JPMorgan Strategic Income Opportunities Fund
Schedule of Portfolio Investments as of May 31, 2025
(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., 2025.
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — 42.2%
Aerospace & Defense — 0.0% ^
Bombardier, Inc. (Canada)
7.88%, 4/15/2027 (a)
236
237
7.25%, 7/1/2031 (a)
550
567
ICITII 6.00%, 1/31/2033 ‡ (a)
397
318
 
1,122
Automobile Components — 0.3%
Adient Global Holdings Ltd.
7.00%, 4/15/2028 (a)
1,070
1,094
8.25%, 4/15/2031 (a)
1,450
1,480
Allison Transmission, Inc.
4.75%, 10/1/2027 (a)
1,870
1,839
5.88%, 6/1/2029 (a)
1,025
1,029
American Axle & Manufacturing, Inc.
6.50%, 4/1/2027
980
975
6.88%, 7/1/2028
870
863
Clarios Global LP
6.25%, 5/15/2026 (a)
1,465
1,465
6.75%, 2/15/2030 (a)
2,935
2,989
Cooper-Standard Automotive, Inc.
13.50% (Cash), 3/31/2027 (a) (b)
10,325
10,828
5.63% (Cash), 5/15/2027 (a) (b)
4,652
3,937
Goodyear Tire & Rubber Co. (The)
5.00%, 7/15/2029
855
819
5.25%, 4/30/2031
1,545
1,443
 
28,761
Automobiles — 3.1%
BMW US Capital LLC (Germany)
(SOFRINDX + 0.62%), 4.94%, 8/11/2025 (a) (c)
15,362
15,371
(SOFRINDX + 0.55%), 4.91%, 4/2/2026 (a) (c)
23,852
23,857
(SOFRINDX + 0.80%), 5.12%, 8/13/2026 (a) (c)
21,910
21,986
(SOFRINDX + 0.78%), 5.15%, 3/19/2027 (a) (c)
18,510
18,510
(SOFRINDX + 0.92%), 5.24%, 8/13/2027 (a) (c)
23,581
23,602
Hyundai Capital America (SOFR + 1.32%), 5.64%, 11/3/2025 (a) (c)
13,250
13,282
Mercedes-Benz Finance North America LLC (Germany)
(SOFR + 0.57%), 4.85%, 8/1/2025 (a) (c)
37,782
37,790
(SOFR + 0.67%), 4.96%, 1/9/2026 (a) (c)
31,645
31,658
(SOFR + 0.63%), 4.91%, 7/31/2026 (a) (c)
44,900
44,923
(SOFR + 0.78%), 5.12%, 4/1/2027 (a) (c)
27,690
27,660
(SOFR + 0.85%), 5.19%, 11/15/2027 (a) (c)
23,000
23,006
(SOFR + 0.93%), 5.27%, 3/31/2028 (a) (c)
9,230
9,218
Volkswagen Group of America Finance LLC (Germany)
(SOFR + 0.83%), 5.20%, 3/20/2026 (a) (c)
22,056
22,087
(SOFR + 1.06%), 5.40%, 8/14/2026 (a) (c)
13,760
13,805
 
326,755
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — 16.9%
Australia & New Zealand Banking Group Ltd. (Australia)
(SOFR + 0.75%), 5.11%, 7/3/2025 (a) (c)
33,000
33,015
(SOFR + 0.64%), 5.00%, 10/3/2025 (a) (c)
9,130
9,141
(SOFR + 0.47%), 4.82%, 12/16/2026 (a) (c)
18,400
18,425
(SOFR + 0.81%), 5.09%, 1/18/2027 (a) (c)
22,500
22,663
(SOFR + 0.68%), 5.03%, 7/16/2027 (a) (c)
13,650
13,684
Bank of America Corp.
(3-MONTH CME TERM SOFR + 1.02%), 5.32%, 9/15/2026 (c)
7,174
7,176
(SOFR + 0.97%), 5.32%, 7/22/2027 (c)
6,740
6,758
(SOFR + 1.05%), 5.37%, 2/4/2028 (c)
27,411
27,634
Bank of America NA
(SOFR + 0.78%), 5.10%, 8/18/2025 (c)
23,423
23,436
(SOFR + 1.02%), 5.34%, 8/18/2026 (c)
21,950
22,080
Bank of Montreal (Canada)
(SOFRINDX + 1.06%), 5.43%, 6/7/2025 (c)
21,540
21,542
(SOFRINDX + 0.95%), 5.29%, 9/25/2025 (c)
21,505
21,549
(SOFRINDX + 1.33%), 5.71%, 6/5/2026 (c)
17,500
17,660
(SOFRINDX + 0.76%), 5.12%, 6/4/2027 (c)
13,430
13,443
(SOFRINDX + 0.88%), 5.23%, 9/10/2027 (c)
18,210
18,251
Bank of Nova Scotia (The) (Canada)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.90%, 6/4/2025 (c) (d) (e) (f)
37,978
37,953
(SOFRINDX + 1.09%), 5.46%, 6/12/2025 (c)
28,440
28,449
(SOFRINDX + 0.55%), 4.90%, 3/2/2026 (c)
4,642
4,646
(SOFRINDX + 0.78%), 5.14%, 6/4/2027 (c)
9,100
9,113
Canadian Imperial Bank of Commerce (Canada)
(SOFR + 1.22%), 5.58%, 10/2/2026 (c)
13,200
13,282
(SOFR + 0.94%), 5.30%, 6/28/2027 (c)
9,090
9,115
(SOFRINDX + 0.93%), 5.28%, 9/11/2027 (c)
18,340
18,372
(SOFR + 0.72%), 5.05%, 1/13/2028 (c)
9,170
9,157
Citibank NA
(SOFR + 0.81%), 5.15%, 9/29/2025 (c)
5,970
5,977
(SOFRINDX + 0.59%), 4.94%, 4/30/2026 (c)
32,190
32,266
(SOFR + 0.71%), 5.03%, 8/6/2026 (c)
18,200
18,228
(SOFRINDX + 1.06%), 5.42%, 12/4/2026 (c)
2,390
2,403
(SOFR + 0.78%), 5.11%, 5/29/2027 (c)
18,320
18,328
(SOFR + 0.71%), 5.03%, 11/19/2027 (c)
27,500
27,472
Citigroup, Inc.
5.50%, 9/13/2025
23,000
23,042
(3-MONTH CME TERM SOFR + 1.51%), 5.81%, 7/1/2026 (c)
17,800
17,821
(SOFR + 1.14%), 5.49%, 5/7/2028 (c)
18,330
18,370
Commonwealth Bank of Australia (Australia)
(SOFR + 0.63%), 5.00%, 9/12/2025 (a) (c)
17,570
17,586
(SOFR + 0.75%), 5.12%, 3/13/2026 (a) (c)
9,250
9,279
(SOFR + 0.46%), 4.72%, 11/27/2026 (a) (c)
6,140
6,148
(SOFR + 0.64%), 5.01%, 3/14/2028 (a) (c)
9,200
9,228
Cooperatieve Rabobank UA (Netherlands)
(SOFRINDX + 0.70%), 4.98%, 7/18/2025 (c)
10,000
10,006
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
(SOFRINDX + 0.62%), 4.88%, 8/28/2026 (c)
19,000
19,061
(SOFRINDX + 0.71%), 5.09%, 3/5/2027 (c)
30,000
30,108
(SOFR + 0.59%), 4.85%, 5/27/2027 (c)
22,900
22,922
(SOFR + 0.60%), 4.88%, 1/21/2028 (c)
14,700
14,680
Corestates Capital III (3-MONTH CME TERM SOFR + 0.83%), 5.16%, 2/15/2027 (a) (c)
3,439
3,438
Credit Agricole SA (France)
(SOFR + 1.29%), 5.63%, 7/5/2026 (a) (c)
13,125
13,200
(SOFR + 0.87%), 5.22%, 3/11/2027 (a) (c)
22,360
22,387
Danske Bank A/S (Denmark) (US Treasury Yield Curve Rate T Note Constant Maturity 7 Year + 4.13%), 7.00%,
6/26/2025 (c) (d) (e) (f) (g)
24,280
24,312
DBS Group Holdings Ltd. (Singapore) (SOFR + 0.61%), 4.91%, 9/12/2025 (a) (c)
17,570
17,573
HSBC Holdings plc (United Kingdom)
(SOFR + 1.93%), 2.10%, 6/4/2026 (c)
4,600
4,599
(3-MONTH CME TERM SOFR + 1.64%), 5.94%, 9/12/2026 (c)
5,966
5,987
HSBC USA, Inc.
(SOFR + 0.96%), 5.32%, 3/4/2027 (c)
31,192
31,340
(SOFR + 0.97%), 5.32%, 6/3/2028 (c)
22,900
22,927
ING Groep NV (Netherlands) (SOFRINDX + 1.01%), 5.30%, 4/1/2027 (c)
3,185
3,192
Morgan Stanley Bank NA
(SOFR + 0.78%), 5.13%, 7/16/2025 (c)
21,040
21,045
(SOFR + 1.17%), 5.51%, 10/30/2026 (c)
17,700
17,833
(SOFR + 0.69%), 5.02%, 10/15/2027 (c)
22,850
22,854
(SOFR + 1.08%), 5.43%, 1/14/2028 (c)
21,535
21,633
(SOFR + 0.87%), 5.20%, 5/26/2028 (c)
4,760
4,765
National Australia Bank Ltd. (Australia)
(SOFR + 0.86%), 5.21%, 6/9/2025 (a) (c)
525
525
(SOFR + 0.55%), 4.88%, 1/29/2026 (a) (c)
2,200
2,204
(SOFR + 0.65%), 4.98%, 1/12/2027 (a) (c)
3,275
3,289
(SOFR + 0.62%), 4.97%, 6/11/2027 (a) (c)
13,630
13,673
(SOFR + 0.60%), 4.93%, 10/26/2027 (a) (c)
18,320
18,347
National Bank of Canada (Canada) (SOFRINDX + 0.90%), 5.24%, 3/25/2027 (c)
18,050
18,060
National Securities Clearing Corp. (SOFR + 0.57%), 4.89%, 5/20/2027 (a) (c)
41,310
41,374
NatWest Markets plc (United Kingdom)
(SOFR + 0.76%), 5.10%, 9/29/2026 (a) (c)
9,170
9,200
(SOFR + 0.90%), 5.22%, 5/17/2027 (a) (c)
9,100
9,136
Nordea Bank Abp (Finland)
(SOFR + 0.96%), 5.34%, 6/6/2025 (a) (c)
19,270
19,272
(SOFR + 0.74%), 5.11%, 3/19/2027 (a) (c)
18,360
18,440
PNC Bank NA (SOFR + 0.50%), 4.83%, 1/15/2027 (c)
27,500
27,506
Regions Financial Corp. Series D, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.43%), 5.75%,
6/16/2025 (c) (e) (f)
1,085
1,084
Royal Bank of Canada (Canada)
(SOFRINDX + 1.08%), 5.41%, 1/12/2026 (c)
20,190
20,279
(SOFRINDX + 0.57%), 4.90%, 4/27/2026 (c)
29,911
29,939
(SOFRINDX + 1.08%), 5.36%, 7/20/2026 (c)
36,740
37,002
(SOFRINDX + 0.46%), 4.78%, 8/3/2026 (c)
18,400
18,407
(SOFRINDX + 0.59%), 4.93%, 11/2/2026 (c)
13,720
13,743
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
(SOFRINDX + 0.95%), 5.23%, 1/19/2027 (c)
11,300
11,381
(SOFRINDX + 0.79%), 5.14%, 7/23/2027 (c)
25,360
25,397
(SOFRINDX + 0.72%), 5.00%, 10/18/2027 (c)
9,150
9,155
(SOFRINDX + 0.82%), 5.18%, 3/27/2028 (c)
9,220
9,217
Skandinaviska Enskilda Banken AB (Sweden) (SOFR + 0.89%), 5.27%, 3/5/2027 (a) (c)
8,960
9,017
Societe Generale SA (France) (SOFR + 1.10%), 5.42%, 2/19/2027 (a) (c)
13,750
13,739
Sumitomo Mitsui Financial Group, Inc. (Japan)
(SOFR + 1.43%), 5.71%, 1/13/2026 (c)
26,350
26,528
(SOFR + 1.30%), 5.58%, 7/13/2026 (c)
17,550
17,692
Sumitomo Mitsui Trust Bank Ltd. (Japan)
(SOFR + 1.12%), 5.42%, 3/9/2026 (a) (c)
17,650
17,745
(SOFR + 1.15%), 5.45%, 9/14/2026 (a) (c)
10,540
10,617
(SOFR + 0.98%), 5.28%, 9/10/2027 (a) (c)
9,100
9,167
Svenska Handelsbanken AB (Sweden)
(SOFR + 1.25%), 5.60%, 6/15/2026 (a) (c)
13,125
13,242
(SOFR + 0.66%), 4.92%, 5/28/2027 (a) (c)
6,370
6,391
Swedbank AB (Sweden) (SOFRINDX + 1.38%), 5.73%, 6/15/2026 (a) (c)
17,500
17,681
Toronto-Dominion Bank (The) (Canada)
(SOFR + 1.02%), 5.39%, 6/6/2025 (c)
23,574
23,578
(SOFR + 0.48%), 4.84%, 10/10/2025 (c)
45,360
45,391
(SOFR + 1.08%), 5.43%, 7/17/2026 (c)
24,160
24,309
(SOFR + 0.62%), 4.97%, 12/17/2026 (c)
22,900
22,917
(SOFR + 0.73%), 5.07%, 4/5/2027 (c)
22,620
22,652
(SOFR + 0.82%), 5.17%, 1/31/2028 (c)
18,400
18,419
(SOFR + 0.91%), 5.26%, 6/2/2028 (c)
18,320
18,325
US Bank NA (SOFR + 0.69%), 4.97%, 10/22/2027 (c)
18,300
18,290
Wells Fargo & Co.
Series U, 5.87%, 6/16/2025 (e) (f) (h) (i)
3,843
3,843
(SOFR + 0.78%), 5.13%, 1/24/2028 (c)
23,000
22,909
Wells Fargo Bank NA
(SOFR + 0.80%), 5.15%, 8/1/2025 (c)
9,100
9,104
(SOFR + 1.06%), 5.40%, 8/7/2026 (c)
17,560
17,694
(SOFR + 1.07%), 5.42%, 12/11/2026 (c)
13,883
13,976
Westpac Banking Corp. (Australia)
(SOFR + 0.55%), 4.88%, 1/29/2026 (a) (c)
13,400
13,407
(SOFR + 0.42%), 4.77%, 4/16/2026 (c)
18,160
18,173
(SOFR + 0.46%), 4.74%, 10/20/2026 (c)
23,000
23,012
 
1,761,002
Beverages — 0.8%
Keurig Dr Pepper, Inc.
(SOFR + 0.58%), 4.90%, 11/15/2026 (c)
27,908
27,950
(SOFRINDX + 0.88%), 5.23%, 3/15/2027 (c)
35,350
35,499
Pepsico Singapore Financing I Pte. Ltd. (SOFRINDX + 0.56%), 4.90%, 2/16/2027 (c)
22,350
22,351
PepsiCo, Inc. (SOFRINDX + 0.40%), 4.72%, 2/13/2026 (c)
500
500
Primo Water Holdings, Inc. 6.25%, 4/1/2029 (a)
645
646
 
86,946
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Biotechnology — 0.0% ^
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)
1,125
852
Grifols SA (Spain) 4.75%, 10/15/2028 (a)
1,000
951
 
1,803
Broadline Retail — 0.0% ^
Shutterfly Finance LLC
8.50% (Blend (Cash 4.25% + PIK 4.25%)), 10/1/2027 (a) (b)
2,696
2,317
9.75%, 10/1/2027 (a)
307
307
Wayfair LLC
7.25%, 10/31/2029 (a)
370
360
7.75%, 9/15/2030 (a)
690
676
 
3,660
Building Products — 0.2%
Builders FirstSource, Inc.
4.25%, 2/1/2032 (a)
860
780
6.38%, 6/15/2032 (a)
1,195
1,206
EMRLD Borrower LP
6.63%, 12/15/2030 (a)
2,240
2,263
6.75%, 7/15/2031 (a)
1,180
1,207
JELD-WEN, Inc. 4.88%, 12/15/2027 (a)
900
786
Masterbrand, Inc. 7.00%, 7/15/2032 (a)
960
955
Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (a)
945
952
MIWD Holdco II LLC 5.50%, 2/1/2030 (a)
480
443
Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a)
2,230
2,266
Smyrna Ready Mix Concrete LLC 8.88%, 11/15/2031 (a)
1,580
1,623
Standard Industries, Inc.
4.75%, 1/15/2028 (a)
2,750
2,700
3.38%, 1/15/2031 (a)
1,075
951
 
16,132
Capital Markets — 3.1%
Charles Schwab Corp. (The) Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 5.38%,
6/1/2025 (c) (e) (f)
128,544
128,544
Goldman Sachs Bank USA
(SOFR + 0.77%), 5.12%, 3/18/2027 (c)
22,950
22,964
(SOFR + 0.75%), 5.09%, 5/21/2027 (c)
36,533
36,552
Goldman Sachs Group, Inc. (The)
(SOFR + 1.07%), 5.38%, 8/10/2026 (c)
29,933
29,970
(3-MONTH CME TERM SOFR + 2.01%), 6.29%, 10/28/2027 (c)
15,324
15,583
(SOFR + 1.29%), 5.64%, 4/23/2028 (c)
13,750
13,834
Macquarie Bank Ltd. (Australia)
(SOFR + 1.24%), 5.59%, 6/15/2026 (a) (c)
11,056
11,131
(SOFR + 1.20%), 5.57%, 12/7/2026 (a) (c)
8,900
8,976
(SOFR + 0.92%), 5.28%, 7/2/2027 (a) (c)
9,100
9,160
State Street Bank & Trust Co. (SOFR + 0.46%), 4.72%, 11/25/2026 (c)
12,420
12,422
State Street Corp.
(SOFR + 0.85%), 5.17%, 8/3/2026 (c)
18,097
18,172
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Capital Markets — continued
(SOFR + 0.95%), 5.30%, 4/24/2028 (c)
3,161
3,177
UBS AG (Switzerland) (SOFR + 0.93%), 5.28%, 9/11/2025 (c)
17,570
17,602
 
328,087
Chemicals — 0.1%
Axalta Coating Systems LLC 4.75%, 6/15/2027 (a)
1,230
1,217
Chemours Co. (The) 5.75%, 11/15/2028 (a)
2,515
2,252
Element Solutions, Inc. 3.88%, 9/1/2028 (a)
1,035
994
INEOS Finance plc (Luxembourg) 7.50%, 4/15/2029 (a)
1,990
1,955
NOVA Chemicals Corp. (Canada) 8.50%, 11/15/2028 (a)
2,095
2,207
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026
500
498
4.50%, 10/15/2029
1,135
1,079
4.00%, 4/1/2031
2,450
2,200
WR Grace Holdings LLC
4.88%, 6/15/2027 (a)
1,465
1,444
5.63%, 8/15/2029 (a)
1,045
921
 
14,767
Commercial Services & Supplies — 0.2%
ACCO Brands Corp. 4.25%, 3/15/2029 (a)
1,045
923
ADT Security Corp. (The) 4.13%, 8/1/2029 (a)
1,035
987
Allied Universal Holdco LLC 4.63%, 6/1/2028 (a)
1,060
1,012
Aramark Services, Inc. 5.00%, 2/1/2028 (a)
990
979
Clarivate Science Holdings Corp. 4.88%, 7/1/2029 (a)
725
671
CoreCivic, Inc. 8.25%, 4/15/2029
1,015
1,073
Garda World Security Corp. (Canada)
6.00%, 6/1/2029 (a)
1,150
1,094
8.25%, 8/1/2032 (a)
710
707
GEO Group, Inc. (The) 8.63%, 4/15/2029
560
591
GFL Environmental, Inc. 6.75%, 1/15/2031 (a)
2,170
2,251
Madison IAQ LLC
4.13%, 6/30/2028 (a)
1,715
1,651
5.88%, 6/30/2029 (a)
1,035
1,001
Prime Security Services Borrower LLC 3.38%, 8/31/2027 (a)
1,340
1,286
Raven Acquisition Holdings LLC 6.88%, 11/15/2031 (a)
1,000
995
Wrangler Holdco Corp. (Canada) 6.63%, 4/1/2032 (a)
3,270
3,373
 
18,594
Communications Equipment — 0.0% ^
CommScope LLC
8.25%, 3/1/2027 (a)
1,170
1,167
4.75%, 9/1/2029 (a)
1,170
1,120
9.50%, 12/15/2031 (a)
900
935
CommScope Technologies LLC 5.00%, 3/15/2027 (a)
875
846
 
4,068
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Construction & Engineering — 0.0% ^
Global Infrastructure Solutions, Inc. 7.50%, 4/15/2032 (a)
975
973
Pike Corp. 5.50%, 9/1/2028 (a)
885
878
 
1,851
Construction Materials — 0.0% ^
Knife River Corp. 7.75%, 5/1/2031 (a)
900
942
Consumer Finance — 7.5%
American Express Co.
(SOFR + 0.76%), 5.08%, 2/13/2026 (c)
2,647
2,652
(SOFRINDX + 1.35%), 5.70%, 10/30/2026 (c)
43,375
43,558
(SOFR + 0.75%), 5.10%, 4/23/2027 (c)
34,560
34,646
(SOFRINDX + 1.00%), 5.34%, 2/16/2028 (c)
22,880
22,995
American Honda Finance Corp.
(SOFR + 0.45%), 4.82%, 6/13/2025 (c)
27,300
27,302
(SOFR + 0.60%), 4.94%, 8/14/2025 (c)
12,010
12,018
(SOFR + 0.50%), 4.86%, 10/10/2025 (c)
20,448
20,459
(SOFR + 0.71%), 5.07%, 1/9/2026 (c)
13,273
13,291
(SOFR + 0.50%), 4.83%, 1/12/2026 (c)
16,625
16,626
(SOFR + 0.55%), 4.87%, 5/11/2026 (c)
32,905
32,882
Series A, (SOFR + 0.65%), 4.99%, 5/20/2026 (c)
21,980
21,995
(SOFR + 0.55%), 4.89%, 5/21/2026 (c)
22,950
22,960
(SOFRINDX + 0.72%), 5.06%, 10/5/2026 (c)
18,210
18,240
(SOFR + 0.62%), 4.99%, 12/11/2026 (c)
17,390
17,388
(SOFR + 0.77%), 5.14%, 3/12/2027 (c)
13,450
13,460
(SOFR + 0.71%), 5.07%, 7/9/2027 (c)
13,650
13,651
(SOFR + 0.72%), 5.00%, 10/22/2027 (c)
13,750
13,736
(SOFR + 0.82%), 5.20%, 3/3/2028 (c)
13,800
13,800
Caterpillar Financial Services Corp.
(SOFR + 0.52%), 4.89%, 6/13/2025 (c)
19,399
19,402
(SOFR + 0.46%), 4.77%, 8/11/2025 (c)
14,700
14,706
(SOFR + 0.46%), 4.72%, 2/27/2026 (c)
22,810
22,791
(SOFR + 0.69%), 5.04%, 10/16/2026 (c)
27,300
27,410
(SOFR + 0.38%), 4.72%, 1/7/2027 (c)
18,330
18,304
(SOFR + 0.52%), 4.86%, 5/14/2027 (c)
22,659
22,677
(SOFR + 0.56%), 4.90%, 11/15/2027 (c)
23,000
22,979
(SOFR + 0.52%), 4.88%, 3/3/2028 (c)
13,800
13,754
Ford Motor Credit Co. LLC
4.69%, 6/9/2025
4,775
4,774
5.13%, 6/16/2025
23,581
23,580
4.13%, 8/4/2025
1,300
1,297
3.82%, 11/2/2027
2,695
2,573
2.90%, 2/16/2028
1,000
925
John Deere Capital Corp.
(SOFR + 0.57%), 4.88%, 3/3/2026 (c)
13,361
13,384
(SOFR + 0.79%), 5.09%, 6/8/2026 (c)
16,624
16,714
(SOFR + 0.60%), 4.88%, 4/19/2027 (c)
11,089
11,109
(SOFR + 0.60%), 4.90%, 6/11/2027 (c)
13,966
14,001
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Consumer Finance — continued
(SOFR + 0.68%), 4.96%, 7/15/2027 (c)
22,310
22,369
(SOFR + 0.50%), 4.88%, 3/6/2028 (c)
18,400
18,360
OneMain Finance Corp. 6.63%, 1/15/2028
2,245
2,287
Toyota Motor Credit Corp.
(SOFR + 0.65%), 5.00%, 9/11/2025 (c)
2,556
2,558
(SOFR + 0.65%), 4.99%, 1/5/2026 (c)
20,535
20,569
(SOFRINDX + 0.89%), 5.21%, 5/18/2026 (c)
29,808
29,935
(SOFR + 0.77%), 5.11%, 8/7/2026 (c)
9,827
9,865
(SOFR + 0.47%), 4.81%, 1/8/2027 (c)
18,330
18,279
(SOFR + 0.65%), 5.02%, 3/19/2027 (c)
23,000
23,004
(SOFR + 0.71%), 5.05%, 5/14/2027 (c)
27,500
27,551
 
786,816
Consumer Staples Distribution & Retail — 0.5%
Albertsons Cos., Inc. 5.88%, 2/15/2028 (a)
2,448
2,446
Performance Food Group, Inc. 5.50%, 10/15/2027 (a)
2,445
2,435
Rite Aid Corp.
8.00%, 10/18/2024 ‡
367
—
(j)
7.50%, 7/1/2025 ‡ (k)
489
—
(j)
8.00%, 11/15/2026 ‡ (k)
818
—
(3-MONTH CME TERM SOFR + 7.00%), 11.32%, 8/30/2031 ‡ (a) (c) (k)
137
—
(j)
Series A, 15.00%, 8/30/2031 ‡ (k)
395
—
(j)
Series B, 15.00%, 8/30/2031 ‡ (k)
186
—
(j)
US Foods, Inc. 6.88%, 9/15/2028 (a)
1,070
1,100
Walmart, Inc. (SOFRINDX + 0.43%), 4.76%, 4/28/2027 (c)
41,400
41,505
 
47,486
Containers & Packaging — 0.0% ^
Clydesdale Acquisition Holdings, Inc. 6.75%, 4/15/2032 (a)
1,180
1,192
Mauser Packaging Solutions Holding Co. 7.88%, 4/15/2027 (a)
895
904
 
2,096
Diversified Consumer Services — 0.0% ^
Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a)
655
681
Diversified Telecommunication Services — 0.3%
CCO Holdings LLC
5.13%, 5/1/2027 (a)
540
534
5.00%, 2/1/2028 (a)
4,725
4,634
6.38%, 9/1/2029 (a)
1,785
1,809
4.50%, 8/15/2030 (a)
4,810
4,510
4.25%, 2/1/2031 (a)
7,125
6,526
Frontier Communications Holdings LLC
5.88%, 10/15/2027 (a)
2,865
2,872
5.88%, 11/1/2029
610
617
Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a)
10,290
10,119
Level 3 Financing, Inc. 11.00%, 11/15/2029 (a)
1,420
1,611
Lumen Technologies, Inc.
4.13%, 4/15/2030 (a)
450
437
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
10.00%, 10/15/2032 (a)
450
462
Verizon Communications, Inc. (SOFRINDX + 0.79%), 5.16%, 3/20/2026 (c)
286
287
 
34,418
Electric Utilities — 0.9%
Georgia Power Co. (SOFRINDX + 0.28%), 4.64%, 9/15/2026 (c)
32,200
32,192
NextEra Energy Capital Holdings, Inc.
(SOFRINDX + 0.76%), 5.09%, 1/29/2026 (c)
30,170
30,253
(SOFRINDX + 0.80%), 5.12%, 2/4/2028 (c)
23,000
23,036
NRG Energy, Inc.
3.38%, 2/15/2029 (a)
920
859
5.25%, 6/15/2029 (a)
2,245
2,219
Vistra Operations Co. LLC
5.63%, 2/15/2027 (a)
1,615
1,614
5.00%, 7/31/2027 (a)
2,145
2,139
 
92,312
Electrical Equipment — 0.0% ^
Sensata Technologies BV 4.00%, 4/15/2029 (a)
2,075
1,948
Electronic Equipment, Instruments & Components — 0.0% ^
Coherent Corp. 5.00%, 12/15/2029 (a)
1,265
1,226
Energy Equipment & Services — 0.0% ^
Archrock Partners LP 6.63%, 9/1/2032 (a)
770
774
Transocean Titan Financing Ltd. 8.38%, 2/1/2028 (a)
357
363
 
1,137
Entertainment — 0.1%
Cinemark USA, Inc. 5.25%, 7/15/2028 (a)
780
769
Live Nation Entertainment, Inc.
6.50%, 5/15/2027 (a)
3,255
3,294
4.75%, 10/15/2027 (a)
3,690
3,633
 
7,696
Financial Services — 1.6%
Block, Inc. 6.50%, 5/15/2032
2,230
2,279
Mastercard, Inc. (SOFRINDX + 0.44%), 4.82%, 3/15/2028 (c)
13,800
13,803
National Rural Utilities Cooperative Finance Corp.
(SOFR + 0.40%), 4.76%, 12/3/2025 (c)
36,600
36,614
(SOFR + 0.58%), 4.93%, 11/22/2026 (c)
36,630
36,646
(SOFR + 0.80%), 5.12%, 2/5/2027 (c)
24,035
24,102
(SOFR + 0.82%), 5.17%, 9/16/2027 (c)
22,800
22,839
NCR Atleos Corp. 9.50%, 4/1/2029 (a)
1,315
1,436
PayPal Holdings, Inc. (SOFR + 0.67%), 5.05%, 3/6/2028 (c)
25,514
25,535
Shift4 Payments LLC 6.75%, 8/15/2032 (a)
760
775
 
164,029
Food Products — 0.0% ^
Post Holdings, Inc. 6.25%, 2/15/2032 (a)
1,600
1,627
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Gas Utilities — 0.0% ^
AmeriGas Partners LP 9.38%, 6/1/2028 (a)
565
571
Ground Transportation — 0.2%
AerCap Global Aviation Trust (Ireland) (3-MONTH CME TERM SOFR + 4.56%), 6.50%, 6/15/2045 (a) (c)
11,000
11,012
Avis Budget Car Rental LLC
5.75%, 7/15/2027 (a)
875
863
4.75%, 4/1/2028 (a)
1,420
1,360
8.00%, 2/15/2031 (a)
1,915
1,938
EquipmentShare.com, Inc. 9.00%, 5/15/2028 (a)
1,780
1,848
Hertz Corp. (The) 12.63%, 7/15/2029 (a)
2,525
2,571
Hertz Corp. (The), Escrow 5.50%, 10/15/2024 ‡ (k)
1,753
114
XPO, Inc. 7.13%, 2/1/2032 (a)
955
991
 
20,697
Health Care Equipment & Supplies — 0.1%
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)
1,885
1,837
Medline Borrower LP
3.88%, 4/1/2029 (a)
2,515
2,370
6.25%, 4/1/2029 (a)
1,085
1,104
5.25%, 10/1/2029 (a)
1,030
1,007
 
6,318
Health Care Providers & Services — 0.7%
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a)
900
887
Community Health Systems, Inc.
6.00%, 1/15/2029 (a)
1,570
1,508
5.25%, 5/15/2030 (a)
3,010
2,711
10.88%, 1/15/2032 (a)
1,800
1,919
DaVita, Inc.
4.63%, 6/1/2030 (a)
1,590
1,486
3.75%, 2/15/2031 (a)
1,510
1,337
Encompass Health Corp. 4.63%, 4/1/2031
1,730
1,650
Global Medical Response, Inc. 9.50% (Blend (Cash 8.75% + PIK 0.75%)), 10/31/2028 (a) (b)
2,098
2,096
HCA, Inc. (SOFR + 0.87%), 5.22%, 3/1/2028 (c)
15,822
15,905
Owens & Minor, Inc. 10.00%, 4/15/2030 (a)
900
940
Radiology Partners, Inc. 7.78% (Blend (Cash 4.28% + PIK 3.50%)), 1/31/2029 (a) (b)
1,215
1,201
Tenet Healthcare Corp. 5.13%, 11/1/2027
6,530
6,489
UnitedHealth Group, Inc. (SOFR + 0.50%), 4.83%, 7/15/2026 (c)
36,855
36,866
 
74,995
Health Care Technology — 0.0% ^
IQVIA, Inc.
5.00%, 10/15/2026 (a)
275
274
5.00%, 5/15/2027 (a)
3,935
3,910
 
4,184
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP
4.75%, 10/15/2027
2,825
2,791
4.50%, 2/15/2029 (a)
2,065
1,994
 
4,785
Hotels, Restaurants & Leisure — 0.3%
Acushnet Co. 7.38%, 10/15/2028 (a)
1,025
1,062
Boyne USA, Inc. 4.75%, 5/15/2029 (a)
1,035
995
Caesars Entertainment, Inc.
4.63%, 10/15/2029 (a)
1,035
967
7.00%, 2/15/2030 (a)
1,125
1,154
6.50%, 2/15/2032 (a)
840
847
Carnival Corp. 6.13%, 2/15/2033 (a)
3,425
3,434
Hilton Domestic Operating Co., Inc.
5.75%, 5/1/2028 (a)
1,460
1,462
5.88%, 3/15/2033 (a)
1,840
1,852
MGM Resorts International
6.13%, 9/15/2029
690
693
6.50%, 4/15/2032
1,915
1,911
Royal Caribbean Cruises Ltd. 6.00%, 2/1/2033 (a)
2,825
2,835
Six Flags Entertainment Corp.
7.00%, 7/1/2025 (a)
144
144
5.25%, 7/15/2029
1,090
1,058
6.63%, 5/1/2032 (a)
2,125
2,166
Station Casinos LLC 4.50%, 2/15/2028 (a)
2,030
1,969
Vail Resorts, Inc. 6.50%, 5/15/2032 (a)
1,375
1,409
Wynn Resorts Finance LLC
5.13%, 10/1/2029 (a)
1,025
1,000
7.13%, 2/15/2031 (a)
1,580
1,657
 
26,615
Household Durables — 0.1%
CD&R Smokey Buyer, Inc. 9.50%, 10/15/2029 (a)
450
374
Newell Brands, Inc.
5.70%, 4/1/2026 (h)
170
171
6.38%, 9/15/2027
2,035
2,039
6.38%, 5/15/2030
615
578
Somnigroup International, Inc.
4.00%, 4/15/2029 (a)
1,370
1,290
3.88%, 10/15/2031 (a)
1,005
894
 
5,346
Household Products — 0.1%
Central Garden & Pet Co. 4.13%, 10/15/2030
1,770
1,637
Energizer Holdings, Inc.
4.75%, 6/15/2028 (a)
1,915
1,846
4.38%, 3/31/2029 (a)
1,275
1,198
 
4,681
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Industrial Conglomerates — 0.2%
Siemens Funding BV (Netherlands) (SOFR + 0.64%), 4.90%, 5/26/2028 (a) (c)
22,900
22,916
Insurance — 0.3%
Markel Group, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.66%), 6.00%, 6/1/2025 (c) (e) (f)
15,594
15,594
Marsh & McLennan Cos., Inc. (SOFRINDX + 0.70%), 5.04%, 11/8/2027 (c)
4,496
4,500
Metropolitan Life Global Funding I (SOFRINDX + 0.57%), 4.93%, 4/9/2026 (a) (c)
13,900
13,934
 
34,028
Interactive Media & Services — 0.0% ^
Snap, Inc. 6.88%, 3/1/2033 (a)
550
557
IT Services — 0.0% ^
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a)
900
887
Arches Buyer, Inc. 4.25%, 6/1/2028 (a)
585
551
 
1,438
Leisure Products — 0.0% ^
Amer Sports Co. (Finland) 6.75%, 2/16/2031 (a)
1,025
1,058
Machinery — 0.3%
Chart Industries, Inc.
7.50%, 1/1/2030 (a)
1,015
1,060
9.50%, 1/1/2031 (a)
320
341
Daimler Truck Finance North America LLC (Germany)
(SOFR + 0.96%), 5.25%, 9/25/2027 (a) (c)
9,100
9,104
(SOFR + 0.84%), 5.17%, 1/13/2028 (a) (c)
13,750
13,689
Terex Corp.
5.00%, 5/15/2029 (a)
895
862
6.25%, 10/15/2032 (a)
1,180
1,160
 
26,216
Media — 0.4%
Clear Channel Outdoor Holdings, Inc.
5.13%, 8/15/2027 (a)
3,875
3,791
9.00%, 9/15/2028 (a)
2,045
2,142
7.50%, 6/1/2029 (a)
1,050
928
CSC Holdings LLC
6.50%, 2/1/2029 (a)
1,075
858
5.75%, 1/15/2030 (a)
1,595
805
DISH DBS Corp.
5.25%, 12/1/2026 (a)
2,350
2,169
5.75%, 12/1/2028 (a)
1,785
1,511
DISH Network Corp. 11.75%, 11/15/2027 (a)
2,160
2,229
EchoStar Corp.
10.75%, 11/30/2029
895
899
6.75% (PIK), 11/30/2030 (b)
2,235
1,921
Gray Media, Inc.
10.50%, 7/15/2029 (a)
2,185
2,324
4.75%, 10/15/2030 (a)
1,465
1,060
iHeartCommunications, Inc.
9.13%, 5/1/2029 (a)
2,601
2,152
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Media — continued
10.88%, 5/1/2030 (a)
900
440
McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (a)
405
400
Midcontinent Communications 8.00%, 8/15/2032 (a)
900
931
Nexstar Media, Inc.
5.63%, 7/15/2027 (a)
1,705
1,698
4.75%, 11/1/2028 (a)
2,100
2,020
Outfront Media Capital LLC
4.63%, 3/15/2030 (a)
735
690
7.38%, 2/15/2031 (a)
935
987
Sinclair Television Group, Inc. 8.13%, 2/15/2033 (a)
725
725
Sirius XM Radio LLC
4.00%, 7/15/2028 (a)
3,240
3,075
5.50%, 7/1/2029 (a)
2,980
2,931
Stagwell Global LLC 5.63%, 8/15/2029 (a)
1,135
1,067
Univision Communications, Inc. 8.00%, 8/15/2028 (a)
950
951
 
38,704
Metals & Mining — 0.3%
Alumina Pty. Ltd. 6.13%, 3/15/2030 (a)
650
651
Cleveland-Cliffs, Inc.
6.88%, 11/1/2029 (a)
1,285
1,195
6.75%, 4/15/2030 (a)
1,050
942
Glencore Funding LLC (Australia)
(SOFRINDX + 0.75%), 5.09%, 10/1/2026 (a) (c)
13,850
13,859
(SOFRINDX + 1.06%), 5.42%, 4/4/2027 (a) (c)
13,390
13,433
Novelis Corp. 4.75%, 1/30/2030 (a)
1,055
1,003
 
31,083
Multi-Utilities — 0.2%
Consolidated Edison Co. of New York, Inc. (SOFRINDX + 0.52%), 4.84%, 11/18/2027 (c)
24,585
24,527
Oil, Gas & Consumable Fuels — 0.9%
Aethon United BR LP 7.50%, 10/1/2029 (a)
600
615
Antero Midstream Partners LP
5.75%, 3/1/2027 (a)
1,400
1,399
5.75%, 1/15/2028 (a)
1,020
1,016
Antero Resources Corp. 7.63%, 2/1/2029 (a)
1,025
1,049
Ascent Resources Utica Holdings LLC 5.88%, 6/30/2029 (a)
1,000
996
Baytex Energy Corp. (Canada)
8.50%, 4/30/2030 (a)
1,030
998
7.38%, 3/15/2032 (a)
655
595
Blue Racer Midstream LLC 7.00%, 7/15/2029 (a)
960
992
Buckeye Partners LP
4.50%, 3/1/2028 (a)
1,115
1,089
6.75%, 2/1/2030 (a)
670
692
Chevron USA, Inc.
(SOFRINDX + 0.36%), 4.62%, 2/26/2027 (c)
27,600
27,604
(SOFRINDX + 0.47%), 4.73%, 2/26/2028 (c)
18,400
18,415
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Civitas Resources, Inc.
8.38%, 7/1/2028 (a)
1,455
1,466
8.63%, 11/1/2030 (a)
995
981
Comstock Resources, Inc. 6.75%, 3/1/2029 (a)
2,325
2,292
Crescent Energy Finance LLC
9.25%, 2/15/2028 (a)
1,020
1,053
7.63%, 4/1/2032 (a)
1,540
1,452
DT Midstream, Inc. 4.13%, 6/15/2029 (a)
1,260
1,200
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a)
1,865
1,913
Expand Energy Corp.
5.50%, 9/15/2026 ‡ (k)
5,690
19
6.75%, 4/15/2029 (a)
2,125
2,150
Genesis Energy LP 7.75%, 2/1/2028
970
978
Harvest Midstream I LP 7.50%, 5/15/2032 (a)
755
776
Hess Midstream Operations LP 6.50%, 6/1/2029 (a)
1,160
1,184
Hilcorp Energy I LP
6.00%, 4/15/2030 (a)
595
564
6.25%, 4/15/2032 (a)
1,040
948
Howard Midstream Energy Partners LLC
8.88%, 7/15/2028 (a)
640
669
7.38%, 7/15/2032 (a)
540
559
Kinetik Holdings LP 5.88%, 6/15/2030 (a)
900
895
Matador Resources Co.
6.50%, 4/15/2032 (a)
805
788
6.25%, 4/15/2033 (a)
445
429
NGL Energy Operating LLC 8.13%, 2/15/2029 (a)
1,010
987
NuStar Logistics LP
6.00%, 6/1/2026
845
849
5.63%, 4/28/2027
1,200
1,203
Permian Resources Operating LLC
8.00%, 4/15/2027 (a)
1,565
1,593
9.88%, 7/15/2031 (a)
779
851
Range Resources Corp. 8.25%, 1/15/2029
1,760
1,808
Rockies Express Pipeline LLC 6.75%, 3/15/2033 (a)
445
458
SM Energy Co.
6.63%, 1/15/2027
540
541
6.75%, 8/1/2029 (a)
2,065
2,024
Sunoco LP
7.00%, 5/1/2029 (a)
1,080
1,115
4.50%, 5/15/2029
995
953
Tallgrass Energy Partners LP
6.00%, 3/1/2027 (a)
1,705
1,703
6.00%, 12/31/2030 (a)
865
829
Venture Global LNG, Inc.
8.13%, 6/1/2028 (a)
1,900
1,944
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
9.50%, 2/1/2029 (a)
510
545
Vital Energy, Inc. 7.88%, 4/15/2032 (a)
710
576
 
93,755
Passenger Airlines — 0.0% ^
American Airlines, Inc. 5.75%, 4/20/2029 (a)
3,460
3,398
JetBlue Airways Corp. 9.88%, 9/20/2031 (a)
900
890
 
4,288
Personal Care Products — 0.0% ^
Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)
1,640
1,612
ESC SANCHEZ 8.88%, 3/15/2025 ‡ (k)
3,888
—
 
1,612
Pharmaceuticals — 0.8%
1261229 BC Ltd. 10.00%, 4/15/2032 (a)
2,860
2,831
Bausch Health Americas, Inc. 9.25%, 4/1/2026 (a)
2,935
2,892
Bristol-Myers Squibb Co. (SOFR + 0.49%), 4.81%, 2/20/2026 (c)
11,968
11,988
GlaxoSmithKline Capital plc (United Kingdom) (SOFR + 0.50%), 4.87%, 3/12/2027 (c)
36,800
36,889
Organon & Co.
4.13%, 4/30/2028 (a)
920
864
5.13%, 4/30/2031 (a)
1,795
1,508
Roche Holdings, Inc. (SOFR + 0.74%), 5.06%, 11/13/2026 (a) (c)
24,806
24,940
 
81,912
Real Estate Management & Development — 0.0% ^
Anywhere Real Estate Group LLC 5.25%, 4/15/2030 (a)
1,320
1,025
Semiconductors & Semiconductor Equipment — 0.1%
ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a)
1,350
1,408
Entegris, Inc.
4.38%, 4/15/2028 (a)
2,310
2,230
4.75%, 4/15/2029 (a)
830
806
5.95%, 6/15/2030 (a)
895
896
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)
1,030
984
Synaptics, Inc. 4.00%, 6/15/2029 (a)
675
627
 
6,951
Software — 0.4%
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a)
910
877
NCR Voyix Corp.
5.00%, 10/1/2028 (a)
490
483
5.13%, 4/15/2029 (a)
755
736
Oracle Corp. (SOFR + 0.76%), 5.08%, 8/3/2028 (c)
36,340
36,395
SS&C Technologies, Inc. 6.50%, 6/1/2032 (a)
1,795
1,843
 
40,334
Specialized REITs — 0.6%
Iron Mountain, Inc.
5.00%, 7/15/2028 (a)
1,365
1,344
5.25%, 7/15/2030 (a)
1,060
1,034
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Specialized REITs — continued
Public Storage Operating Co.
(SOFRINDX + 0.60%), 4.95%, 7/25/2025 (c)
17,603
17,611
(SOFRINDX + 0.70%), 5.05%, 4/16/2027 (c)
41,424
41,419
 
61,408
Specialty Retail — 0.3%
Asbury Automotive Group, Inc.
4.50%, 3/1/2028
575
560
4.75%, 3/1/2030
855
812
Escrow Rite Aid 0.00%, 12/31/2049 ‡
129
—
(j)
Home Depot, Inc. (The) (SOFR + 0.33%), 4.62%, 12/24/2025 (c)
24,167
24,191
PetSmart, Inc. 4.75%, 2/15/2028 (a)
2,510
2,423
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a)
1,515
1,447
Staples, Inc. 10.75%, 9/1/2029 (a)
2,630
2,381
 
31,814
Technology Hardware, Storage & Peripherals — 0.0% ^
Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a)
900
946
Seagate HDD Cayman 8.25%, 12/15/2029
720
767
Xerox Corp. 10.25%, 10/15/2030 (a)
570
586
 
2,299
Tobacco — 0.1%
Philip Morris International, Inc. (SOFR + 0.83%), 5.18%, 4/28/2028 (c)
10,000
10,047
Trading Companies & Distributors — 0.1%
Herc Holdings, Inc. 6.63%, 6/15/2029 (a)
635
643
Imola Merger Corp. 4.75%, 5/15/2029 (a)
1,025
982
United Rentals North America, Inc.
5.50%, 5/15/2027
425
425
3.75%, 1/15/2032
2,955
2,653
WESCO Distribution, Inc. 7.25%, 6/15/2028 (a)
3,635
3,678
 
8,381
Wireless Telecommunication Services — 0.0% ^
Altice France Holding SA (Luxembourg) 10.50%, 5/15/2027 (a)
1,070
383
Connect Finco SARL (United Kingdom) 9.00%, 9/15/2029 (a)
1,000
953
 
1,336
Total Corporate Bonds
(Cost $4,396,798)
4,409,843
U.S. Treasury Obligations — 5.1%
U.S. Treasury Notes
3.75%, 4/30/2027 (Cost $526,661)
528,000
526,371
Collateralized Mortgage Obligations — 4.6%
Adjustable Rate Mortgage Trust
Series 2005-5, Class 5A1, 5.82%, 9/25/2035 (i)
—
—
Series 2005-10, Class 1A21, 6.08%, 1/25/2036 (i)
349
328
Alternative Loan Trust
Series 2004-5CB, Class 2A1, 5.00%, 5/25/2019
36
36
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020
14
14
Series 2005-J11, Class 5A1, 5.50%, 11/25/2020
169
136
Series 2006-J3, Class 2A1, 4.75%, 12/25/2020
153
137
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025
14
14
Series 2006-24CB, Class A23, 6.00%, 8/25/2036
—
—
Series 2006-28CB, Class A17, 6.00%, 10/25/2036
—
—
Series 2006-41CB, Class 2A17, 6.00%, 1/25/2037
288
141
Series 2007-5CB, Class 1A31, 5.50%, 4/25/2037
—
—
American Home Mortgage Assets Trust Series 2006-2, Class 2A1, 4.82%, 9/25/2046 (i)
—
—
Angel Oak Mortgage Trust
Series 2020-1, Class A1, 2.47%, 12/25/2059 (a) (i)
1,100
1,067
Series 2020-1, Class B1, 3.76%, 12/25/2059 (a) (i)
2,907
2,599
Series 2020-3, Class A1, 1.69%, 4/25/2065 (a) (i)
6,919
6,499
Series 2022-2, Class A1, 3.35%, 1/25/2067 (a) (i)
6,972
6,562
Series 2022-3, Class A1, 4.00%, 1/25/2067 (a)
9,200
8,760
Series 2024-1, Class A1, 5.21%, 8/25/2068 (a) (h)
6,228
6,172
Series 2024-9, Class A1, 5.14%, 9/25/2069 (a) (h)
8,857
8,789
AOMT Series 2024-6, Class A1, 4.65%, 11/25/2067 (a) (h)
4,640
4,576
Banc of America Alternative Loan Trust Series 2006-4, Class 2A1, 6.00%, 3/25/2029
212
194
Banc of America Funding Trust
Series 2006-1, Class 2A1, 5.50%, 1/25/2036
157
136
Series 2006-D, Class 5A2, 5.34%, 5/20/2036 (i)
279
239
Banc of America Mortgage Trust Series 2007-3, Class 1A1, 6.00%, 9/25/2037
—
—
Barclays Mortgage Loan Trust Series 2021-NQM1, Class A1, 1.75%, 9/25/2051 (a) (i)
3,987
3,562
Bear Stearns ARM Trust Series 2005-12, Class 22A1, 6.29%, 2/25/2036 (i)
—
—
Bravo Residential Funding Trust Series 2025-NQM3, Class A1, 5.57%, 3/25/2065 (a) (h)
9,721
9,743
BRAVO Residential Funding Trust
Series 2023-NQM1, Class A1, 5.76%, 1/25/2063 (a) (h)
6,555
6,547
Series 2023-NQM1, Class A2, 6.35%, 1/25/2063 (a) (h)
1,727
1,735
Series 2023-NQM5, Class A1, 6.50%, 6/25/2063 (a) (h)
12,142
12,209
Chase Mortgage Finance Trust Series 2005-S1, Class 1A15, 6.00%, 5/25/2035
—
—
CHL Mortgage Pass-Through Trust
Series 2005-21, Class A2, 5.50%, 10/25/2035
243
132
Series 2006-15, Class A1, 6.25%, 10/25/2036
—
—
Series 2006-20, Class 1A36, 5.75%, 2/25/2037
360
155
Series 2007-5, Class A6, 4.79%, 5/25/2037 (i)
—
—
Citigroup Mortgage Loan Trust Series 2014-10, Class 4A1, 4.61%, 2/25/2037 (a) (i)
722
718
COLT Mortgage Loan Trust Series 2023-3, Class A1, 7.18%, 9/25/2068 (a) (h)
7,188
7,285
Connecticut Avenue Securities Trust
Series 2019-R07, Class 1B1, 7.84%, 10/25/2039 (a) (i)
11,680
11,975
Series 2020-R02, Class 2B1, 7.44%, 1/25/2040 (a) (i)
12,052
12,320
Series 2020-R01, Class 1B1, 7.69%, 1/25/2040 (a) (i)
13,867
14,236
Series 2021-R01, Class 1M2, 5.87%, 10/25/2041 (a) (i)
9,516
9,543
Series 2022-R01, Class 1M1, 5.32%, 12/25/2041 (a) (i)
2,075
2,071
Series 2021-R03, Class 1M2, 5.97%, 12/25/2041 (a) (i)
11,309
11,368
Series 2022-R01, Class 1M2, 6.22%, 12/25/2041 (a) (i)
15,000
15,134
Series 2022-R02, Class 2M1, 5.52%, 1/25/2042 (a) (i)
2,247
2,246
Series 2022-R02, Class 2M2, 7.32%, 1/25/2042 (a) (i)
10,400
10,644
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2022-R04, Class 1M2, 7.42%, 3/25/2042 (a) (i)
12,435
12,826
Series 2022-R05, Class 2M1, 6.22%, 4/25/2042 (a) (i)
1,792
1,800
Series 2022-R08, Class 1M1, 6.87%, 7/25/2042 (a) (i)
7,898
8,074
Series 2023-R01, Class 1M1, 6.72%, 12/25/2042 (a) (i)
7,717
7,888
Series 2023-R02, Class 1M1, 6.62%, 1/25/2043 (a) (i)
9,181
9,390
Series 2023-R04, Class 1M1, 6.62%, 5/25/2043 (a) (i)
8,257
8,424
Series 2023-R08, Class 1M1, 5.82%, 10/25/2043 (a) (i)
4,332
4,348
Series 2024-R01, Class 1M1, 5.37%, 1/25/2044 (a) (i)
638
638
Series 2024-R02, Class 1M1, 5.42%, 2/25/2044 (a) (i)
7,665
7,660
Series 2024-R04, Class 1M1, 5.42%, 5/25/2044 (a) (i)
7,179
7,179
Series 2024-R06, Class 1M1, 5.37%, 9/25/2044 (a) (i)
3,132
3,134
Credit Suisse First Boston Mortgage Securities Corp. (Switzerland)
Series 2005-7, Class 3A1, 5.00%, 8/25/2020
7
6
Series 2004-5, Class 4A1, 6.00%, 9/25/2034
—
—
Deephaven Residential Mortgage Trust Series 2021-3, Class A1, 1.19%, 8/25/2066 (a) (i)
11,958
10,447
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-AR2, Class A1, 4.74%, 3/25/2037 (i)
—
—
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-1, Class 2A1, 3.40%, 2/25/2020 (i)
54
52
Series 2005-1, Class 1A1, 4.94%, 2/25/2035 (i)
—
—
EFMT Series 2025-NQM1, Class A1, 5.67%, 1/25/2070 (a) (i)
8,617
8,621
FHLMC STACR REMIC Trust
Series 2021-DNA5, Class M2, 5.97%, 1/25/2034 (a) (i)
1,537
1,543
Series 2021-DNA6, Class M2, 5.82%, 10/25/2041 (a) (i)
14,706
14,767
Series 2021-HQA4, Class M1, 5.27%, 12/25/2041 (a) (i)
16,273
16,253
Series 2022-DNA2, Class M1A, 5.62%, 2/25/2042 (a) (i)
4,826
4,827
Series 2022-HQA1, Class M1A, 6.42%, 3/25/2042 (a) (i)
6,949
6,993
Series 2022-DNA3, Class M1B, 7.22%, 4/25/2042 (a) (i)
9,775
10,070
Series 2022-HQA3, Class M1A, 6.62%, 8/25/2042 (a) (i)
10,093
10,279
Series 2023-DNA1, Class M1A, 6.42%, 3/25/2043 (a) (i)
1,840
1,866
Series 2023-HQA1, Class M1A, 6.32%, 5/25/2043 (a) (i)
2,746
2,774
Series 2024-DNA1, Class M1, 5.67%, 2/25/2044 (a) (i)
2,992
2,996
Series 2024-HQA1, Class M1, 5.57%, 3/25/2044 (a) (i)
12,513
12,532
Series 2024-DNA2, Class M1, 5.52%, 5/25/2044 (a) (i)
16,969
16,987
Series 2025-DNA1, Class M1, 5.37%, 1/25/2045 (a) (i)
8,080
8,060
FNMA, Connecticut Avenue Securities Series 2021-R02, Class 2M2, 6.32%, 11/25/2041 (a) (i)
11,790
11,856
FNMA, REMIC Series 2021-47, Class QI, IO, 2.50%, 10/25/2049
36,012
4,499
GCAT Trust
Series 2019-NQM3, Class A1, 3.69%, 11/25/2059 (a) (i)
2,463
2,388
Series 2020-NQM1, Class A1, 3.25%, 1/25/2060 (a) (h)
2,391
2,338
Series 2022-NQM4, Class A1, 5.27%, 8/25/2067 (a) (h)
2,677
2,663
GSR Mortgage Loan Trust Series 2006-3F, Class 2A7, 5.75%, 3/25/2036
—
—
HarborView Mortgage Loan Trust Series 2007-1, Class 2A1A, 4.70%, 3/19/2037 (i)
—
—
Impac CMB Trust Series 2004-6, Class 1A2, 5.22%, 10/25/2034 (i)
—
—
JPMorgan Seasoned Mortgage Trust Series 2014-1, Class A2, 4.94%, 5/25/2033 (a) (i)
2,104
2,076
Lehman Mortgage Trust Series 2006-4, Class 3A1, 5.00%, 8/25/2021
23
20
MASTR Alternative Loan Trust Series 2005-5, Class 3A1, 5.75%, 8/25/2035
—
—
MFA Trust Series 2023-INV2, Class A1, 6.77%, 10/25/2058 (a) (h)
4,250
4,293
Mill City Mortgage Loan Trust Series 2023-NQM1, Class A1, 6.05%, 10/25/2067 (a) (h)
7,202
7,200
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
NACC Reperforming Loan REMIC Trust Series 2004-R1, Class A1, 6.50%, 3/25/2034 (a)
694
626
Nomura Resecuritization Trust Series 2015-2R, Class 4A1, 4.58%, 12/26/2036 (a) (i)
308
304
NYMT Loan Trust Series 2024-INV1, Class A1, 5.38%, 6/25/2069 (a) (i)
4,988
4,976
OBX Trust
Series 2023-NQM3, Class A1, 5.95%, 2/25/2063 (a) (h)
8,089
8,091
Series 2021-NQM1, Class A1, 1.07%, 2/25/2066 (a) (i)
6,820
5,793
PRPM Trust Series 2024-NQM1, Class A1, 6.27%, 12/25/2068 (a) (h)
2,420
2,436
RALI Trust
Series 2003-QS20, Class CB, 5.00%, 11/25/2018 ‡
7
4
Series 2006-QS18, Class 3A3, 5.75%, 12/25/2036
8
4
Residential Asset Securitization Trust Series 2006-R1, Class A2, 4.84%, 1/25/2046 (i)
—
—
RFMSI Trust
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036
—
—
Series 2006-SA4, Class 2A1, 5.55%, 11/25/2036 (i)
380
311
SG Residential Mortgage Trust Series 2022-2, Class A2, 5.35%, 8/25/2062 (a) (i)
4,467
4,448
Starwood Mortgage Residential Trust
Series 2019-INV1, Class A3, 2.92%, 9/27/2049 (a) (i)
870
856
Series 2022-2, Class A1, 3.16%, 2/25/2067 (a) (i)
3,598
3,411
Series 2022-4, Class A1, 5.19%, 5/25/2067 (a) (h)
10,164
10,164
Towd Point Mortgage Trust Series 2019-HY2, Class A1, 5.44%, 5/25/2058 (a) (i)
3,653
3,742
Verus Securitization Trust
Series 2021-6, Class A1, 1.63%, 10/25/2066 (a) (i)
8,234
7,136
Series 2022-4, Class A1, 4.47%, 4/25/2067 (a) (h)
2,756
2,740
Series 2023-INV1, Class A1, 6.00%, 2/25/2068 (a) (h)
3,579
3,576
Series 2024-7, Class A1, 5.10%, 9/25/2069 (a) (i)
3,677
3,655
Visio Trust Series 2022-1, Class A1, 5.76%, 8/25/2057 (a) (h)
1,239
1,235
Vista Point Securitization Trust Series 2020-2, Class A1, 1.47%, 4/25/2065 (a) (i)
2,064
1,977
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-8, Class 1A8, 5.50%, 10/25/2035
51
47
Total Collateralized Mortgage Obligations
(Cost $478,379)
481,321
Mortgage-Backed Securities — 4.4%
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 6.00%, 6/25/2055 (l)
(Cost $460,775)
458,000
462,471
Convertible Bonds — 2.9%
Aerospace & Defense — 0.0% ^
MTU Aero Engines AG (Germany) Series MTX, 0.05%, 3/18/2027 (g)
2,800
3,478
Air Freight & Logistics — 0.0% ^
ZTO Express Cayman, Inc. (China) 1.50%, 9/1/2027
1,454
1,444
Automobile Components — 0.0% ^
Pirelli & C SpA (Italy) Zero Coupon, 12/22/2025 (g)
2,300
2,859
Automobiles — 0.1%
Ford Motor Co. Zero Coupon, 3/15/2026
9,331
9,168
Banks — 0.2%
Barclays Bank plc (United Kingdom) Series MSFT, 1.00%, 2/16/2029
11,518
12,210
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Convertible Bonds — continued
Banks — continued
BofA Finance LLC 0.60%, 5/25/2027
7,885
7,653
Morgan Stanley Finance LLC Series 0001, Zero Coupon, 3/21/2028
3,000
3,105
 
22,968
Beverages — 0.1%
Davide Campari-Milano NV (Italy) 2.38%, 1/17/2029 (g)
7,100
7,721
Biotechnology — 0.2%
BioMarin Pharmaceutical, Inc. 1.25%, 5/15/2027
6,774
6,357
Exact Sciences Corp. 0.38%, 3/1/2028
4,466
4,096
Halozyme Therapeutics, Inc. 0.25%, 3/1/2027
7,239
7,364
 
17,817
Broadline Retail — 0.1%
JD.com, Inc. (China) 0.25%, 6/1/2029 (a)
793
829
Match Group Financeco 3, Inc. 2.00%, 1/15/2030 (a)
9,042
7,917
 
8,746
Capital Markets — 0.1%
Orpar SA (France) 2.00%, 2/7/2031 (g)
4,700
5,014
Chemicals — 0.1%
Kansai Paint Co. Ltd. (Japan) Zero Coupon, 3/8/2029 (g)
820,000
5,784
Communications Equipment — 0.1%
Lumentum Holdings, Inc. 0.50%, 6/15/2028
7,105
6,803
Diversified Telecommunication Services — 0.0% ^
Cellnex Telecom SA (Spain) 0.50%, 7/5/2028 (g)
3,800
4,614
Electrical Equipment — 0.1%
Schneider Electric SE Series SUFP, 1.63%, 6/28/2031 (g)
8,200
9,936
Electronic Equipment, Instruments & Components — 0.1%
Ibiden Co. Ltd. (Japan) Zero Coupon, 3/14/2031 (g)
370,000
2,739
Taiyo Yuden Co. Ltd. (Japan) Zero Coupon, 10/18/2030 (g)
740,000
5,091
 
7,830
Entertainment — 0.1%
Live Nation Entertainment, Inc. 2.88%, 1/15/2030 (a)
7,792
8,193
Financial Services — 0.3%
Affirm Holdings, Inc. 0.75%, 12/15/2029 (a)
4,459
4,170
Block, Inc. Zero Coupon, 5/1/2026
5,295
5,033
Citigroup Global Markets Funding Luxembourg SCA Zero Coupon, 3/15/2028 (g)
5,700
6,867
Citigroup Global Markets Holdings, Inc.
1.00%, 4/9/2029 (g)
5,400
5,871
0.80%, 2/5/2030 (g)
8,000
9,253
Global Payments, Inc. 1.50%, 3/1/2031
1,645
1,440
Shift4 Payments, Inc. 0.50%, 8/1/2027
3,014
3,199
 
35,833
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Convertible Bonds — continued
Health Care Equipment & Supplies — 0.1%
Dexcom, Inc. 0.38%, 5/15/2028
8,714
8,077
Envista Holdings Corp. 1.75%, 8/15/2028
4,201
3,855
 
11,932
Health Care Providers & Services — 0.0% ^
Fresenius SE & Co. KGaA (Germany) 0.00%, 3/11/2028 (g)
2,600
3,173
Hotels, Restaurants & Leisure — 0.1%
Airbnb, Inc. Zero Coupon, 3/15/2026
7,571
7,261
DraftKings Holdings, Inc. Zero Coupon, 3/15/2028
5,066
4,478
 
11,739
Household Durables — 0.0% ^
Meritage Homes Corp. 1.75%, 5/15/2028
1,561
1,507
Industrial REITs — 0.0% ^
Rexford Industrial Realty LP 4.13%, 3/15/2029 (a)
4,984
4,867
Interactive Media & Services — 0.1%
Snap, Inc.
0.75%, 8/1/2026
3,508
3,359
0.50%, 5/1/2030
2,659
2,216
 
5,575
IT Services — 0.2%
Akamai Technologies, Inc. 1.13%, 2/15/2029
5,594
5,228
Cloudflare, Inc. Zero Coupon, 8/15/2026
6,165
6,852
Okta, Inc. 0.13%, 9/1/2025
3,470
3,418
Shopify, Inc. (Canada) 0.13%, 11/1/2025
3,227
3,248
 
18,746
Life Sciences Tools & Services — 0.0% ^
QIAGEN NV 2.50%, 9/10/2031 (g)
3,000
3,121
Machinery — 0.0% ^
Daifuku Co. Ltd. (Japan) Series 2028, Zero Coupon, 9/14/2028 (g)
280,000
2,449
Media — 0.0% ^
EchoStar Corp. 3.88% (PIK), 11/30/2030 (b)
487
467
Metals & Mining — 0.1%
JFE Holdings, Inc. (Japan) Zero Coupon, 9/28/2028 (g)
740,000
5,080
Multi-Utilities — 0.0% ^
CenterPoint Energy, Inc. 4.25%, 8/15/2026
1,273
1,398
Oil, Gas & Consumable Fuels — 0.1%
Eni SpA (Italy) 2.95%, 9/14/2030 (g)
6,500
7,528
Passenger Airlines — 0.0% ^
ANA Holdings, Inc. (Japan) Zero Coupon, 12/10/2031 (g)
400,000
3,076
Pharmaceuticals — 0.0% ^
Jazz Investments I Ltd. 2.00%, 6/15/2026
2,595
2,639
Professional Services — 0.0% ^
Parsons Corp. 2.63%, 3/1/2029
3,855
3,953
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Convertible Bonds — continued
Real Estate Management & Development — 0.0% ^
LEG Immobilien SE (Germany) 0.40%, 6/30/2028 (g)
700
725
Semiconductors & Semiconductor Equipment — 0.3%
Microchip Technology, Inc. 0.75%, 6/1/2030 (a)
8,573
8,179
MKS, Inc. 1.25%, 6/1/2030
1,647
1,506
ON Semiconductor Corp. 0.50%, 3/1/2029
9,143
7,945
Rohm Co. Ltd. (Japan) Zero Coupon, 4/24/2029 (g)
600,000
4,055
STMicroelectronics NV (Singapore) Series B, Zero Coupon, 8/4/2027 (g)
5,400
5,135
 
26,820
Software — 0.3%
Bentley Systems, Inc. 0.13%, 1/15/2026
6,487
6,383
BILL Holdings, Inc. Zero Coupon, 4/1/2030 (a)
4,141
3,443
Datadog, Inc. Zero Coupon, 12/1/2029 (a)
13,337
12,363
Dropbox, Inc. Zero Coupon, 3/1/2026
2,842
2,824
Unity Software, Inc. Zero Coupon, 11/15/2026
3,768
3,499
 
28,512
Technology Hardware, Storage & Peripherals — 0.0% ^
Seagate HDD Cayman 3.50%, 6/1/2028
1,097
1,661
Total Convertible Bonds
(Cost $295,251)
303,176
Loan Assignments — 0.7% (m)
Aerospace & Defense — 0.0% ^
Spirit AeroSystems, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.50%), 8.78%, 1/15/2027 (c)
234
234
TransDigm, Inc., 1st Lien Term Loan J (3-MONTH CME TERM SOFR + 2.50%), 6.80%, 2/28/2031 (c)
427
427
 
661
Automobile Components — 0.1%
Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 1/31/2031 (c)
3,070
3,053
DexKo Global, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 8.19%, 10/4/2028 (c) (n)
1,000
953
 
4,006
Beverages — 0.0% ^
Primo Brands Corp., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.55%, 3/31/2028 (c)
854
854
Broadline Retail — 0.0% ^
Shutterfly Finance LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 6.00%), 10.28%, 10/1/2027 (c)
99
98
Shutterfly Finance LLC, 2nd Lien Term Loan (1-MONTH CME TERM SOFR + 1.00%), 5.32%, 10/1/2027 (c)
232
204
 
302
Building Products — 0.0% ^
ACProducts Holdings, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.25%), 8.81%, 5/17/2028 (c)
225
165
Quikrete Holdings, Inc., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 3/19/2029 (c)
813
812
 
977
Chemicals — 0.0% ^
Ecovyst Catalyst Technologies LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.00%), 6.28%, 6/12/2031 (c)
1,478
1,467
Venator Materials LLC, 1st Lien Term Loan
(3-MONTH CME TERM SOFR + 10.00%), 14.26%, 1/16/2026 (c)
370
367
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Loan Assignments — continued
Chemicals — continued
(3-MONTH CME TERM SOFR + 2.00%), 14.32%, 10/12/2028 (c)
606
493
Venator Materials LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.00%), 6.30%, 7/16/2026 (c)
370
366
 
2,693
Commercial Services & Supplies — 0.1%
Allied Universal Holdco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 8.18%, 5/12/2028 (c)
734
734
APi Group DE, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 1.75%), 6.08%, 1/3/2029 (c)
477
477
Camelot US Acquisition LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 7.08%, 1/31/2031 (c)
265
261
Conservice Midco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 5/13/2030 (c)
417
417
Enviri Corp., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 2.25%), 6.69%, 6/9/2028 (c)
463
456
Garda World Security Corp., 1st Lien Term Loan (Canada) (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 2/1/2029 (c)
617
615
Guardian US Holdco LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.50%), 7.80%, 1/31/2030 (c)
344
337
Madison IAQ LLC, 1st Lien Term Loan (6-MONTH CME TERM SOFR + 2.50%), 6.76%, 6/21/2028 (c)
2,658
2,655
Prime Security Services Borrower LLC, 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 2.00%), 6.33%,
10/15/2030 (c)
487
486
 
6,438
Construction & Engineering — 0.0% ^
Osmose Utilities Services, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 7.69%, 6/23/2028 (c)
772
770
Pike Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.44%, 1/21/2028 (c)
810
813
 
1,583
Consumer Staples Distribution & Retail — 0.1%
Moran Foods LLC, 1st Lien PIK Term Loan (3-MONTH CME TERM SOFR + 2.00%), 2.00%, 6/30/2026 ‡ (c)
2,805
2,218
Moran Foods LLC, 1st Lien Super Senior Delayed Draw Term Loan (3-MONTH CME TERM SOFR + 11.50%), 15.91%,
6/30/2026 ‡ (c)
79
79
Moran Foods LLC, 1st Lien Term Loan (12-MONTH CME TERM SOFR + 8.50%), 12.70%, 1/2/2029 ‡ (c)
663
663
Moran Foods LLC, 1st Lien Term Loan A (12-MONTH CME TERM SOFR + 2.50%), 6.28%, 1/2/2029 ‡ (c)
759
759
Moran Foods LLC, 2nd Lien PIK Term Loan (3-MONTH CME TERM SOFR + 2.00%), 2.00%, 6/30/2026 ‡ (c)
3,895
1,878
Utz Quality Foods LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 1/29/2032 (c)
211
210
 
5,807
Containers & Packaging — 0.0% ^
Graham Packaging Co., Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 8/4/2027 (c)
984
984
Ring Container Technologies Group LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 7.08%, 8/14/2028 (c)
436
436
Trident TPI Holdings, Inc., 1st Lien Term Loan B-7 (3-MONTH CME TERM SOFR + 3.75%), 8.05%, 9/15/2028 (c)
586
566
 
1,986
Diversified Consumer Services — 0.0% ^
St. George's University Scholastic Services LLC, 1st Lien Term Loan (Canada) (3-MONTH CME TERM SOFR + 2.75%), 7.06%,
2/12/2029 (c)
742
730
Diversified Telecommunication Services — 0.0% ^
Altice Financing SA, 1st Lien Term Loan (Luxembourg) (3-MONTH CME TERM SOFR + 5.00%), 9.26%, 10/29/2027 (c)
675
560
Altice France SA, 1st Lien Term Loan B-14 (France) (3-MONTH CME TERM SOFR + 5.50%), 9.76%, 8/15/2028 (c)
282
259
Lumen Technologies, Inc., 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 2.35%), 6.79%, 4/16/2029 (c)
316
312
Lumen Technologies, Inc., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.35%), 6.79%, 4/15/2030 (c)
323
319
 
1,450
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Loan Assignments — continued
Electric Utilities — 0.0% ^
Astoria Energy LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 7.67%, 12/10/2027 (c)
191
191
Constellation Renewables LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.56%, 12/15/2027 (c)
832
831
 
1,022
Electrical Equipment — 0.0% ^
Vertiv Group Corp., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 1.75%), 6.07%, 3/2/2027 (c)
1,151
1,150
Electronic Equipment, Instruments & Components — 0.0% ^
Ingram Micro, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.75%), 7.05%, 9/19/2031 (c)
280
281
Entertainment — 0.0% ^
Crown Finance US, Inc., 1st Lien Term Loan (United Kingdom) (1-MONTH CME TERM SOFR + 5.25%), 9.58%,
12/2/2031 (c)
1,000
1,000
WMG Acquisition Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 1.75%), 6.08%, 1/24/2031 (c)
1,178
1,176
 
2,176
Food Products — 0.0% ^
B&G Foods, Inc., 1st Lien Term Loan B-5 (1-MONTH CME TERM SOFR + 3.50%), 7.83%, 10/10/2029 (c)
440
402
Ground Transportation — 0.0% ^
First Student Bidco, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 6.80%, 7/21/2028 (c)
638
638
First Student Bidco, Inc., 1st Lien Term Loan C (3-MONTH CME TERM SOFR + 2.50%), 6.80%, 7/21/2028 (c)
195
195
Hertz Corp. (The), 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 7.94%, 6/30/2028 (c)
1,500
1,239
Hertz Corp. (The), 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.50%), 7.94%, 6/30/2028 (c)
294
242
 
2,314
Health Care Equipment & Supplies — 0.0% ^
Avantor Funding, Inc., 1st Lien Term Loan B-6 (1-MONTH CME TERM SOFR + 2.00%), 6.43%, 11/8/2027 (c)
50
51
Bausch + Lomb Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 7.68%, 5/10/2027 (c)
750
747
Medline Borrower LP, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 10/23/2028 (c)
379
378
 
1,176
Health Care Providers & Services — 0.1%
ICON Luxembourg SARL, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.00%), 6.30%, 7/3/2028 (c)
156
157
MED ParentCo LP, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.50%), 7.83%, 4/15/2031 (c)
750
752
Phoenix Newco, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 11/15/2028 (c)
976
975
PRA Health Sciences, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.00%), 6.30%, 7/3/2028 (c)
39
39
US Renal Care, Inc., 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 5.00%), 9.44%, 6/28/2028 (c)
2,166
2,039
 
3,962
Hotels, Restaurants & Leisure — 0.0% ^
Whatabrands LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 8/3/2028 (c)
919
916
Household Durables — 0.0% ^
KDC/ONE Development Corp., Inc., 1st Lien Term Loan (Canada) (1-MONTH CME TERM SOFR + 4.00%), 8.33%,
8/15/2028 (c)
330
330
Insurance — 0.1%
Asurion LLC, 1st Lien Term Loan B-11 (1-MONTH CME TERM SOFR + 4.25%), 8.68%, 8/21/2028 (c)
614
612
Asurion LLC, 1st Lien Term Loan B-9 (1-MONTH CME TERM SOFR + 3.25%), 7.69%, 7/30/2027 (c)
341
339
Asurion LLC, 2nd Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 5.25%), 9.69%, 1/31/2028 (c)
535
516
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Loan Assignments — continued
Insurance — continued
HUB International Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.50%), 6.77%, 6/20/2030 (c)
1,635
1,634
USI, Inc., 1st Lien Term Loan D (3-MONTH CME TERM SOFR + 2.25%), 6.55%, 11/21/2029 (c)
413
411
 
3,512
IT Services — 0.0% ^
Arches Buyer, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 7.68%, 12/6/2027 (c)
195
191
Nielsen Consumer LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.50%), 7.83%, 3/6/2028 (c)
406
405
Virtusa Corp., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 3.25%), 7.58%, 2/15/2029 (c)
432
432
 
1,028
Leisure Products — 0.0% ^
FGI Operating Co. LLC, 1st Lien Term Loan, 0.00%, 1/31/2025 ‡ (i) (k)
2,243
22
Machinery — 0.0% ^
Star US Bidco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 8.08%, 3/17/2027 (c)
897
896
TK Elevator Midco GmbH, 1st Lien Term Loan B-1 (Germany) (3-MONTH CME TERM SOFR + 3.00%), 7.24%, 4/30/2030 (c)
358
358
 
1,254
Media — 0.0% ^
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.00%), 8.44%, 8/23/2028 (c)
570
558
CSC Holdings LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.50%), 8.83%, 1/18/2028 (c) (n)
1,000
986
DIRECTV Financing LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 5.00%), 9.54%, 8/2/2027 (c)
31
31
EW Scripps Co. (The), 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 3.35%), 7.80%, 11/30/2029 (c)
175
157
iHeartCommunications, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.78%), 10.21%, 5/1/2029 (c)
1,691
1,383
 
3,115
Oil, Gas & Consumable Fuels — 0.0% ^
Buckeye Partners LP, 1st Lien Term Loan B-5 (1-MONTH CME TERM SOFR + 1.75%), 6.08%, 11/2/2026 (c)
184
184
Buckeye Partners LP, 1st Lien Term Loan B-6 (1-MONTH CME TERM SOFR + 1.75%), 6.08%, 11/22/2030 (c)
254
254
WhiteWater Whistler Holdings LLC, 1st Lien Term Loan B-3 (3-MONTH CME TERM SOFR + 1.75%), 6.05%, 2/15/2030 (c)
564
562
 
1,000
Personal Care Products — 0.0% ^
Conair Holdings LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 8.19%, 5/17/2028 (c)
590
415
Pharmaceuticals — 0.0% ^
Jazz Financing Lux SARL, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 5/5/2028 (c)
370
370
Professional Services — 0.0% ^
Ensemble RCM LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 7.28%, 8/1/2029 (c)
1,026
1,027
WEC US Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 6.57%, 1/27/2031 (c)
1,520
1,517
 
2,544
Semiconductors & Semiconductor Equipment — 0.0% ^
Altar Bidco, Inc., 2nd Lien Term Loan (12-MONTH CME TERM SOFR + 5.60%), 9.75%, 2/1/2030 (c)
251
235
Software — 0.1%
AthenaHealth Group, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 2/15/2029 (c)
260
259
DCert Buyer, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.00%), 8.33%, 10/16/2026 (c)
269
265
DCert Buyer, Inc., 2nd Lien Term Loan (1-MONTH CME TERM SOFR + 7.00%), 11.33%, 2/16/2029 (c)
220
190
Project Boost Purchaser LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 7.30%, 7/16/2031 (c)
749
747
Proofpoint, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 8/31/2028 (c)
552
551
RealPage, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 7.56%, 4/24/2028 (c)
280
277
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Loan Assignments — continued
Software — continued
Skopima Consilio Parent LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 8.08%, 5/12/2028 (c)
938
934
Thoughtworks, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 6.94%, 3/24/2028 (c)
182
180
UKG, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 2/10/2031 (c)
1,167
1,169
 
4,572
Specialty Retail — 0.1%
Claire's Stores, Inc., 1st Lien Term Loan B (6-MONTH CME TERM SOFR + 6.50%), 10.73%, 12/18/2026 (c)
7,427
4,728
Leslie's Poolmart, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 7.19%, 3/9/2028 (c)
612
455
Park River Holdings, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.80%, 12/28/2027 (c)
817
784
Petco Health & Wellness Co., Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.81%, 3/3/2028 (c)
1,378
1,274
Queen MergerCo, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 7.28%, 4/30/2032 (c)
185
186
Serta Simmons Bedding LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 7.50%), 11.91%, 6/29/2028 (c)
90
82
Staples, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 5.75%), 10.03%, 8/23/2029 (c)
1,147
1,024
White Cap Supply Holdings LLC, 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.25%), 7.58%, 10/19/2029 (c)
650
643
 
9,176
Total Loan Assignments
(Cost $75,382)
68,459
 
SHARES
(000)
Exchange-Traded Funds — 0.6%
Fixed Income — 0.6%
Invesco Preferred ETF
277
3,039
iShares 0-5 Year High Yield Corporate Bond ETF
442
18,895
SPDR Bloomberg Convertible Securities ETF
310
24,693
SPDR Bloomberg High Yield Bond ETF
55
5,323
SPDR Bloomberg Short Term High Yield Bond ETF
287
7,235
Total Exchange-Traded Funds
(Cost $55,921)
59,185
 
PRINCIPAL
AMOUNT
($000)
Asset-Backed Securities — 0.3%
Bear Stearns Asset-Backed Securities Trust Series 2004-SD1, Class M2, 5.82%, 12/25/2042 (h)
784
673
Carrington Mortgage Loan Trust Series 2006-NC1, Class M2, 5.07%, 1/25/2036 (i)
18,441
16,044
Fieldstone Mortgage Investment Trust Series 2006-2, Class 2A3, 4.98%, 7/25/2036 (i)
—
—
Fremont Home Loan Trust Series 2006-1, Class 1A1, 4.75%, 4/25/2036 (i)
—
—
GSAMP Trust
Series 2006-FM3, Class A1, 4.72%, 11/25/2036 (i)
—
—
Series 2007-HE1, Class A2C, 4.74%, 3/25/2047 (i)
8,057
7,564
Home Equity Mortgage Loan Asset-Backed Trust Series 2004-B, Class M2, 4.55%, 11/25/2034 (i)
350
341
Long Beach Mortgage Loan Trust Series 2004-3, Class M1, 5.29%, 7/25/2034 (i)
536
529
New Century Home Equity Loan Trust
Series 2003-5, Class AI7, 4.85%, 11/25/2033 (i)
—
—
Series 2005-1, Class M6, 5.64%, 3/25/2035 (i)
3,955
3,676
Option One Mortgage Loan Trust Series 2004-3, Class M2, 5.29%, 11/25/2034 (i)
360
375
RAMP Trust Series 2005-EFC6, Class M4, 5.32%, 11/25/2035 (i)
2,540
2,415
Saxon Asset Securities Trust Series 2002-3, Class AF6, 5.41%, 5/25/2031 (h)
517
518
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Securitized Asset-Backed Receivables LLC Trust
Series 2006-NC3, Class A1, 4.72%, 9/25/2036 (i)
—
—
Series 2006-WM2, Class A2A, 4.76%, 9/25/2036 (i)
—
—
Terwin Mortgage Trust Series 2006-3, Class 2A2, 4.86%, 4/25/2037 (a) (i)
861
840
Total Asset-Backed Securities
(Cost $33,044)
32,975
 
SHARES
(000)
Common Stocks — 0.1%
Aerospace & Defense — 0.0% ^
Incora Top Holdco LLC ‡ *
1
15
Broadline Retail — 0.0% ^
Moran Foods Backstop Equity ‡ *
21,191,575
21
MYT Holding LLC ‡ *
1,412
353
NMG Parent LLC ‡ *
47
1,205
 
1,579
Chemicals — 0.0% ^
Venator Materials plc ‡ *
—
55
Commercial Services & Supplies — 0.0% ^
Remington LLC ‡ *
10,425
—
Distributors — 0.0% ^
Incora Intermediate II LLC ‡ *
19
378
Health Care Equipment & Supplies — 0.0% ^
New Evhc Physical Equity ‡ *
36
527
Health Care Providers & Services — 0.0% ^
International Oncology Care, Inc. ‡ *
158
2,374
Machinery — 0.0% ^
SSB Equipment Co., Inc. ‡ *
22
—
Media — 0.0% ^
iHeartMedia, Inc., Class A *
71
92
Oil, Gas & Consumable Fuels — 0.0% ^
Gulfport Energy Corp. *
5
1,046
Pharmaceuticals — 0.0% ^
Mallinckrodt plc (Luxembourg) ‡ *
5
413
Specialty Retail — 0.0% ^
Claire's Stores, Inc. ‡ * (o)
6
—
NMG, Inc. ‡ *
5
719
Rite Aid ‡ *
1
—
(j)
Serta Simmons Bedding LLC ‡ *
22
230
 
949
Wireless Telecommunication Services — 0.1%
Intelsat SA (Luxembourg) ‡ *
130
5,261
Total Common Stocks
(Cost $12,661)
12,689
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Commercial Mortgage-Backed Securities — 0.0% ^
Harvest Commercial Capital Loan Trust Series 2019-1, Class M4, 4.64%, 9/25/2046 (a) (i)
(Cost $3,553)
3,555
3,311
 
SHARES
(000)
Preferred Stocks — 0.0% ^
Broadline Retail — 0.0% ^
MYT Holding LLC Series A, 10.00%, 6/6/2029  ‡
(Cost $2,134)
2,223
2,835
Convertible Preferred Stocks — 0.0% ^
Specialty Retail — 0.0% ^
Claire's Stores, Inc.  ‡ * (o)
(Cost $8,014)
6
—
 
NO. OF
WARRANTS
(000)
Warrants — 0.0% ^
Oil, Gas & Consumable Fuels — 0.0% ^
Expand Energy Corp. expiring 2/9/2026, price 29.99 USD (United States) *
(Cost $— (j))
—
—
 
SHARES
(000)
Short-Term Investments — 43.5%
Investment Companies — 42.6%
JPMorgan Prime Money Market Fund Class IM Shares, 4.38% (p) (q)
(Cost $4,452,454)
4,451,564
4,452,454
 
PRINCIPAL
AMOUNT
($000)
Repurchase Agreements — 0.6%
BofA Securities, Inc., 4.75%, dated 5/31/2025, due 9/30/2025, repurchase price $66,046, collateralized by
Asset-Backed Securities, 0.00% - 7.15%, due 4/15/2030 - 7/17/2046, Collateralized Mortgage Obligations, 0.00% -
6.42%, due 5/25/2030 - 2/25/2065, Corporate Notes & Bonds, 0.00%, due 4/15/2026 - 1/28/2030 and FNMA,
10.32% - 11.32%, due 10/25/2041 - 4/25/2042, with the value of $70,471.
(Cost $65,000)
65,000
65,000
U.S. Treasury Obligations — 0.3%
U.S. Treasury Bills, 4.23%, 6/26/2025 (r) (s)
(Cost $25,283)
25,357
25,286
Total Short-Term Investments
(Cost $4,542,737)
4,542,740
Total Investments — 104.4%
(Cost $10,891,310)
10,905,376
Liabilities in Excess of Other Assets — (4.4)%
(458,476
)
NET ASSETS — 100.0%
10,446,900
 
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
Percentages indicated are based on net assets.
Amounts presented as a dash ("-") represent amounts that round to less than a thousand.
 
Abbreviations
 
CME
Chicago Mercantile Exchange
ETF
Exchange Traded Fund
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
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.
PIK
Payment In Kind
REIT
Real Estate Investment Trust
REMIC
Real Estate Mortgage Investment Conduit
SCA
Limited partnership with share capital
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
SPDR
Standard & Poor's Depositary Receipt
TBA
To Be Announced; Security is subject to delayed delivery.
UMBS
Uniform Mortgage-Backed Securities
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable inputs.
 
*
Non-income producing security.
 
(a)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(b)
Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
 
(c)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025.
 
(d)
Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a
pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2025 is $62,265 or 0.60% of the Fund’s net assets
as of May 31, 2025.
 
(e)
Security is an interest bearing note with preferred security characteristics.
 
(f)
Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time
and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in
effect as of May 31, 2025.
 
(g)
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities
offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have
restrictions on resale.
 
(h)
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of May 31, 2025.
 
(i)
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 May 31, 2025.
 
(j)
Value is zero.
 
(k)
Defaulted security.
 
(l)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(m)
Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
 
(n)
All or a portion of this security is unsettled as of May 31, 2025. Unless otherwise indicated, the coupon rate is undetermined. The coupon
rate shown may not be accrued for the entire position.
 
(o)
Fund is subject to legal or contractual restrictions on the resale of the security.
 
(p)
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.
 
(q)
The rate shown is the current yield as of May 31, 2025.
 
(r)
The rate shown is the effective yield as of May 31, 2025.
 
(s)
All or a portion of this security is deposited with the broker as initial margin for futures contracts.
 
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
TBA Short Commitment
 
SECURITY DESCRIPTION
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
FNMA / FHLMC UMBS, Single Family, 30 Year TBA, 5.00%, 6/25/2055 (a)
(458,000
)
(443,278
)
(Proceeds received of $441,693)
(443,278
)
 
Abbreviations
 
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
TBA
To Be Announced; Security is subject to delayed delivery.
UMBS
Uniform Mortgage-Backed Securities
 
(a)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
Futures contracts outstanding as of May 31, 2025 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
U.S. Treasury 2 Year Note
6,414
09/30/2025
USD
1,331,005
1,625
U.S. Treasury 5 Year Note
3,128
09/30/2025
USD
338,753
1,645
 
3,270
Short Contracts
U.S. Treasury 10 Year Note
(3,961
)
09/19/2025
USD
(439,300
)
(2,183
)
U.S. Treasury Ultra Bond
(1,685
)
09/19/2025
USD
(195,987
)
(3,445
)
U.S. Treasury 5 Year Note
(13
)
09/30/2025
USD
(1,408
)
(9
)
 
(5,637
)
 
(2,367
)
 
Abbreviations
 
USD
United States Dollar
Forward foreign currency exchange contracts outstanding as of May 31, 2025 (amounts in thousands):
 
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
EUR
2,733
USD
3,043
Barclays Bank plc
6/2/2025
59
EUR
58,803
USD
66,717
BNP Paribas
6/2/2025
51
USD
63,793
EUR
55,843
Citibank, NA
6/2/2025
386
USD
980
EUR
861
Goldman Sachs International
6/2/2025
3
USD
6,470
JPY
919,425
Citibank, NA
6/2/2025
81
USD
21,578
JPY
3,065,318
HSBC Bank, NA
6/2/2025
275
USD
27,902
JPY
3,984,743
Goldman Sachs International
7/3/2025
116
Total unrealized appreciation
971
JPY
3,984,743
USD
27,804
Goldman Sachs International
6/2/2025
(112
)
USD
5,411
EUR
4,832
Citibank, NA
6/2/2025
(75
)
USD
66,851
EUR
58,803
BNP Paribas
7/3/2025
(46
)
Total unrealized depreciation
(233
)
Net unrealized appreciation
738
 
Abbreviations
 
EUR
Euro
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
JPY
Japanese Yen
USD
United States Dollar
Over-the-Counter ("OTC") Credit default swap contracts outstanding — buy protection (*) as of May 31, 2025 (amounts in thousands):
 
REFERENCE
OBLIGATION/INDEX
FINANCING
RATE PAID
BY THE FUND
(%)
PAYMENT
FREQUENCY
COUNTERPARTY
MATURITY
DATE
IMPLIED
CREDIT
SPREAD
(%)(a)
NOTIONAL
AMOUNT(b)
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
VALUE
($)
ABX.HE.AAA.06-2
0.11
Monthly
Bank of America NA
5/25/2046
0.50
USD14,170
2,772
(2,609
)
163
ABX.HE.AAA.06-2
0.11
Monthly
Bank of America NA
5/25/2046
0.50
USD6,970
1,309
(1,229
)
80
ABX.HE.AAA.06-2
0.11
Monthly
Barclays Bank plc
5/25/2046
0.50
USD13,370
3,973
(3,820
)
153
ABX.HE.AAA.06-2
0.11
Monthly
Credit Suisse International
5/25/2046
0.50
USD6,600
1,840
(1,764
)
76
ABX.HE.AAA.06-2
0.11
Monthly
Credit Suisse International
5/25/2046
0.50
USD13,230
3,366
(3,214
)
152
CMBX.NA.BBB-.4
5.00
Monthly
Citibank, NA
2/17/2051
N/A
USD6,900
5,854
(5,854
)
—
CMBX.NA.BBB-.4
5.00
Monthly
Citibank, NA
2/17/2051
N/A
USD10,550
8,434
(8,434
)
—
 
 
 
 
 
27,548
(26,924
)
624
 
(*)
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
 
ABX
Asset-Backed Securities Index
CMBX
Commercial Mortgage-Backed Securities Index
USD
United States Dollar
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of May 31, 2025 (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.EM.42-V1
1.00
Quarterly
12/20/2029
1.53
USD 91,630
2,225
(438
)
1,787
CDX.NA.EM.43-V1
1.00
Quarterly
6/20/2030
1.72
USD 45,550
2,093
(729
)
1,364
Kohls Corp., 3.38%, 05/01/2031
1.00
Quarterly
6/20/2027
8.16
USD 9,220
640
530
1,170
 
 
 
 
4,958
(637
)
4,321
CDX.NA.HY.44-V1
5.00
Quarterly
6/20/2030
3.51
USD 37,000
(1,917
)
(736
)
(2,653
)
CDX.NA.HY.44-V1
5.00
Quarterly
6/20/2030
3.51
USD 44,880
(2,313
)
(905
)
(3,218
)
CDX.NA.IG.43-V1
1.00
Quarterly
12/20/2029
0.50
USD 45,555
(896
)
(138
)
(1,034
)
CDX.NA.IG.44-V1
0.00
QuarterlyQuarterly
6/20/2030
0.56
USD 45,800
(738
)
(273
)
(1,011
)
CDX.NA.IG.44-V1
1.00
Quarterly
6/20/2030
0.56
USD 365,700
(7,002
)
(1,069
)
(8,071
)
iTraxx.Europe.Main.43-V1
1.00
Quarterly
6/20/2030
0.58
EUR 116,850
(2,516
)
(418
)
(2,934
)
 
 
 
 
(15,382
)
(3,539
)
(18,921
)
 
 
 
 
(10,424
)
(4,176
)
(14,600
)
 
(*)
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.
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
(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
EUR
Euro
USD
United States Dollar
Centrally Cleared Credit default swap contracts outstanding — sell protection(**) as of May 31, 2025 (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
($)
Federative Republic of Brazil, 3.75%,
09/12/2031
1.00
Quarterly
6/20/2025
0.42
USD45,090
9
96
105
Kohls Corp., 3.38%, 05/01/2031
1.00
Quarterly
6/20/2030
12.36
USD9,220
(2,398
)
(892
)
(3,290
)
 
 
 
 
(2,389
)
(796
)
(3,185
)
 
(**)
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
 
USD
United States Dollar
Summary of total OTC swap contracts outstanding as of May 31, 2025 (amounts in thousands):
 
 
NET UPFRONT
PAYMENTS
(RECEIPTS)
($)
VALUE
($)
Assets
OTC Credit default swap contracts outstanding - buy protection
27,548
624
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (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.
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 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.
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.
Certain short term investments may be valued using the amortized cost method, provided it approximates the fair market value of the investment. The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the security. The market value of securities in the Fund can generally be expected to vary inversely with changes in prevailing interest rates.
Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts 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.
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.
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
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
$—
$32,975
$—
$32,975
Collateralized Mortgage Obligations
—
481,317
4
481,321
Commercial Mortgage-Backed Securities
—
3,311
—
3,311
Common Stocks
Aerospace & Defense
—
—
15
15
Broadline Retail
—
—
1,579
1,579
Chemicals
—
—
55
55
Commercial Services & Supplies
—
—
—
(a)
—
(a)
Distributors
—
—
378
378
Health Care Equipment & Supplies
—
—
527
527
Health Care Providers & Services
—
—
2,374
2,374
Machinery
—
—
—
(a)
—
(a)
Media
92
—
—
92
Oil, Gas & Consumable Fuels
1,046
—
—
1,046
Pharmaceuticals
—
—
413
413
Specialty Retail
—
—
949
949
Wireless Telecommunication Services
—
—
5,261
5,261
Total Common Stocks
1,138
—
11,551
12,689
Convertible Bonds
—
303,176
—
303,176
Convertible Preferred Stocks
—
—
—(a
)
—(a
)
Corporate Bonds
Aerospace & Defense
—
804
318
1,122
Automobile Components
—
28,761
—
28,761
Automobiles
—
326,755
—
326,755
Banks
—
1,761,002
—
1,761,002
Beverages
—
86,946
—
86,946
Biotechnology
—
1,803
—
1,803
Broadline Retail
—
3,660
—
3,660
Building Products
—
16,132
—
16,132
Capital Markets
—
328,087
—
328,087
Chemicals
—
14,767
—
14,767
Commercial Services & Supplies
—
18,594
—
18,594
Communications Equipment
—
4,068
—
4,068
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Construction & Engineering
$—
$1,851
$—
$1,851
Construction Materials
—
942
—
942
Consumer Finance
—
786,816
—
786,816
Consumer Staples Distribution & Retail
—
47,486
—
(a)
47,486
Containers & Packaging
—
2,096
—
2,096
Diversified Consumer Services
—
681
—
681
Diversified Telecommunication Services
—
34,418
—
34,418
Electric Utilities
—
92,312
—
92,312
Electrical Equipment
—
1,948
—
1,948
Electronic Equipment, Instruments & Components
—
1,226
—
1,226
Energy Equipment & Services
—
1,137
—
1,137
Entertainment
—
7,696
—
7,696
Financial Services
—
164,029
—
164,029
Food Products
—
1,627
—
1,627
Gas Utilities
—
571
—
571
Ground Transportation
—
20,583
114
20,697
Health Care Equipment & Supplies
—
6,318
—
6,318
Health Care Providers & Services
—
74,995
—
74,995
Health Care Technology
—
4,184
—
4,184
Hotel & Resort REITs
—
4,785
—
4,785
Hotels, Restaurants & Leisure
—
26,615
—
26,615
Household Durables
—
5,346
—
5,346
Household Products
—
4,681
—
4,681
Industrial Conglomerates
—
22,916
—
22,916
Insurance
—
34,028
—
34,028
Interactive Media & Services
—
557
—
557
IT Services
—
1,438
—
1,438
Leisure Products
—
1,058
—
1,058
Machinery
—
26,216
—
26,216
Media
—
38,704
—
38,704
Metals & Mining
—
31,083
—
31,083
Multi-Utilities
—
24,527
—
24,527
Oil, Gas & Consumable Fuels
—
93,736
19
93,755
Passenger Airlines
—
4,288
—
4,288
Personal Care Products
—
1,612
—
(a)
1,612
Pharmaceuticals
—
81,912
—
81,912
Real Estate Management & Development
—
1,025
—
1,025
Semiconductors & Semiconductor Equipment
—
6,951
—
6,951
Software
—
40,334
—
40,334
Specialized REITs
—
61,408
—
61,408
Specialty Retail
—
31,814
—
(b)
31,814
Technology Hardware, Storage & Peripherals
—
2,299
—
2,299
Tobacco
—
10,047
—
10,047
Trading Companies & Distributors
—
8,381
—
8,381
Wireless Telecommunication Services
—
1,336
—
1,336
Total Corporate Bonds
—
4,409,392
451
4,409,843
Exchange-Traded Funds
59,185
—
—
59,185
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Loan Assignments
Aerospace & Defense
$—
$661
$—
$661
Automobile Components
—
4,006
—
4,006
Beverages
—
854
—
854
Broadline Retail
—
302
—
302
Building Products
—
977
—
977
Chemicals
—
2,693
—
2,693
Commercial Services & Supplies
—
6,438
—
6,438
Construction & Engineering
—
1,583
—
1,583
Consumer Staples Distribution & Retail
—
210
5,597
5,807
Containers & Packaging
—
1,986
—
1,986
Diversified Consumer Services
—
730
—
730
Diversified Telecommunication Services
—
1,450
—
1,450
Electric Utilities
—
1,022
—
1,022
Electrical Equipment
—
1,150
—
1,150
Electronic Equipment, Instruments & Components
—
281
—
281
Entertainment
—
2,176
—
(a)
2,176
Food Products
—
402
—
402
Ground Transportation
—
2,314
—
2,314
Health Care Equipment & Supplies
—
1,176
—
1,176
Health Care Providers & Services
—
3,962
—
3,962
Hotels, Restaurants & Leisure
—
916
—
916
Household Durables
—
330
—
330
Insurance
—
3,512
—
3,512
IT Services
—
1,028
—
1,028
Leisure Products
—
—
22
22
Machinery
—
1,254
—
1,254
Media
—
3,115
—
3,115
Oil, Gas & Consumable Fuels
—
1,000
—
1,000
Personal Care Products
—
415
—
415
Pharmaceuticals
—
370
—
370
Professional Services
—
2,544
—
2,544
Semiconductors & Semiconductor Equipment
—
235
—
235
Software
—
4,572
—
4,572
Specialty Retail
—
9,176
—
9,176
Total Loan Assignments
—
62,840
5,619
68,459
Mortgage-Backed Securities
—
462,471
—
462,471
Preferred Stocks
—
—
2,835
2,835
U.S. Treasury Obligations
—
526,371
—
526,371
Warrants
—
(a)
—
—
—
(a)
Short-Term Investments
Investment Companies
4,452,454
—
—
4,452,454
Repurchase Agreements
—
65,000
—
65,000
U.S. Treasury Obligations
—
25,286
—
25,286
Total Short-Term Investments
4,452,454
90,286
—
4,542,740
Total Investments in Securities
$4,512,777
$6,372,139
$20,460
$10,905,376
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Liabilities
TBA Short Commitment
$—
$(443,278
)
$—
$(443,278
)
Total Liabilities in Securities Sold Short
$—
$(443,278
)
$—
$(443,278
)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
$—
$971
$—
$971
Futures Contracts
3,270
—
—
3,270
Swaps
—
626
—
626
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
$—
$(233
)
$—
$(233
)
Futures Contracts
(5,637
)
—
—
(5,637
)
Swaps
—
(32,522
)
—
(32,522
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$(2,367
)
$(31,158
)
$—
$(33,525
)
 
 
(a)
Amount rounds to less than one thousand.
(b)
Value is zero.
There were no significant transfers into or out of level 3 for the period ended May 31, 2025.
As of May 31, 2025, the Fund held restricted securities, other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act, as follows: 
Security
Acquisition
Date
Cost
Market
Value
Percentage
of Fund's
Net Assets
Claire's Stores, Inc. - Common Stocks
11/28/2018
$4,973
$—
(a)
0.0
%
Claire's Stores, Inc. - Convertible Preferred Stocks
10/3/2018
8,014
—
(a)
0.0
%
 
$12,987
$—
(a)
 
(a)
Amount rounds to less than one thousand.
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended May 31, 2025
Security Description
Value at
February 28,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2025
Shares at
May 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class IM Shares, 4.38%  (a) (b)
$4,990,276
$2,429,573
$2,966,297
$(140
)
$(958
)
$4,452,454
4,451,564
$55,129
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of May 31, 2025.
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.
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value.
The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.
Notes (1) — (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).
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.
(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.