, 4.93%, 6/1/2028
870
859
Pool # WN2493, 4.94%, 9/1/2028
580
573
FNMA UMBS, 30 Year Pool # MA4783, 4.00%, 10/1/2052
11,335
10,295
FNMA, Other
Pool # BS9065, 4.62%, 7/1/2028
3,600
3,509
Pool # BF0263, 3.50%, 5/1/2058
1,048
925
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 4.50%, 12/25/2053(k)
78,566
73,560
TBA, 5.50%, 12/25/2053(k)
23,446
23,102
GNMA II, Single Family, 30 Year
TBA, 5.00%, 12/15/2053(k)
51,987
50,496
TBA, 5.50%, 12/15/2053(k)
3,500
3,474
Total Mortgage-Backed Securities
(Cost $164,559)
166,793
Foreign Government Securities — 8.5%
Czech Republic
4.50%, 11/11/2032
CZK73,540
3,342
4.90%, 4/14/2034
CZK58,660
2,745
1.95%, 7/30/2037
CZK74,410
2,518
Dominican Republic Government Bond
6.88%, 1/29/2026(a)
900
903
5.30%, 1/21/2041(b)
790
634

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Foreign Government Securities — continued
5.30%, 1/21/2041(a)
500
401
Federal Republic of Nigeria
6.50%, 11/28/2027(a)
770
681
7.38%, 9/28/2033(b)
527
417
Hungary Government Bond 6.75%, 9/25/2052(b)
639
649
Italian Republic Government Bond 0.88%, 5/6/2024
1,888
1,849
Kingdom of Saudi Arabia 5.00%, 1/18/2053(b)
921
786
Lebanese Republic 6.38%, 3/9/2020(j)
1,280
70
Mex Bonos Desarr Fix Rt
7.75%, 5/29/2031
MXN212,240
11,155
7.50%, 5/26/2033
MXN108,920
5,526
8.00%, 5/24/2035
MXN120,760
6,241
Notas do Tesouro Nacional 10.00%, 1/1/2027(j)
BRL45,000
9,097
Oriental Republic of Uruguay 5.10%, 6/18/2050
136
127
Republic of Angola
8.00%, 11/26/2029(a)
530
443
8.75%, 4/14/2032(b)
561
468
Republic of Colombia
3.13%, 4/15/2031
1,000
771
5.20%, 5/15/2049
645
455
8.75%, 11/14/2053
355
376
Republic of Costa Rica 7.30%, 11/13/2054(b)
895
911
Republic of Cote d'Ivoire
6.38%, 3/3/2028(a)
1,190
1,143
6.13%, 6/15/2033(a)
651
575
6.88%, 10/17/2040(b)
EUR1,880
1,612
Republic of Iraq 5.80%, 1/15/2028(a)
1,052
966
Republic of North Macedonia 2.75%, 1/18/2025(a)
EUR1,110
1,173
Republic of Paraguay
4.95%, 4/28/2031(b)
1,160
1,094
3.85%, 6/28/2033(b)
208
175
5.60%, 3/13/2048(a)
820
688
5.40%, 3/30/2050(b)
470
384
Republic of Philippines 5.50%, 1/17/2048
258
254
Republic of Senegal 6.25%, 5/23/2033(a)
424
351
Republic of South Africa
8.25%, 3/31/2032
ZAR47,680
2,172
8.88%, 2/28/2035
ZAR114,485
5,053
5.00%, 10/12/2046
2,560
1,709
5.75%, 9/30/2049
390
283
Romania Government Bond
4.63%, 4/3/2049(b)
EUR997
825
7.63%, 1/17/2053(b)
372
390
Sultanate of Oman Government Bond 6.25%, 1/25/2031(a)
1,900
1,946
United Arab Emirates Government Bond 4.00%, 7/28/2050(b)
1,180
732
United Kingdom of Great Britain and Northern Ireland 3.75%, 10/22/2053(a)
GBP7,330
7,879
United Mexican States
6.35%, 2/9/2035
628
633

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Foreign Government Securities — continued
3.77%, 5/24/2061
1,378
870
3.75%, 4/19/2071
1,815
1,125
Total Foreign Government Securities
(Cost $88,409)
82,597
Commercial Mortgage-Backed Securities — 6.8%
A10 Revolving Asset Financing I LLC 11.64%, 2/10/2028‡ (d)
6,000
6,011
BANK
Series 2018-BN13, Class C, 4.68%, 8/15/2061(d)
509
397
Series 2019-BN20, Class XA, IO, 0.93%, 9/15/2062(d)
3,721
136
Series 2021-BN35, Class XB, IO, 0.70%, 6/15/2064(d)
17,700
661
BBCMS Mortgage Trust
Series 2022-C15, Class A2, 3.61%, 4/15/2055
2,736
2,573
Series 2022-C15, Class AS, 3.75%, 4/15/2055(d)
1,960
1,611
Benchmark Mortgage Trust
Series 2019-B11, Class C, 3.75%, 5/15/2052(d)
1,679
1,136
Series 2019-B10, Class A4, 3.72%, 3/15/2062
1,485
1,347
BHMS Series 2018-ATLS, Class A, 6.87%, 7/15/2035(b) (d)
3,075
3,039
Braemar Hotels & Resorts Trust Series 2018-PRME, Class C, 6.74%, 6/15/2035(b) (d)
1,200
1,158
BX Commercial Mortgage Trust Series 2021-VINO, Class A, 6.09%, 5/15/2038(b) (d)
1,875
1,839
BX Trust Series 2022-LBA6, Class A, 6.32%, 1/15/2039(b) (d)
3,400
3,317
Cascade Funding Mortgage Trust Series 2021-FRR1, Class BK45, 2.08%, 2/28/2025(b) (d)
4,000
3,699
CCUBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.58%, 11/15/2050(d)
152
123
CD Mortgage Trust Series 2016-CD2, Class C, 4.11%, 11/10/2049(d)
95
70
Citigroup Commercial Mortgage Trust Series 2017-C4, Class A4, 3.47%, 10/12/2050
1,400
1,276
Commercial Mortgage Trust
Series 2015-CR26, Class D, 3.61%, 10/10/2048(d)
200
128
Series 2015-PC1, Class C, 4.42%, 7/10/2050(d)
1,046
913
FHLMC, Multi-Family Structured Credit Risk Series 2023-MN7, Class M1, 8.93%, 9/25/2043‡ (b) (d)
1,549
1,557
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K729, Class X1, IO, 0.47%, 10/25/2024(d)
18,818
35
Series K739, Class X1, IO, 1.30%, 9/25/2027(d)
18,057
629
Series K742, Class X1, IO, 0.87%, 3/25/2028(d)
4,981
109
Series K127, Class X1, IO, 0.42%, 1/25/2031(d)
65,796
1,162
Series K125, Class X1, IO, 0.67%, 1/25/2031(d)
18,301
583
Series K131, Class X3, IO, 3.05%, 9/25/2031(d)
767
129
Series K726, Class X3, IO, 2.22%, 7/25/2044(d)
2,970
21
Series K070, Class X3, IO, 2.11%, 12/25/2044(d)
2,152
145
Series K072, Class X3, IO, 2.21%, 12/25/2045(d)
3,940
295
Series K088, Class X3, IO, 2.43%, 2/25/2047(d)
6,650
665
Series K737, Class X3, IO, 1.83%, 1/25/2048(d)
3,150
147
Series K121, Class X3, IO, 2.87%, 11/25/2048(d)
5,100
755
Series K127, Class X3, IO, 2.74%, 3/25/2049(d)
5,100
734
FNMA ACES Series 2019-M1, Class A2, 3.66%, 9/25/2028(d)
1,046
991
FREMF Series 2018-KF46, Class B, 7.38%, 3/25/2028(b) (d)
1,066
975
FREMF Mortgage Trust
Series 2017-KF29, Class B, 8.98%, 2/25/2024(b) (d)
139
139
Series 2017-KF31, Class B, 8.33%, 4/25/2024(b) (d)
302
301
Series 2017-KF35, Class B, 8.18%, 8/25/2024(b) (d)
508
502

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Commercial Mortgage-Backed Securities — continued
Series 2018-KF45, Class B, 7.38%, 3/25/2025(b) (d)
93
89
Series 2018-KF47, Class B, 7.43%, 5/25/2025(b) (d)
101
98
Series 2019-KC03, Class B, 4.53%, 1/25/2026(b) (d)
1,500
1,417
Series 2018-KF48, Class B, 7.48%, 6/25/2028(b) (d)
480
429
GNMA
Series 2012-89, IO, 0.10%, 12/16/2053(d)
3,042
2
Series 2017-9, IO, 0.66%, 1/16/2057(d)
3,282
112
Series 2019-53, Class IA, IO, 0.77%, 6/16/2061(d)
9,196
456
Series 2019-155, IO, 0.53%, 7/16/2061(d)
9,759
380
Series 2021-106, IO, 0.86%, 4/16/2063(d)
20,221
1,316
Series 2021-133, IO, 0.88%, 7/16/2063(d)
10,630
696
GS Mortgage Securities Trust Series 2015-GC30, Class C, 4.20%, 5/10/2050(d)
190
150
JPMBB Commercial Mortgage Securities Trust
Series 2015-C30, Class C, 4.37%, 7/15/2048(d)
266
190
Series 2015-C31, Class C, 4.78%, 8/15/2048(d)
124
93
JPMCC Commercial Mortgage Securities Trust Series 2019-COR4, Class A5, 4.03%, 3/10/2052
1,015
909
JPMDB Commercial Mortgage Securities Trust Series 2018-C8, Class A3, 3.94%, 6/15/2051
1,111
1,038
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2016-JP3, Class C, 3.56%, 8/15/2049(d)
276
189
Series 2016-JP4, Class C, 3.52%, 12/15/2049(d)
152
114
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039(d)
2,817
1,075
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C14, Class C, 5.22%, 2/15/2047(d)
114
110
Series 2015-C24, Class C, 4.47%, 5/15/2048(d)
190
163
Morgan Stanley Capital I Trust
Series 2015-MS1, Class B, 4.16%, 5/15/2048(d)
147
133
Series 2019-L2, Class C, 5.14%, 3/15/2052(d)
978
734
Series 2021-L5, Class XA, IO, 1.41%, 5/15/2054(d)
10,735
657
MRCD MARK Mortgage Trust Series 2019-PARK, Class E, 2.72%, 12/15/2036(b)
230
132
Multi-Family Connecticut Avenue Securities Trust
Series 2020-01, Class M10, 9.19%, 3/25/2050(b) (d)
4,438
4,242
Series 2023-01, Class M7, 9.33%, 11/25/2053(b) (d)
900
907
TPGI Trust Series 2021-DGWD, Class A, 6.14%, 6/15/2026(b) (d)
371
365
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048(b) (d)
745
705
Series 2019-1, Class A, 3.76%, 3/25/2049(b) (d)
360
330
Series 2019-3, Class A, 3.03%, 10/25/2049(b) (d)
773
727
Series 2020-1, Class AFX, 2.61%, 2/25/2050(b) (d)
685
579
Series 2021-1, Class A, 1.40%, 5/25/2051(b) (d)
2,837
2,312
Series 2021-2, Class A, 1.52%, 8/25/2051(b) (d)
1,099
902
Series 2021-4, Class A, 2.52%, 12/26/2051(b) (d)
2,137
1,696
Series 2022-3, Class A, 5.22%, 6/25/2052(b) (d)
917
869
Series 2022-4, Class A, 5.63%, 8/25/2052(b) (d)
2,600
2,477
Wachovia Bank Commercial Mortgage Trust Series 2005-C21, Class F, 5.14%, 10/15/2044(b) (d)
678
34
Total Commercial Mortgage-Backed Securities
(Cost $75,146)
66,135

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — 5.1%
Alternative Loan Trust
Series 2006-J3, Class 4A1, 5.75%, 5/25/2026
6
5
Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034
93
91
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035
163
146
Series 2004-28CB, Class 3A1, 6.00%, 1/25/2035
347
300
Series 2005-21CB, Class A17, 6.00%, 6/25/2035
675
522
American Home Mortgage Assets Trust Series 2006-6, Class A1A, 5.65%, 12/25/2046(d)
876
711
Angel Oak Mortgage Trust
Series 2019-5, Class A1, 2.59%, 10/25/2049(b) (d)
809
775
Series 2020-1, Class A1, 2.47%, 12/25/2059(b) (d)
183
169
Series 2021-3, Class A1, 1.07%, 5/25/2066(b) (d)
2,750
2,241
Series 2021-3, Class A2, 1.31%, 5/25/2066(b) (d)
2,063
1,688
Banc of America Alternative Loan Trust Series 2006-2, Class 7A1, 6.00%, 3/25/2021
23
16
Banc of America Funding Trust Series 2006-A, Class 1A1, 5.50%, 2/20/2036(d)
127
116
Banc of America Mortgage Trust Series 2004-A, Class 2A2, 4.17%, 2/25/2034(d)
95
92
Citigroup Mortgage Loan Trust Series 2005-9, Class 2A2, 5.50%, 11/25/2035
1
1
COLT Mortgage Loan Trust Series 2023-2, Class A1, 6.60%, 7/25/2068(b) (i)
843
843
COLT Trust Series 2021-RPL1, Class A1, 1.67%, 9/25/2061(b) (d)
1,457
1,248
Connecticut Avenue Securities Trust Series 2023-R02, Class 1M1, 7.63%, 1/25/2043(b) (d)
1,197
1,215
CSMC Mortgage-Backed Trust Series 2007-2, Class 3A13, 5.50%, 3/25/2037
245
120
CSMC Trust Series 2021-JR1, Class A1, 2.46%, 9/27/2066(b) (d)
1,409
1,375
Deephaven Residential Mortgage Trust Series 2022-2, Class A1, 4.30%, 3/25/2067(b) (d)
707
656
FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1B, 8.23%, 4/25/2042(b) (d)
580
592
FHLMC, REMIC
Series 4043, Class PI, IO, 2.50%, 5/15/2027
1,182
36
Series 4086, Class AI, IO, 3.50%, 7/15/2027
402
14
Series 4120, Class UI, IO, 3.00%, 10/15/2027
388
15
Series 4216, Class MI, IO, 3.00%, 6/15/2028
220
9
Series 4178, Class BI, IO, 3.00%, 3/15/2033
621
52
Series 2936, Class AS, IF, IO, 0.66%, 2/15/2035(d)
147
6
Series 4018, Class HI, IO, 4.50%, 3/15/2041
854
53
Series 4073, Class IQ, IO, 4.00%, 7/15/2042
525
76
Series 4173, Class I, IO, 4.00%, 3/15/2043
1,668
273
Series 4305, Class SK, IF, IO, 1.16%, 2/15/2044(d)
781
85
Series 4612, Class QI, IO, 3.50%, 5/15/2044
2,442
328
Series 4372, Class SY, IF, IO, 0.66%, 8/15/2044(d)
2,560
228
Series 4687, Class SG, IF, IO, 0.71%, 1/15/2047(d)
2,456
280
Series 4681, Class SD, IF, IO, 0.71%, 5/15/2047(d)
5,520
640
Series 4983, Class SY, IF, IO, 0.66%, 5/25/2050(d)
5,657
611
Series 5023, Class MI, IO, 3.00%, 10/25/2050
3,824
612
FNMA, REMIC
Series 2012-109, Class WI, IO, 2.50%, 10/25/2027
542
19
Series 2012-149, Class MI, IO, 3.00%, 1/25/2028
457
15
Series 2003-130, Class NS, IF, IO, 1.56%, 1/25/2034(d)
360
25
Series 2005-67, Class SI, IF, IO, 1.26%, 8/25/2035(d)
278
10
Series 2005-69, Class AS, IF, IO, 1.26%, 8/25/2035(d)
71
6
Series 2006-24, Class QS, IF, IO, 1.76%, 4/25/2036(d)
248
18
Series 2010-68, Class SJ, IF, IO, 1.11%, 7/25/2040(d)
237
19

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2016-39, Class LS, IF, IO, 0.56%, 7/25/2046(d)
2,326
281
Series 2016-74, Class GS, IF, IO, 0.56%, 10/25/2046(d)
1,094
118
Series 2017-6, Class SB, IF, IO, 0.61%, 2/25/2047(d)
1,450
139
Series 2021-86, Class T, 2.50%, 9/25/2048
3,052
2,587
Series 2019-42, Class SK, IF, IO, 0.61%, 8/25/2049(d)
767
80
FWD Securitization Trust Series 2020-INV1, Class A1, 2.24%, 1/25/2050(b) (d)
527
473
GCAT Trust
Series 2020-NQM1, Class A1, 2.25%, 1/25/2060(b) (i)
328
309
Series 2021-NQM2, Class A1, 1.04%, 5/25/2066(b) (d)
2,508
2,006
Series 2021-NQM4, Class A1, 1.09%, 8/25/2066(b) (d)
1,793
1,389
GNMA
Series 2014-36, Class WY, 2.00%, 3/16/2044
810
604
Series 2014-181, Class SL, IF, IO, 0.15%, 12/20/2044(d)
1,587
137
Series 2015-110, Class MS, IF, IO, 0.26%, 8/20/2045(d)
520
41
Series 2019-115, Class SD, IF, IO, 0.65%, 9/20/2049(d)
464
46
Series 2021-9, Class MI, IO, 2.50%, 1/20/2051
14,674
1,986
Series 2021-78, Class IB, IO, 3.00%, 5/20/2051
4,761
764
Series 2021-107, Class XI, IO, 3.00%, 6/20/2051
5,298
729
Series 2021-117, Class ES, IF, IO, 0.85%, 7/20/2051(d)
5,991
750
Series 2015-H13, Class GI, IO, 1.52%, 4/20/2065(d)
737
16
GSR Mortgage Loan Trust Series 2004-15F, Class 1A2, 5.50%, 12/25/2034
409
296
IndyMac INDX Mortgage Loan Trust Series 2005-AR10, Class A1, 5.98%, 6/25/2035(d)
587
450
JPMorgan Mortgage Trust Series 2006-S2, Class 1A19, 6.00%, 7/25/2036
295
147
Lehman Mortgage Trust Series 2005-2, Class 2A5, 5.50%, 12/25/2035
216
125
MASTR Alternative Loan Trust Series 2004-12, Class 3A1, 6.00%, 12/25/2034
717
686
MFA Trust Series 2023-RTL1, Class A1, 7.58%, 8/25/2027(b) (i)
850
840
Morgan Stanley Mortgage Loan Trust
Series 2004-4, Class 2A, 6.29%, 9/25/2034(d)
150
148
Series 2004-9, Class 1A, 5.30%, 11/25/2034(d)
67
66
New Residential Mortgage Loan Trust
Series 2018-3A, Class A1C, 3.00%, 5/25/2058(b) (d)
669
602
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059(b) (d)
1,313
1,177
Series 2020-NQM1, Class A1, 2.46%, 1/26/2060(b) (d)
535
477
OBX Trust Series 2023-NQM3, Class A1, 5.95%, 2/25/2063(b) (i)
1,491
1,478
PNMAC GMSR Issuer Trust Series 2018-GT2, Class A, 8.86%, 8/25/2025(b) (d)
1,180
1,180
PRPM LLC Series 2021-RPL2, Class A1, 1.46%, 10/25/2051(b) (d)
1,012
891
RALI Trust Series 2006-QS4, Class A2, 6.00%, 4/25/2036
23
18
Residential Asset Securitization Trust Series 2005-A8CB, Class A11, 6.00%, 7/25/2035
206
133
SART Series 2017-1, 4.75%, 7/15/2024
122
120
Sequoia Mortgage Trust Series 2003-8, Class A1, 6.09%, 1/20/2034(d)
153
142
Starwood Mortgage Residential Trust Series 2020-1, Class A1, 2.27%, 2/25/2050(b) (d)
45
42
TDA CAM 4 FTA (Spain) Series 4, Class A, 4.05%, 6/26/2039(a) (d)
153
166
Verus Securitization Trust
Series 2019-4, Class A1, 3.64%, 11/25/2059(b) (i)
450
430
Series 2019-INV3, Class A1, 3.69%, 11/25/2059(b) (d)
946
912
Series 2020-1, Class A1, 2.42%, 1/25/2060(b) (i)
114
107
Series 2021-6, Class A1, 1.63%, 10/25/2066(b) (d)
2,242
1,811
Series 2022-4, Class A1, 4.47%, 4/25/2067(b) (i)
345
329

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2023-2, Class A1, 6.19%, 3/25/2068(b) (i)
1,984
1,973
Series 2023-4, Class A1, 5.81%, 5/25/2068(b) (i)
1,912
1,890
VM Master Issuer LLC Series 2022-1, Class A1, 5.16%, 5/24/2025‡ (b) (d)
3,700
3,655
WaMu Mortgage Pass-Through Certificates Trust Series 2003-S3, Class 3A2, 5.50%, 5/25/2033
79
76
Total Collateralized Mortgage Obligations
(Cost $54,858)
49,174
Convertible Bonds — 3.7%
Air Freight & Logistics — 0.0% ^
Air Transport Services Group, Inc. 3.88%, 8/15/2029(b)
495
415
Automobiles — 0.1%
Ford Motor Co. Zero Coupon, 3/15/2026
995
928
Broadline Retail — 0.1%
Etsy, Inc. 0.13%, 10/1/2026
640
704
Communications Equipment — 0.1%
Lumentum Holdings, Inc. 1.50%, 12/15/2029(b)
1,176
1,035
Construction & Engineering — 0.0% ^
Fluor Corp. 1.13%, 8/15/2029(b)
203
215
Electric Utilities — 0.1%
PG&E Corp. 4.25%, 12/1/2027(b)
614
622
Electronic Equipment, Instruments & Components — 0.1%
Advanced Energy Industries, Inc. 2.50%, 9/15/2028(b)
657
647
Entertainment — 0.2%
Live Nation Entertainment, Inc. 3.13%, 1/15/2029(b)
1,500
1,595
Sea Ltd. (Singapore) 2.38%, 12/1/2025
730
682
 
2,277
Ground Transportation — 0.1%
Lyft, Inc. 1.50%, 5/15/2025
620
570
Uber Technologies, Inc. Series 2028, 0.88%, 12/1/2028(b)
220
227
 
797
Health Care Equipment & Supplies — 0.0% ^
Integra LifeSciences Holdings Corp. 0.50%, 8/15/2025
310
283
Health Care Providers & Services — 0.0% ^
PetIQ, Inc. 4.00%, 6/1/2026
170
162
Hotel & Resort REITs — 0.1%
Pebblebrook Hotel Trust 1.75%, 12/15/2026
570
467
Hotels, Restaurants & Leisure — 0.2%
Airbnb, Inc. Zero Coupon, 3/15/2026
1,082
957
Cheesecake Factory, Inc. (The) 0.38%, 6/15/2026
891
753
 
1,710
Interactive Media & Services — 0.2%
Eventbrite, Inc. 0.75%, 9/15/2026
670
541
Snap, Inc.
0.75%, 8/1/2026
295
286

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Convertible Bonds — continued
Interactive Media & Services — continued
Zero Coupon, 5/1/2027
279
214
TripAdvisor, Inc. 0.25%, 4/1/2026
1,224
1,058
 
2,099
IT Services — 0.1%
BigCommerce Holdings, Inc. 0.25%, 10/1/2026
1,580
1,240
Leisure Products — 0.1%
Topgolf Callaway Brands Corp. 2.75%, 5/1/2026
745
740
Machinery — 0.2%
Greenbrier Cos., Inc. (The) 2.88%, 4/15/2028
1,770
1,595
Media — 0.0% ^
DISH Network Corp. 2.38%, 3/15/2024
380
363
Passenger Airlines — 0.1%
JetBlue Airways Corp. 0.50%, 4/1/2026
952
655
Southwest Airlines Co. 1.25%, 5/1/2025
585
573
 
1,228
Retail REITs — 0.1%
Kite Realty Group LP 0.75%, 4/1/2027(b)
688
643
Semiconductors & Semiconductor Equipment — 0.6%
ams-OSRAM AG (Austria) 2.13%, 11/3/2027(a)
600
493
Enphase Energy, Inc. Zero Coupon, 3/1/2028
1,220
975
Microchip Technology, Inc. 1.63%, 2/15/2027
305
722
ON Semiconductor Corp. Zero Coupon, 5/1/2027
1,932
2,790
Wolfspeed, Inc.
0.25%, 2/15/2028
609
377
1.88%, 12/1/2029(b)
275
164
 
5,521
Software — 0.9%
8x8, Inc. 0.50%, 2/1/2024
840
822
Alarm.com Holdings, Inc. Zero Coupon, 1/15/2026
1,310
1,136
Bentley Systems, Inc. 0.13%, 1/15/2026
1,185
1,169
Box, Inc. Zero Coupon, 1/15/2026
1,442
1,626
Dropbox, Inc. Zero Coupon, 3/1/2028
2,198
2,115
Envestnet, Inc. 2.63%, 12/1/2027
675
596
Everbridge, Inc. Zero Coupon, 3/15/2026
574
482
Nice Ltd. (Israel) Zero Coupon, 9/15/2025
1,224
1,135
 
9,081
Specialty Retail — 0.2%
Guess?, Inc. 2.00%, 4/15/2024
395
401
Wayfair, Inc.
0.63%, 10/1/2025
990
880
3.25%, 9/15/2027
150
173
 
1,454

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Convertible Bonds — continued
Technology Hardware, Storage & Peripherals — 0.1%
Seagate HDD Cayman 3.50%, 6/1/2028(b)
1,155
1,309
Total Convertible Bonds
(Cost $38,542)
35,535
Loan Assignments — 0.6% (h) (l)
Beverages — 0.0% ^
Triton Water Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.90%, 3/31/2028
111
109
Building Products — 0.0% ^
Chamberlain Group LLC (The), 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.70%, 11/3/2028
352
345
Commercial Services & Supplies — 0.0% ^
Madison IAQ LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.70%, 6/21/2028
191
188
Construction & Engineering — 0.0% ^
Pike Corp., Delayed Draw Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.46%, 1/21/2028
132
132
Containers & Packaging — 0.1%
Pactiv Evergreen Group Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.71%, 9/24/2028
514
514
Tekni-Plex, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.00%), 9.65%, 9/15/2028
340
332
 
846
Leisure Products — 0.1%
Hercules Achievement, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 10.46%, 12/15/2026(m)
708
697
Media — 0.0% ^
CSC Holdings LLC, Term Loan B-6 (1-MONTH CME TERM SOFR + 4.50%), 9.82%, 1/18/2028
204
196
Personal Care Products — 0.1%
Conair Holdings LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 9.21%, 5/17/2028
728
695
Semiconductors & Semiconductor Equipment — 0.1%
Brooks Automation, 1st Lien Term Loan B (1-MONTH SOFR + 3.10%; 6-MONTH SOFR + 3.10% ), 8.14%, 2/1/2029
390
387
Brooks Automation, 2nd Lien Term Loan (1-MONTH SOFR + 5.60%), 10.49%, 2/1/2030
150
144
 
531
Software — 0.1%
Genesys Telecom Holdings US, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.00%), 9.46%, 12/1/2027
624
624
Specialty Retail — 0.1%
AppleCaramel Buyer LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.10%, 10/19/2027
186
186
Claire's Stores, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 6.50%), 11.95%, 12/18/2026(n)
827
753
PrimeSource, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.91%, 12/28/2027
199
192
Serta Simmons Bedding LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 7.50%), 12.82%, 6/29/2028
43
41
 
1,172
Total Loan Assignments
(Cost $5,588)
5,535
Supranational — 0.3%
Africa Finance Corp. (Supranational)
3.75%, 10/30/2029(a)
1,130
947
European Union (Supranational)
0.10%, 10/4/2040(a)
EUR2,990
1,897
Total Supranational
(Cost $4,564)
2,844

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Convertible Preferred Stocks — 0.2%
Specialty Retail — 0.2%
Claire's Stores, Inc. ‡ *
(Cost $226)
1
1,687
Common Stocks — 0.0% ^
Communications Equipment — 0.0% ^
Goodman Networks, Inc.‡ *
6
Machinery — 0.0% ^
SSB Equipment Co. Inc.‡ *
10
Media — 0.0% ^
iHeartMedia, Inc., Class A*
13
33
Professional Services — 0.0% ^
NMG, Inc.‡ *
26
Specialty Retail — 0.0% ^
Claire's Stores, Inc.‡ *
1
319
Serta Simmons Bedding LLC‡ *
10
123
 
442
Total Common Stocks
(Cost $1,278)
501
NO. OF
WARRANTS
(000)
Warrants — 0.0% ^
Media — 0.0% ^
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD (United Kingdom)‡ *
(Cost $—)
14
196
SHARES
(000)
Preferred Stocks — 0.0% ^
Broadline Retail — 0.0% ^
MYT Holding LLC Series A, 10.00%, 6/6/2029
298
175
Communications Equipment — 0.0% ^
Goodman Networks, Inc. ‡ *
7
Total Preferred Stocks
(Cost $310)
175
NO. OF RIGHTS
(000)
Rights — 0.0% ^
Independent Power and Renewable Electricity Producers — 0.0% ^
Vistra Corp., expiring 12/31/2049‡ *
(Cost $—)
42
53

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Treasury Obligations — 0.0% ^
U.S. Treasury Bonds
3.63%, 5/15/2053 (Cost $31)
35
30
SHARES
(000)
Short-Term Investments — 7.1%
Investment Companies — 7.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.39%(o) (p)
(Cost $68,808)
68,783
68,824
Total Investments — 112.8%
(Cost $1,155,611)
1,091,924
Liabilities in Excess of Other Assets — (12.8)%
(124,134
)
NET ASSETS — 100.0%
967,790

Percentages indicated are based on net assets.

Amounts presented as a dash ("-") represent amounts that round to less than a thousand.
Abbreviations
 
ABS
Asset-Backed Securities
ACES
Alternative Credit Enhancement Securities
BRL
Brazilian Real
CIFC
Commercial Industrial Finance Corp.
CLO
Collateralized Loan Obligations
CME
Chicago Mercantile Exchange
CSMC
Credit Suisse Mortgage Trust
CZK
Czech Republic Koruna
EUR
Euro
EURIBOR
Euro Interbank Offered Rate
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GBP
British Pound
GNMA
Government National Mortgage Association
ICE
Intercontinental Exchange
IF
Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest
rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the
rate in effect as of November 30, 2023. The rate may be subject to a cap and floor.
IO
Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown
represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or
refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JSC
Joint Stock Company
MXN
Mexican Peso
PIK
Payment In Kind
PT
Limited liability company
REIT
Real Estate Investment Trust
REMIC
Real Estate Mortgage Investment Conduit
SCA
Limited partnership with share capital
SOFR
Secured Overnight Financing Rate
TBA
To Be Announced; Security is subject to delayed delivery.
UMBS
Uniform Mortgage-Backed Securities
USD
United States Dollar
ZAR
South African Rand
^
Amount rounds to less than 0.1% of net assets.

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
Value determined using significant unobservable inputs.
 
*
Non-income producing security.
 
(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)
Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
 
(d)
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, 2023.
 
(e)
Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a
pre-specified trigger event occurs. The total value of aggregate CoCo holdings at November 30, 2023 is $31,957 or 3.30% of the Fund’s net
assets as of November 30, 2023.
 
(f)
Security is an interest bearing note with preferred security characteristics.
 
(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, 2023.
 
(h)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2023.
 
(i)
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of November 30, 2023.
 
(j)
Defaulted security.
 
(k)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(l)
Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
 
(m)
All or a portion of this security is unsettled as of November 30, 2023. Unless otherwise indicated, the coupon rate is undetermined. The
coupon rate shown may not be accrued for the entire position.
 
(n)
Fund is subject to legal or contractual restrictions on the resale of the security.
 
(o)
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.
 
(p)
The rate shown is the current yield as of November 30, 2023.
 
Futures contracts outstanding as of November 30, 2023 (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
176
12/07/2023
EUR
22,520
361
Euro-Bund
159
12/07/2023
EUR
22,903
566
Euro-Schatz
3
12/07/2023
EUR
344
(a)
Australia 10 Year Bond
213
12/15/2023
AUD
15,856
168
U.S. Treasury 10 Year Ultra Note
65
03/19/2024
USD
7,385
49
U.S. Treasury 2 Year Note
103
03/28/2024
USD
21,067
56
U.S. Treasury 5 Year Note
1,663
03/28/2024
USD
177,824
959
 
2,159
Short Contracts
Euro-Buxl 30 Year Bond
(58
)
12/07/2023
EUR
(8,225
)
(641
)
Euro-Schatz
(115
)
12/07/2023
EUR
(13,192
)
12
U.S. Treasury 10 Year Note
(187
)
03/19/2024
USD
(20,550
)
(123
)
U.S. Treasury 10 Year Ultra Note
(556
)
03/19/2024
USD
(63,167
)
(423
)
U.S. Treasury Long Bond
(66
)
03/19/2024
USD
(7,697
)
(55
)
U.S. Treasury Ultra Bond
(225
)
03/19/2024
USD
(27,703
)
(359
)
Long Gilt
(107
)
03/26/2024
GBP
(13,060
)
94
U.S. Treasury 5 Year Note
(383
)
03/28/2024
USD
(40,954
)
(225
)
 
(1,720
)
 
439
Abbreviations
 
AUD
Australian Dollar
EUR
Euro

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
GBP
British Pound
USD
United States Dollar
(a)
Amount rounds to less than one thousand.

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
Forward foreign currency exchange contracts outstanding as of November 30, 2023 (amounts in thousands):
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
EUR
12,629
USD
13,707
BNP Paribas
12/5/2023
40
EUR
188
USD
204
Morgan Stanley
12/5/2023
(a)
EUR
244
USD
259
Royal Bank of Canada
12/5/2023
7
GBP
99
USD
123
Morgan Stanley
12/5/2023
2
AUD
1,812
USD
1,165
Citibank, NA
12/27/2023
33
CLP
2,284,148
USD
2,528
Citibank, NA**
12/27/2023
86
CLP
1,061,940
USD
1,185
Goldman Sachs International**
12/27/2023
30
GBP
180
USD
227
BNP Paribas
12/27/2023
(a)
JPY
1,493,427
USD
9,909
BNP Paribas
12/27/2023
202
KRW
3,101,784
USD
2,382
BNP Paribas**
12/27/2023
6
KRW
6,837,295
USD
5,195
Goldman Sachs International**
12/27/2023
69
PLN
17,914
USD
4,372
HSBC Bank, NA
12/27/2023
103
PLN
6,914
USD
1,703
Merrill Lynch International
12/27/2023
23
THB
86,494
USD
2,405
BNP Paribas
12/27/2023
59
THB
83,394
USD
2,357
Goldman Sachs International
12/27/2023
19
TWD
76,563
USD
2,422
Goldman Sachs International**
12/27/2023
29
USD
1,797
BRL
8,763
Merrill Lynch International**
12/27/2023
22
USD
174
GBP
137
State Street Corp.
12/27/2023
1
USD
2,385
KRW
3,074,597
Bank of America NA**
12/27/2023
18
USD
2,364
MXN
41,064
Goldman Sachs International
12/27/2023
8
USD
2,400
THB
83,115
Goldman Sachs International
12/27/2023
32
USD
11,014
ZAR
206,651
BNP Paribas
12/27/2023
75
USD
56,276
EUR
51,505
Morgan Stanley
1/3/2024
131
USD
1,261
GBP
997
HSBC Bank, NA
1/3/2024
2
Total unrealized appreciation
997
EUR
51,505
USD
56,198
Morgan Stanley
12/5/2023
(132
)
GBP
997
USD
1,261
HSBC Bank, NA
12/5/2023
(2
)
USD
1,450
EUR
1,358
Barclays Bank plc
12/5/2023
(28
)
USD
67,348
EUR
63,208
Morgan Stanley
12/5/2023
(1,457
)
USD
1,336
GBP
1,096
HSBC Bank, NA
12/5/2023
(49
)
INR
431,631
USD
5,186
BNP Paribas**
12/27/2023
(10
)
JPY
700,148
USD
4,747
HSBC Bank, NA
12/27/2023
(6
)
JPY
705,823
USD
4,799
Morgan Stanley
12/27/2023
(20
)
KRW
3,076,674
USD
2,379
Citibank, NA**
12/27/2023
(10
)
THB
85,068
USD
2,424
Citibank, NA
12/27/2023
(1
)
USD
1,265
AUD
1,982
BNP Paribas
12/27/2023
(45
)
USD
1,167
CLP
1,038,273
BNP Paribas**
12/27/2023
(21
)
USD
5,753
CZK
130,565
BNP Paribas
12/27/2023
(89
)
USD
10,854
EUR
10,117
Goldman Sachs International
12/27/2023
(171
)
USD
117
GBP
94
HSBC Bank, NA
12/27/2023
(2
)
USD
7,349
GBP
5,969
Morgan Stanley
12/27/2023
(188
)
USD
2,843
HUF
1,007,030
Citibank, NA
12/27/2023
(33
)
USD
2,355
IDR
36,913,521
Barclays Bank plc**
12/27/2023
(17
)
USD
9,428
JPY
1,412,190
Goldman Sachs International
12/27/2023
(134
)
USD
19,801
MXN
346,905
Citibank, NA
12/27/2023
(97
)
USD
982
MXN
17,381
Goldman Sachs International
12/27/2023
(15
)
USD
2,326
PHP
130,210
Barclays Bank plc**
12/27/2023
(20
)
USD
3,706
PLN
15,205
Barclays Bank plc
12/27/2023
(92
)
USD
2,391
SGD
3,199
Barclays Bank plc
12/27/2023
(4
)
USD
2,586
TWD
83,407
Goldman Sachs International**
12/27/2023
(84
)
ZAR
44,072
AUD
3,650
Citibank, NA
12/27/2023
(81
)
ZAR
21,860
USD
1,186
Merrill Lynch International
12/27/2023
(29
)
Total unrealized depreciation
(2,837
)
Net unrealized depreciation
(1,840
)

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
Abbreviations
 
AUD
Australian Dollar
BRL
Brazilian Real
CLP
Chile Peso
CZK
Czech Republic Koruna
EUR
Euro
GBP
British Pound
HUF
Hungarian Forint
IDR
Indonesian Rupiah
INR
Indian Rupee
JPY
Japanese Yen
KRW
Korean Republic Won
MXN
Mexican Peso
PHP
Philippines Peso
PLN
Polish Zloty
SGD
Singapore Dollar
THB
Thai Baht
TWD
Taiwan Dollar
USD
United States Dollar
ZAR
South African Rand
(a)
Amount rounds to less than one thousand.
**
Non-deliverable forward.
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of November 30, 2023 (amounts in thousands):
REFERENCE
OBLIGATION/INDEX
FINANCING
RATE PAID
BY THE FUND
(%)
PAYMENT
FREQUENCY
MATURITY
DATE
IMPLIED
CREDIT
SPREAD
(%)(a)
NOTIONAL
AMOUNT(b)
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
VALUE
($)
CDX.NA.HY.41-V2
5.00
Quarterly
12/20/2028
4.03
USD33,378
(301
)
(1,312
)
(1,613
)
CDX.NA.HY.41-V2
5.00
Quarterly
12/20/2028
4.03
USD69,843
(432
)
(2,944
)
(3,376
)
 
 
 
 
(733
)
(4,256
)
(4,989
)
(*)
The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from
the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference
obligation, as defined under the terms of individual swap contracts.
(a)
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
(b)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
(c)
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
Abbreviations
 
CDX
Credit Default Swap Index
USD
United States Dollar
Centrally Cleared Credit default swap contracts outstanding — sell protection(**) as of November 30, 2023 (amounts in thousands):
REFERENCE
OBLIGATION/INDEX
FINANCING
RATE PAID
BY THE FUND
(%)
PAYMENT
FREQUENCY
MATURITY
DATE
IMPLIED
CREDIT
SPREAD
(%)(a)
NOTIONAL
AMOUNT(b)
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
VALUE
($)
CDX.NA.HY.41-V2
5.00
Quarterly
12/20/2028
4.03
USD23,099
463
654
1,117

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
(**)
The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer,
and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the
terms of individual swap contracts.
(a)
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract.Increasing values, in absolute terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
(b)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
(c)
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
Abbreviations
 
CDX
Credit Default Swap Index
USD
United States Dollar
Centrally Cleared interest rate swap contracts outstanding as of November 30, 2023 (amounts in thousands):
FLOATING RATE INDEX (a)
FIXED RATE
PAY/
RECEIVE
FLOATING
RATE
MATURITY
DATE
NOTIONAL
AMOUNT
UPFRONT
PAYMENTS
(RECEIPTS)
($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)
1 day CDI at termination
10.58 at termination
Pay
1/2/2026
BRL25,756
60
1 day CDI at termination
11.00 at termination
Pay
1/4/2027
BRL12,910
71
1 day CDI at termination
11.92 at termination
Pay
1/2/2025
BRL39,280
21
 
 
 
 
 
152
1 day CDI at termination
11.91 at termination
Pay
1/2/2025
BRL38,486
(41
)
1 week CNY NDIRS quarterly
3.40 quarterly
Receive
9/20/2028
CNY125,451
(547
)
 
 
 
 
 
(588
)
 
 
 
 
 
(436
)
Abbreviations
 
BRL
Brazilian Real
CDI
Certificate of interbank deposits
CNY
China Yuan
NDIRS
Non-Deliverable Interest Rate Swap
(a)
Value of floating rate index at November 30, 2023 was as follows:
FLOATING RATE INDEX
VALUE
1 day CDI
0.32%
1 week CNY NDIRS
2.32

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
A. Valuation of Investments Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with foreign equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.  
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values ("NAV") per share as of the report date.
Futures contracts and options are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2023.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
Level 1 Unadjusted inputs using quoted prices in active markets for identical investments.
Level 2 Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
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
$
$227,968
$
$227,968
Collateralized Mortgage Obligations
45,399
3,775
49,174
Commercial Mortgage-Backed Securities
58,567
7,568
66,135
Common Stocks
Communications Equipment
(a)
(a)
Machinery
(a)
(a)
Media
33
33
Professional Services
26
26
Specialty Retail
442
442
Total Common Stocks
33
468
501
Convertible Bonds
35,535
35,535
Convertible Preferred Stocks
1,687
1,687
Corporate Bonds
Aerospace & Defense
1,318
1,318
Automobile Components
3,941
3,941
Automobiles
4,036
4,036
Banks
115,063
115,063
Beverages
1,584
1,584
Biotechnology
5,938
5,938
Broadline Retail
710
710
Building Products
901
901
Capital Markets
33,925
33,925
Chemicals
5,789
5,789
Commercial Services & Supplies
2,642
2,642
Communications Equipment
450
450
Construction & Engineering
1,956
1,956
Construction Materials
984
984
Consumer Finance
14,372
14,372
Consumer Staples Distribution & Retail
1,060
1,060
Containers & Packaging
2,888
2,888
Distributors
145
145
Diversified Consumer Services
229
229
Diversified REITs
523
523
Diversified Telecommunication Services
9,192
28
9,220
Electric Utilities
29,067
29,067
Electrical Equipment
137
137
Electronic Equipment, Instruments & Components
827
827
Energy Equipment & Services
1,217
1,217
Entertainment
6,631
6,631

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Financial Services
$
$3,779
$
$3,779
Food Products
3,963
3,963
Gas Utilities
269
269
Ground Transportation
1,689
1,689
Health Care Equipment & Supplies
2,288
2,288
Health Care Providers & Services
11,950
11,950
Health Care REITs
2,250
2,250
Health Care Technology
945
945
Hotel & Resort REITs
59
59
Hotels, Restaurants & Leisure
4,766
4,766
Household Durables
566
566
Household Products
1,005
1,005
Independent Power and Renewable Electricity Producers
3,060
3,060
Industrial Conglomerates
289
289
Insurance
4,647
4,647
Interactive Media & Services
853
853
IT Services
399
399
Leisure Products
189
189
Life Sciences Tools & Services
1,399
1,399
Machinery
786
786
Media
11,669
11,669
Metals & Mining
10,073
10,073
Multi-Utilities
2,888
2,888
Office REITs
288
288
Oil, Gas & Consumable Fuels
31,368
31,368
Paper & Forest Products
1,189
1,189
Passenger Airlines
2,213
2,213
Personal Care Products
1,061
1,061
Pharmaceuticals
3,640
3,640
Professional Services
185
185
Real Estate Management & Development
525
525
Retail REITs
279
279
Semiconductors & Semiconductor Equipment
6,766
6,766
Software
3,646
3,646
Specialized REITs
2,237
2,237
Specialty Retail
1,522
1,522
Technology Hardware, Storage & Peripherals
123
123
Textiles, Apparel & Luxury Goods
246
246
Tobacco
5,388
5,388
Trading Companies & Distributors
1,379
1,379
Transportation Infrastructure
787
787
Wireless Telecommunication Services
5,701
5,701
Total Corporate Bonds
383,849
28
383,877
Foreign Government Securities
82,597
82,597
Loan Assignments
5,535
5,535
Mortgage-Backed Securities
166,793
166,793
Preferred Stocks
175
175

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Rights
$
$
$53
$53
Supranational
2,844
2,844
U.S. Treasury Obligations
30
30
Warrants
196
196
Short-Term Investments
Investment Companies
68,824
68,824
Total Investments in Securities
$68,857
$1,009,117
$13,950
$1,091,924
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
$
$997
$
$997
Futures Contracts
2,097
168
2,265
Swaps
806
806
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
(2,837
)
(2,837
)
Futures Contracts
(1,826
)
(1,826
)
Swaps
(4,844
)
(4,844
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$271
$(5,710
)
$
$(5,439
)

 
(a)
Amount rounds to less than one thousand.
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:
 
Balance as of
February 28,
2023
Realized
gain (loss)
Change in net
unrealized
appreciation
(depreciation)
Net
accretion
(amortization)
Purchases1
Sales2
Transfers
into
Level 3
Transfers
out of
Level 3
Balance as of
November 30,
2023
Investments in Securities:
Collateralized Mortgage
Obligations
$3,961
$
$197
$
(a)
$
$(383
)
$
$
$3,775
Commercial Mortgage-Backed
Securities
5,985
33
1,551
(1
)
7,568
Common Stocks
364
(70
)
174
468
Convertible Preferred Stocks
1,798
(111
)
1,687
Corporate Bonds
(6
)
(a)
34
28
Preferred Stocks
267
(92
)
175
Rights
53
53
Warrants
428
(232
)
196
Total
$12,856
$
$(281
)
$
(a)
$1,725
$(384
)
$34
$
$13,950

 
1
Purchases include all purchases of securities and securities received in corporate actions.
2
Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
(a)
Amount rounds to less than one thousand.
The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2023, which were valued using significant unobservable inputs (level 3) amounted to $(281).
There were no significant transfers into or out of level 3 for the period ended November 30, 2023.
The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.
Quantitative Information about Level 3 Fair Value Measurements #
 
Fair Value at
November 30, 2023
Valuation
Technique(s)
Unobservable
Input
Range (Weighted
Average) (a)
 
$3,655
Discounted Cash Flow
Yield (Discount Rate of Cash Flows)
11.69% (11.69%)
 
 
 
 
Loan Assignments
3,655
 
 
 
 
 
 
 
 
-(b
)
Market Comparable Companies
EBITDA Multiple (c)
5.0x (5.0x)
 
 
Discount for Potential Outcome
30.00% (30.00%)
 
 
 
 
Preferred Stocks
-(b
)
 
 
 
 
-(b
)
Market Comparable Companies
EBITDA Multiple (c)
5.0x (5.0x)
 
 
Liquidity Discount
30.00% (30.00%)
 
 
 
 
Common Stocks
-(b
)
 
 
 
Total
$3,655
 
 
 
#
The table above does not include certain level 3 investments that are valued by brokers and Pricing Services.  At November 30, 2023, the value
of these investments was $10,295. The inputs for these investments are not readily available or cannot be reasonably estimated and are
generally those inputs described in Note A.
(a)
Unobservable inputs were weighted by the relative fair value of the instruments.
(b)
Amount rounds to less than one thousand.
(c)
Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when
pricing the investments.
B. Investment Transactions with Affiliates  The Fund invested in Underlying Funds 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. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
 
For the period ended November 30, 2023
Security Description
Value at
February 28,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
November 30,
2023
Shares at
November 30,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 5.39% (a) (b)
$117,344
$556,422
$604,945
$(18
)
$21
$68,824
68,783
$3,204
$

 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of November 30, 2023.
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 posi

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
tion(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value.
The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.
Notes (1) (3) below describe the various derivatives used by the Fund.
(1). Futures Contracts  The Fund used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund's exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.
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.

JPMorgan Unconstrained Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
(3). Swaps The Fund engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.
Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.
The Fund may be required to post or receive collateral based on the net value of the Fund's outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund's custodian bank.
The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.
The Fund's swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.
Credit Default Swaps
The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.
The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.
Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.
If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.