JPMorgan Emerging Markets Debt Fund
Schedule of Portfolio Investments as of May 31, 2026
(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., 2026.
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Foreign Government Securities — 77.2%
Angola — 1.9%
Republic of Angola
9.24%, 1/15/2031 (a)
2,200
2,312
8.75%, 4/14/2032 (b)
2,056
2,105
9.38%, 3/31/2033 (a)
2,200
2,296
9.88%, 10/15/2035 (b)
7,386
7,879
9.13%, 11/26/2049 (b)
3,502
3,338
 
17,930
Argentina — 3.6%
Argentine Republic
0.75%, 7/9/2030 (c)
5,184
4,515
0.76%, 7/9/2030 (c)
1,036
638
4.12%, 7/9/2035 (c)
13,718
10,570
0.00%, 12/15/2035 (d)
14,000
630
5.00%, 1/9/2038 (c)
1,821
1,466
3.50%, 7/9/2041 (c)
16,428
11,793
4.12%, 7/9/2046 (c)
2,423
1,782
Provincia de Cordoba 8.60%, 2/3/2035 (a)
3,263
3,173
 
34,567
Bahrain — 2.2%
Kingdom of Bahrain
7.00%, 10/12/2028 (b)
1,460
1,477
6.75%, 9/20/2029 (b)
8,226
8,279
5.45%, 9/16/2032 (b)
4,787
4,497
5.25%, 1/25/2033 (b)
2,800
2,582
6.63%, 10/6/2037 (a)
2,200
2,111
7.10%, 2/3/2038 (a)
1,913
1,893
 
20,839
Benin — 0.6%
Benin Government Bond
7.96%, 2/13/2038 (a)
1,466
1,546
8.38%, 1/23/2041 (b)
3,700
3,936
 
5,482
Bolivia, Plurinational State of — 0.6%
Plurinational State of Bolivia 9.45%, 5/14/2031 (a)
5,989
5,839
Bosnia And Herzegovina — 0.6%
Federation of Bosnia & Herzegovina Eurobond 5.00%, 6/4/2031 (a)
EUR2,189
2,526
Republic of Srpska International Government Bond
6.25%, 4/2/2031 (a)
EUR2,357
2,766
6.38%, 5/8/2033 (a)
EUR790
915
 
6,207
Brazil — 3.3%
Federative Republic of Brazil
6.00%, 10/20/2033
5,410
5,451
8.25%, 1/20/2034
2,667
3,058
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Foreign Government Securities — continued
Brazil—continued
6.63%, 3/15/2035
13,742
14,184
Notas do Tesouro Nacional 10.00%, 1/1/2035
BRL54,000
8,663
 
31,356
Bulgaria — 0.2%
Republic of Bulgaria 5.00%, 3/5/2037 (b)
1,900
1,856
Cameroon — 0.3%
Republic of Cameroon 9.50%, 7/31/2031 (b)
3,000
3,075
Chile — 1.0%
Republic of Chile
2.55%, 1/27/2032
3,100
2,759
5.65%, 1/13/2037
6,800
7,074
 
9,833
Colombia — 2.4%
Republic of Colombia
6.13%, 1/21/2031
1,677
1,670
3.13%, 4/15/2031
3,635
3,170
11.75%, 1/24/2035
COP17,380,000
4,212
8.00%, 11/14/2035
11,365
12,146
5.20%, 5/15/2049
1,800
1,350
 
22,548
Congo, Democratic Republic of the — 1.3%
Republic of Congo
8.75%, 4/16/2032 (a)
3,590
3,629
9.50%, 2/17/2035 (b)
4,700
4,737
9.50%, 5/26/2036 (b)
2,286
2,281
9.50%, 4/16/2037 (a)
2,000
2,040
 
12,687
Costa Rica — 1.4%
Republic of Costa Rica
6.00%, 1/16/2036 (a)
EUR4,000
4,902
7.16%, 3/12/2045 (b)
3,260
3,573
7.30%, 11/13/2054 (b)
4,512
5,038
 
13,513
Dominican Republic — 2.0%
Dominican Republic Government Bond
5.95%, 1/25/2027 (b)
678
683
6.00%, 7/19/2028 (b)
2,222
2,260
4.50%, 1/30/2030 (b)
4,500
4,352
4.88%, 9/23/2032 (b)
3,380
3,209
5.88%, 1/30/2060 (b)
9,893
8,665
 
19,169
Ecuador — 2.4%
Republic of Ecuador
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Foreign Government Securities — continued
Ecuador—continued
8.75%, 1/29/2034 (a)
5,229
5,305
6.90%, 7/31/2035 (b) (c)
12,297
11,287
9.25%, 1/29/2039 (a)
3,079
3,165
5.00%, 7/31/2040 (b) (c)
3,342
2,792
 
22,549
Egypt — 3.2%
Arab Republic of Egypt
22.58%, 1/7/2028
EGP150,349
2,820
8.63%, 2/4/2030 (a)
1,174
1,255
5.88%, 2/16/2031 (b)
3,210
3,123
7.05%, 1/15/2032 (b)
5,900
5,941
7.30%, 9/30/2033 (b)
3,675
3,663
7.63%, 5/20/2034 (a)
3,545
3,563
8.50%, 1/31/2047 (b)
3,107
2,953
7.90%, 2/21/2048 (b)
2,936
2,621
8.88%, 5/29/2050 (b)
1,450
1,420
8.75%, 9/30/2051 (b)
2,050
1,980
7.50%, 2/16/2061 (b)
1,100
924
 
30,263
El Salvador — 0.4%
Republic of El Salvador
4.00%, 4/17/2030 (a) (c)
4,250
157
9.25%, 4/17/2030 (b)
1,262
1,349
7.12%, 1/20/2050 (b)
971
884
9.50%, 7/15/2052 (b)
940
1,053
 
3,443
Gabon — 0.2%
Gabonese Republic
9.50%, 2/18/2029 (b)
1,000
977
6.63%, 2/6/2031 (b)
1,280
1,127
 
2,104
Ghana — 0.8%
Republic of Ghana
5.00%, 7/3/2035 (a) (c)
1,624
1,520
5.00%, 7/3/2035 (b) (c)
6,500
6,084
 
7,604
Guatemala — 0.9%
Republic of Guatemala
3.70%, 10/7/2033 (b)
2,226
1,983
6.25%, 8/15/2036 (a)
1,338
1,392
6.25%, 8/15/2036 (b)
4,400
4,577
6.55%, 2/6/2037 (b)
600
638
 
8,590
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Foreign Government Securities — continued
Honduras — 0.8%
Republic of Honduras
8.63%, 11/27/2034 (a)
1,310
1,493
8.63%, 11/27/2034 (b)
5,100
5,811
 
7,304
Hungary — 2.4%
Hungary Government Bond
5.50%, 6/16/2034 (b)
3,150
3,189
4.88%, 3/22/2040 (b)
EUR7,100
8,548
7.63%, 3/29/2041
7,660
8,997
3.13%, 9/21/2051 (a)
2,839
1,775
 
22,509
Indonesia — 2.1%
Republic of Indonesia
8.50%, 10/12/2035 (b)
10,840
13,340
4.90%, 4/16/2036
3,300
3,186
6.63%, 2/17/2037 (b)
3,195
3,482
 
20,008
Iraq — 0.1%
Republic of Iraq 5.80%, 1/15/2028 (b)
850
837
Ivory Coast — 1.0%
Republic of Cote d'Ivoire
6.13%, 6/15/2033 (b)
3,760
3,740
8.08%, 4/1/2036 (a)
1,343
1,461
8.25%, 1/30/2037 (a)
2,799
3,081
6.75%, 2/25/2041 (a)
1,291
1,234
 
9,516
Jordan — 0.9%
Hashemite Kingdom of Jordan
5.75%, 1/31/2027 (b)
780
783
7.50%, 1/13/2029 (b)
1,130
1,182
5.75%, 11/12/2032 (a)
3,565
3,503
7.38%, 10/10/2047 (b)
2,900
2,841
 
8,309
Kazakhstan — 0.4%
Baiterek National Investment Holding JSC 5.20%, 5/6/2033 (a)
4,112
4,081
Kenya — 1.8%
Republic of Kenya
9.75%, 2/16/2031 (b)
4,300
4,644
8.00%, 5/22/2032 (b)
2,971
3,015
7.88%, 10/9/2033 (b)
3,880
3,823
6.30%, 1/23/2034 (b)
2,100
1,898
8.80%, 10/9/2038 (a)
821
819
8.70%, 2/26/2039 (a)
2,707
2,649
 
16,848
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Foreign Government Securities — continued
Lebanon — 0.4%
Lebanese Republic
6.38%, 3/9/2020 (b) (e)
9,489
2,425
6.15%, 6/19/2020 (b) (e)
720
184
6.85%, 3/23/2027 (b) (e)
2,184
561
6.65%, 11/3/2028 (b) (e)
2,849
732
6.65%, 2/26/2030 (b) (e)
1,456
377
 
4,279
Mexico — 4.0%
Mex Bonos Desarr Fix Rt
8.00%, 4/15/2032
MXN80,000
4,451
7.75%, 11/13/2042
MXN170,000
8,317
United Mexican States
6.35%, 2/9/2035
6,653
6,799
5.38%, 5/16/2040
EUR1,664
1,937
6.34%, 5/4/2053
11,003
10,309
6.40%, 5/7/2054
3,995
3,749
7.38%, 5/13/2055
2,700
2,861
 
38,423
Mongolia — 0.1%
State of Mongolia
3.50%, 7/7/2027 (b)
900
881
4.45%, 7/7/2031 (b)
510
481
 
1,362
Morocco — 0.6%
Kingdom of Morocco
4.75%, 5/26/2034 (a)
EUR2,968
3,494
5.13%, 5/26/2038 (a)
EUR2,139
2,508
 
6,002
Nigeria — 3.0%
Federal Republic of Nigeria
6.13%, 9/28/2028 (b)
10,335
10,429
9.63%, 6/9/2031 (b)
1,700
1,918
7.38%, 9/28/2033 (b)
7,120
7,318
7.70%, 2/23/2038 (b)
2,985
3,083
9.13%, 1/13/2046 (a)
1,500
1,676
7.63%, 11/28/2047 (b)
3,829
3,796
 
28,220
Oman — 0.8%
Sultanate of Oman Government Bond
6.50%, 3/8/2047 (b)
3,669
3,901
7.00%, 1/25/2051 (b)
3,100
3,503
 
7,404
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Foreign Government Securities — continued
Pakistan — 1.3%
Islamic Republic of Pakistan
6.88%, 12/5/2027 (b)
5,700
5,710
6.98%, 4/24/2029 (a)
3,026
2,969
7.38%, 4/8/2031 (b)
2,637
2,591
8.88%, 4/8/2051 (b)
1,065
1,029
 
12,299
Panama — 2.0%
Republic of Panama
6.70%, 1/26/2036
2,980
3,222
5.66%, 2/23/2038
1,681
1,683
8.00%, 3/1/2038
1,800
2,125
4.30%, 4/29/2053
4,230
3,253
3.87%, 7/23/2060
4,600
3,152
4.50%, 1/19/2063
7,845
5,982
 
19,417
Paraguay — 1.0%
Republic of Paraguay
7.90%, 2/9/2031 (a)
PYG1,988,000
314
8.50%, 4/4/2038 (a)
PYG26,693,000
4,132
5.60%, 3/13/2048 (b)
3,082
2,891
6.65%, 3/4/2055 (a)
2,493
2,637
 
9,974
Peru — 3.0%
Republic of Peru
3.00%, 1/15/2034
14,350
12,434
5.38%, 2/8/2035
13,624
13,767
2.78%, 12/1/2060
5,260
2,871
 
29,072
Philippines — 0.8%
Republic of Philippines 5.50%, 1/17/2048
7,600
7,258
Poland — 0.1%
Republic of Poland 5.50%, 4/4/2053
690
639
Republic of North Macedonia — 0.2%
Republic of North Macedonia 4.75%, 1/21/2034 (a)
EUR1,884
2,160
Romania — 3.3%
Romania Government Bond
2.00%, 4/14/2033 (b)
EUR9,000
8,616
5.75%, 3/24/2035 (b)
7,610
7,353
6.63%, 5/16/2036 (b)
3,600
3,675
6.13%, 10/7/2037 (a)
EUR2,000
2,362
6.75%, 7/11/2039 (b)
EUR1,337
1,638
2.88%, 4/13/2042 (b)
EUR5,420
4,224
4.00%, 2/14/2051 (b)
5,000
3,401
 
31,269
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Foreign Government Securities — continued
Saudi Arabia — 3.9%
Kingdom of Saudi Arabia
4.75%, 1/16/2030 (a)
6,949
6,958
4.50%, 4/17/2030 (b)
14,240
14,153
5.50%, 10/25/2032 (b)
3,800
3,935
2.25%, 2/2/2033 (a)
3,047
2,597
5.00%, 1/16/2034 (a)
1,600
1,606
3.45%, 2/2/2061 (b)
12,350
7,892
 
37,141
Serbia — 0.9%
Republic of Serbia
2.13%, 12/1/2030 (b)
1,196
1,046
6.00%, 6/12/2034 (b)
4,400
4,509
4.88%, 5/6/2038 (a)
EUR2,280
2,616
 
8,171
South Africa — 1.3%
Republic of South Africa
5.00%, 10/12/2046
3,728
2,908
5.75%, 9/30/2049
4,938
4,159
7.30%, 4/20/2052
3,470
3,466
7.25%, 12/11/2055 (a)
2,060
2,029
 
12,562
Sri Lanka — 1.3%
Democratic Socialist Republic of Sri Lanka
3.10%, 1/15/2030 (b) (c)
800
784
3.35%, 3/15/2033 (a) (c)
5,004
4,591
3.60%, 6/15/2035 (b) (c)
902
718
3.60%, 5/15/2036 (a) (c)
2,204
2,144
3.60%, 5/15/2036 (b) (c)
4,000
3,890
 
12,127
Suriname — 1.1%
Suriname Government International Bond
7.70%, 11/6/2030 (a)
2,418
2,496
7.70%, 11/6/2030 (b)
700
723
8.50%, 11/6/2035 (a)
6,430
6,888
 
10,107
Turkey — 3.4%
Istanbul Metropolitan Municipality 10.50%, 12/6/2028 (a)
2,664
2,859
Republic of Turkiye (The)
6.30%, 3/14/2033
8,451
8,210
5.15%, 3/10/2034
EUR3,278
3,742
7.63%, 5/15/2034
1,654
1,727
6.80%, 11/4/2036
4,150
4,043
6.88%, 1/14/2038
4,247
4,109
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Foreign Government Securities — continued
Turkey—continued
4.88%, 4/16/2043
3,205
2,353
5.75%, 5/11/2047
5,200
4,082
Turkiye Ihracat Kredi Bankasi A/S 6.38%, 10/3/2030 (a)
1,228
1,198
 
32,323
Ukraine — 2.0%
Ukraine Government Bond
4.50%, 2/1/2029 (b) (c)
2,990
2,495
0.00%, 2/1/2030 (a) (c)
742
519
4.00%, 2/1/2032 (a) (c)
4,331
3,551
4.50%, 2/1/2034 (a) (c)
817
560
4.50%, 2/1/2034 (b) (c)
5,800
3,973
4.50%, 2/1/2035 (a) (c)
2,152
1,452
0.00%, 2/1/2036 (b) (c)
3,500
2,020
4.50%, 2/1/2036 (a) (c)
1,651
1,098
4.50%, 2/1/2036 (b) (c)
5,394
3,587
 
19,255
Uruguay — 2.3%
Oriental Republic of Uruguay
8.00%, 10/29/2035
UYU125,761
3,199
7.63%, 3/21/2036
12,532
14,808
5.25%, 9/10/2060
4,220
3,886
 
21,893
Venezuela, Bolivarian Republic of — 1.3%
Bolivarian Republic of Venezuela
12.75%, 8/23/2022 (b) (e)
1,900
1,073
8.25%, 10/13/2024 (b) (e)
4,990
2,364
7.65%, 4/21/2025 (b) (e)
3,213
1,493
11.75%, 10/21/2026 (b) (e)
3,270
1,848
9.25%, 5/7/2028 (b) (e)
1,415
712
11.95%, 8/5/2031 (b) (e)
4,443
2,510
7.00%, 3/31/2038 (b) (e)
4,707
2,202
 
12,202
Zambia — 0.3%
Republic of Zambia
5.75%, 6/30/2033 (b) (c)
707
700
0.50%, 12/31/2053 (b)
3,400
2,690
 
3,390
Total Foreign Government Securities
(Cost $694,316)
735,815
Corporate Bonds — 19.2%
Angola — 0.3%
Sonangol Finance Ltd. 10.00%, 1/29/2031 (a)
2,920
3,008
Bahrain — 0.5%
Bapco Energies BSC Closed 8.38%, 11/7/2028 (b)
4,200
4,310
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Brazil — 0.1%
MV24 Capital BV 6.75%, 6/1/2034 (b)
902
909
Chile — 1.9%
ATP Tower Holdings 7.88%, 2/3/2030 (a)
1,200
1,232
Banco de Credito e Inversiones SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.94%), 8.75%, 5/8/2029 (b) (f) (g) (h) (i)
400
429
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.77%), 7.50%, 12/12/2034 (a) (f) (g) (h) (i)
500
532
Corp. Nacional del Cobre de Chile
3.00%, 9/30/2029 (b)
400
377
5.13%, 2/2/2033 (a)
443
440
5.13%, 2/2/2033 (b)
1,900
1,886
6.15%, 10/24/2036 (b)
1,200
1,248
4.50%, 8/1/2047 (b)
4,971
3,994
6.30%, 9/8/2053 (a)
2,261
2,285
6.78%, 1/13/2055 (a)
3,418
3,603
Empresa Nacional del Petroleo
3.45%, 9/16/2031 (a)
799
729
5.95%, 7/30/2034 (a)
1,100
1,126
GNL Quintero SA 4.63%, 7/31/2029 (b)
253
252
 
18,133
Colombia — 1.7%
AI Candelaria -spain- SA 5.75%, 6/15/2033 (a)
2,060
1,848
Colombia Telecomunicaciones SA ESP 4.95%, 7/17/2030 (b)
2,602
2,447
Ecopetrol SA
8.88%, 1/13/2033
4,805
5,077
5.88%, 5/28/2045
5,800
4,362
EnfraGen Energia Sur SA 5.38%, 12/30/2030 (b)
1,133
1,049
Grupo Nutresa SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.10%), 7.88%, 10/21/2031 (a) (g) (h) (i)
1,800
1,775
 
16,558
Costa Rica — 0.1%
Instituto Costarricense de Electricidad 6.75%, 10/7/2031 (a)
1,180
1,227
Guatemala — 0.1%
CT Trust 5.13%, 2/3/2032 (b)
800
762
India — 0.1%
Greenko Power II Ltd. 4.30%, 12/13/2028 (a)
1,426
1,365
Indonesia — 0.8%
Pertamina Persero PT
3.10%, 1/21/2030 (b)
4,764
4,466
6.50%, 5/27/2041 (b)
1,486
1,547
4.70%, 7/30/2049 (b)
1,660
1,376
 
7,389
Jamaica — 0.2%
Digicel International Finance Ltd. 8.63%, 8/1/2032 (a)
1,403
1,456
Kingston Airport Revenue Finance Ltd. 6.75%, 12/15/2036 (a)
400
401
 
1,857
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Kazakhstan — 0.7%
Development Bank of Kazakhstan JSC 16.95%, 5/8/2029 (a)
KZT2,000,000
4,023
Kazakhstan Temir Zholy National Co. JSC 5.25%, 4/29/2036 (a)
2,500
2,426
 
6,449
Kyrgyzstan — 0.1%
Eldik Bank OAO 8.50%, 4/23/2031 (a)
1,200
1,198
Macau — 0.0% ^
Studio City Finance Ltd. 5.00%, 1/15/2029 (b)
400
383
Mexico — 5.8%
Banco Mercantil del Norte SA
(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.47%), 7.50%, 6/27/2029 (b) (f) (g) (h) (i)
1,200
1,195
(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 7.76%), 8.38%, 10/14/2030 (b) (f) (g) (h) (i)
343
357
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.07%), 8.38%, 5/20/2031 (b) (f) (g) (h) (i)
557
576
(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.30%), 8.75%, 5/20/2035 (a) (f) (g) (h) (i)
901
950
Banco Nacional de Comercio Exterior SNC (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.96%), 6.00%,
5/14/2036 (a) (i)
2,146
2,130
BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (b) (f) (i)
1,068
1,045
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.66%), 8.45%, 6/29/2038 (b) (f) (i)
1,200
1,303
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (US Treasury Yield Curve Rate T Note Constant
Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (b) (f) (i)
400
391
Cemex SAB de CV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.52%), 7.20%, 6/10/2030 (a) (g) (h) (i)
1,374
1,414
Cometa Energia SA de CV 6.38%, 4/24/2035 (b)
1,733
1,809
Comision Federal de Electricidad
3.35%, 2/9/2031 (b)
1,000
897
6.50%, 1/28/2051 (a)
743
722
4.68%, 2/9/2051 (a)
642
459
COX Asset Mexico SA de CV 7.75%, 5/8/2036 (a)
2,600
2,684
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple 7.25%, 1/31/2041 (a)
1,538
1,563
Mexico City Airport Trust 3.88%, 4/30/2028 (b)
1,000
978
Petroleos Mexicanos
8.75%, 6/2/2029
3,527
3,792
6.84%, 1/23/2030
4,000
4,112
5.95%, 1/28/2031
4,600
4,541
6.70%, 2/16/2032
7,510
7,563
6.35%, 2/12/2048
1,600
1,297
7.69%, 1/23/2050
10,407
9,528
6.95%, 1/28/2060
2,800
2,323
Saavi Energia SARL 8.88%, 2/10/2035 (a)
1,833
1,986
Tierra Mojada Luxembourg II SARL 5.75%, 12/1/2040 (b)
1,665
1,624
 
55,239
Oman — 0.2%
EDO Sukuk Ltd. 5.88%, 9/21/2033 (a)
2,240
2,345
Panama — 0.2%
Generadora de Gatun SA 6.87%, 9/30/2044 (a)
1,937
1,975
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Paraguay — 0.5%
Bioceanico Sovereign Certificate Ltd., Zero Coupon, 6/5/2034 (a)
5,297
4,424
Peru — 1.3%
Corp. Financiera de Desarrollo SA
2.40%, 9/28/2027 (b)
1,700
1,643
5.50%, 5/6/2030 (a)
1,190
1,205
Fondo MIVIVIENDA SA
4.63%, 4/12/2027 (a)
583
583
5.40%, 3/31/2031 (a)
3,217
3,218
Peru LNG Srl, 5.38%, 3/22/2030 (b)
1,560
1,514
Petroleos del Peru SA
4.75%, 6/19/2032 (b)
2,569
2,170
5.63%, 6/19/2047 (b)
2,824
2,047
 
12,380
Russia — 0.0%
Vnesheconombank Via VEB Finance plc 5.94%, 11/21/2023 ‡ (b) (e)
3,090
—
(j)
Saudi Arabia — 0.7%
Gaci First Investment Co. 4.88%, 2/14/2035 (b)
4,600
4,489
Greensaif Pipelines Bidco SARL 6.51%, 2/23/2042 (a)
1,820
1,928
 
6,417
Serbia — 0.3%
Telecommunications co Telekom Srbija AD Belgrade 7.25%, 5/18/2031 (a)
2,373
2,370
South Africa — 0.3%
Eskom Holdings 6.35%, 8/10/2028 (b)
2,500
2,546
Trinidad And Tobago — 0.2%
Trinidad Generation UnLtd 7.75%, 6/16/2033 (a)
1,770
1,872
Turkey — 0.5%
Akbank TAS (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.27%), 9.37%, 3/14/2029 (b) (f) (g) (h) (i)
1,000
1,015
TC Ziraat Bankasi A/S
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.62%), 8.38%, 11/5/2030 (a) (f) (g) (h) (i)
2,400
2,352
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.33%), 8.99%, 8/2/2034 (a) (f) (i)
800
824
Turkiye Varlik Fonu Yonetimi A/S 8.25%, 2/14/2029 (b)
600
625
 
4,816
Ukraine — 0.1%
NPC Ukrenergo 6.88%, 11/9/2028 (a) (e)
1,044
1,007
Uzbekistan — 1.3%
Navoi Mining & Metallurgical Combinat 6.70%, 10/17/2028 (a)
453
466
Navoiyuran State Enterprise
6.70%, 7/2/2030 (a)
2,000
2,027
6.70%, 7/2/2030 (b)
1,865
1,891
Uzbekneftegaz JSC
4.75%, 11/16/2028 (b)
1,600
1,556
8.75%, 5/7/2030 (b)
6,125
6,601
 
12,541
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Venezuela, Bolivarian Republic of — 1.2%
Petroleos de Venezuela SA
9.00%, 11/17/2021 (b) (e)
1,510
697
6.00%, 11/15/2026 (b) (e)
7,800
3,060
5.38%, 4/12/2027 (b) (e)
16,868
6,418
9.75%, 5/17/2035 (b) (e)
2,500
1,180
 
11,355
Total Corporate Bonds
(Cost $178,851)
182,835
U.S. Treasury Obligations — 0.4%
United States — 0.4%
U.S. Treasury Notes, 0.88%, 6/30/2026 (k)
(Cost $3,470)
3,478
3,470
Short-Term Investments — 1.9%
Foreign Government Treasury Bills — 0.8%
Nigeria OMO Bill
0.00%, 8/11/2026
NGN3,951,099
2,770
22.83%, 9/22/2026 (l)
NGN3,853,939
2,636
0.00%, 1/12/2027
NGN3,328,746
2,177
Total Foreign Government Treasury Bills
(Cost $7,396)
7,583
 
SHARES
(000)
Investment Companies — 1.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.64% (m) (n)
(Cost $10,911)
10,910
10,912
Total Short-Term Investments
(Cost $18,307)
18,495
Total Investments — 98.7%
(Cost $894,944)
940,615
Other Assets in Excess of Liabilities — 1.3%
12,728
NET ASSETS — 100.0%
953,343
 
Percentages indicated are based on net assets.
 
Abbreviations
 
BRL
Brazilian Real
COP
Colombian Peso
EGP
Egyptian Pound
EUR
Euro
JSC
Joint Stock Company
KZT
Kazakhstan Tenge
MXN
Mexican Peso
NGN
Nigeria Naira
PT
Limited liability company
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
PYG
Paraguay Guarani
UYU
Uruguayan Peso
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable inputs.
 
(a)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(b)
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.
 
(c)
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of May 31, 2026.
 
(d)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2026.
 
(e)
Defaulted security.
 
(f)
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, 2026 is $10,969 or 1.15% of the Fund’s net assets
as of May 31, 2026.
 
(g)
Security is an interest bearing note with preferred security characteristics.
 
(h)
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, 2026.
 
(i)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2026.
 
(j)
Value is zero.
 
(k)
All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
 
(l)
The rate shown is the effective yield as of May 31, 2026.
 
(m)
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.
 
(n)
The rate shown is the current yield as of May 31, 2026.
 
Futures contracts outstanding as of May 31, 2026 (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 5 Year Note
638
09/30/2026
USD
68,440
429
 
Abbreviations
 
USD
United States Dollar
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
Forward foreign currency exchange contracts outstanding as of May 31, 2026 (amounts in thousands):
 
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
EGP
1,187,448
USD
22,407
Citibank, NA**
6/2/2026
333
HUF
2,887,421
EUR
7,620
Goldman Sachs International
6/2/2026
628
HUF
3,062
USD
10
Merrill Lynch International
6/2/2026
—
(a)
MXN
3,236
USD
185
HSBC Bank, NA
6/2/2026
2
TRY
415,502
USD
8,922
Morgan Stanley
6/2/2026
132
USD
4,665
ARS
6,553,747
Goldman Sachs International**
6/2/2026
13
USD
9,689
BRL
48,816
BNP Paribas**
6/2/2026
12
USD
40,695
EUR
34,438
BNP Paribas
6/2/2026
527
USD
1,716
EUR
1,458
Goldman Sachs International
6/2/2026
15
USD
1,184
EUR
1,013
HSBC Bank, NA
6/2/2026
3
USD
2,600
EUR
2,220
Morgan Stanley
6/2/2026
10
USD
5,256
PEN
17,820
BNP Paribas**
6/2/2026
36
USD
4,131
PEN
14,034
Standard Chartered Bank**
6/2/2026
20
EUR
774
USD
902
BNP Paribas
6/22/2026
1
PEN
6,867
USD
1,988
Bank of America NA**
6/22/2026
22
PEN
17,722
USD
5,158
Citibank, NA**
6/22/2026
29
PEN
7,265
USD
2,095
Goldman Sachs International**
6/22/2026
31
TRY
415,502
USD
8,837
Barclays Bank plc
6/22/2026
52
USD
912
EUR
774
Barclays Bank plc
6/22/2026
9
USD
40,361
EUR
34,395
BNP Paribas
6/22/2026
207
USD
3,469
EUR
2,960
HSBC Bank, NA
6/22/2026
13
USD
9,324
PEN
31,854
Citibank, NA**
6/22/2026
2
Total unrealized appreciation
2,097
ARS
6,553,747
USD
4,655
Citibank, NA**
6/2/2026
(3
)
BRL
46,481
USD
9,426
Bank of America NA**
6/2/2026
(212
)
BRL
25,022
USD
4,975
Merrill Lynch International**
6/2/2026
(15
)
EUR
34,395
USD
40,324
BNP Paribas
6/2/2026
(206
)
EUR
2,151
USD
2,521
Citibank, NA
6/2/2026
(12
)
EUR
7,702
USD
9,031
HSBC Bank, NA
6/2/2026
(47
)
EUR
2,500
USD
2,952
Morgan Stanley
6/2/2026
(36
)
MXN
158,422
USD
9,188
Goldman Sachs International
6/2/2026
(50
)
PEN
31,854
USD
9,334
Citibank, NA**
6/2/2026
(3
)
USD
4,462
BRL
22,687
BNP Paribas**
6/2/2026
(35
)
USD
22,310
EGP
1,187,448
Citibank, NA**
6/2/2026
(430
)
USD
9,205
HUF
2,890,483
Barclays Bank plc
6/2/2026
(321
)
USD
9,286
MXN
161,657
State Street Corp.
6/2/2026
(38
)
USD
9,003
TRY
415,502
Barclays Bank plc
6/2/2026
(51
)
ARS
6,553,747
USD
4,618
Goldman Sachs International**
6/22/2026
(31
)
USD
4,175
COP
15,915,300
Merrill Lynch International**
6/22/2026
(119
)
USD
5,873
EUR
5,059
Morgan Stanley
6/22/2026
(32
)
Total unrealized depreciation
(1,641
)
Net unrealized appreciation
456
 
Abbreviations
 
ARS
Argentine Peso
BRL
Brazilian Real
COP
Colombian Peso
EGP
Egyptian Pound
EUR
Euro
HUF
Hungarian Forint
MXN
Mexican Peso
PEN
Peruvian Nuevo Sol
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
TRY
Turkish Lira
USD
United States Dollar
 
(a)
Amount rounds to less than one thousand.
**
Non-deliverable forward.
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of May 31, 2026 (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.45-V1
1.00
Quarterly
6/20/2031
1.51
USD 23,730
615
(133
)
482
 
(*)
The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from
the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference
obligation, as defined under the terms of individual swap contracts.
(a)
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
(b)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
(c)
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
 
Abbreviations
 
CDX
Credit Default Swap Index
USD
United States Dollar
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (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 "1940 Act"), the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (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.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values ("NAV") per share as of the report date.
Futures contracts 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.
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.
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
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
Corporate Bonds
Angola
$—
$3,008
$—
$3,008
Bahrain
—
4,310
—
4,310
Brazil
—
909
—
909
Chile
—
18,133
—
18,133
Colombia
—
16,558
—
16,558
Costa Rica
—
1,227
—
1,227
Guatemala
—
762
—
762
India
—
1,365
—
1,365
Indonesia
—
7,389
—
7,389
Jamaica
—
1,857
—
1,857
Kazakhstan
—
6,449
—
6,449
Kyrgyzstan
—
1,198
—
1,198
Macau
—
383
—
383
Mexico
—
55,239
—
55,239
Oman
—
2,345
—
2,345
Panama
—
1,975
—
1,975
Paraguay
—
4,424
—
4,424
Peru
—
12,380
—
12,380
Russia
—
—
—(a
)
—(a
)
Saudi Arabia
—
6,417
—
6,417
Serbia
—
2,370
—
2,370
South Africa
—
2,546
—
2,546
Trinidad And Tobago
—
1,872
—
1,872
Turkey
—
4,816
—
4,816
Ukraine
—
1,007
—
1,007
Uzbekistan
—
12,541
—
12,541
Venezuela, Bolivarian Republic of
—
11,355
—
11,355
Total Corporate Bonds
—
182,835
—
(a)
182,835
Foreign Government Securities
—
735,815
—
735,815
U.S. Treasury Obligations
—
3,470
—
3,470
Short-Term Investments
Foreign Government Treasury Bills
—
7,583
—
7,583
Investment Companies
10,912
—
—
10,912
Total Short-Term Investments
10,912
7,583
—
18,495
Total Investments in Securities
$10,912
$929,703
$—
(a)
$940,615
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
$—
$2,097
$—
$2,097
Futures Contracts
429
—
—
429
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
$—
$(1,641
)
$—
$(1,641
)
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Swaps
$—
$(133
)
$—
$(133
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$429
$323
$—
$752
 
 
(a)
Value is zero.
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, 2026
Security Description
Value at
February 28,
2026
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2026
Shares at
May 31,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 3.64%  (a) (b)
$58,264
$173,185
$220,519
$(18
)
$—
(c)
$10,912
10,910
$390
$—
 
 
(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, 2026.
(c)
Amount rounds to less than one thousand.
C. Derivatives— The Fund used derivative instruments including futures contracts and forward foreign currency contracts, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.
The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value.
The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.
Notes (1) — (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
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
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.
(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.
JPMorgan Emerging Markets Debt Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
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.