NPORT-EX 2 JPMCBF.htm EDGAR HTML
JPMorgan Corporate Bond Fund
Schedule of Portfolio Investments as of November 30, 2024
(Unaudited) 
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2024.
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — 89.4%
Aerospace & Defense — 1.4%
Boeing Co. (The)
2.95%, 2/1/2030
290
260
3.60%, 5/1/2034
620
526
6.53%, 5/1/2034 (a)
65
69
5.81%, 5/1/2050
160
153
6.86%, 5/1/2054 (a)
320
348
3.83%, 3/1/2059
158
105
3.95%, 8/1/2059
1,034
702
7.01%, 5/1/2064 (a)
185
201
GE Capital Funding LLC 4.55%, 5/15/2032
200
196
Leidos, Inc.
4.38%, 5/15/2030
747
719
2.30%, 2/15/2031
442
379
5.75%, 3/15/2033
218
225
RTX Corp.
1.90%, 9/1/2031
269
224
2.38%, 3/15/2032
449
380
4.88%, 10/15/2040
339
323
 
4,810
Air Freight & Logistics — 0.0% ^
FedEx Corp. 3.25%, 5/15/2041
177
135
Automobiles — 1.1%
Ford Motor Co. 3.25%, 2/12/2032
910
776
General Motors Co.
5.15%, 4/1/2038
123
117
5.95%, 4/1/2049
150
150
Hyundai Capital America
(SOFR + 1.50%), 6.11%, 1/8/2027 (a) (b)
825
834
4.88%, 11/1/2027 (a)
655
655
5.30%, 6/24/2029 (a)
330
335
Volkswagen Group of America Finance LLC (Germany) 5.30%, 3/22/2027 (a)
806
811
 
3,678
Banks — 20.6%
ABN AMRO Bank NV (Netherlands)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (a) (b)
200
205
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 4.99%, 12/3/2028 (a) (b)
800
802
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.90%), 3.32%, 3/13/2037 (a) (b)
200
173
AIB Group plc (Ireland) (SOFR + 1.91%), 5.87%, 3/28/2035 (a) (b)
200
205
Banco Bilbao Vizcaya Argentaria SA (Spain)
5.38%, 3/13/2029
800
814
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), 9.38%, 3/19/2029 (b) (c) (d) (e)
400
435
Banco Santander SA (Spain)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (b) (c) (d) (e)
400
437
5.44%, 7/15/2031
1,600
1,632
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.30%), 9.63%, 5/21/2033 (b) (c) (d) (e)
200
229
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
Bank of America Corp.
(SOFR + 1.63%), 5.20%, 4/25/2029 (b)
747
756
(SOFR + 1.57%), 5.82%, 9/15/2029 (b)
1,120
1,160
(3-MONTH CME TERM SOFR + 1.47%), 3.97%, 2/7/2030 (b)
1,307
1,264
(3-MONTH CME TERM SOFR + 1.45%), 2.88%, 10/22/2030 (b)
795
727
(SOFR + 1.32%), 2.69%, 4/22/2032 (b)
452
396
(SOFR + 1.22%), 2.30%, 7/21/2032 (b)
911
774
(SOFR + 1.91%), 5.29%, 4/25/2034 (b)
575
584
(SOFR + 1.84%), 5.87%, 9/15/2034 (b)
940
991
(SOFR + 1.65%), 5.47%, 1/23/2035 (b)
472
485
(SOFR + 1.91%), 5.43%, 8/15/2035 (b)
695
695
(SOFR + 1.93%), 2.68%, 6/19/2041 (b)
403
292
Bank of Ireland Group plc (Ireland) (SOFR + 1.62%), 5.60%, 3/20/2030 (a) (b)
490
500
Bank of Nova Scotia (The) (Canada)
5.45%, 8/1/2029
582
599
Series 2, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 3.63%, 10/27/2081 (b) (c)
208
192
Barclays plc (United Kingdom)
(SOFR + 1.56%), 4.94%, 9/10/2030 (b)
1,000
991
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 11/24/2032 (b)
1,000
859
BNP Paribas SA (France)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.34%, 6/12/2029 (a) (b)
405
410
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.90%), 7.75%, 8/16/2029 (a) (b) (c) (d) (e)
200
205
(SOFR + 1.52%), 5.18%, 1/9/2030 (a) (b)
480
484
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.54%), 7.38%, 9/10/2034 (a) (b) (c) (d) (e)
200
200
(SOFR + 1.92%), 5.91%, 11/19/2035 (a) (b)
655
654
BPCE SA (France)
5.13%, 1/18/2028 (a)
800
807
(SOFR + 1.96%), 5.72%, 1/18/2030 (a) (b)
1,585
1,610
(SOFR + 1.73%), 3.12%, 10/19/2032 (a) (b)
670
566
CaixaBank SA (Spain)
(SOFR + 2.08%), 6.68%, 9/13/2027 (a) (b)
510
524
(SOFR + 2.77%), 6.84%, 9/13/2034 (a) (b)
305
330
(SOFR + 2.26%), 6.04%, 6/15/2035 (a) (b)
200
206
Canadian Imperial Bank of Commerce (Canada) 5.26%, 4/8/2029
455
464
Citibank NA 5.80%, 9/29/2028
495
515
Citigroup, Inc.
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (b) (d) (e)
809
790
(3-MONTH CME TERM SOFR + 1.65%), 3.67%, 7/24/2028 (b)
189
184
(3-MONTH CME TERM SOFR + 1.45%), 4.08%, 4/23/2029 (b)
179
175
Series CC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.69%), 7.13%, 8/15/2029 (b) (d) (e)
770
792
Series EE, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.57%), 6.75%, 2/15/2030 (b) (d) (e)
800
797
(3-MONTH CME TERM SOFR + 1.60%), 3.98%, 3/20/2030 (b)
930
896
(SOFR + 1.34%), 4.54%, 9/19/2030 (b)
2,105
2,073
(SOFR + 1.42%), 2.98%, 11/5/2030 (b)
471
431
(SOFR + 1.17%), 2.56%, 5/1/2032 (b)
272
235
(SOFR + 1.18%), 2.52%, 11/3/2032 (b)
756
644
(SOFR + 2.06%), 5.83%, 2/13/2035 (b)
924
943
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
(SOFR + 1.45%), 5.45%, 6/11/2035 (b)
1,265
1,293
Credit Agricole SA (France) (USD SOFR ICE Swap Rate 5 Year + 3.60%), 6.70%, 9/23/2034 (a) (b) (c) (d) (e)
490
472
Danske Bank A/S (Denmark)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.30%, 4/1/2028 (a) (b)
460
454
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.71%, 3/1/2030 (a) (b)
215
220
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 4.61%, 10/2/2030 (a) (b)
515
506
DNB Bank ASA (Norway) (SOFR + 1.05%), 4.85%, 11/5/2030 (a) (b)
700
702
Fifth Third Bancorp
(SOFRINDX + 2.13%), 4.77%, 7/28/2030 (b)
662
656
(SOFR + 1.49%), 4.90%, 9/6/2030 (b)
260
259
(SOFR + 1.84%), 5.63%, 1/29/2032 (b)
405
416
(SOFR + 1.66%), 4.34%, 4/25/2033 (b)
177
168
HSBC Holdings plc (United Kingdom)
(SOFR + 1.57%), 5.89%, 8/14/2027 (b)
665
675
(SOFR + 1.06%), 5.60%, 5/17/2028 (b)
480
487
(SOFR + 3.35%), 7.39%, 11/3/2028 (b)
455
485
(SOFR + 1.04%), 5.13%, 11/19/2028 (b)
610
613
(SOFR + 1.29%), 5.29%, 11/19/2030 (b)
960
967
(SOFR + 1.90%), 5.87%, 11/18/2035 (b)
910
915
Huntington Bancshares, Inc.
(SOFR + 2.02%), 6.21%, 8/21/2029 (b)
306
319
(SOFRINDX + 1.87%), 5.71%, 2/2/2035 (b)
1,406
1,437
Intesa Sanpaolo SpA (Italy)
6.63%, 6/20/2033 (a)
998
1,064
7.20%, 11/28/2033 (a)
650
719
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (a) (b)
845
676
KBC Group NV (Belgium) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 4.93%, 10/16/2030 (a) (b)
475
472
KeyBank NA 3.90%, 4/13/2029
600
567
KeyCorp
(SOFRINDX + 2.06%), 4.79%, 6/1/2033 (b)
610
588
(SOFRINDX + 2.42%), 6.40%, 3/6/2035 (b)
1,241
1,324
Morgan Stanley Bank NA
(SOFR + 0.68%), 4.45%, 10/15/2027 (b)
1,000
995
(SOFR + 0.87%), 5.50%, 5/26/2028 (b)
2,405
2,447
NatWest Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (b) (c) (d) (e)
295
293
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 4.96%, 8/15/2030 (b)
2,185
2,178
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 8.13%, 11/10/2033 (b) (c) (d) (e)
200
212
NatWest Markets plc (United Kingdom) 5.42%, 5/17/2027 (a)
400
406
Nordea Bank Abp (Finland) (USD Swap Semi 5 Year + 1.69%), 4.63%, 9/13/2033 (a) (b)
768
745
PNC Financial Services Group, Inc. (The)
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (b) (d) (e)
300
281
(SOFR + 1.26%), 4.81%, 10/21/2032 (b)
565
560
(SOFR + 2.28%), 6.88%, 10/20/2034 (b)
298
333
(SOFR + 1.90%), 5.68%, 1/22/2035 (b)
270
280
Royal Bank of Canada (Canada) (SOFRINDX + 1.08%), 4.65%, 10/18/2030 (b)
1,000
995
Santander UK Group Holdings plc (United Kingdom) (SOFRINDX + 1.55%), 4.86%, 9/11/2030 (b)
1,645
1,617
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
Societe Generale SA (France)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.80%, 1/19/2028 (a) (b)
663
631
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.13%, 11/21/2029 (a) (b) (c) (d) (e)
700
692
Standard Chartered plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.20%), 7.02%, 2/8/2030 (a) (b)
1,035
1,107
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.15%), 5.01%, 10/15/2030 (a) (b)
435
432
Svenska Handelsbanken AB (Sweden) 5.50%, 6/15/2028 (a)
465
475
Truist Financial Corp.
(SOFR + 1.85%), 5.12%, 1/26/2034 (b)
828
820
(SOFR + 1.92%), 5.71%, 1/24/2035 (b)
90
93
UniCredit SpA (Italy)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a) (b)
568
542
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (a) (b)
733
646
US Bancorp
(SOFR + 2.26%), 5.84%, 6/12/2034 (b)
341
356
(SOFR + 1.86%), 5.68%, 1/23/2035 (b)
210
217
Wells Fargo & Co.
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (b) (d) (e)
245
238
(SOFR + 1.07%), 5.71%, 4/22/2028 (b)
1,040
1,061
(3-MONTH CME TERM SOFR + 1.57%), 3.58%, 5/22/2028 (b)
409
397
(SOFR + 1.98%), 4.81%, 7/25/2028 (b)
1,114
1,113
(SOFR + 1.74%), 5.57%, 7/25/2029 (b)
185
190
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 6.85%, 9/15/2029 (b) (d) (e)
119
123
(SOFR + 2.02%), 5.39%, 4/24/2034 (b)
407
412
(SOFR + 1.99%), 5.56%, 7/25/2034 (b)
1,830
1,877
(SOFR + 1.78%), 5.50%, 1/23/2035 (b)
400
410
4.65%, 11/4/2044
140
124
4.40%, 6/14/2046
255
216
 
71,100
Beverages — 0.6%
Anheuser-Busch Cos. LLC (Belgium) 4.70%, 2/1/2036
153
150
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.70%, 2/1/2036
444
435
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.38%, 4/15/2038
255
239
4.35%, 6/1/2040
239
221
Coca-Cola Co. (The)
2.50%, 6/1/2040
121
89
5.30%, 5/13/2054
205
209
Keurig Dr. Pepper, Inc. 3.35%, 3/15/2051
290
207
Pepsico Singapore Financing I Pte. Ltd. 4.70%, 2/16/2034
225
223
Pernod Ricard International Finance LLC 1.63%, 4/1/2031 (a)
397
325
 
2,098
Biotechnology — 2.4%
AbbVie, Inc.
4.80%, 3/15/2029
380
383
5.05%, 3/15/2034
250
253
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Biotechnology — continued
4.05%, 11/21/2039
350
312
4.63%, 10/1/2042
375
346
4.40%, 11/6/2042
262
237
4.25%, 11/21/2049
1,076
927
5.50%, 3/15/2064
80
81
Amgen, Inc.
2.45%, 2/21/2030
441
395
3.15%, 2/21/2040
900
695
4.20%, 2/22/2052
458
376
4.88%, 3/1/2053
600
546
5.75%, 3/2/2063
410
417
Biogen, Inc. 2.25%, 5/1/2030
1,535
1,341
Gilead Sciences, Inc.
5.25%, 10/15/2033
590
605
4.60%, 9/1/2035
287
278
2.60%, 10/1/2040
246
178
5.65%, 12/1/2041
130
135
2.80%, 10/1/2050
340
222
5.50%, 11/15/2054
580
595
 
8,322
Broadline Retail — 0.2%
Amazon.com, Inc.
3.88%, 8/22/2037
352
320
2.50%, 6/3/2050
282
178
3.10%, 5/12/2051
104
74
3.95%, 4/13/2052
120
100
2.70%, 6/3/2060
184
112
 
784
Building Products — 0.1%
EMRLD Borrower LP 6.75%, 7/15/2031 (a)
402
412
Capital Markets — 6.6%
Deutsche Bank AG (Germany)
(SOFR + 1.70%), 5.00%, 9/11/2030 (b)
495
489
(SOFR + 2.05%), 5.40%, 9/11/2035 (b)
760
741
Goldman Sachs Group, Inc. (The)
(SOFR + 0.80%), 1.43%, 3/9/2027 (b)
168
161
(SOFR + 1.85%), 3.62%, 3/15/2028 (b)
408
397
(SOFR + 1.77%), 6.48%, 10/24/2029 (b)
2,485
2,629
(SOFR + 1.14%), 4.69%, 10/23/2030 (b)
500
496
(SOFR + 1.41%), 3.10%, 2/24/2033 (b)
700
617
(SOFR + 1.55%), 5.33%, 7/23/2035 (b)
1,470
1,484
(SOFR + 1.42%), 5.02%, 10/23/2035 (b)
460
455
(3-MONTH CME TERM SOFR + 1.63%), 4.02%, 10/31/2038 (b)
640
563
Macquarie Group Ltd. (Australia) (SOFR + 1.00%), 1.94%, 4/14/2028 (a) (b)
271
253
Mellon Capital IV Series 1, (3-MONTH CME TERM SOFR + 0.83%), 5.64%, 1/5/2025 (b) (d) (e)
143
125
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Capital Markets — continued
Morgan Stanley
(SOFR + 0.86%), 1.51%, 7/20/2027 (b)
454
430
(3-MONTH CME TERM SOFR + 1.40%), 3.77%, 1/24/2029 (b)
240
233
(SOFR + 1.59%), 5.16%, 4/20/2029 (b)
124
125
(SOFR + 1.45%), 5.17%, 1/16/2030 (b)
380
385
(SOFR + 1.26%), 5.66%, 4/18/2030 (b)
620
639
(SOFR + 1.22%), 5.04%, 7/19/2030 (b)
410
413
(SOFR + 1.10%), 4.65%, 10/18/2030 (b)
1,540
1,526
(SOFR + 1.20%), 2.51%, 10/20/2032 (b)
463
396
(SOFR + 1.56%), 5.32%, 7/19/2035 (b)
1,155
1,172
(SOFR + 1.36%), 2.48%, 9/16/2036 (b)
1,396
1,154
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038 (b)
662
677
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.80%), 5.94%, 2/7/2039 (b)
445
456
(SOFR + 1.71%), 5.52%, 11/19/2055 (b)
660
682
S&P Global, Inc. 2.30%, 8/15/2060
88
47
State Street Corp.
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 6.70%, 3/15/2029 (b) (c) (d) (e)
144
148
Series J, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 6.70%, 9/15/2029 (b) (d) (e)
605
620
UBS AG (Switzerland)
5.00%, 7/9/2027
600
605
7.50%, 2/15/2028
940
1,013
UBS Group AG (Switzerland)
(SOFRINDX + 0.98%), 1.31%, 2/2/2027 (a) (b)
500
479
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (a) (b) (c) (d) (e)
200
218
(USD SOFR ICE Swap Rate 1 Year + 1.34%), 5.62%, 9/13/2030 (a) (b)
2,610
2,674
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (a) (b) (c) (d) (e)
200
230
 
22,732
Chemicals — 0.6%
Braskem Netherlands Finance BV (Brazil) 7.25%, 2/13/2033 (a)
450
434
Celanese US Holdings LLC 6.60%, 11/15/2028 (f)
205
212
CF Industries, Inc. 4.95%, 6/1/2043
398
364
Dow Chemical Co. (The)
4.38%, 11/15/2042
735
630
4.80%, 5/15/2049
125
111
LYB International Finance III LLC 3.63%, 4/1/2051
266
190
 
1,941
Commercial Services & Supplies — 0.4%
Veralto Corp.
5.35%, 9/18/2028
370
378
4.15%, 9/19/2031
400
443
5.45%, 9/18/2033
400
410
 
1,231
Construction & Engineering — 0.3%
Quanta Services, Inc. 5.25%, 8/9/2034
880
880
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Consumer Finance — 2.9%
AerCap Ireland Capital DAC (Ireland)
6.10%, 1/15/2027
490
502
3.00%, 10/29/2028
1,865
1,742
4.63%, 9/10/2029
210
207
Avolon Holdings Funding Ltd. (Ireland)
3.25%, 2/15/2027 (a)
103
99
2.75%, 2/21/2028 (a)
742
691
6.38%, 5/4/2028 (a)
405
420
5.75%, 11/15/2029 (a)
1,573
1,611
Ford Motor Credit Co. LLC
5.85%, 5/17/2027
255
259
4.95%, 5/28/2027
345
343
7.35%, 3/6/2030
585
627
7.20%, 6/10/2030
1,400
1,496
General Motors Financial Co., Inc.
5.75%, 2/8/2031
270
278
6.40%, 1/9/2033
190
202
6.10%, 1/7/2034
120
125
5.95%, 4/4/2034
535
551
5.45%, 9/6/2034
80
80
John Deere Capital Corp. 4.85%, 6/11/2029
615
624
 
9,857
Consumer Staples Distribution & Retail — 0.9%
Albertsons Cos., Inc.
5.88%, 2/15/2028 (a)
398
396
4.88%, 2/15/2030 (a)
715
689
Kroger Co. (The)
4.70%, 8/15/2026
1,127
1,130
5.40%, 7/15/2040
280
278
5.50%, 9/15/2054
180
178
5.65%, 9/15/2064
470
463
 
3,134
Containers & Packaging — 0.8%
Berry Global, Inc.
5.80%, 6/15/2031 (a)
740
766
5.65%, 1/15/2034 (a)
897
918
Sonoco Products Co.
4.60%, 9/1/2029
350
344
5.00%, 9/1/2034
570
557
 
2,585
Diversified Consumer Services — 0.1%
Pepperdine University Series 2020, 3.30%, 12/1/2059
42
28
Trustees of Boston University Series Ee, 3.17%, 10/1/2050
294
211
University of Chicago (The) Series 20B, 2.76%, 4/1/2045
142
111
 
350
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Diversified REITs — 0.5%
Equinix Europe 2 Financing Corp. LLC 5.50%, 6/15/2034
565
579
WP Carey, Inc.
3.85%, 7/15/2029
435
418
2.40%, 2/1/2031
676
583
2.45%, 2/1/2032
69
58
 
1,638
Diversified Telecommunication Services — 1.6%
AT&T, Inc.
2.55%, 12/1/2033
933
769
5.40%, 2/15/2034
17
18
3.50%, 6/1/2041
573
458
3.50%, 9/15/2053
200
143
3.55%, 9/15/2055
1,431
1,017
3.80%, 12/1/2057
631
464
Verizon Communications, Inc.
1.68%, 10/30/2030
1,350
1,134
1.75%, 1/20/2031
1,906
1,594
 
5,597
Electric Utilities — 6.6%
AEP Transmission Co. LLC Series N, 2.75%, 8/15/2051
131
84
Alliant Energy Finance LLC 5.95%, 3/30/2029 (a)
590
611
Baltimore Gas and Electric Co.
3.20%, 9/15/2049
132
93
2.90%, 6/15/2050
210
140
Commonwealth Edison Co.
4.70%, 1/15/2044
320
295
3.70%, 3/1/2045
142
114
Duke Energy Carolinas LLC
4.25%, 12/15/2041
230
204
4.00%, 9/30/2042
336
285
Duke Energy Indiana LLC
5.25%, 3/1/2034
610
625
3.75%, 5/15/2046
153
120
2.75%, 4/1/2050
134
86
5.40%, 4/1/2053
47
47
Duke Energy Ohio, Inc.
5.25%, 4/1/2033
66
68
5.55%, 3/15/2054
209
213
Duke Energy Progress LLC
5.25%, 3/15/2033
148
152
2.90%, 8/15/2051
128
84
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (a)
122
118
Edison International
Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.70%), 5.38%, 3/15/2026 (b) (d) (e)
275
272
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.90%), 5.00%, 12/15/2026 (b) (d) (e)
450
440
5.25%, 3/15/2032
445
450
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Electric Utilities — continued
Electricite de France SA (France) 6.90%, 5/23/2053 (a)
250
282
Emera US Finance LP (Canada)
3.55%, 6/15/2026
220
216
2.64%, 6/15/2031
299
257
4.75%, 6/15/2046
457
398
Emera, Inc. (Canada) Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076 (b)
165
167
Enel Finance International NV (Italy)
5.13%, 6/26/2029 (a)
460
464
2.50%, 7/12/2031 (a) (f)
219
187
Entergy Arkansas LLC
4.95%, 12/15/2044
106
99
5.75%, 6/1/2054
150
159
Entergy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.13%, 12/1/2054 (b)
730
749
Entergy Louisiana LLC
4.95%, 1/15/2045
302
281
5.70%, 3/15/2054
260
271
Entergy Mississippi LLC 3.50%, 6/1/2051
56
41
Entergy Texas, Inc. 5.55%, 9/15/2054
85
86
Evergy, Inc. 2.90%, 9/15/2029
57
52
Fells Point Funding Trust 3.05%, 1/31/2027 (a)
1,317
1,268
FirstEnergy Corp. 2.65%, 3/1/2030
443
397
FirstEnergy Transmission LLC
2.87%, 9/15/2028 (a)
565
527
5.45%, 7/15/2044 (a)
98
97
4.55%, 4/1/2049 (a)
155
137
ITC Holdings Corp.
2.95%, 5/14/2030 (a)
740
670
5.40%, 6/1/2033 (a)
576
582
5.65%, 5/9/2034 (a)
235
243
Louisville Gas and Electric Co. 4.65%, 11/15/2043
41
36
Massachusetts Electric Co. 1.73%, 11/24/2030 (a)
350
291
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (a)
44
43
Monongahela Power Co.
3.55%, 5/15/2027 (a)
335
326
5.85%, 2/15/2034 (a)
520
545
NextEra Energy Capital Holdings, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.75%,
6/15/2054 (b)
280
291
Niagara Mohawk Power Corp. 4.28%, 12/15/2028 (a)
184
180
NRG Energy, Inc.
4.45%, 6/15/2029 (a)
576
556
7.00%, 3/15/2033 (a)
288
315
Ohio Power Co. Series R, 2.90%, 10/1/2051
230
147
Pacific Gas and Electric Co.
5.55%, 5/15/2029
371
380
3.25%, 6/1/2031
570
514
6.15%, 1/15/2033
178
188
6.40%, 6/15/2033
26
28
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Electric Utilities — continued
4.50%, 7/1/2040
173
153
3.75%, 8/15/2042 (f)
515
404
4.60%, 6/15/2043
175
152
4.25%, 3/15/2046
164
134
3.95%, 12/1/2047
159
123
6.75%, 1/15/2053
240
270
PacifiCorp 2.90%, 6/15/2052
242
153
Palomino Funding Trust I 7.23%, 5/17/2028 (a)
250
264
PECO Energy Co. 2.80%, 6/15/2050
210
139
PG&E Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.88%), 7.38%, 3/15/2055 (b)
390
403
Public Service Co. of Colorado
2.70%, 1/15/2051
131
83
Series 39, 4.50%, 6/1/2052
113
99
Public Service Electric and Gas Co. 2.05%, 8/1/2050
134
76
RWE Finance US LLC (Germany) 5.88%, 4/16/2034 (a)
160
164
Southern California Edison Co.
Series B, 3.65%, 3/1/2028
154
150
5.20%, 6/1/2034
695
704
Series 08-A, 5.95%, 2/1/2038
180
191
Series 13-A, 3.90%, 3/15/2043
242
200
Series C, 3.60%, 2/1/2045
54
42
5.70%, 3/1/2053
63
65
5.88%, 12/1/2053
319
337
Southwestern Electric Power Co. Series J, 3.90%, 4/1/2045
56
44
Tucson Electric Power Co. 1.50%, 8/1/2030
154
129
Union Electric Co.
5.20%, 4/1/2034
460
469
5.45%, 3/15/2053
142
143
5.25%, 1/15/2054
205
203
Virginia Electric and Power Co.
2.45%, 12/15/2050
498
300
5.70%, 8/15/2053
180
188
Vistra Operations Co. LLC
3.70%, 1/30/2027 (a)
314
306
6.95%, 10/15/2033 (a)
191
210
6.00%, 4/15/2034 (a)
392
407
5.70%, 12/30/2034 (a) (g)
140
142
 
22,818
Electrical Equipment — 0.2%
Regal Rexnord Corp.
6.05%, 4/15/2028
380
391
6.40%, 4/15/2033
153
161
 
552
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp. 5.05%, 4/5/2029
240
244
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Entertainment — 1.5%
Electronic Arts, Inc.
1.85%, 2/15/2031
297
251
2.95%, 2/15/2051
246
166
Netflix, Inc. 3.88%, 11/15/2029 (h)
500
554
Take-Two Interactive Software, Inc.
5.40%, 6/12/2029
120
123
5.60%, 6/12/2034
890
918
Warnermedia Holdings, Inc.
4.05%, 3/15/2029
1,236
1,169
4.28%, 3/15/2032
1,403
1,266
5.05%, 3/15/2042
858
725
5.14%, 3/15/2052
121
97
 
5,269
Financial Services — 1.0%
Equitable Holdings, Inc. 4.57%, 2/15/2029 (a)
169
166
Global Payments, Inc. 3.20%, 8/15/2029
933
864
Nationwide Building Society (United Kingdom)
(SOFR + 1.91%), 6.56%, 10/18/2027 (a) (b)
765
787
5.13%, 7/29/2029 (a)
585
591
Thames Water Utilities Finance plc (United Kingdom) 4.38%, 1/18/2031 (h)
1,300
1,058
 
3,466
Food Products — 1.5%
Bimbo Bakeries USA, Inc. (Mexico)
6.05%, 1/15/2029 (a)
682
704
5.38%, 1/9/2036 (a)
970
963
General Mills, Inc. 4.88%, 1/30/2030
830
834
JBS USA Holding Lux Sarl
6.75%, 3/15/2034
273
298
7.25%, 11/15/2053
436
506
JBS USA Holding Lux SARL
5.50%, 1/15/2030
790
796
3.00%, 5/15/2032
305
259
Kraft Heinz Foods Co. 4.88%, 10/1/2049
245
221
Smithfield Foods, Inc. 3.00%, 10/15/2030 (a)
623
543
 
5,124
Ground Transportation — 1.2%
Burlington Northern Santa Fe LLC
4.15%, 4/1/2045
215
185
3.90%, 8/1/2046
66
54
3.05%, 2/15/2051
115
80
5.20%, 4/15/2054
230
230
5.50%, 3/15/2055
500
518
Canadian Pacific Railway Co. (Canada)
2.05%, 3/5/2030
355
312
4.95%, 8/15/2045
103
98
4.70%, 5/1/2048
341
313
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Ground Transportation — continued
3.50%, 5/1/2050
220
165
3.10%, 12/2/2051
355
246
CSX Corp. 2.50%, 5/15/2051
489
299
Norfolk Southern Corp.
3.95%, 10/1/2042
62
52
3.05%, 5/15/2050
231
158
2.90%, 8/25/2051
320
209
5.95%, 3/15/2064
180
194
SMBC Aviation Capital Finance DAC (Ireland) 5.55%, 4/3/2034 (a)
355
361
Uber Technologies, Inc.
4.30%, 1/15/2030
465
455
5.35%, 9/15/2054
90
88
Union Pacific Corp. 3.55%, 8/15/2039
154
130
 
4,147
Health Care Equipment & Supplies — 1.1%
Baxter International, Inc.
2.27%, 12/1/2028
325
295
2.54%, 2/1/2032
1,926
1,642
Solventum Corp. 5.45%, 3/13/2031 (a)
1,115
1,131
Zimmer Biomet Holdings, Inc. 5.20%, 9/15/2034
830
832
 
3,900
Health Care Providers & Services — 3.2%
Aetna, Inc.
6.75%, 12/15/2037
250
273
4.13%, 11/15/2042
121
97
4.75%, 3/15/2044
131
114
Cencora, Inc.
2.80%, 5/15/2030
65
59
2.70%, 3/15/2031
862
758
5.13%, 2/15/2034
96
96
4.25%, 3/1/2045
185
159
Cottage Health Obligated Group Series 2020, 3.30%, 11/1/2049
13
10
CVS Health Corp.
3.25%, 8/15/2029
5
5
1.75%, 8/21/2030
65
54
5.30%, 6/1/2033
400
397
4.78%, 3/25/2038
479
435
4.13%, 4/1/2040
165
137
5.88%, 6/1/2053
142
140
Elevance Health, Inc.
4.63%, 5/15/2042
263
238
4.65%, 1/15/2043
398
361
HCA, Inc.
4.50%, 2/15/2027
466
462
5.20%, 6/1/2028
403
408
5.63%, 9/1/2028
1,040
1,062
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
5.88%, 2/1/2029
403
415
4.13%, 6/15/2029
266
257
2.38%, 7/15/2031
75
63
5.45%, 9/15/2034
265
265
5.50%, 6/15/2047
2
2
5.25%, 6/15/2049
120
110
4.63%, 3/15/2052
662
549
6.00%, 4/1/2054
495
502
5.95%, 9/15/2054
419
422
Iowa Health System Series 2020, 3.67%, 2/15/2050
227
178
New York and Presbyterian Hospital (The) 2.26%, 8/1/2040
293
204
OhioHealth Corp. 2.30%, 11/15/2031
240
204
Piedmont Healthcare, Inc. Series 2032, 2.04%, 1/1/2032
315
263
Quest Diagnostics, Inc.
4.60%, 12/15/2027
110
110
4.63%, 12/15/2029
210
208
5.00%, 12/15/2034
605
599
Texas Health Resources Series 2019, 3.37%, 11/15/2051
35
26
UnitedHealth Group, Inc.
3.50%, 8/15/2039
160
133
2.75%, 5/15/2040
200
148
3.05%, 5/15/2041
106
80
2.90%, 5/15/2050
116
77
5.05%, 4/15/2053
250
239
5.38%, 4/15/2054
285
285
6.05%, 2/15/2063
230
250
 
10,854
Health Care REITs — 0.5%
Alexandria Real Estate Equities, Inc. 3.55%, 3/15/2052
290
209
Ventas Realty LP
4.00%, 3/1/2028
90
88
3.00%, 1/15/2030
826
755
4.75%, 11/15/2030
230
228
5.63%, 7/1/2034
316
326
Welltower OP LLC 4.13%, 3/15/2029
161
157
 
1,763
Hotels, Restaurants & Leisure — 0.3%
McDonald's Corp.
5.15%, 9/9/2052
213
206
5.45%, 8/14/2053
739
742
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a)
120
117
 
1,065
Household Durables — 0.3%
MDC Holdings, Inc. 6.00%, 1/15/2043
345
359
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Household Durables — continued
Toll Brothers Finance Corp.
4.35%, 2/15/2028
315
310
3.80%, 11/1/2029
197
187
 
856
Independent Power and Renewable Electricity Producers — 0.6%
AES Corp. (The) 5.45%, 6/1/2028
718
726
Constellation Energy Generation LLC
5.60%, 6/15/2042
172
174
6.50%, 10/1/2053
350
391
5.75%, 3/15/2054
286
293
Southern Power Co.
5.25%, 7/15/2043
205
199
Series F, 4.95%, 12/15/2046
389
357
 
2,140
Industrial REITs — 0.4%
Prologis Euro Finance LLC 4.63%, 5/23/2033
620
714
Prologis LP 5.13%, 1/15/2034
483
489
 
1,203
Insurance — 1.1%
Berkshire Hathaway Finance Corp. 3.85%, 3/15/2052
200
161
Guardian Life Insurance Co. of America (The) 4.88%, 6/19/2064 (a)
98
88
Manulife Financial Corp. (Canada) (USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (b)
284
278
Met Tower Global Funding 5.25%, 4/12/2029 (a)
965
987
Metropolitan Life Global Funding I 5.15%, 3/28/2033 (a)
405
411
Nationwide Mutual Insurance Co. 4.35%, 4/30/2050 (a)
390
307
New York Life Global Funding 1.20%, 8/7/2030 (a)
220
183
New York Life Insurance Co. 4.45%, 5/15/2069 (a)
123
102
Northwestern Mutual Life Insurance Co. (The)
6.06%, 3/30/2040 (a)
232
247
3.85%, 9/30/2047 (a)
144
113
Prudential Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.40%), 6.50%, 3/15/2054 (b)
212
219
Teachers Insurance & Annuity Association of America 6.85%, 12/16/2039 (a)
630
723
 
3,819
Interactive Media & Services — 0.5%
Meta Platforms, Inc.
4.45%, 8/15/2052
353
315
5.60%, 5/15/2053
215
226
5.40%, 8/15/2054
885
904
5.75%, 5/15/2063
114
121
5.55%, 8/15/2064
190
196
 
1,762
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
IT Services — 0.1%
Accenture Capital, Inc.
4.25%, 10/4/2031
340
332
4.50%, 10/4/2034
160
156
 
488
Life Sciences Tools & Services — 0.0% ^
Danaher Corp. 2.80%, 12/10/2051
126
83
Machinery — 0.2%
Ingersoll Rand, Inc. 5.31%, 6/15/2031
260
266
Otis Worldwide Corp. 2.57%, 2/15/2030
388
348
 
614
Media — 2.1%
Charter Communications Operating LLC
6.65%, 2/1/2034
184
194
6.55%, 6/1/2034
675
708
6.38%, 10/23/2035
948
975
3.50%, 6/1/2041
757
543
3.50%, 3/1/2042
111
78
4.80%, 3/1/2050
650
513
3.70%, 4/1/2051
263
174
Comcast Corp.
3.20%, 7/15/2036
841
701
3.75%, 4/1/2040
73
61
2.80%, 1/15/2051
386
246
2.89%, 11/1/2051
1,420
918
2.94%, 11/1/2056
1,397
877
Cox Communications, Inc. 4.80%, 2/1/2035 (a)
126
118
Discovery Communications LLC 3.95%, 3/20/2028
438
419
Time Warner Cable LLC
6.55%, 5/1/2037
500
497
5.88%, 11/15/2040
239
221
4.50%, 9/15/2042
67
52
 
7,295
Metals & Mining — 0.7%
Anglo American Capital plc (South Africa) 5.75%, 4/5/2034 (a)
230
237
Corp. Nacional del Cobre de Chile (Chile) 6.44%, 1/26/2036 (a)
686
711
Glencore Funding LLC (Australia)
6.38%, 10/6/2030 (a)
280
298
5.63%, 4/4/2034 (a)
668
686
Newmont Corp. 3.25%, 5/13/2030
3
3
Vale Overseas Ltd. (Brazil)
6.13%, 6/12/2033
185
191
6.40%, 6/28/2054
252
255
 
2,381
Multi-Utilities — 2.1%
CenterPoint Energy, Inc. 5.40%, 6/1/2029
130
133
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Multi-Utilities — continued
Consumers Energy Co. 3.95%, 5/15/2043
355
299
Dominion Energy, Inc.
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.35%, 1/15/2027 (b) (d) (e)
450
437
Series C, 4.90%, 8/1/2041
385
359
4.70%, 12/1/2044
311
276
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%), 7.00%, 6/1/2054 (b)
295
313
Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.88%, 2/1/2055 (b)
180
190
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.21%), 6.63%, 5/15/2055 (b)
470
482
DTE Energy Co. 5.85%, 6/1/2034
460
484
Engie SA (France)
5.25%, 4/10/2029 (a)
280
285
5.63%, 4/10/2034 (a)
735
754
NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 6.95%, 11/30/2054 (b)
275
281
Puget Energy, Inc. 2.38%, 6/15/2028
220
202
Puget Sound Energy, Inc.
5.64%, 4/15/2041
280
286
5.69%, 6/15/2054
80
83
San Diego Gas & Electric Co.
4.95%, 8/15/2028
495
501
5.35%, 4/1/2053
514
514
Sempra (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.79%), 6.88%, 10/1/2054 (b)
270
276
Southern Co. Gas Capital Corp.
5.75%, 9/15/2033
180
188
4.95%, 9/15/2034
540
536
4.40%, 6/1/2043
200
175
3.95%, 10/1/2046
151
122
Series 21A, 3.15%, 9/30/2051
321
219
 
7,395
Office REITs — 0.0% ^
COPT Defense Properties LP
2.00%, 1/15/2029
63
55
2.75%, 4/15/2031
88
76
 
131
Oil, Gas & Consumable Fuels — 11.6%
Aker BP ASA (Norway)
3.10%, 7/15/2031 (a)
841
741
5.13%, 10/1/2034 (a)
150
145
Antero Resources Corp. 5.38%, 3/1/2030 (a)
1,025
1,007
BP Capital Markets America, Inc. 3.06%, 6/17/2041
113
85
BP Capital Markets plc (EUR Swap Annual 5 Year + 3.52%), 3.25%, 3/22/2026 (b) (d) (e) (h)
500
525
Buckeye Partners LP 5.60%, 10/15/2044
16
13
Cheniere Corpus Christi Holdings LLC 3.70%, 11/15/2029
275
260
Cheniere Energy Partners LP
4.50%, 10/1/2029
1,485
1,446
5.75%, 8/15/2034 (a)
790
806
Cheniere Energy, Inc. 4.63%, 10/15/2028
402
397
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Columbia Pipelines Holding Co. LLC 6.04%, 8/15/2028 (a)
268
277
Columbia Pipelines Operating Co. LLC
5.93%, 8/15/2030 (a)
125
130
6.04%, 11/15/2033 (a)
486
512
ConocoPhillips Co.
4.70%, 1/15/2030 (g)
1,255
1,257
5.00%, 1/15/2035 (g)
280
281
5.70%, 9/15/2063
330
339
Diamondback Energy, Inc. 5.75%, 4/18/2054
654
652
DT Midstream, Inc.
4.13%, 6/15/2029 (a)
330
313
4.38%, 6/15/2031 (a)
865
805
Eastern Energy Gas Holdings LLC 5.65%, 10/15/2054
540
538
Enbridge, Inc. (Canada)
5.25%, 4/5/2027
920
933
5.30%, 4/5/2029
390
397
Series NC5, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.25%, 1/15/2084 (b)
475
503
Energy Transfer LP
Series F, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.13%), 6.75%, 5/15/2025 (b) (d) (e)
320
320
6.00%, 2/1/2029 (a)
1,285
1,305
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030 (b) (d) (e)
1,156
1,180
7.38%, 2/1/2031 (a)
210
221
5.80%, 6/15/2038
442
451
Eni SpA (Italy)
5.70%, 10/1/2040 (a)
570
558
5.95%, 5/15/2054 (a)
230
234
EnLink Midstream LLC
5.63%, 1/15/2028 (a)
130
132
5.38%, 6/1/2029
104
105
5.65%, 9/1/2034
351
357
EnLink Midstream Partners LP
5.60%, 4/1/2044
433
414
5.05%, 4/1/2045
165
147
Enterprise Products Operating LLC
Series H, 6.65%, 10/15/2034
240
268
5.55%, 2/16/2055
582
594
EQM Midstream Partners LP
5.50%, 7/15/2028
195
198
6.38%, 4/1/2029 (a)
520
531
4.75%, 1/15/2031 (a)
765
734
EQT Corp. 3.13%, 5/15/2026 (a)
610
593
Expand Energy Corp.
5.38%, 2/1/2029
54
54
5.88%, 2/1/2029 (a)
398
398
6.75%, 4/15/2029 (a)
504
512
5.38%, 3/15/2030
740
735
4.75%, 2/1/2032
827
787
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Exxon Mobil Corp.
3.00%, 8/16/2039
339
268
3.45%, 4/15/2051
400
299
Hess Corp.
6.00%, 1/15/2040
655
698
5.60%, 2/15/2041
410
419
Hess Midstream Operations LP
5.13%, 6/15/2028 (a)
745
731
6.50%, 6/1/2029 (a)
340
348
5.50%, 10/15/2030 (a)
573
563
Kinder Morgan Energy Partners LP
5.00%, 8/15/2042
170
156
4.70%, 11/1/2042
889
784
Kinder Morgan, Inc. 3.25%, 8/1/2050
80
54
Kinetik Holdings LP 5.88%, 6/15/2030 (a)
1,405
1,402
Marathon Oil Corp.
5.30%, 4/1/2029
255
263
5.70%, 4/1/2034
728
778
Marathon Petroleum Corp. 4.75%, 9/15/2044
129
112
MPLX LP 5.50%, 6/1/2034
795
804
NGPL PipeCo LLC 4.88%, 8/15/2027 (a)
453
450
Northern Natural Gas Co.
4.30%, 1/15/2049 (a)
80
66
3.40%, 10/16/2051 (a)
161
112
Occidental Petroleum Corp.
3.50%, 8/15/2029
684
632
5.38%, 1/1/2032
90
90
4.63%, 6/15/2045
325
256
ONEOK Partners LP 6.20%, 9/15/2043
450
468
Ovintiv, Inc.
6.25%, 7/15/2033
235
246
6.50%, 2/1/2038
47
50
Petroleos Mexicanos (Mexico) 6.50%, 3/13/2027
650
634
Pioneer Natural Resources Co.
1.90%, 8/15/2030
505
435
2.15%, 1/15/2031
895
774
Sabine Pass Liquefaction LLC 4.20%, 3/15/2028
460
453
Santos Finance Ltd. (Australia)
3.65%, 4/29/2031 (a)
507
453
6.88%, 9/19/2033 (a)
32
34
South Bow USA Infrastructure Holdings LLC (Canada)
4.91%, 9/1/2027 (a)
200
200
5.03%, 10/1/2029 (a)
900
893
TotalEnergies Capital International SA (France) 2.99%, 6/29/2041
635
479
TotalEnergies Capital SA (France)
5.49%, 4/5/2054
211
213
5.28%, 9/10/2054
210
205
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
5.64%, 4/5/2064
260
263
TransCanada PipeLines Ltd. (Canada) 6.10%, 6/1/2040
150
158
Transcanada Trust (Canada) Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, 8/15/2076 (b)
250
249
Williams Cos., Inc. (The)
5.30%, 8/15/2028
715
729
4.80%, 11/15/2029
430
430
 
39,841
Personal Care Products — 0.0% ^
Kenvue, Inc. 5.20%, 3/22/2063
30
29
Pharmaceuticals — 1.7%
Bristol-Myers Squibb Co.
5.20%, 2/22/2034
330
338
3.70%, 3/15/2052
290
225
6.25%, 11/15/2053
600
673
5.55%, 2/22/2054
826
854
3.90%, 3/15/2062
200
152
6.40%, 11/15/2063
120
136
5.65%, 2/22/2064
400
409
Merck & Co., Inc. 5.15%, 5/17/2063
90
87
Pfizer Investment Enterprises Pte. Ltd.
5.30%, 5/19/2053
152
150
5.34%, 5/19/2063
987
958
Roche Holdings, Inc.
5.49%, 11/13/2030 (a)
560
584
4.99%, 3/8/2034 (a)
200
202
Takeda Pharmaceutical Co. Ltd. (Japan)
3.03%, 7/9/2040
235
178
5.65%, 7/5/2044
245
251
Zoetis, Inc.
2.00%, 5/15/2030
782
680
4.70%, 2/1/2043
19
18
 
5,895
Residential REITs — 0.5%
Essex Portfolio LP
1.70%, 3/1/2028
340
309
2.65%, 3/15/2032
117
100
5.50%, 4/1/2034
130
133
UDR, Inc.
4.40%, 1/26/2029
435
428
5.13%, 9/1/2034
635
631
 
1,601
Retail REITs — 0.8%
Kimco Realty OP LLC 6.40%, 3/1/2034
450
492
NNN REIT, Inc.
5.60%, 10/15/2033
130
134
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Retail REITs — continued
5.50%, 6/15/2034
130
133
3.00%, 4/15/2052
113
73
Realty Income Corp.
3.25%, 1/15/2031
370
339
5.13%, 7/6/2034
570
681
5.38%, 9/1/2054
90
90
Regency Centers LP
2.95%, 9/15/2029
322
298
3.70%, 6/15/2030
359
340
 
2,580
Semiconductors & Semiconductor Equipment — 1.9%
Advanced Micro Devices, Inc. 4.39%, 6/1/2052
265
233
Broadcom, Inc.
5.05%, 7/12/2029
850
859
4.55%, 2/15/2032
140
137
3.42%, 4/15/2033 (a)
1,113
990
3.14%, 11/15/2035 (a)
1,049
873
Foundry JV Holdco LLC 5.90%, 1/25/2030 (a)
554
564
Intel Corp.
3.25%, 11/15/2049
597
388
3.05%, 8/12/2051
84
52
KLA Corp. 4.95%, 7/15/2052
205
195
Marvell Technology, Inc.
5.75%, 2/15/2029
1,430
1,477
2.95%, 4/15/2031
58
52
Texas Instruments, Inc.
5.00%, 3/14/2053
135
131
5.15%, 2/8/2054
405
402
Xilinx, Inc. 2.38%, 6/1/2030
229
204
 
6,557
Software — 0.8%
Microsoft Corp. 2.50%, 9/15/2050
360
230
Oracle Corp.
3.60%, 4/1/2040
220
179
4.00%, 11/15/2047
141
112
3.60%, 4/1/2050
674
498
3.95%, 3/25/2051
215
168
4.38%, 5/15/2055
200
166
Roper Technologies, Inc.
2.95%, 9/15/2029
392
362
4.50%, 10/15/2029
230
228
4.75%, 2/15/2032
130
129
4.90%, 10/15/2034
490
481
VMware LLC 4.70%, 5/15/2030
290
287
 
2,840
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Specialized REITs — 1.4%
American Tower Corp.
5.20%, 2/15/2029
775
787
5.40%, 1/31/2035
1,170
1,188
Crown Castle, Inc.
3.65%, 9/1/2027
421
409
5.00%, 1/11/2028
361
363
5.60%, 6/1/2029
600
617
3.10%, 11/15/2029
184
169
Extra Space Storage LP
4.00%, 6/15/2029
347
336
5.50%, 7/1/2030
398
409
5.90%, 1/15/2031
400
419
5.35%, 1/15/2035
160
161
 
4,858
Specialty Retail — 0.5%
Home Depot, Inc. (The)
4.85%, 6/25/2031
330
334
4.95%, 6/25/2034
320
323
3.30%, 4/15/2040
130
105
5.40%, 9/15/2040
210
216
3.35%, 4/15/2050
210
155
2.38%, 3/15/2051
189
114
5.30%, 6/25/2054
110
111
Lowe's Cos., Inc.
2.80%, 9/15/2041
200
143
5.63%, 4/15/2053
264
267
 
1,768
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.
2.70%, 8/5/2051
520
342
2.80%, 2/8/2061
153
97
 
439
Tobacco — 2.7%
Altria Group, Inc.
6.88%, 11/1/2033
520
578
3.40%, 2/4/2041
607
462
BAT Capital Corp. (United Kingdom)
5.83%, 2/20/2031
950
989
6.00%, 2/20/2034
112
118
4.39%, 8/15/2037
300
268
7.08%, 8/2/2043
466
523
4.54%, 8/15/2047
280
232
Imperial Brands Finance plc (United Kingdom)
5.50%, 2/1/2030 (a)
1,210
1,232
5.88%, 7/1/2034 (a)
1,430
1,451
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Tobacco — continued
Philip Morris International, Inc.
5.13%, 2/13/2031
425
432
4.75%, 11/1/2031
1,505
1,495
5.38%, 2/15/2033
1,167
1,194
5.25%, 2/13/2034
344
349
3.88%, 8/21/2042
116
96
 
9,419
Wireless Telecommunication Services — 1.0%
Rogers Communications, Inc. (Canada) 3.80%, 3/15/2032
460
422
T-Mobile USA, Inc.
2.63%, 2/15/2029
1,413
1,297
3.38%, 4/15/2029
548
516
3.88%, 4/15/2030
620
592
United States Cellular Corp. 6.70%, 12/15/2033
428
464
Vodafone Group plc (United Kingdom) 5.75%, 6/28/2054
205
206
 
3,497
Total Corporate Bonds
(Cost $307,363)
307,977
Loan Assignments — 3.1% (b) (i)
Automobile Components — 0.1%
Clarios Global LP, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 7.07%, 5/6/2030
250
252
Beverages — 0.2%
Triton Water Holdings, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 8.12%, 3/31/2028
500
503
Broadline Retail — 0.1%
Go Daddy Operating Co. LLC, 1st Lien Term Loan B-6 (1-MONTH CME TERM SOFR + 2.00%), 6.57%, 11/12/2029
418
419
Building Products — 0.3%
AZZ, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 7.07%, 5/14/2029
432
434
EMRLD Borrower LP, 1st Lien Term Loan B (6-MONTH CME TERM SOFR + 2.50%), 6.93%, 5/31/2030
498
499
MITER Brands Acquisition Holdco, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.57%, 3/28/2031 (j)
250
252
 
1,185
Capital Markets — 0.1%
CPI HoldCo B LLC, 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 2.25%), 6.03%, 5/19/2031 (j)
500
501
Chemicals — 0.1%
Ineos US Finance LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 7.82%, 2/18/2030 (j)
500
502
Diversified Telecommunication Services — 0.1%
Iridium Satellite LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.25%), 6.82%, 9/20/2030 (j)
500
499
Electrical Equipment — 0.3%
Vertiv Group Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.00%), 6.66%, 3/2/2027
496
499
Wec US Holdings Ltd., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 6.92%, 1/27/2031
499
500
 
999
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Loan Assignments — continued
Financial Services — 0.3%
Belron Finance US LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 7.27%, 10/16/2031 (j)
500
505
Boost Newco Borrower LLC, 1st Lien Term Loan B-1 (3-MONTH CME TERM SOFR + 2.50%), 7.10%, 1/31/2031
500
504
 
1,009
Ground Transportation — 0.1%
Genesee & Wyoming, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.00%), 6.60%, 4/10/2031 (j)
500
501
Health Care Equipment & Supplies — 0.1%
Medline Borrower LP, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 6.94%, 10/23/2028
225
227
Household Durables — 0.2%
KDC US Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.50%), 9.07%, 8/15/2028
500
504
Insurance — 0.1%
Hub International Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 7.37%, 6/20/2030
249
251
Machinery — 0.2%
Terex Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 1.75%), 6.32%, 10/8/2031 (j)
500
503
Media — 0.1%
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.00%), 8.69%, 8/23/2028 (j)
250
250
Oil, Gas & Consumable Fuels — 0.3%
Epic Crude Services LP, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 7.66%, 10/15/2031 (j)
500
503
NorthRiver Midstream Finance LP, 1st Lien Term Loan B (Canada) (3-MONTH CME TERM SOFR + 2.25%), 6.86%, 8/16/2030
498
499
 
1,002
Professional Services — 0.1%
KBR, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.00%), 6.57%, 1/17/2031
498
497
Software — 0.2%
Boxer Parent Co., Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.75%), 8.34%, 7/30/2031 (j)
500
503
UKG, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 7.62%, 2/10/2031
249
251
 
754
Specialty Retail — 0.1%
PetSmart, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 8.42%, 2/11/2028
495
494
Total Loan Assignments
(Cost $10,826)
10,852
Asset-Backed Securities — 0.6%
Air Canada Pass-Through Trust (Canada)
Series 2020-2, Class B, 9.00%, 10/1/2025 (a)
79
80
Series 2015-1, Class A, 3.60%, 3/15/2027 (a)
86
83
American Airlines Pass-Through Trust
Series 2015-1, Class A, 3.38%, 5/1/2027
142
136
Series 2016-1, Class A, 4.10%, 1/15/2028
238
227
Series 2016-3, Class A, 3.25%, 10/15/2028
65
60
Series 2017-1, Class AA, 3.65%, 2/15/2029
575
553
Series 2017-2, Class A, 3.60%, 10/15/2029
65
60
Series 2021-1, Class B, 3.95%, 7/11/2030
56
53
JetBlue Pass-Through Trust Series 2019-1, Class AA, 2.75%, 5/15/2032
123
109
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 8/15/2025
158
157
Series 2024-1, Class A, 5.88%, 2/15/2037
485
505
Total Asset-Backed Securities
(Cost $2,007)
2,023
Foreign Government Securities — 0.2%
Romania Government Bond 5.75%, 3/24/2035 (a)
(Cost $695)
700
644
Municipal Bonds — 0.1% (k)
Colorado — 0.1%
Colorado Health Facilities Authority, Sanford Health Series 2019B, Rev., 3.80%, 11/1/2044 (Cost $326)
320
263
U.S. Treasury Obligations — 0.0% ^
U.S. Treasury Bonds
3.63%, 5/15/2053 (Cost $92)
105
92
 
SHARES
(000)
Short-Term Investments — 7.2%
Investment Companies — 6.8%
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.60% (l) (m)
(Cost $23,651)
23,642
23,652
 
PRINCIPAL
AMOUNT
($000)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Bills, 4.73%, 12/5/2024 (n) (o)
(Cost $1,281)
1,282
1,282
Total Short-Term Investments
(Cost $24,932)
24,934
Total Investments — 100.6%
(Cost $346,241)
346,785
Liabilities in Excess of Other Assets — (0.6)%
(2,194
)
NET ASSETS — 100.0%
344,591
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CME
Chicago Mercantile Exchange
ICE
Intercontinental Exchange
REIT
Real Estate Investment Trust
Rev.
Revenue
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
(a)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(b)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2024.
 
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
(c)
Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a
pre-specified trigger event occurs. The total value of aggregate CoCo holdings at November 30, 2024 is $3,963 or 1.15% of the Fund’s net
assets as of November 30, 2024.
 
(d)
Security is an interest bearing note with preferred security characteristics.
 
(e)
Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time
and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in
effect as of November 30, 2024.
 
(f)
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of November 30, 2024.
 
(g)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(h)
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.
 
(i)
Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
 
(j)
All or a portion of this security is unsettled as of November 30, 2024. Unless otherwise indicated, the coupon rate is undetermined. The
coupon rate shown may not be accrued for the entire position.
 
(k)
The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
 
(l)
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.
 
(m)
The rate shown is the current yield as of November 30, 2024.
 
(n)
The rate shown is the effective yield as of November 30, 2024.
 
(o)
All or a portion of this security is deposited with the broker as initial margin for futures contracts.
 
Futures contracts outstanding as of November 30, 2024 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
Euro-Bobl
103
12/06/2024
EUR
13,052
38
Euro-BTP
37
12/06/2024
EUR
4,807
56
Euro-Bund
19
12/06/2024
EUR
2,708
57
Short-Term Euro-BTP
126
12/06/2024
EUR
14,356
71
Australia 10 Year Bond
55
12/16/2024
AUD
4,063
85
Australia 3 Year Bond
6
12/16/2024
AUD
414
(5
)
U.S. Treasury 10 Year Note
15
03/20/2025
USD
1,668
13
U.S. Treasury Long Bond
175
03/20/2025
USD
20,923
540
U.S. Treasury Ultra Bond
120
03/20/2025
USD
15,281
529
U.S. Treasury 2 Year Note
115
03/31/2025
USD
23,704
58
U.S. Treasury 5 Year Note
1
03/31/2025
USD
108
1
 
1,443
Short Contracts
Euro-Buxl 30 Year Bond
(24
)
12/06/2024
EUR
(3,554
)
(76
)
Euro-OAT
(34
)
12/06/2024
EUR
(4,557
)
(47
)
Euro-Schatz
(332
)
12/06/2024
EUR
(37,568
)
(76
)
Japan 10 Year Bond
(5
)
12/13/2024
JPY
(4,779
)
27
Canada 10 Year Bond
(1
)
03/20/2025
CAD
(88
)
(2
)
U.S. Treasury 10 Year Note
(8
)
03/20/2025
USD
(890
)
(11
)
U.S. Treasury 10 Year Ultra Note
(120
)
03/20/2025
USD
(13,781
)
(231
)
U.S. Treasury 2 Year Note
(1
)
03/31/2025
USD
(206
)
—
(a)
U.S. Treasury 5 Year Note
(216
)
03/31/2025
USD
(23,249
)
(164
)
 
(580
)
 
863
 
Abbreviations
 
AUD
Australian Dollar
CAD
Canadian Dollar
EUR
Euro
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
JPY
Japanese Yen
USD
United States Dollar
 
(a)
Amount rounds to less than one thousand.
Forward foreign currency exchange contracts outstanding as of November 30, 2024 (amounts in thousands):
 
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
AUD
351
USD
228
Barclays Bank plc
12/4/2024
1
EUR
4,178
USD
4,401
HSBC Bank, NA
12/4/2024
14
USD
2,311
EUR
2,137
BNP Paribas
12/4/2024
53
USD
2,482
EUR
2,281
HSBC Bank, NA
12/4/2024
72
Total unrealized appreciation
140
EUR
239
USD
258
BNP Paribas
12/4/2024
(6
)
USD
227
AUD
351
Barclays Bank plc
12/4/2024
(2
)
USD
228
AUD
351
Barclays Bank plc
1/3/2025
(1
)
USD
4,407
EUR
4,178
HSBC Bank, NA
1/3/2025
(14
)
Total unrealized depreciation
(23
)
Net unrealized appreciation
117
 
Abbreviations
 
AUD
Australian Dollar
EUR
Euro
USD
United States Dollar
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$—
$2,023
$—
$2,023
Corporate Bonds
—
307,977
—
307,977
Foreign Government Securities
—
644
—
644
Loan Assignments
—
10,852
—
10,852
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Municipal Bonds
$—
$263
$—
$263
U.S. Treasury Obligations
—
92
—
92
Short-Term Investments
Investment Companies
23,652
—
—
23,652
U.S. Treasury Obligations
—
1,282
—
1,282
Total Short-Term Investments
23,652
1,282
—
24,934
Total Investments in Securities
$23,652
$323,133
$—
$346,785
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
$—
$140
$—
$140
Futures Contracts
1,390
85
—
1,475
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
—
(23
)
—
(23
)
Futures Contracts
(607
)
(5
)
—
(612
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$783
$197
$—
$980
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended November 30, 2024
Security Description
Value at
February 29,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
November 30,
2024
Shares at
November 30,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 4.60%  (a) (b)
$13,092
$170,736
$160,172
$(5
)
$1
$23,652
23,642
$600
$—
 
 
(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, 2024.
C. Derivatives— The Fund used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.
The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value.
The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.
Notes (1) — (2) below describe the various derivatives used by the Fund.
(1). Futures Contracts— The Fund used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund's exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.
The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2). Forward Foreign Currency Exchange Contracts— The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.
The Fund's forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).
The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.