JPMorgan Corporate Bond 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 Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — 94.9%
Aerospace & Defense — 1.4%
Boeing Co. (The)
2.95%, 2/1/2030
290
266
5.81%, 5/1/2050
160
150
3.83%, 3/1/2059
158
103
3.95%, 8/1/2059
1,034
685
7.01%, 5/1/2064
185
198
GE Capital Funding LLC 4.55%, 5/15/2032
200
197
Leidos, Inc.
4.38%, 5/15/2030
747
727
2.30%, 2/15/2031
442
382
5.40%, 3/15/2032
416
419
Lockheed Martin Corp.
4.70%, 12/15/2031
560
563
5.70%, 11/15/2054
470
462
RTX Corp.
1.90%, 9/1/2031
269
227
2.38%, 3/15/2032
449
383
4.88%, 10/15/2040
339
312
 
5,074
Air Freight & Logistics — 0.0% ^
FedEx Corp. 3.25%, 5/15/2041 (a)
177
122
Automobiles — 1.5%
General Motors Co.
6.60%, 4/1/2036
240
248
5.95%, 4/1/2049
150
135
Hyundai Capital America
(SOFR + 1.50%), 5.86%, 1/8/2027 (a) (b)
825
831
5.40%, 3/29/2032 (a)
226
225
Stellantis Finance US, Inc.
5.75%, 3/18/2030 (a)
1,050
1,052
6.45%, 3/18/2035 (a)
920
910
Volkswagen Group of America Finance LLC (Germany)
5.30%, 3/22/2027 (a)
806
810
5.35%, 3/27/2030 (a)
660
661
5.80%, 3/27/2035 (a)
625
618
 
5,490
Banks — 20.1%
ABN AMRO Bank NV (Netherlands)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (a) (b)
200
204
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 4.99%, 12/3/2028 (a) (b)
800
805
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.90%), 3.32%, 3/13/2037 (a) (b)
200
174
AIB Group plc (Ireland)
(SOFR + 1.65%), 5.32%, 5/15/2031 (a) (b)
200
202
(SOFR + 1.91%), 5.87%, 3/28/2035 (a) (b)
200
203
Banco Bilbao Vizcaya Argentaria SA (Spain) 5.38%, 3/13/2029
800
819
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
Banco Santander SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.30%), 9.63%,
5/21/2033 (b) (c) (d) (e)
200
230
Bank of America Corp.
(SOFR + 1.63%), 5.20%, 4/25/2029 (b)
747
759
(SOFR + 1.57%), 5.82%, 9/15/2029 (b)
1,120
1,160
(3-MONTH CME TERM SOFR + 1.47%), 3.97%, 2/7/2030 (b)
1,307
1,275
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 6.63%, 5/1/2030 (b) (d) (e)
336
341
(3-MONTH CME TERM SOFR + 1.45%), 2.88%, 10/22/2030 (b)
795
737
Series FIX, (SOFR + 1.00%), 5.16%, 1/24/2031 (b)
1,075
1,091
(SOFR + 1.32%), 2.69%, 4/22/2032 (b)
452
399
(SOFR + 1.22%), 2.30%, 7/21/2032 (b)
911
782
(SOFR + 1.83%), 4.57%, 4/27/2033 (b)
1,230
1,193
(SOFR + 1.74%), 5.52%, 10/25/2035 (b)
510
501
(SOFR + 1.64%), 5.46%, 5/9/2036 (b)
1,970
1,983
(SOFR + 1.93%), 2.68%, 6/19/2041 (b)
403
281
Bank of Ireland Group plc (Ireland) (SOFR + 1.62%), 5.60%, 3/20/2030 (a) (b)
490
500
Bank of Nova Scotia (The) (Canada)
5.45%, 8/1/2029
582
600
Series 2, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 3.63%, 10/27/2081 (b) (c)
208
192
Barclays plc (United Kingdom) (SOFR + 1.56%), 4.94%, 9/10/2030 (b)
1,000
998
BNP Paribas SA (France)
(SOFR + 1.45%), 4.79%, 5/9/2029 (a) (b)
525
524
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.34%, 6/12/2029 (a) (b)
405
412
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.90%), 7.75%, 8/16/2029 (a) (b) (c) (d) (e)
200
208
(SOFR + 1.52%), 5.18%, 1/9/2030 (a) (b)
480
486
(SOFR + 1.68%), 5.09%, 5/9/2031 (a) (b)
710
710
(SOFR + 1.62%), 5.79%, 1/13/2033 (a) (b)
700
717
BPCE SA (France)
5.13%, 1/18/2028 (a)
800
810
(SOFR + 1.68%), 5.88%, 1/14/2031 (a) (b)
885
910
(SOFR + 1.73%), 3.12%, 10/19/2032 (a) (b)
670
575
(SOFR + 2.04%), 6.29%, 1/14/2036 (a) (b)
480
498
CaixaBank SA (Spain)
(SOFR + 2.08%), 6.68%, 9/13/2027 (a) (b)
510
522
(SOFR + 2.77%), 6.84%, 9/13/2034 (a) (b)
305
330
(SOFR + 2.26%), 6.04%, 6/15/2035 (a) (b)
200
206
Citibank NA 5.80%, 9/29/2028
495
515
Citigroup, Inc.
(3-MONTH CME TERM SOFR + 1.65%), 3.67%, 7/24/2028 (b)
189
185
(3-MONTH CME TERM SOFR + 1.45%), 4.08%, 4/23/2029 (b)
179
176
Series CC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.69%), 7.13%, 8/15/2029 (b) (d) (e)
770
779
Series EE, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.57%), 6.75%, 2/15/2030 (b) (d) (e)
800
791
Series FF, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.73%), 6.95%, 2/15/2030 (b) (d) (e)
528
533
(3-MONTH CME TERM SOFR + 1.60%), 3.98%, 3/20/2030 (b)
930
903
(SOFR + 1.34%), 4.54%, 9/19/2030 (b)
1,185
1,170
(SOFR + 1.42%), 2.98%, 11/5/2030 (b)
471
436
(SOFR + 1.17%), 2.56%, 5/1/2032 (b)
272
238
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
(SOFR + 1.18%), 2.52%, 11/3/2032 (b)
756
651
(SOFR + 2.06%), 5.83%, 2/13/2035 (b)
389
388
(SOFR + 1.83%), 6.02%, 1/24/2036 (b)
480
483
(SOFR + 1.47%), 5.33%, 3/27/2036 (b)
1,265
1,248
Credit Agricole SA (France)
(SOFR + 1.13%), 5.23%, 1/9/2029 (a) (b)
1,025
1,036
(SOFR + 1.74%), 5.86%, 1/9/2036 (a) (b)
320
325
Danske Bank A/S (Denmark)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.71%, 3/1/2030 (a) (b)
215
222
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 4.61%, 10/2/2030 (a) (b)
975
964
Fifth Third Bancorp (SOFR + 1.66%), 4.34%, 4/25/2033 (b)
340
319
HSBC Holdings plc (United Kingdom)
(SOFR + 1.57%), 5.89%, 8/14/2027 (b)
665
673
(SOFR + 1.06%), 5.60%, 5/17/2028 (b)
480
487
(SOFR + 3.35%), 7.39%, 11/3/2028 (b)
455
481
(SOFR + 1.04%), 5.13%, 11/19/2028 (b)
610
614
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 7.05%, 6/5/2030 (b) (d) (e)
595
600
(SOFR + 1.29%), 5.29%, 11/19/2030 (b)
960
970
(SOFR + 1.29%), 5.13%, 3/3/2031 (b)
200
201
(SOFR + 1.57%), 5.24%, 5/13/2031 (b)
1,625
1,632
Huntington Bancshares, Inc.
(SOFR + 2.02%), 6.21%, 8/21/2029 (b)
306
319
(SOFRINDX + 1.87%), 5.71%, 2/2/2035 (b)
657
661
ING Groep NV (Netherlands) (SOFRINDX + 1.01%), 5.35%, 3/25/2029 (b)
1,030
1,027
Intesa Sanpaolo SpA (Italy)
6.63%, 6/20/2033 (a)
998
1,063
7.20%, 11/28/2033 (a)
250
276
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (a) (b)
845
666
KBC Group NV (Belgium) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 4.93%, 10/16/2030 (a) (b)
475
477
KeyBank NA 3.90%, 4/13/2029
600
572
KeyCorp
(SOFRINDX + 2.06%), 4.79%, 6/1/2033 (b)
810
773
(SOFRINDX + 2.42%), 6.40%, 3/6/2035 (b)
179
188
M&T Bank Corp. (SOFR + 0.93%), 4.83%, 1/16/2029 (b)
201
201
Morgan Stanley Bank NA (SOFR + 0.87%), 5.50%, 5/26/2028 (b)
2,405
2,448
NatWest Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (b) (c) (d) (e)
295
294
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 8.13%, 11/10/2033 (b) (c) (d) (e)
200
212
NatWest Markets plc (United Kingdom) 5.02%, 3/21/2030 (a)
1,695
1,705
Nordea Bank Abp (Finland) (USD Swap Semi 5 Year + 1.69%), 4.63%, 9/13/2033 (a) (b)
768
757
PNC Financial Services Group, Inc. (The)
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (b) (d) (e)
300
286
(SOFR + 1.26%), 4.81%, 10/21/2032 (b)
565
558
(SOFR + 2.28%), 6.88%, 10/20/2034 (b)
298
327
(SOFR + 1.90%), 5.68%, 1/22/2035 (b)
270
275
Royal Bank of Canada (Canada) (SOFRINDX + 1.08%), 4.65%, 10/18/2030 (b)
1,000
996
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
Santander UK Group Holdings plc (United Kingdom)
(SOFRINDX + 1.55%), 4.86%, 9/11/2030 (b)
1,645
1,629
(SOFRINDX + 1.52%), 5.69%, 4/15/2031 (b)
2,185
2,235
Societe Generale SA (France)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.13%, 11/21/2029 (a) (b) (c) (d) (e)
700
704
(SOFR + 1.65%), 5.51%, 5/22/2031 (a) (b)
300
302
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032 (a) (b)
390
338
Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.20%), 7.02%,
2/8/2030 (a) (b)
1,035
1,103
Toronto-Dominion Bank (The) (Canada) 5.30%, 1/30/2032
440
446
Truist Financial Corp. (SOFR + 1.85%), 5.12%, 1/26/2034 (b)
828
812
UniCredit SpA (Italy)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a) (b)
568
552
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (a) (b)
733
655
US Bancorp
(SOFR + 1.30%), 5.08%, 5/15/2031 (b)
355
358
(SOFR + 2.26%), 5.84%, 6/12/2034 (b)
341
352
(SOFR + 1.86%), 5.68%, 1/23/2035 (b)
210
214
Wells Fargo & Co.
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (b) (d) (e)
745
734
(SOFR + 1.07%), 5.71%, 4/22/2028 (b)
1,040
1,059
(3-MONTH CME TERM SOFR + 1.57%), 3.58%, 5/22/2028 (b)
409
401
(SOFR + 1.98%), 4.81%, 7/25/2028 (b)
1,114
1,117
(SOFR + 1.74%), 5.57%, 7/25/2029 (b)
185
190
(SOFR + 1.11%), 5.24%, 1/24/2031 (b)
950
964
(SOFR + 1.50%), 5.15%, 4/23/2031 (b)
921
932
(SOFR + 2.10%), 4.90%, 7/25/2033 (b)
475
467
(SOFR + 2.02%), 5.39%, 4/24/2034 (b)
407
409
(SOFR + 1.99%), 5.56%, 7/25/2034 (b)
1,830
1,853
(SOFR + 1.74%), 5.60%, 4/23/2036 (b)
1,740
1,760
 
73,024
Beverages — 0.8%
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.70%, 2/1/2036
444
427
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 5.80%, 1/23/2059
39
39
Coca-Cola Co. (The)
2.50%, 6/1/2040
121
86
5.30%, 5/13/2054
205
196
Constellation Brands, Inc.
2.88%, 5/1/2030
637
583
4.80%, 5/1/2030
430
430
4.90%, 5/1/2033
260
254
Keurig Dr. Pepper, Inc. 3.35%, 3/15/2051
290
189
Pepsico Singapore Financing I Pte. Ltd. 4.70%, 2/16/2034
225
221
Pernod Ricard International Finance LLC 1.63%, 4/1/2031 (a)
397
328
 
2,753
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Biotechnology — 2.5%
AbbVie, Inc.
4.80%, 3/15/2029
380
385
5.05%, 3/15/2034
250
251
4.05%, 11/21/2039
350
299
4.63%, 10/1/2042
375
330
4.40%, 11/6/2042
262
225
4.25%, 11/21/2049
1,076
862
5.40%, 3/15/2054
520
492
5.60%, 3/15/2055
80
78
5.50%, 3/15/2064
80
76
Amgen, Inc.
2.45%, 2/21/2030
441
400
3.15%, 2/21/2040
900
680
4.66%, 6/15/2051
170
141
4.20%, 2/22/2052
458
349
4.88%, 3/1/2053
527
448
5.75%, 3/2/2063
282
267
Biogen, Inc.
2.25%, 5/1/2030
1,535
1,362
5.75%, 5/15/2035
530
534
Gilead Sciences, Inc.
5.25%, 10/15/2033
590
601
4.60%, 9/1/2035
287
275
2.60%, 10/1/2040
246
172
5.65%, 12/1/2041
130
129
2.80%, 10/1/2050
340
207
5.50%, 11/15/2054
561
536
 
9,099
Broadline Retail — 0.2%
Amazon.com, Inc.
3.88%, 8/22/2037
352
313
2.50%, 6/3/2050
282
166
3.10%, 5/12/2051
104
69
3.95%, 4/13/2052
120
93
2.70%, 6/3/2060
184
103
 
744
Capital Markets — 6.6%
Deutsche Bank AG (Germany) (SOFR + 1.72%), 5.30%, 5/9/2031 (b)
1,070
1,071
Goldman Sachs Group, Inc. (The)
(SOFR + 0.80%), 1.43%, 3/9/2027 (b)
168
164
(SOFR + 1.85%), 3.62%, 3/15/2028 (b)
408
401
(SOFR + 1.77%), 6.48%, 10/24/2029 (b)
2,485
2,621
(SOFR + 1.14%), 4.69%, 10/23/2030 (b)
500
498
(SOFR + 1.08%), 5.21%, 1/28/2031 (b)
855
867
(SOFR + 1.58%), 5.22%, 4/23/2031 (b)
1,960
1,988
(SOFR + 1.41%), 3.10%, 2/24/2033 (b)
700
618
JPMorgan Corporate Bond 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 + 1.55%), 5.33%, 7/23/2035 (b)
1,470
1,457
(SOFR + 1.38%), 5.54%, 1/28/2036 (b)
825
831
(3-MONTH CME TERM SOFR + 1.63%), 4.02%, 10/31/2038 (b)
640
545
Mellon Capital IV Series 1, (3-MONTH CME TERM SOFR + 0.83%), 5.13%, 7/6/2025 (b) (d) (e)
143
119
Morgan Stanley
(SOFR + 0.86%), 1.51%, 7/20/2027 (b)
454
438
(3-MONTH CME TERM SOFR + 1.40%), 3.77%, 1/24/2029 (b)
240
235
(SOFR + 1.59%), 5.16%, 4/20/2029 (b)
124
126
(SOFR + 1.45%), 5.17%, 1/16/2030 (b)
380
386
(SOFR + 1.26%), 5.66%, 4/18/2030 (b)
620
640
(SOFR + 1.22%), 5.04%, 7/19/2030 (b)
410
414
(SOFR + 1.10%), 4.65%, 10/18/2030 (b)
1,540
1,530
(SOFR + 1.11%), 5.23%, 1/15/2031 (b)
795
807
(SOFR + 1.51%), 5.19%, 4/17/2031 (b)
567
575
(SOFR + 1.20%), 2.51%, 10/20/2032 (b)
463
399
(SOFR + 2.08%), 4.89%, 7/20/2033 (b)
1,415
1,394
(SOFR + 1.76%), 5.66%, 4/17/2036 (b)
1,210
1,230
(SOFR + 1.36%), 2.48%, 9/16/2036 (b)
1,396
1,167
(SOFR + 1.71%), 5.52%, 11/19/2055 (b)
660
629
S&P Global, Inc. 2.30%, 8/15/2060
88
44
State Street Corp.
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 6.70%, 3/15/2029 (b) (d) (e)
144
147
Series J, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 6.70%, 9/15/2029 (b) (d) (e)
605
617
4.83%, 4/24/2030
300
302
UBS Group AG (Switzerland)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (a) (b) (c) (d) (e)
200
218
(USD SOFR ICE Swap Rate 1 Year + 1.34%), 5.62%, 9/13/2030 (a) (b)
805
829
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (a) (b) (c) (d) (e)
550
628
 
23,935
Chemicals — 0.7%
CF Industries, Inc. 4.95%, 6/1/2043
104
89
Chevron Phillips Chemical Co. LLC 4.75%, 5/15/2030 (a)
750
754
Dow Chemical Co. (The) 4.38%, 11/15/2042
226
178
DuPont de Nemours, Inc.
5.32%, 11/15/2038
935
952
5.42%, 11/15/2048
255
252
EIDP, Inc. 5.13%, 5/15/2032
400
404
 
2,629
Commercial Services & Supplies — 1.0%
GFL Environmental, Inc. 6.75%, 1/15/2031 (a)
2,445
2,536
Republic Services, Inc. 5.15%, 3/15/2035
290
292
Veralto Corp. 5.35%, 9/18/2028
765
785
 
3,613
Communications Equipment — 0.2%
Cisco Systems, Inc. 4.95%, 2/24/2032
750
760
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Construction & Engineering — 0.3%
Quanta Services, Inc.
2.90%, 10/1/2030
242
220
5.25%, 8/9/2034
880
872
 
1,092
Consumer Finance — 3.0%
AerCap Ireland Capital DAC (Ireland)
6.10%, 1/15/2027
490
500
3.00%, 10/29/2028
1,715
1,619
American Express Co.
(SOFR + 1.26%), 4.73%, 4/25/2029 (b)
277
278
(SOFR + 1.44%), 5.02%, 4/25/2031 (b)
723
731
(SOFR + 1.79%), 5.67%, 4/25/2036 (b)
220
225
Avolon Holdings Funding Ltd. (Ireland)
6.38%, 5/4/2028 (a)
405
419
5.75%, 11/15/2029 (a)
1,573
1,595
5.15%, 1/15/2030 (a)
625
622
5.38%, 5/30/2030 (a)
425
425
Ford Motor Credit Co. LLC 7.20%, 6/10/2030
1,256
1,304
General Motors Financial Co., Inc.
5.45%, 7/15/2030
365
365
2.35%, 1/8/2031
418
357
5.63%, 4/4/2032
805
799
6.40%, 1/9/2033
190
196
6.10%, 1/7/2034
120
121
5.95%, 4/4/2034
535
532
5.90%, 1/7/2035
80
79
6.15%, 7/15/2035
225
225
John Deere Capital Corp. 4.85%, 6/11/2029
615
627
 
11,019
Consumer Staples Distribution & Retail — 0.2%
Kroger Co. (The)
5.40%, 7/15/2040
280
268
5.65%, 9/15/2064
665
614
 
882
Containers & Packaging — 0.7%
Amcor Flexibles North America, Inc.
5.10%, 3/17/2030 (a)
310
312
5.50%, 3/17/2035 (a)
500
495
Berry Global, Inc.
5.80%, 6/15/2031
740
768
5.65%, 1/15/2034
252
254
Sonoco Products Co.
4.60%, 9/1/2029
350
345
5.00%, 9/1/2034
570
542
 
2,716
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Diversified Consumer Services — 0.1%
Pepperdine University Series 2020, 3.30%, 12/1/2059
42
25
Trustees of Boston University Series Ee, 3.17%, 10/1/2050
294
186
University of Chicago (The) Series 20B, 2.76%, 4/1/2045
142
106
 
317
Diversified REITs — 0.3%
Equinix Europe 2 Financing Corp. LLC 5.50%, 6/15/2034
565
573
WP Carey, Inc.
2.40%, 2/1/2031
676
587
2.45%, 2/1/2032
69
58
 
1,218
Diversified Telecommunication Services — 1.9%
AT&T, Inc.
2.55%, 12/1/2033
840
691
5.40%, 2/15/2034
17
17
3.50%, 6/1/2041
1,368
1,047
3.50%, 9/15/2053
200
133
3.55%, 9/15/2055
1,431
946
6.05%, 8/15/2056
270
270
3.80%, 12/1/2057
631
432
Verizon Communications, Inc.
1.68%, 10/30/2030
1,350
1,157
1.75%, 1/20/2031
1,906
1,625
3.40%, 3/22/2041
750
567
 
6,885
Electric Utilities — 9.2%
AEP Transmission Co. LLC
5.38%, 6/15/2035
139
140
Series N, 2.75%, 8/15/2051
131
77
Alliant Energy Finance LLC 5.95%, 3/30/2029 (a)
590
611
Baltimore Gas and Electric Co.
3.20%, 9/15/2049
132
86
2.90%, 6/15/2050
210
128
5.65%, 6/1/2054
390
376
Commonwealth Edison Co.
4.70%, 1/15/2044
320
279
3.70%, 3/1/2045
142
107
Duke Energy Carolinas LLC
4.25%, 12/15/2041
230
191
4.00%, 9/30/2042
336
269
5.40%, 1/15/2054
74
69
Duke Energy Indiana LLC
5.25%, 3/1/2034
610
612
3.75%, 5/15/2046
153
113
2.75%, 4/1/2050
134
79
5.40%, 4/1/2053
367
339
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Electric Utilities — continued
Duke Energy Ohio, Inc.
5.25%, 4/1/2033
66
67
5.55%, 3/15/2054
209
196
Duke Energy Progress LLC
5.25%, 3/15/2033
148
150
5.05%, 3/15/2035
613
605
2.90%, 8/15/2051
128
77
5.55%, 3/15/2055
22
21
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (a)
122
118
Edison International
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.90%), 5.00%, 12/15/2026 (b) (d) (e)
805
719
5.25%, 3/15/2032
187
177
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.13%, 6/15/2053 (b)
105
104
Electricite de France SA (France) 6.38%, 1/13/2055 (a)
340
335
Emera US Finance LP (Canada)
3.55%, 6/15/2026
220
217
2.64%, 6/15/2031
299
257
4.75%, 6/15/2046
457
369
Emera, Inc. (Canada) Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076 (b)
165
166
Enel Finance America LLC (Italy) 2.88%, 7/12/2041 (a)
250
167
Enel Finance International NV (Italy)
5.13%, 6/26/2029 (a)
460
466
2.50%, 7/12/2031 (a) (f)
1,189
1,029
Entergy Arkansas LLC
4.95%, 12/15/2044
106
92
5.75%, 6/1/2054
150
145
Entergy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.13%, 12/1/2054 (b)
1,070
1,094
Entergy Louisiana LLC
5.15%, 9/15/2034
61
60
4.95%, 1/15/2045
302
261
5.70%, 3/15/2054
260
248
5.80%, 3/15/2055
450
436
Entergy Mississippi LLC
3.50%, 6/1/2051
56
37
5.80%, 4/15/2055
630
609
Entergy Texas, Inc. 5.55%, 9/15/2054
85
79
Exelon Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.98%), 6.50%, 3/15/2055 (b)
505
504
Fells Point Funding Trust 3.05%, 1/31/2027 (a)
1,317
1,281
FirstEnergy Transmission LLC
2.87%, 9/15/2028 (a)
565
534
5.45%, 7/15/2044 (a)
98
92
4.55%, 4/1/2049 (a)
155
130
Florida Power & Light Co.
5.70%, 3/15/2055
353
347
5.80%, 3/15/2065
105
103
Interstate Power and Light Co. 5.60%, 6/29/2035
462
465
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Electric Utilities — continued
ITC Holdings Corp.
2.95%, 5/14/2030 (a)
740
680
5.40%, 6/1/2033 (a)
576
572
5.65%, 5/9/2034 (a)
1,162
1,170
Jersey Central Power & Light Co. 5.10%, 1/15/2035
235
230
Louisville Gas and Electric Co. 4.65%, 11/15/2043
41
34
Massachusetts Electric Co. 1.73%, 11/24/2030 (a)
350
295
Monongahela Power Co. 5.85%, 2/15/2034 (a)
520
532
Nevada Power Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.94%), 6.25%, 5/15/2055 (b)
785
772
NextEra Energy Capital Holdings, Inc.
5.45%, 3/15/2035
780
780
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.75%, 6/15/2054 (b)
280
286
5.90%, 3/15/2055
740
716
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 6.38%, 8/15/2055 (b)
144
144
Niagara Mohawk Power Corp. 4.28%, 12/15/2028 (a)
184
181
NRG Energy, Inc.
4.45%, 6/15/2029 (a)
576
561
7.00%, 3/15/2033 (a)
288
311
Ohio Power Co. Series R, 2.90%, 10/1/2051
230
135
Pacific Gas and Electric Co.
5.55%, 5/15/2029
1,371
1,389
3.25%, 6/1/2031
570
506
6.15%, 1/15/2033
178
181
6.40%, 6/15/2033
26
27
5.70%, 3/1/2035
419
412
4.50%, 7/1/2040
173
142
3.75%, 8/15/2042 (f)
515
363
4.60%, 6/15/2043
175
137
4.25%, 3/15/2046
164
119
3.95%, 12/1/2047
159
110
3.50%, 8/1/2050
400
253
PacifiCorp 2.90%, 6/15/2052
242
139
Palomino Funding Trust I 7.23%, 5/17/2028 (a)
250
263
PECO Energy Co. 2.80%, 6/15/2050
210
127
PG&E Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.88%), 7.38%, 3/15/2055 (b)
462
452
Public Service Co. of Colorado
2.70%, 1/15/2051
131
76
Series 39, 4.50%, 6/1/2052
113
89
Public Service Co. of Oklahoma 5.20%, 1/15/2035
325
318
Public Service Electric and Gas Co. 2.05%, 8/1/2050
134
69
Southern California Edison Co.
Series B, 3.65%, 3/1/2028
154
149
5.25%, 3/15/2030
324
326
5.20%, 6/1/2034
772
739
5.45%, 3/1/2035
152
147
Series 08-A, 5.95%, 2/1/2038
180
176
Series 13-A, 3.90%, 3/15/2043
242
175
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Electric Utilities — continued
Series C, 3.60%, 2/1/2045
54
36
5.70%, 3/1/2053
63
55
5.88%, 12/1/2053
319
285
5.90%, 3/1/2055
45
40
Southwestern Electric Power Co. Series J, 3.90%, 4/1/2045
56
41
Union Electric Co.
5.20%, 4/1/2034
460
460
5.25%, 4/15/2035
485
486
5.45%, 3/15/2053
142
133
5.25%, 1/15/2054
205
185
Virginia Electric and Power Co.
2.45%, 12/15/2050
498
271
5.70%, 8/15/2053
180
171
Vistra Operations Co. LLC
3.70%, 1/30/2027 (a)
314
308
6.95%, 10/15/2033 (a)
191
206
6.00%, 4/15/2034 (a)
392
398
5.70%, 12/30/2034 (a)
810
807
 
33,398
Electrical Equipment — 0.3%
Eaton Corp. 4.15%, 11/2/2042
560
468
Regal Rexnord Corp.
6.05%, 4/15/2028
380
390
6.40%, 4/15/2033
153
159
 
1,017
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp. 5.05%, 4/5/2029
240
246
Tyco Electronics Group SA (Switzerland) 5.00%, 5/9/2035
260
254
 
500
Entertainment — 0.8%
Electronic Arts, Inc.
1.85%, 2/15/2031
297
255
2.95%, 2/15/2051
246
150
Take-Two Interactive Software, Inc.
5.40%, 6/12/2029
172
175
5.60%, 6/12/2034
838
851
Warnermedia Holdings, Inc. 4.28%, 3/15/2032
1,650
1,400
 
2,831
Financial Services — 1.0%
Equitable Holdings, Inc. 4.57%, 2/15/2029 (a)
169
167
Global Payments, Inc. 3.20%, 8/15/2029
933
873
Nationwide Building Society (United Kingdom)
(SOFR + 1.91%), 6.56%, 10/18/2027 (a) (b)
765
783
5.13%, 7/29/2029 (a)
585
594
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Financial Services — continued
Thames Water Utilities Finance plc (United Kingdom) 4.38%, 1/18/2033 (g)
600
476
Woodside Finance Ltd. (Australia) 5.40%, 5/19/2030
660
662
 
3,555
Food Products — 2.1%
Bimbo Bakeries USA, Inc. (Mexico)
6.05%, 1/15/2029 (a)
682
708
5.38%, 1/9/2036 (a)
547
528
JBS USA Holding Lux SARL
3.00%, 5/15/2032
1,310
1,126
6.75%, 3/15/2034
174
187
4.38%, 2/2/2052
5
4
JBS USA LUX SARL 5.95%, 4/20/2035 (a)
329
335
Mars, Inc.
4.45%, 3/1/2027 (a)
950
951
4.60%, 3/1/2028 (a)
885
889
5.00%, 3/1/2032 (a)
390
391
5.20%, 3/1/2035 (a)
560
558
3.88%, 4/1/2039 (a)
220
186
5.65%, 5/1/2045 (a)
323
317
5.70%, 5/1/2055 (a)
840
815
5.80%, 5/1/2065 (a)
62
60
Smithfield Foods, Inc. 3.00%, 10/15/2030 (a)
623
555
 
7,610
Gas Utilities — 0.0% ^
Piedmont Natural Gas Co., Inc. 3.35%, 6/1/2050
105
68
Ground Transportation — 1.5%
Burlington Northern Santa Fe LLC
4.15%, 4/1/2045
215
176
3.90%, 8/1/2046
66
51
3.05%, 2/15/2051
115
74
5.20%, 4/15/2054
710
659
5.50%, 3/15/2055
500
484
Canadian Pacific Railway Co. (Canada)
2.05%, 3/5/2030
1,528
1,360
4.95%, 8/15/2045
103
92
4.70%, 5/1/2048
341
290
3.50%, 5/1/2050
220
152
3.10%, 12/2/2051
630
404
Norfolk Southern Corp.
5.10%, 5/1/2035
280
277
3.95%, 10/1/2042
62
49
4.45%, 6/15/2045
285
237
3.05%, 5/15/2050
231
147
2.90%, 8/25/2051
320
195
Uber Technologies, Inc.
4.50%, 8/15/2029 (a)
738
726
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Ground Transportation — continued
5.35%, 9/15/2054
90
82
Union Pacific Corp. 3.55%, 8/15/2039
154
126
 
5,581
Health Care Equipment & Supplies — 1.5%
Baxter International, Inc.
2.27%, 12/1/2028
325
300
2.54%, 2/1/2032
1,926
1,652
Solventum Corp. 5.45%, 3/13/2031
1,860
1,904
Zimmer Biomet Holdings, Inc.
5.20%, 9/15/2034
830
819
5.50%, 2/19/2035
735
742
 
5,417
Health Care Providers & Services — 3.6%
Aetna, Inc.
6.75%, 12/15/2037
250
265
4.75%, 3/15/2044
131
107
Cardinal Health, Inc. 5.75%, 11/15/2054
175
167
Cencora, Inc.
4.85%, 12/15/2029
165
166
2.80%, 5/15/2030
65
60
2.70%, 3/15/2031
862
769
4.25%, 3/1/2045
535
426
Cottage Health Obligated Group Series 2020, 3.30%, 11/1/2049
13
9
CVS Health Corp.
5.30%, 6/1/2033
400
395
4.78%, 3/25/2038
479
426
4.13%, 4/1/2040
776
627
5.88%, 6/1/2053
142
130
Elevance Health, Inc.
4.63%, 5/15/2042
263
225
4.65%, 1/15/2043
398
340
HCA, Inc.
4.50%, 2/15/2027
466
464
5.20%, 6/1/2028
403
409
5.63%, 9/1/2028
1,040
1,064
5.88%, 2/1/2029
403
416
4.13%, 6/15/2029
266
259
2.38%, 7/15/2031
75
64
5.50%, 3/1/2032
740
749
5.75%, 3/1/2035
480
484
5.50%, 6/15/2047
2
2
5.25%, 6/15/2049
120
104
4.63%, 3/15/2052
992
776
5.95%, 9/15/2054
419
395
6.20%, 3/1/2055
110
107
Iowa Health System Series 2020, 3.67%, 2/15/2050
227
161
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
New York and Presbyterian Hospital (The) 2.26%, 8/1/2040
293
196
OhioHealth Corp. 2.30%, 11/15/2031
240
209
Piedmont Healthcare, Inc. Series 2032, 2.04%, 1/1/2032
315
259
Quest Diagnostics, Inc.
4.60%, 12/15/2027
110
111
5.00%, 12/15/2034
605
594
Texas Health Resources Series 2019, 3.37%, 11/15/2051
35
24
UnitedHealth Group, Inc.
5.35%, 2/15/2033
870
878
3.50%, 8/15/2039
160
125
2.75%, 5/15/2040
200
140
3.05%, 5/15/2041
106
75
2.90%, 5/15/2050
116
70
5.05%, 4/15/2053
250
215
5.38%, 4/15/2054
219
197
5.63%, 7/15/2054
250
234
6.05%, 2/15/2063
230
224
 
13,117
Health Care REITs — 0.5%
Alexandria Real Estate Equities, Inc.
2.00%, 5/18/2032
770
621
3.55%, 3/15/2052
290
189
Healthpeak OP LLC 5.38%, 2/15/2035
220
218
Ventas Realty LP
4.00%, 3/1/2028
90
89
3.00%, 1/15/2030
826
765
 
1,882
Hotels, Restaurants & Leisure — 0.3%
Marriott International, Inc.
5.10%, 4/15/2032
230
229
5.50%, 4/15/2037
455
444
McDonald's Corp. 3.63%, 9/1/2049
400
285
 
958
Household Durables — 0.2%
Lennar Corp. 5.20%, 7/30/2030
400
404
MDC Holdings, Inc. 6.00%, 1/15/2043
345
305
 
709
Independent Power and Renewable Electricity Producers — 0.9%
AES Corp. (The)
5.45%, 6/1/2028
359
364
5.80%, 3/15/2032
750
743
Calpine Corp.
4.63%, 2/1/2029 (a)
980
955
5.00%, 2/1/2031 (a)
670
650
Constellation Energy Generation LLC 5.60%, 6/15/2042
118
113
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Independent Power and Renewable Electricity Producers — continued
Southern Power Co.
5.25%, 7/15/2043
205
187
Series F, 4.95%, 12/15/2046
389
331
 
3,343
Insurance — 1.0%
Berkshire Hathaway Finance Corp. 3.85%, 3/15/2052
200
150
Guardian Life Insurance Co. of America (The) 4.88%, 6/19/2064 (a)
98
82
Manulife Financial Corp. (Canada) (USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (b)
284
280
Met Tower Global Funding 5.25%, 4/12/2029 (a)
965
987
Metropolitan Life Global Funding I 5.15%, 3/28/2033 (a)
405
406
Nationwide Mutual Insurance Co. 4.35%, 4/30/2050 (a)
390
290
New York Life Global Funding 1.20%, 8/7/2030 (a)
220
186
New York Life Insurance Co. 4.45%, 5/15/2069 (a)
123
93
Northwestern Mutual Life Insurance Co. (The)
6.06%, 3/30/2040 (a)
232
239
3.85%, 9/30/2047 (a)
144
107
Prudential Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.40%), 6.50%, 3/15/2054 (b)
212
215
Teachers Insurance & Annuity Association of America 6.85%, 12/16/2039 (a)
630
699
 
3,734
Interactive Media & Services — 0.7%
Alphabet, Inc.
1.90%, 8/15/2040
290
190
5.25%, 5/15/2055
190
184
5.30%, 5/15/2065
150
143
Meta Platforms, Inc.
4.45%, 8/15/2052
353
292
5.60%, 5/15/2053
215
210
5.40%, 8/15/2054
1,255
1,191
5.75%, 5/15/2063
114
113
5.55%, 8/15/2064
190
182
 
2,505
IT Services — 0.2%
Accenture Capital, Inc.
4.25%, 10/4/2031
340
334
4.50%, 10/4/2034
420
403
 
737
Machinery — 0.3%
Caterpillar, Inc. 5.20%, 5/15/2035
595
597
Otis Worldwide Corp. 2.57%, 2/15/2030
388
354
 
951
Media — 2.0%
Charter Communications Operating LLC
6.38%, 10/23/2035
714
733
3.50%, 6/1/2041
757
532
3.50%, 3/1/2042
111
77
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Media — continued
4.80%, 3/1/2050
650
503
3.70%, 4/1/2051
263
169
Comcast Corp.
5.30%, 5/15/2035
980
982
3.20%, 7/15/2036
841
689
3.75%, 4/1/2040
73
59
2.80%, 1/15/2051
386
226
2.89%, 11/1/2051
1,420
843
2.94%, 11/1/2056
2,338
1,337
Time Warner Cable LLC
6.55%, 5/1/2037
500
503
5.88%, 11/15/2040
239
223
5.50%, 9/1/2041
480
423
4.50%, 9/15/2042
67
52
 
7,351
Metals & Mining — 0.8%
Anglo American Capital plc (South Africa) 5.75%, 4/5/2034 (a)
230
231
Freeport-McMoRan, Inc. 5.45%, 3/15/2043
475
439
Glencore Funding LLC (Australia)
5.19%, 4/1/2030 (a)
220
222
6.38%, 10/6/2030 (a)
800
848
5.67%, 4/1/2035 (a)
1,330
1,334
Newmont Corp. 3.25%, 5/13/2030
3
3
 
3,077
Multi-Utilities — 2.8%
Ameren Corp. 5.38%, 3/15/2035
915
906
CMS Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.96%), 6.50%, 6/1/2055 (b)
360
355
Consumers Energy Co.
4.50%, 1/15/2031
334
332
3.95%, 5/15/2043
355
284
Dominion Energy, Inc.
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.35%, 1/15/2027 (b) (d) (e)
450
440
5.45%, 3/15/2035
265
262
Series C, 4.90%, 8/1/2041
385
336
4.70%, 12/1/2044
311
260
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%), 7.00%, 6/1/2054 (b)
295
310
DTE Energy Co.
5.20%, 4/1/2030
1,100
1,119
5.85%, 6/1/2034
546
563
Engie SA (France) 5.25%, 4/10/2029 (a)
280
285
NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 6.95%, 11/30/2054 (b)
275
281
Puget Energy, Inc.
2.38%, 6/15/2028
220
206
5.73%, 3/15/2035 (a)
1,365
1,352
Puget Sound Energy, Inc.
5.64%, 4/15/2041
280
272
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Multi-Utilities — continued
5.69%, 6/15/2054
80
76
San Diego Gas & Electric Co.
4.95%, 8/15/2028
495
504
5.40%, 4/15/2035
790
792
5.35%, 4/1/2053
514
465
Sempra (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.79%), 6.88%, 10/1/2054 (b)
270
263
Southern Co. Gas Capital Corp.
5.75%, 9/15/2033
180
185
4.40%, 6/1/2043
200
164
3.95%, 10/1/2046
151
112
Series 21A, 3.15%, 9/30/2051
321
198
 
10,322
Office REITs — 0.0% ^
COPT Defense Properties LP
2.00%, 1/15/2029
63
57
2.75%, 4/15/2031
88
76
 
133
Oil, Gas & Consumable Fuels — 10.9%
Antero Resources Corp. 5.38%, 3/1/2030 (a)
1,025
1,006
BG Energy Capital plc 5.13%, 10/15/2041 (a)
365
341
BP Capital Markets America, Inc. 3.06%, 6/17/2041
113
81
Buckeye Partners LP 5.60%, 10/15/2044
16
13
Cheniere Corpus Christi Holdings LLC 3.70%, 11/15/2029
275
263
Cheniere Energy Partners LP
4.50%, 10/1/2029
1,485
1,454
5.75%, 8/15/2034
790
793
Cheniere Energy, Inc. 4.63%, 10/15/2028
402
398
Columbia Pipelines Holding Co. LLC 6.04%, 8/15/2028 (a)
268
276
Columbia Pipelines Operating Co. LLC
5.93%, 8/15/2030 (a)
125
130
6.04%, 11/15/2033 (a)
486
500
5.44%, 2/15/2035 (a)
620
607
ConocoPhillips Co. 5.70%, 9/15/2063
330
304
Coterra Energy, Inc.
5.40%, 2/15/2035
330
320
5.90%, 2/15/2055
695
627
Diamondback Energy, Inc. 5.75%, 4/18/2054
248
222
DT Midstream, Inc.
4.13%, 6/15/2029 (a)
330
314
4.38%, 6/15/2031 (a)
1,113
1,039
Enbridge, Inc. (Canada) 5.25%, 4/5/2027
920
931
Energy Transfer LP
6.00%, 2/1/2029 (a)
1,285
1,301
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030 (b) (d) (e)
1,156
1,161
7.38%, 2/1/2031 (a)
210
220
5.70%, 4/1/2035
754
752
JPMorgan Corporate Bond 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
5.80%, 6/15/2038
442
433
Eni SpA (Italy)
5.75%, 5/19/2035 (a)
210
210
5.70%, 10/1/2040 (a)
570
540
5.95%, 5/15/2054 (a)
605
566
Enterprise Products Operating LLC Series H, 6.65%, 10/15/2034
240
261
EQT Corp.
6.38%, 4/1/2029 (a)
1,570
1,608
4.75%, 1/15/2031 (a)
765
740
Expand Energy Corp.
5.38%, 2/1/2029
54
54
5.88%, 2/1/2029 (a)
398
399
6.75%, 4/15/2029 (a)
504
510
5.38%, 3/15/2030
1,270
1,263
4.75%, 2/1/2032
492
464
Exxon Mobil Corp.
3.00%, 8/16/2039
339
260
3.45%, 4/15/2051
400
276
Hess Corp.
6.00%, 1/15/2040
655
673
5.60%, 2/15/2041
410
397
Hess Midstream Operations LP
5.13%, 6/15/2028 (a)
745
735
6.50%, 6/1/2029 (a)
340
347
5.50%, 10/15/2030 (a)
573
567
Kinder Morgan Energy Partners LP
6.38%, 3/1/2041
350
353
5.00%, 8/15/2042
170
147
4.70%, 11/1/2042
889
743
Kinder Morgan, Inc.
5.15%, 6/1/2030
270
273
5.85%, 6/1/2035
480
487
3.25%, 8/1/2050
80
50
Kinetik Holdings LP 5.88%, 6/15/2030 (a)
1,637
1,627
Marathon Petroleum Corp. 4.75%, 9/15/2044
129
104
MPLX LP 5.50%, 6/1/2034
1,010
996
NGPL PipeCo LLC 4.88%, 8/15/2027 (a)
453
448
Northern Natural Gas Co.
4.30%, 1/15/2049 (a)
80
62
3.40%, 10/16/2051 (a)
161
103
Occidental Petroleum Corp. 4.63%, 6/15/2045
278
202
ONEOK Partners LP 6.20%, 9/15/2043
450
430
ONEOK, Inc.
5.63%, 1/15/2028 (a)
130
132
5.38%, 6/1/2029
104
106
5.60%, 4/1/2044
570
509
5.05%, 4/1/2045
94
78
JPMorgan Corporate Bond 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
Ovintiv, Inc.
6.25%, 7/15/2033
235
235
6.50%, 2/1/2038
47
46
Petroleos Mexicanos (Mexico) 6.50%, 3/13/2027
650
638
Pioneer Natural Resources Co.
1.90%, 8/15/2030
505
442
2.15%, 1/15/2031
895
784
Sabine Pass Liquefaction LLC
4.20%, 3/15/2028
460
456
4.50%, 5/15/2030
610
601
Santos Finance Ltd. (Australia)
3.65%, 4/29/2031 (a)
507
457
6.88%, 9/19/2033 (a)
32
34
South Bow USA Infrastructure Holdings LLC (Canada)
4.91%, 9/1/2027 (a)
200
200
5.03%, 10/1/2029 (a)
900
892
TotalEnergies Capital International SA (France) 2.99%, 6/29/2041
635
455
TotalEnergies Capital SA (France)
5.49%, 4/5/2054
211
197
5.28%, 9/10/2054
210
191
5.64%, 4/5/2064
260
243
TransCanada PipeLines Ltd. (Canada)
5.60%, 3/31/2034
210
209
6.10%, 6/1/2040
150
151
Transcanada Trust (Canada) Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, 8/15/2076 (b)
930
923
Williams Cos., Inc. (The)
5.30%, 8/15/2028
715
731
4.80%, 11/15/2029
970
975
6.00%, 3/15/2055
747
725
 
39,791
Personal Care Products — 0.0% ^
Kenvue, Inc. 5.20%, 3/22/2063
30
27
Pharmaceuticals — 1.3%
Bristol-Myers Squibb Co.
5.20%, 2/22/2034
330
333
3.70%, 3/15/2052
290
205
6.25%, 11/15/2053
810
844
5.55%, 2/22/2054
826
784
3.90%, 3/15/2062
200
139
5.65%, 2/22/2064
400
378
Eli Lilly & Co. 5.50%, 2/12/2055
300
294
Merck & Co., Inc. 5.15%, 5/17/2063
90
81
Pfizer Investment Enterprises Pte. Ltd.
5.30%, 5/19/2053
152
139
5.34%, 5/19/2063
884
795
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Pharmaceuticals — continued
Zoetis, Inc.
2.00%, 5/15/2030
782
694
4.70%, 2/1/2043
19
17
 
4,703
Residential REITs — 0.5%
American Homes 4 Rent LP 4.95%, 6/15/2030
150
150
ERP Operating LP 4.95%, 6/15/2032
290
289
Essex Portfolio LP 1.70%, 3/1/2028
340
314
UDR, Inc.
4.40%, 1/26/2029
172
171
5.13%, 9/1/2034
760
741
 
1,665
Retail REITs — 0.7%
NNN REIT, Inc.
3.10%, 4/15/2050
400
247
3.50%, 4/15/2051
300
201
3.00%, 4/15/2052
250
150
Realty Income Corp.
3.25%, 1/15/2031
370
342
5.13%, 7/6/2034
570
706
5.13%, 4/15/2035
150
148
5.38%, 9/1/2054
90
84
Regency Centers LP
2.95%, 9/15/2029
322
302
3.70%, 6/15/2030
359
344
 
2,524
Semiconductors & Semiconductor Equipment — 2.0%
Advanced Micro Devices, Inc. 4.39%, 6/1/2052
265
217
Broadcom, Inc.
5.05%, 7/12/2029
850
865
4.55%, 2/15/2032
140
137
3.42%, 4/15/2033 (a)
1,113
993
3.47%, 4/15/2034 (a)
470
413
3.14%, 11/15/2035 (a)
273
226
3.75%, 2/15/2051 (a)
182
132
Foundry JV Holdco LLC 5.50%, 1/25/2031 (a)
250
253
Intel Corp. 4.25%, 12/15/2042
595
460
Marvell Technology, Inc.
5.75%, 2/15/2029
1,430
1,479
2.95%, 4/15/2031
58
52
5.95%, 9/15/2033
594
613
Microchip Technology, Inc. 5.05%, 2/15/2030
340
341
Micron Technology, Inc. 5.88%, 2/9/2033
540
552
Texas Instruments, Inc.
5.00%, 3/14/2053
135
121
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Semiconductors & Semiconductor Equipment — continued
5.15%, 2/8/2054
128
117
5.05%, 5/18/2063
370
327
 
7,298
Software — 1.8%
Cadence Design Systems, Inc. 4.70%, 9/10/2034
942
916
Microsoft Corp.
2.53%, 6/1/2050
570
346
2.50%, 9/15/2050
360
216
Oracle Corp.
5.50%, 8/3/2035
422
424
3.60%, 4/1/2040
220
172
4.00%, 11/15/2047
141
105
3.60%, 4/1/2050
674
458
3.95%, 3/25/2051
215
154
5.38%, 9/27/2054
190
168
4.38%, 5/15/2055
615
466
6.00%, 8/3/2055
1,245
1,207
Roper Technologies, Inc.
2.95%, 9/15/2029
392
367
4.50%, 10/15/2029
230
229
4.75%, 2/15/2032
130
129
Salesforce, Inc. 2.70%, 7/15/2041
425
297
Synopsys, Inc.
4.85%, 4/1/2030
430
434
5.00%, 4/1/2032
320
320
5.70%, 4/1/2055
270
258
 
6,666
Specialized REITs — 1.0%
American Tower Corp. 5.20%, 2/15/2029
775
789
Crown Castle, Inc.
3.65%, 9/1/2027
421
411
5.00%, 1/11/2028
361
363
5.60%, 6/1/2029
600
617
3.10%, 11/15/2029
184
171
Extra Space Storage LP
4.00%, 6/15/2029
347
337
5.50%, 7/1/2030
398
408
5.90%, 1/15/2031
400
417
 
3,513
Specialty Retail — 0.3%
Home Depot, Inc. (The)
4.85%, 6/25/2031
330
335
3.30%, 4/15/2040
130
102
5.40%, 9/15/2040
210
207
3.35%, 4/15/2050
210
144
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Specialty Retail — continued
2.38%, 3/15/2051
189
103
Lowe's Cos., Inc. 2.80%, 9/15/2041
200
136
 
1,027
Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc.
2.95%, 9/11/2049
915
598
2.65%, 2/8/2051
187
113
2.70%, 8/5/2051
520
316
2.80%, 2/8/2061
153
89
Hewlett Packard Enterprise Co. 4.55%, 10/15/2029
170
169
 
1,285
Tobacco — 3.3%
Altria Group, Inc.
2.45%, 2/4/2032
720
611
5.63%, 2/6/2035
590
593
3.40%, 2/4/2041
607
439
BAT Capital Corp. (United Kingdom)
5.83%, 2/20/2031
550
573
5.35%, 8/15/2032
1,210
1,222
5.63%, 8/15/2035
1,000
1,002
4.39%, 8/15/2037
300
264
3.73%, 9/25/2040
763
585
7.08%, 8/2/2043
466
504
4.54%, 8/15/2047
280
221
Imperial Brands Finance plc (United Kingdom)
5.50%, 2/1/2030 (a)
1,210
1,236
5.88%, 7/1/2034 (a)
830
835
Japan Tobacco, Inc. (Japan) 5.85%, 6/15/2035 (a)
580
598
Philip Morris International, Inc.
5.13%, 2/13/2031
425
432
4.75%, 11/1/2031
1,505
1,501
5.38%, 2/15/2033
1,167
1,190
3.88%, 8/21/2042
116
92
 
11,898
Wireless Telecommunication Services — 1.4%
Rogers Communications, Inc. (Canada) 3.80%, 3/15/2032
460
421
T-Mobile USA, Inc.
2.63%, 2/15/2029
1,413
1,314
3.38%, 4/15/2029
548
523
3.88%, 4/15/2030
620
598
5.13%, 5/15/2032
544
549
3.30%, 2/15/2051
675
439
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Wireless Telecommunication Services — continued
United States Cellular Corp. 6.70%, 12/15/2033
868
934
Vodafone Group plc (United Kingdom) 5.75%, 6/28/2054
205
192
 
4,970
Total Corporate Bonds
(Cost $349,648)
345,535
Asset-Backed Securities — 0.5%
Air Canada Pass-Through Trust (Canada)
Series 2020-2, Class B, 9.00%, 10/1/2025 (a)
60
60
Series 2015-1, Class A, 3.60%, 3/15/2027 (a)
83
80
American Airlines Pass-Through Trust
Series 2015-1, Class A, 3.38%, 5/1/2027
135
131
Series 2016-1, Class A, 4.10%, 1/15/2028
229
221
Series 2016-3, Class A, 3.25%, 10/15/2028
63
58
Series 2017-1, Class AA, 3.65%, 2/15/2029
553
532
Series 2017-2, Class A, 3.60%, 10/15/2029
62
57
Series 2021-1, Class B, 3.95%, 7/11/2030
53
50
JetBlue Pass-Through Trust Series 2019-1, Class AA, 2.75%, 5/15/2032
119
104
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 8/15/2025
150
150
Series 2024-1, Class A, 5.88%, 2/15/2037
481
470
Total Asset-Backed Securities
(Cost $1,928)
1,913
Municipal Bonds — 0.1% (h)
Colorado — 0.1%
Colorado Health Facilities Authority, Sanford Health Series 2019B, Rev., 3.80%, 11/1/2044 (Cost $326)
320
250
U.S. Treasury Obligations — 0.0% ^
U.S. Treasury Bonds
3.63%, 5/15/2053 (Cost $92)
105
83
 
SHARES
(000)
Short-Term Investments — 3.1%
Investment Companies — 2.8%
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.29% (i) (j)
(Cost $10,075)
10,073
10,075
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Treasury Obligations — 0.3%
U.S. Treasury Bills, 4.20%, 8/7/2025 (k) (l)
(Cost $1,203)
1,212
1,203
Total Short-Term Investments
(Cost $11,278)
11,278
Total Investments — 98.6%
(Cost $363,272)
359,059
Other Assets in Excess of Liabilities — 1.4%
5,164
NET ASSETS — 100.0%
364,223
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CME
Chicago Mercantile Exchange
ICE
Intercontinental Exchange
REIT
Real Estate Investment Trust
Rev.
Revenue
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
(a)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(b)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025.
 
(c)
Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a
pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2025 is $2,686 or 0.74% of the Fund’s net assets
as of May 31, 2025.
 
(d)
Security is an interest bearing note with preferred security characteristics.
 
(e)
Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time
and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in
effect as of May 31, 2025.
 
(f)
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of May 31, 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)
The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
 
(i)
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.
 
(j)
The rate shown is the current yield as of May 31, 2025.
 
(k)
The rate shown is the effective yield as of May 31, 2025.
 
(l)
All or a portion of this security is deposited with the broker as initial margin for futures contracts.
 
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
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
Euro-BTP
38
06/06/2025
EUR
5,227
68
Short-Term Euro-BTP
275
06/06/2025
EUR
33,770
81
Australia 10 Year Bond
77
06/16/2025
AUD
5,665
59
U.S. Treasury Long Bond
167
09/19/2025
USD
18,892
389
U.S. Treasury Ultra Bond
88
09/19/2025
USD
10,236
231
Long Gilt
62
09/26/2025
GBP
7,642
103
U.S. Treasury 2 Year Note
123
09/30/2025
USD
25,524
41
 
972
Short Contracts
Euro-Bobl
(7
)
06/06/2025
EUR
(948
)
(2
)
Euro-Bund
(3
)
06/06/2025
EUR
(447
)
2
Euro-Buxl 30 Year Bond
(13
)
06/06/2025
EUR
(1,797
)
(33
)
Euro-OAT
(31
)
06/06/2025
EUR
(4,430
)
(29
)
Euro-Schatz
(324
)
06/06/2025
EUR
(39,502
)
29
Australia 3 Year Bond
(47
)
06/16/2025
AUD
(3,258
)
4
U.S. Treasury 10 Year Note
(38
)
09/19/2025
USD
(4,214
)
(51
)
U.S. Treasury 10 Year Ultra Note
(144
)
09/19/2025
USD
(16,245
)
(169
)
U.S. Treasury Long Bond
(2
)
09/19/2025
USD
(226
)
(5
)
U.S. Treasury 5 Year Note
(276
)
09/30/2025
USD
(29,890
)
(175
)
 
(429
)
 
543
 
Abbreviations
 
AUD
Australian Dollar
EUR
Euro
GBP
British Pound
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
1,265
USD
1,434
HSBC Bank, NA
6/4/2025
3
GBP
81
USD
108
Barclays Bank plc
6/4/2025
2
USD
1,440
EUR
1,265
Morgan Stanley
6/4/2025
4
USD
80
JPY
11,428
HSBC Bank, NA
6/4/2025
1
JPY
15,350
USD
107
BNP Paribas
7/3/2025
—
(a)
USD
149
GBP
111
Barclays Bank plc
7/3/2025
—
(a)
Total unrealized appreciation
10
GBP
111
USD
149
Barclays Bank plc
6/4/2025
—
(a)
JPY
6,504
USD
46
HSBC Bank, NA
6/4/2025
(1
)
JPY
4,924
USD
35
Morgan Stanley
6/4/2025
—
(a)
USD
84
GBP
64
Barclays Bank plc
6/4/2025
(2
)
USD
152
GBP
115
BNP Paribas
6/4/2025
(2
)
USD
18
GBP
14
Morgan Stanley
6/4/2025
—
(a)
USD
1,436
EUR
1,265
HSBC Bank, NA
7/3/2025
(3
)
USD
107
JPY
15,350
Goldman Sachs International
7/3/2025
—
(a)
Total unrealized depreciation
(8
)
Net unrealized appreciation
2
 
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
Abbreviations
 
EUR
Euro
GBP
British Pound
JPY
Japanese Yen
USD
United States Dollar
 
(a)
Amount rounds to less than one thousand.
JPMorgan Corporate Bond 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.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$—
$1,913
$—
$1,913
Corporate Bonds
—
345,535
—
345,535
Municipal Bonds
—
250
—
250
U.S. Treasury Obligations
—
83
—
83
JPMorgan Corporate Bond 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
Short-Term Investments
Investment Companies
$10,075
$—
$—
$10,075
U.S. Treasury Obligations
—
1,203
—
1,203
Total Short-Term Investments
10,075
1,203
—
11,278
Total Investments in Securities
$10,075
$348,984
$—
$359,059
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
$—
$10
$—
$10
Futures Contracts
944
63
—
1,007
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
$—
$(8
)
$—
$(8
)
Futures Contracts
(464
)
—
—
(464
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$480
$65
$—
$545
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 Institutional Shares, 4.29%  (a) (b)
$14,639
$81,663
$86,224
$(2
)
$(1
)
$10,075
10,073
$150
$—
 
 
(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.
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
JPMorgan Corporate Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.
Notes (1) — (2) below describe the various derivatives used by the Fund.
(1). Futures Contracts— The Fund used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund's exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.
The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2). Forward Foreign Currency Exchange Contracts— The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.
The Fund's forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).
The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.