JPMorgan High Yield 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 High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — 83.3%
Aerospace & Defense — 1.3%
ATI, Inc.
5.88%, 12/1/2027
7,269
7,281
4.88%, 10/1/2029
3,242
3,206
7.25%, 8/15/2030
4,383
4,551
5.13%, 10/1/2031
3,040
3,014
Axon Enterprise, Inc. 6.13%, 3/15/2030 (a)
1,229
1,253
Bombardier, Inc. (Canada)
8.75%, 11/15/2030 (a)
7,249
7,685
7.25%, 7/1/2031 (a)
5,174
5,436
7.00%, 6/1/2032 (a)
3,976
4,141
6.75%, 6/15/2033 (a)
3,247
3,382
BWX Technologies, Inc.
4.13%, 6/30/2028 (a)
8,884
8,721
4.13%, 4/15/2029 (a)
8,496
8,230
Goat Holdco LLC 6.75%, 2/1/2032 (a)
2,740
2,788
ICITII 6.00%, 1/31/2033 ‡ (a)
5,665
2,778
TransDigm, Inc.
6.38%, 3/1/2029 (a)
12,154
12,393
6.63%, 3/1/2032 (a)
7,001
7,201
6.25%, 1/31/2034 (a)
2,370
2,426
 
84,486
Automobile Components — 2.6%
Adient Global Holdings Ltd.
7.00%, 4/15/2028 (a)
8,746
8,893
8.25%, 4/15/2031 (a)
12,898
13,451
7.50%, 2/15/2033 (a)
8,203
8,508
Allison Transmission, Inc.
4.75%, 10/1/2027 (a)
9,690
9,686
5.88%, 6/1/2029 (a)
21,988
22,203
3.75%, 1/30/2031 (a)
728
682
5.88%, 12/1/2033 (a)
2,277
2,283
American Axle & Manufacturing, Inc. 6.88%, 7/1/2028
2,231
2,240
Clarios Global LP
6.75%, 5/15/2028 (a)
12,243
12,468
6.75%, 2/15/2030 (a)
5,527
5,714
6.75%, 9/15/2032 (a)
11,323
11,599
Cooper-Standard Automotive, Inc. 9.25%, 3/1/2031 (a)
31,192
31,543
Cyprium Corp. 6.13%, 4/15/2031 (a)
5,581
5,583
Dexko Global, Inc. 7.50%, 4/15/2032 (a)
16,307
14,102
Forvia SE (France) 6.75%, 9/15/2033 (a)
2,146
2,160
Goodyear Tire & Rubber Co. (The)
5.00%, 7/15/2029
4,095
3,911
6.63%, 7/15/2030
2,342
2,290
5.25%, 4/30/2031
3,374
3,013
5.25%, 7/15/2031
5,243
4,654
IHO Verwaltungs GmbH (Germany)
7.75% (Cash), 11/15/2030 (a) (b)
4,548
4,702
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Automobile Components — continued
8.00% (Cash), 11/15/2032 (a) (b)
1,642
1,714
7.37% (Cash), 5/15/2033 (a) (b)
1,450
1,493
 
172,892
Automobiles — 0.1%
PM General Purchaser LLC 9.50%, 10/1/2028 (a)
5,545
4,935
Banks — 0.1%
Citigroup, Inc. Series T, (3-MONTH CME TERM SOFR + 4.78%), 6.25%, 8/15/2026 (c) (d) (e)
9,565
9,586
Beverages — 0.1%
Primo Water Holdings, Inc. 6.25%, 4/1/2029 (a)
7,468
7,487
Biotechnology — 0.2%
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)
3,405
3,096
Grifols SA (Spain) 4.75%, 10/15/2028 (a)
7,780
7,658
 
10,754
Broadline Retail — 0.7%
Shutterfly Finance LLC
8.50% (Cash), 10/1/2027 (a) (b)
14,991
14,893
9.75%, 10/1/2027 (a)
3,589
3,589
Wayfair LLC
7.25%, 10/31/2029 (a)
5,203
5,353
7.75%, 9/15/2030 (a)
10,033
10,445
6.75%, 11/15/2032 (a)
6,025
6,120
7.13%, 5/31/2034 (a)
2,431
2,477
 
42,877
Building Products — 3.6%
Advanced Drainage Systems, Inc. 5.38%, 3/1/2034 (a)
1,904
1,855
Builders FirstSource, Inc.
5.00%, 3/1/2030 (a)
2,455
2,393
4.25%, 2/1/2032 (a)
10,504
9,664
6.38%, 6/15/2032 (a)
6,910
6,974
6.38%, 3/1/2034 (a)
4,256
4,252
6.75%, 5/15/2035 (a)
4,616
4,662
EMRLD Borrower LP
6.63%, 12/15/2030 (a)
33,469
34,217
6.75%, 7/15/2031 (a)
6,371
6,583
Griffon Corp. 5.75%, 3/1/2028
15,398
15,394
JELD-WEN Holding, Inc. 7.00%, 9/1/2032 (a)
6,596
4,046
JELD-WEN, Inc. 4.88%, 12/15/2027 (a)
22,764
18,705
JH North America Holdings, Inc.
5.88%, 1/31/2031 (a)
2,974
2,973
6.13%, 7/31/2032 (a)
4,465
4,476
Masterbrand, Inc. 7.00%, 7/15/2032 (a)
13,746
13,720
Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (a)
10,439
10,264
MIWD Holdco II LLC 5.50%, 2/1/2030 (a)
14,786
13,814
Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a)
16,991
17,301
Smyrna Ready Mix Concrete LLC 8.88%, 11/15/2031 (a)
17,545
18,495
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Building Products — continued
Standard Building Solutions, Inc.
6.50%, 8/15/2032 (a)
8,320
8,444
6.25%, 8/1/2033 (a)
9,105
9,119
5.88%, 3/15/2034 (a)
3,853
3,757
Standard Industries, Inc.
4.75%, 1/15/2028 (a)
21,095
20,993
4.38%, 7/15/2030 (a)
220
210
3.38%, 1/15/2031 (a)
3,338
3,039
 
235,350
Capital Markets — 0.0% ^
Coinbase Global, Inc. 3.38%, 10/1/2028 (a)
1,567
1,504
Chemicals — 3.3%
Avient Corp. 7.13%, 8/1/2030 (a)
3,409
3,469
Axalta Coating Systems Dutch Holding B BV 7.25%, 2/15/2031 (a)
8,056
8,388
Axalta Coating Systems LLC
4.75%, 6/15/2027 (a)
9,007
8,989
3.38%, 2/15/2029 (a)
8,402
8,020
Bond US Bidco 1, Inc. 7.13%, 6/15/2033 (a)
3,205
3,230
Celanese US Holdings LLC
7.00%, 2/15/2031
4,335
4,493
7.38%, 2/15/2034
17,075
17,834
Chemours Co. (The)
5.75%, 11/15/2028 (a)
17,191
17,160
4.63%, 11/15/2029 (a)
654
628
8.00%, 1/15/2033 (a)
3,708
3,788
7.88%, 3/15/2034 (a)
6,234
6,323
CVR Partners LP 6.13%, 6/15/2028 (a)
2,201
2,200
Element Solutions, Inc. 3.88%, 9/1/2028 (a)
7,734
7,522
INEOS Finance plc (Luxembourg)
6.75%, 5/15/2028 (a)
2,483
2,498
7.50%, 4/15/2029 (a)
5,340
5,314
INEOS Quattro Finance 2 plc (United Kingdom) 9.63%, 3/15/2029 (a)
5,502
5,252
NOVA Chemicals Corp. (Canada)
5.25%, 6/1/2027 (a)
18,422
18,477
8.50%, 11/15/2028 (a)
7,247
7,521
4.25%, 5/15/2029 (a)
5,907
5,767
9.00%, 2/15/2030 (a)
7,231
7,615
7.00%, 12/1/2031 (a)
2,975
3,141
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026
9,126
9,113
4.50%, 10/15/2029
12,475
12,160
4.00%, 4/1/2031
11,178
10,399
4.38%, 2/1/2032
7,725
7,185
Solstice Advanced Materials, Inc. 5.63%, 9/30/2033 (a)
10,100
9,985
Trinseo Luxco Finance SPV SARL 7.63%, 5/3/2029 (a) (f)
6,320
1
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Chemicals — continued
WR Grace Holdings LLC
5.63%, 8/15/2029 (a)
15,529
14,872
6.63%, 8/15/2032 (a)
5,677
5,633
7.00%, 8/1/2033 (a)
3,091
3,066
 
220,043
Commercial Services & Supplies — 3.8%
ACCO Brands Corp. 4.25%, 3/15/2029 (a)
13,666
12,579
ADT Security Corp. (The)
4.13%, 8/1/2029 (a)
7,395
7,102
4.88%, 7/15/2032 (a)
11,301
10,701
Allied Universal Holdco LLC 4.63%, 6/1/2028 (a)
9,660
9,521
APi Group DE, Inc.
4.13%, 7/15/2029 (a)
5,188
4,999
4.75%, 10/15/2029 (a)
4,982
4,900
Aramark Services, Inc. 5.00%, 2/1/2028 (a)
23,919
23,881
Brink's Co. (The)
4.63%, 10/15/2027 (a)
14,753
14,678
6.50%, 6/15/2029 (a)
2,601
2,666
Clarivate Science Holdings Corp.
3.88%, 7/1/2028 (a)
5,199
5,028
4.88%, 7/1/2029 (a)
5,626
5,152
Clean Harbors, Inc.
6.38%, 2/1/2031 (a)
1,679
1,707
5.75%, 10/15/2033 (a)
5,580
5,608
CoreCivic, Inc. 8.25%, 4/15/2029
12,155
12,671
Garda World Security Corp. (Canada)
6.00%, 6/1/2029 (a)
8,129
7,954
6.50%, 1/15/2031 (a)
4,572
4,650
8.25%, 8/1/2032 (a)
6,899
7,075
8.38%, 11/15/2032 (a)
3,376
3,498
GEO Group, Inc. (The)
8.63%, 4/15/2029
9,483
9,888
10.25%, 4/15/2031
1,635
1,772
GFL Environmental, Inc.
4.00%, 8/1/2028 (a)
8,174
7,994
4.75%, 6/15/2029 (a)
12,996
12,798
4.38%, 8/15/2029 (a)
5,330
5,190
6.75%, 1/15/2031 (a)
12,640
13,051
Madison IAQ LLC 5.88%, 6/30/2029 (a)
25,873
25,870
Prime Security Services Borrower LLC 3.38%, 8/31/2027 (a)
5,674
5,564
Raven Acquisition Holdings LLC 6.88%, 11/15/2031 (a)
5,547
5,439
Williams Scotsman, Inc.
6.63%, 6/15/2029 (a)
3,043
3,120
6.63%, 4/15/2030 (a)
1,569
1,614
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Commercial Services & Supplies — continued
7.38%, 10/1/2031 (a)
5,485
5,727
Wrangler Holdco Corp. (Canada) 6.63%, 4/1/2032 (a)
8,365
8,589
 
250,986
Communications Equipment — 0.1%
Viasat, Inc. 7.50%, 5/30/2031 (a)
3,660
3,695
Construction & Engineering — 0.6%
AECOM 6.00%, 8/1/2033 (a)
7,946
7,958
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)
9,306
9,142
Global Infrastructure Solutions, Inc.
5.63%, 6/1/2029 (a)
7,752
7,741
7.50%, 4/15/2032 (a)
7,925
8,348
Granite Construction, Inc. 6.38%, 6/15/2034 (a) (g)
3,143
3,207
Weekley Homes LLC 4.88%, 9/15/2028 (a)
711
694
 
37,090
Construction Materials — 0.2%
Knife River Corp. 7.75%, 5/1/2031 (a)
10,707
11,116
Consumer Finance — 1.3%
Ford Motor Credit Co. LLC
4.54%, 8/1/2026
15,845
15,836
4.13%, 8/17/2027
17,515
17,379
3.82%, 11/2/2027
8,227
8,105
6.80%, 5/12/2028
2,000
2,062
6.80%, 11/7/2028
2,000
2,073
7.20%, 6/10/2030
3,201
3,394
5.73%, 9/5/2030
4,002
4,048
4.00%, 11/13/2030
13,527
12,780
7.12%, 11/7/2033
2,673
2,866
6.47%, 5/22/2036
7,970
8,176
OneMain Finance Corp.
3.50%, 1/15/2027
6,139
6,087
6.63%, 1/15/2028
2,945
2,995
3.88%, 9/15/2028
1,054
1,020
4.00%, 9/15/2030
2,081
1,921
 
88,742
Consumer Staples Distribution & Retail — 1.0%
Albertsons Cos., Inc.
3.50%, 3/15/2029 (a)
15,258
14,557
4.88%, 2/15/2030 (a)
5,442
5,300
5.50%, 3/31/2031 (a)
1,976
1,946
5.63%, 3/31/2032 (a)
9,370
9,148
New Albertsons LP
7.75%, 6/15/2026
2,278
2,271
6.63%, 6/1/2028
1,250
1,258
7.45%, 8/1/2029
3,130
3,269
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Consumer Staples Distribution & Retail — continued
Performance Food Group, Inc.
4.25%, 8/1/2029 (a)
12,025
11,650
6.13%, 9/15/2032 (a)
2,817
2,848
5.63%, 3/1/2034 (a)
4,688
4,581
US Foods, Inc.
6.88%, 9/15/2028 (a)
3,411
3,494
4.75%, 2/15/2029 (a)
1,261
1,244
4.63%, 6/1/2030 (a)
5,334
5,185
 
66,751
Containers & Packaging — 1.3%
Ardagh Group SA
9.50%, 12/1/2030 (a)
11,029
11,775
12.00% (Blend (Cash 5.50% + PIK 6.50%)), 12/1/2030 (a) (b) (h)
13,895
12,450
Clydesdale Acquisition Holdings, Inc. 6.75%, 4/15/2032 (a)
13,289
12,773
Labl
0.00%, 12/31/2026 ‡
1,260
1,252
0.00%, 5/11/2033 ‡ (a)
123
99
0.00%, 12/31/2033 ‡
2
2,023
LABL, Inc. 8.63%, 10/1/2031 (a) (f)
388
171
Mauser Packaging Solutions Holding Co.
7.88%, 4/15/2030 (a)
19,322
19,516
9.25%, 4/15/2030 (a)
18,575
17,798
TriMas Corp. 4.13%, 4/15/2029 (a)
6,125
5,884
 
83,741
Distributors — 0.7%
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a)
1,241
1,217
Gates Corp. 6.88%, 7/1/2029 (a)
2,058
2,119
Incora Intermediate II LLC (SOFR + 8.00%), 0.00%, 1/31/2030 ‡ (a) (e)
26,906
26,906
RB Global Holdings, Inc. (Canada)
6.75%, 3/15/2028 (a)
4,365
4,433
7.75%, 3/15/2031 (a)
1,753
1,822
Resideo Funding, Inc. 6.50%, 7/15/2032 (a)
6,883
6,920
 
43,417
Diversified Consumer Services — 0.2%
Service Corp. International
7.50%, 4/1/2027
3,778
3,842
5.75%, 10/15/2032
3,956
3,988
Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a)
6,192
6,405
 
14,235
Diversified REITs — 0.0% ^
VICI Properties LP 4.63%, 12/1/2029 (a)
2,054
2,021
Diversified Telecommunication Services — 6.9%
Altice Financing SA (Luxembourg) 5.75%, 8/15/2029 (a)
7,883
5,712
Altice France SA (France)
6.88%, 10/15/2030 (a)
179
176
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
6.50%, 4/15/2032 (a)
11,437
11,130
6.88%, 7/15/2032 (a)
16,304
15,918
APLD ComputeCo 2 LLC 6.75%, 3/15/2031 (a)
9,809
9,887
CCO Holdings LLC
5.00%, 2/1/2028 (a)
27,997
27,721
4.75%, 3/1/2030 (a)
87,803
82,982
4.50%, 8/15/2030 (a)
49,234
45,820
4.25%, 2/1/2031 (a)
46,227
41,854
7.38%, 3/1/2031 (a)
9,548
9,683
4.75%, 2/1/2032 (a)
15,875
14,152
4.50%, 5/1/2032
8,212
7,205
7.00%, 2/1/2033 (a)
6,297
6,155
Cipher Compute LLC 7.13%, 11/15/2030 (a)
5,260
5,483
Connect Holding II LLC 10.50%, 4/3/2031 (a)
11,154
11,358
Edged Compute LLC 7.50%, 4/30/2031 (a)
6,405
6,422
Embarq LLC 8.00%, 6/1/2036
8,198
2,213
Fibercop SpA (Italy)
Series 2033, 6.38%, 11/15/2033 (a)
2,024
2,024
6.00%, 9/30/2034 (a)
1,484
1,426
Flash Compute LLC 7.25%, 12/31/2030 (a)
5,792
5,971
GCI LLC 4.75%, 10/15/2028 (a)
19,366
18,689
Level 3 Financing, Inc.
6.88%, 6/30/2033 (a)
12,133
12,497
7.00%, 3/31/2034 (a)
14,898
15,442
Lumen Technologies, Inc. 5.38%, 6/15/2029 (a)
6,838
6,674
Meridian Arc Holdco LLC 6.25%, 4/30/2031 (a)
21,155
21,264
PR RNO Property Owner 1 LLC 6.50%, 5/1/2031 (a)
29,090
29,130
SV RNO Property Owner 1 LLC 5.88%, 3/1/2031 (a)
13,876
13,702
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033
349
364
6.00%, 9/30/2034
96
98
Virgin Media Secured Finance plc (United Kingdom) 4.50%, 8/15/2030 (a)
11,062
9,626
WULF Compute LLC 7.75%, 10/15/2030 (a)
14,545
15,283
 
456,061
Electric Utilities — 1.5%
NRG Energy, Inc.
5.75%, 1/15/2028
7,198
7,208
3.38%, 2/15/2029 (a)
5,756
5,493
5.25%, 6/15/2029 (a)
6,240
6,208
5.75%, 7/15/2029 (a)
1,320
1,321
3.63%, 2/15/2031 (a)
819
760
3.88%, 2/15/2032 (a)
1,380
1,268
6.00%, 2/1/2033 (a)
8,543
8,608
5.75%, 1/15/2034 (a)
6,856
6,782
5.88%, 5/15/2034 (a)
5,985
5,947
6.00%, 1/15/2036 (a)
6,546
6,502
6.13%, 5/15/2036 (a)
1,496
1,493
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Electric Utilities — continued
PG&E Corp. 5.00%, 7/1/2028
5,972
5,943
Vistra Operations Co. LLC
4.38%, 5/1/2029 (a)
2,572
2,522
7.75%, 10/15/2031 (a)
17,905
18,769
6.88%, 4/15/2032 (a)
6,115
6,362
VoltaGrid LLC 7.38%, 11/1/2030 (a)
12,229
12,734
 
97,920
Electrical Equipment — 0.4%
Sensata Technologies BV
4.00%, 4/15/2029 (a)
11,077
10,806
5.88%, 9/1/2030 (a)
6,497
6,538
Solaris Energy Infrastructure LLC 6.38%, 5/15/2031 (a)
6,581
6,684
 
24,028
Electronic Equipment, Instruments & Components — 0.9%
Coherent Corp. 5.00%, 12/15/2029 (a)
27,071
26,795
Ingram Micro, Inc. 4.75%, 5/15/2029 (a)
25,643
25,204
Insight Enterprises, Inc. 6.63%, 5/15/2032 (a)
2,309
2,346
Sensata Technologies, Inc.
3.75%, 2/15/2031 (a)
283
265
6.63%, 7/15/2032 (a)
2,088
2,162
 
56,772
Energy Equipment & Services — 0.8%
Archrock Partners LP 6.63%, 9/1/2032 (a)
4,341
4,444
Archrock Services LP 6.00%, 2/1/2034 (a)
1,996
1,997
Diamond Foreign Asset Co. 8.50%, 10/1/2030 (a)
8,622
9,070
Kodiak Gas Services LLC
5.88%, 4/1/2031 (a)
2,575
2,591
6.50%, 10/1/2033 (a)
2,807
2,857
Noble Finance II LLC 8.00%, 4/15/2030 (a)
4,274
4,444
Transocean International Ltd.
8.25%, 5/15/2029 (a)
13,894
14,430
8.75%, 2/15/2030 (a)
2,473
2,591
Valaris Ltd. 8.38%, 4/30/2030 (a)
2,203
2,294
WBI Operating LLC 6.25%, 10/15/2030 (a)
7,312
7,374
 
52,092
Entertainment — 1.1%
Cinemark USA, Inc.
5.25%, 7/15/2028 (a)
4,041
4,020
7.00%, 8/1/2032 (a)
4,414
4,569
Discovery Global Holdings, Inc.
4.28%, 3/15/2032
10,668
9,628
5.05%, 3/15/2042
6,429
4,701
Live Nation Entertainment, Inc.
6.50%, 5/15/2027 (a)
24,817
24,844
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Entertainment — continued
4.75%, 10/15/2027 (a)
25,861
25,762
3.75%, 1/15/2028 (a)
1,177
1,154
 
74,678
Financial Services — 1.4%
Block, Inc.
2.75%, 6/1/2026
3,811
3,811
5.63%, 8/15/2030 (a)
2,924
2,936
6.50%, 5/15/2032
16,673
16,990
6.00%, 8/15/2033 (a)
4,406
4,407
ION Platform Finance US, Inc. 7.88%, 9/30/2032 (a)
7,226
5,596
NCR Atleos Corp. 9.50%, 4/1/2029 (a)
10,955
11,712
Rocket Cos., Inc.
6.50%, 8/1/2029 (a)
963
985
6.13%, 8/1/2030 (a)
9,414
9,558
7.13%, 2/1/2032 (a)
9,244
9,576
6.38%, 8/1/2033 (a)
7,138
7,249
Rocket Mortgage LLC
2.88%, 10/15/2026 (a)
5,422
5,378
3.63%, 3/1/2029 (a)
6,632
6,377
4.00%, 10/15/2033 (a)
1,763
1,583
Shift4 Payments LLC 6.75%, 8/15/2032 (a)
6,308
6,302
 
92,460
Food Products — 0.4%
Lamb Weston Holdings, Inc.
4.13%, 1/31/2030 (a)
9,668
9,236
4.38%, 1/31/2032 (a)
75
70
Post Holdings, Inc.
4.63%, 4/15/2030 (a)
1,911
1,859
6.25%, 2/15/2032 (a)
12,471
12,669
 
23,834
Gas Utilities — 0.3%
AmeriGas Partners LP
9.38%, 6/1/2028 (a)
3,885
3,980
9.50%, 6/1/2030 (a)
4,048
4,354
6.88%, 6/1/2031 (a)
4,483
4,583
Superior Plus LP (Canada) 4.50%, 3/15/2029 (a)
4,568
4,425
 
17,342
Ground Transportation — 1.2%
Avis Budget Car Rental LLC
5.75%, 7/15/2027 (a)
6,642
6,642
4.75%, 4/1/2028 (a)
6,960
6,858
5.38%, 3/1/2029 (a)
12,718
12,464
8.25%, 1/15/2030 (a)
12,269
12,654
8.00%, 2/15/2031 (a)
1,585
1,596
8.38%, 6/15/2032 (a)
6,787
6,930
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Ground Transportation — continued
Hertz Corp. (The)
4.63%, 12/1/2026 (a)
5,220
4,931
12.63%, 7/15/2029 (a)
11,411
10,394
5.00%, 12/1/2029 (a)
17,573
7,794
Hertz Corp. (The), Escrow
5.50%, 10/15/2024 ‡ (a) (f)
6,563
1
7.13%, 8/1/2026 ‡ (f) (i)
22,954
2
6.00%, 1/15/2028 ‡ (f)
20,858
2
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a)
2,448
2,437
XPO, Inc.
6.25%, 6/1/2028 (a)
5,304
5,371
7.13%, 2/1/2032 (a)
3,711
3,844
 
81,920
Health Care Equipment & Supplies — 1.3%
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)
28,189
27,868
Bausch + Lomb Corp. 8.38%, 10/1/2028 (a)
2,820
2,912
Medline Borrower LP
3.88%, 4/1/2029 (a)
15,210
14,802
6.25%, 4/1/2029 (a)
6,365
6,533
5.25%, 10/1/2029 (a)
36,553
36,490
 
88,605
Health Care Providers & Services — 3.7%
Acadia Healthcare Co., Inc.
5.50%, 7/1/2028 (a)
10,525
10,476
7.38%, 3/15/2033 (a)
1,657
1,700
Accendra Health, Inc.
4.50%, 3/31/2029 (a)
9,987
7,871
6.63%, 4/1/2030 (a)
9,977
6,021
AHP Health Partners, Inc. 5.75%, 7/15/2029 (a)
6,992
6,931
Community Health Systems, Inc.
6.00%, 1/15/2029 (a)
5,403
5,349
6.13%, 4/1/2030 (a)
4,020
3,656
5.25%, 5/15/2030 (a)
16,283
15,344
4.75%, 2/15/2031 (a)
8,788
8,080
10.88%, 1/15/2032 (a)
7,559
8,145
Concentra Health Services, Inc. 6.88%, 7/15/2032 (a)
2,606
2,697
DaVita, Inc.
4.63%, 6/1/2030 (a)
11,492
11,167
3.75%, 2/15/2031 (a)
19,331
17,974
6.88%, 9/1/2032 (a)
4,274
4,426
Encompass Health Corp.
4.50%, 2/1/2028
10,047
10,003
4.75%, 2/1/2030
1,333
1,312
4.63%, 4/1/2031
3,920
3,794
Global Medical Response, Inc. 7.38%, 10/1/2032 (a)
6,481
6,734
Molina Healthcare, Inc. 6.50%, 2/15/2031 (a)
5,001
5,071
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
Radiology Partners, Inc.
9.78% (PIK), 2/15/2030 (a) (b)
7,996
7,515
8.50%, 7/15/2032 (a)
14,322
14,680
Sotera Health Holdings LLC 7.38%, 6/1/2031 (a)
5,371
5,587
Surgery Center Holdings, Inc. 7.25%, 4/15/2032 (a)
15,228
15,264
Tenet Healthcare Corp.
5.13%, 11/1/2027
28,301
28,326
4.25%, 6/1/2029
2,097
2,044
6.13%, 6/15/2030
11,753
11,864
6.75%, 5/15/2031
19,863
20,453
 
242,484
Health Care REITs — 0.1%
MPT Operating Partnership LP 8.50%, 2/15/2032 (a)
3,982
4,146
Health Care Technology — 0.8%
IQVIA, Inc.
5.00%, 10/15/2026 (a)
25,369
25,356
5.00%, 5/15/2027 (a)
13,039
13,033
6.25%, 6/1/2032 (a)
15,821
16,163
 
54,552
Hotel & Resort REITs — 0.6%
RHP Hotel Properties LP
7.25%, 7/15/2028 (a)
3,079
3,147
4.50%, 2/15/2029 (a)
18,144
17,817
6.50%, 4/1/2032 (a)
13,701
14,048
6.50%, 6/15/2033 (a)
1,531
1,575
5.75%, 3/15/2034 (a)
2,858
2,835
 
39,422
Hotels, Restaurants & Leisure — 5.5%
1011778 BC ULC (Canada)
3.88%, 1/15/2028 (a)
881
866
6.13%, 6/15/2029 (a)
558
568
4.00%, 10/15/2030 (a)
10,204
9,670
Acushnet Co. 5.63%, 12/1/2033 (a)
1,509
1,497
Boyne USA, Inc. 4.75%, 5/15/2029 (a)
13,038
12,843
Caesars Entertainment, Inc.
7.00%, 2/15/2030 (a)
11,697
11,836
6.50%, 2/15/2032 (a)
16,565
16,150
Carnival Corp. Ltd.
4.00%, 8/1/2028 (a)
3,055
3,000
7.00%, 8/15/2029 (a)
6,416
6,658
5.88%, 6/15/2031 (a)
598
607
5.75%, 8/1/2032 (a)
16,081
16,245
6.13%, 2/15/2033 (a)
18,947
19,189
Churchill Downs, Inc.
4.75%, 1/15/2028 (a)
4,601
4,555
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
5.75%, 4/1/2030 (a)
8,713
8,714
Hilton Domestic Operating Co., Inc.
5.88%, 4/1/2029 (a)
2,762
2,804
3.75%, 5/1/2029 (a)
1,528
1,475
4.88%, 1/15/2030
4,658
4,607
4.00%, 5/1/2031 (a)
135
128
5.50%, 9/15/2031 (a)
4,196
4,220
6.13%, 4/1/2032 (a)
6,705
6,836
5.88%, 3/15/2033 (a)
9,995
10,108
5.75%, 9/15/2033 (a)
9,833
9,920
5.50%, 3/31/2034 (a)
4,094
4,075
Hilton Worldwide Finance LLC 4.88%, 4/1/2027
7,206
7,203
Marriott Ownership Resorts, Inc. 4.50%, 6/15/2029 (a)
4,622
4,458
MGM Resorts International
5.50%, 4/15/2027
6,520
6,526
6.13%, 9/15/2029
6,251
6,344
6.50%, 4/15/2032
8,448
8,609
NCL Corp. Ltd. 5.88%, 1/15/2031 (a)
5,799
5,604
Pioneer Opco LLC 7.00%, 5/15/2033 (a)
3,219
3,289
Rivers Enterprise Borrower LLC 6.25%, 10/15/2030 (a)
3,139
3,164
Royal Caribbean Cruises Ltd.
5.63%, 9/30/2031 (a)
5,791
5,842
6.25%, 3/15/2032 (a)
14,555
14,867
6.00%, 2/1/2033 (a)
9,131
9,257
Six Flags Entertainment Corp.
7.25%, 5/15/2031 (a)
7,538
7,516
8.63%, 1/15/2032 (a)
13,312
13,670
6.63%, 5/1/2032 (a)
27,565
28,168
Station Casinos LLC
4.50%, 2/15/2028 (a)
22,041
21,725
4.63%, 12/1/2031 (a)
5,256
4,974
6.63%, 3/15/2032 (a)
1,354
1,374
Vail Resorts, Inc.
5.63%, 7/15/2030 (a)
3,885
3,895
6.50%, 5/15/2032 (a)
12,116
12,344
Viking Cruises Ltd. 5.88%, 10/15/2033 (a)
10,203
10,223
Wynn Las Vegas LLC 5.25%, 5/15/2027 (a)
668
669
Wynn Resorts Finance LLC
5.13%, 10/1/2029 (a)
14,848
14,737
7.13%, 2/15/2031 (a)
2,846
3,006
6.25%, 3/15/2033 (a)
7,319
7,345
 
361,380
Household Durables — 1.0%
CD&R Smokey Buyer, Inc. 9.50%, 10/15/2029 (a)
14,765
8,862
Installed Building Products, Inc. 5.63%, 2/1/2034 (a)
2,563
2,516
Newell Brands, Inc.
6.38%, 9/15/2027
2,695
2,720
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Household Durables — continued
8.50%, 6/1/2028 (a)
5,687
5,938
6.63%, 9/15/2029
6,502
6,505
6.38%, 5/15/2030
7,250
7,153
6.63%, 5/15/2032
1,720
1,673
7.37%, 4/1/2036 (j)
2,877
2,766
Somnigroup International, Inc.
4.00%, 4/15/2029 (a)
14,984
14,403
3.88%, 10/15/2031 (a)
8,319
7,616
TopBuild Corp. 5.63%, 1/31/2034 (a)
4,463
4,506
 
64,658
Household Products — 0.8%
Central Garden & Pet Co.
5.13%, 2/1/2028
3,102
3,095
4.13%, 10/15/2030
15,129
14,312
4.13%, 4/30/2031 (a)
1,062
996
Energizer Holdings, Inc.
4.75%, 6/15/2028 (a)
17,259
17,053
4.38%, 3/31/2029 (a)
15,742
15,153
6.00%, 9/15/2033 (a)
649
619
Spectrum Brands, Inc. 3.88%, 3/15/2031 (a)
667
580
 
51,808
Independent Power and Renewable Electricity Producers — 0.7%
Talen Energy Supply LLC
6.13%, 5/1/2031 (a)
10,420
10,417
6.38%, 5/1/2033 (a)
15,629
15,568
6.25%, 2/1/2034 (a)
19,875
19,802
 
45,787
Insurance — 0.1%
Asurion LLC 8.00%, 12/31/2032 (a)
8,072
8,417
Interactive Media & Services — 0.1%
Snap, Inc. 6.88%, 3/1/2033 (a)
3,552
3,521
IT Services — 0.9%
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a)
17,321
17,350
AP Core Holdings II LLC 11.00%, 5/15/2031 (a)
4,842
5,073
Arches Buyer, Inc.
4.25%, 6/1/2028 (a)
5,478
5,322
6.13%, 12/1/2028 (a)
1,914
1,857
Conduent Business Services LLC 6.00%, 11/1/2029 (a)
11,144
9,600
CoreWeave, Inc.
9.25%, 6/1/2030 (a)
8,905
9,085
9.00%, 2/1/2031 (a)
11,237
11,394
 
59,681
Machinery — 1.0%
ATS Corp. (Canada) 4.13%, 12/15/2028 (a)
3,447
3,354
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Machinery — continued
Chart Industries, Inc.
7.50%, 1/1/2030 (a)
12,043
12,468
9.50%, 1/1/2031 (a)
1,085
1,140
Enpro, Inc. 6.13%, 6/1/2033 (a)
3,271
3,330
Esab Corp.
6.25%, 4/15/2029 (a)
5,426
5,524
5.63%, 4/1/2031 (a)
3,018
3,033
Lsf12 Helix Parent LLC 7.13%, 2/1/2033 (a)
3,508
3,438
Terex Corp.
5.00%, 5/15/2029 (a)
12,656
12,546
6.25%, 10/15/2032 (a)
7,819
7,939
Trinity Industries, Inc. 7.75%, 7/15/2028 (a)
5,640
5,781
Wabash National Corp. 4.50%, 10/15/2028 (a)
6,202
5,274
 
63,827
Media — 9.3%
Clear Channel Outdoor Holdings, Inc.
7.75%, 4/15/2028 (a)
7,199
7,214
7.50%, 6/1/2029 (a)
16,853
16,912
7.13%, 2/15/2031 (a)
17,937
18,541
7.50%, 3/15/2033 (a)
12,149
12,747
CSC Holdings LLC
5.38%, 2/1/2028 (a)
2,346
1,489
11.25%, 5/15/2028 (a)
840
561
11.75%, 1/31/2029 (a)
1,229
776
6.50%, 2/1/2029 (a)
32,697
19,214
5.75%, 1/15/2030 (a)
20,873
5,342
4.13%, 12/1/2030 (a)
505
288
4.63%, 12/1/2030 (a)
2,430
621
3.38%, 2/15/2031 (a)
210
117
4.50%, 11/15/2031 (a)
23,166
13,147
Directv Financing LLC 5.88%, 8/15/2027 (a)
1,393
1,397
Discovery Communications LLC 5.00%, 9/20/2037
2,257
1,772
DISH DBS Corp.
7.75%, 7/1/2026
38,725
38,532
5.25%, 12/1/2026 (a)
38,706
38,561
7.38%, 7/1/2028
2,455
2,380
5.75%, 12/1/2028 (a)
6,717
6,592
DISH Network Corp. 11.75%, 11/15/2027 (a)
35,363
36,437
EchoStar Corp.
10.75%, 11/30/2029
9,185
9,982
6.75% (Cash), 11/30/2030 (b)
15,800
16,139
Gray Media, Inc.
10.50%, 7/15/2029 (a)
16,974
17,969
4.75%, 10/15/2030 (a)
13,577
10,285
5.38%, 11/15/2031 (a)
13,796
9,900
7.25%, 8/15/2033 (a)
17,226
17,075
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Media — continued
iHeartCommunications, Inc.
9.13%, 5/1/2029 (a)
20,488
19,859
10.88%, 5/1/2030 (a)
26,033
22,122
McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (a)
5,950
5,915
Midcontinent Communications 8.00%, 8/15/2032 (a)
10,258
9,688
Neptune Bidco US, Inc.
9.29%, 4/15/2029 (a)
5,428
5,549
9.50%, 2/15/2033 (a)
5,533
5,660
News Corp. 5.13%, 2/15/2032 (a)
2,382
2,336
Nexstar Media, Inc.
4.75%, 11/1/2028 (a)
20,180
19,865
6.50%, 9/15/2033 (a)
38,032
38,335
7.25%, 4/15/2034 (a)
25,585
25,746
Outfront Media Capital LLC
4.25%, 1/15/2029 (a)
2,194
2,141
4.63%, 3/15/2030 (a)
2,029
1,972
7.38%, 2/15/2031 (a)
10,248
10,688
Sinclair Television Group, Inc. 8.13%, 2/15/2033 (a)
10,568
10,859
Sirius XM Radio LLC
5.00%, 8/1/2027 (a)
7,252
7,241
4.00%, 7/15/2028 (a)
36,785
35,834
5.50%, 7/1/2029 (a)
31,966
31,841
4.13%, 7/1/2030 (a)
5,372
5,064
5.88%, 4/15/2032 (a)
8,692
8,652
Stagwell Global LLC 5.63%, 8/15/2029 (a)
14,644
14,253
Univision Communications, Inc.
7.38%, 6/30/2030 (a)
8,664
8,627
8.50%, 7/31/2031 (a)
983
990
9.38%, 8/1/2032 (a)
8,316
8,515
8.88%, 4/15/2033 (a)
4,132
4,116
VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (a)
317
275
 
610,133
Metals & Mining — 1.2%
Alcoa Nederland Holding BV 7.13%, 3/15/2031 (a)
4,576
4,776
Alumina Pty. Ltd.
6.13%, 3/15/2030 (a)
4,936
5,046
6.38%, 9/15/2032 (a)
3,281
3,366
Big River Steel LLC 6.63%, 1/31/2029 (a)
10,979
10,976
Cleveland-Cliffs, Inc.
4.63%, 3/1/2029 (a)
7,528
7,296
6.88%, 11/1/2029 (a)
6,575
6,723
6.75%, 4/15/2030 (a)
5,574
5,602
7.50%, 9/15/2031 (a)
4,637
4,787
7.63%, 1/15/2034 (a)
9,178
9,445
Commercial Metals Co. 5.75%, 11/15/2033 (a)
5,480
5,484
Compass Minerals International, Inc. 8.00%, 7/1/2030 (a)
3,382
3,565
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Metals & Mining — continued
Novelis Corp.
4.75%, 1/30/2030 (a)
5,544
5,340
6.88%, 1/30/2030 (a)
1,253
1,287
3.88%, 8/15/2031 (a)
1,818
1,654
6.38%, 8/15/2033 (a)
3,421
3,454
United States Steel Corp. 6.88%, 3/1/2029
449
451
 
79,252
Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^
Starwood Property Trust, Inc. 7.25%, 4/1/2029 (a)
2,396
2,485
Oil, Gas & Consumable Fuels — 9.1%
Aethon United BR LP 7.50%, 10/1/2029 (a)
2,105
2,196
Antero Midstream Partners LP
5.75%, 1/15/2028 (a)
13,598
13,602
5.38%, 6/15/2029 (a)
1,231
1,230
5.75%, 10/15/2033 (a)
9,410
9,311
Antero Resources Corp. 5.38%, 3/1/2030 (a)
2,074
2,092
Ascent Resources Utica Holdings LLC
5.88%, 6/30/2029 (a)
951
950
6.63%, 10/15/2032 (a)
5,540
5,685
6.63%, 7/15/2033 (a)
5,279
5,409
Blue Racer Midstream LLC
7.00%, 7/15/2029 (a)
3,989
4,102
7.25%, 7/15/2032 (a)
2,426
2,522
Buckeye Partners LP
3.95%, 12/1/2026
7,407
7,365
4.13%, 12/1/2027
3,138
3,093
4.50%, 3/1/2028 (a)
8,248
8,161
6.75%, 2/1/2030 (a)
8,194
8,486
Caturus Energy LLC 7.13%, 5/15/2031 (a)
2,752
2,749
Chord Energy Corp.
6.00%, 10/1/2030 (a)
13,858
14,031
6.75%, 3/15/2033 (a)
4,827
4,956
CNX Midstream Partners LP 4.75%, 4/15/2030 (a)
1,804
1,742
CNX Resources Corp.
7.38%, 1/15/2031 (a)
3,348
3,437
5.88%, 3/1/2034 (a)
3,743
3,685
Comstock Resources, Inc.
6.75%, 3/1/2029 (a)
19,395
19,056
5.88%, 1/15/2030 (a)
7,903
7,469
Crescent Energy Finance LLC
7.63%, 4/1/2032 (a)
11,696
12,003
7.88%, 4/15/2032 (a)
12,982
13,306
7.38%, 1/15/2033 (a)
9,769
9,927
8.38%, 1/15/2034 (a)
6,981
7,323
DT Midstream, Inc.
4.13%, 6/15/2029 (a)
7,517
7,372
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
4.38%, 6/15/2031 (a)
3,261
3,156
Energy Transfer LP 7.38%, 2/1/2031 (a)
1,622
1,681
EQT Corp.
4.50%, 1/15/2029
2,665
2,649
7.50%, 6/1/2030
1,508
1,633
4.75%, 1/15/2031
3,932
3,909
Expand Energy Corp.
5.38%, 2/1/2029
2,594
2,588
5.38%, 3/15/2030
6,962
7,024
4.75%, 2/1/2032
7,094
6,962
Genesis Energy LP
8.25%, 1/15/2029
1,710
1,775
8.88%, 4/15/2030
4,082
4,273
7.88%, 5/15/2032
3,066
3,189
6.75%, 3/15/2034
3,857
3,872
Gulfport Energy Operating Corp. 6.75%, 9/1/2029 (a)
10,054
10,316
Harvest Midstream I LP
7.50%, 5/15/2032 (a)
4,575
4,754
6.75%, 5/15/2034 (a)
2,485
2,551
Hess Midstream Operations LP
5.88%, 3/1/2028 (a)
1,979
1,999
5.13%, 6/15/2028 (a)
3,838
3,831
6.50%, 6/1/2029 (a)
4,625
4,744
4.25%, 2/15/2030 (a)
5,549
5,378
Hilcorp Energy I LP
6.25%, 11/1/2028 (a)
233
234
5.75%, 2/1/2029 (a)
1,667
1,663
6.00%, 4/15/2030 (a)
3,645
3,624
6.25%, 4/15/2032 (a)
2,489
2,451
Howard Midstream Energy Partners LLC
7.38%, 7/15/2032 (a)
11,147
11,522
6.63%, 1/15/2034 (a)
7,651
7,741
Infinity Natural Resources LLC 7.63%, 4/1/2031 (a)
2,256
2,279
Kinetik Holdings LP
6.63%, 12/15/2028 (a)
4,036
4,121
5.88%, 6/15/2030 (a)
4,018
4,038
Matador Resources Co.
6.50%, 4/15/2032 (a)
4,260
4,317
6.25%, 4/15/2033 (a)
6,948
6,986
6.00%, 4/15/2034 (a)
3,781
3,736
NGL Energy Operating LLC
8.13%, 2/15/2029 (a)
7,064
7,340
8.38%, 2/15/2032 (a)
5,107
5,366
Northriver Midstream Finance LP (Canada) 6.75%, 7/15/2032 (a)
3,269
3,325
NuStar Logistics LP
5.63%, 4/28/2027
8,050
8,075
6.38%, 10/1/2030
209
217
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Permian Resources Operating LLC
5.88%, 7/1/2029 (a)
1,301
1,302
9.88%, 7/15/2031 (a)
15,607
16,469
7.00%, 1/15/2032 (a)
7,064
7,366
6.25%, 2/1/2033 (a)
4,904
5,038
Prairie Acquiror LP 9.00%, 8/1/2029 (a)
4,779
4,981
Range Resources Corp. 4.75%, 2/15/2030 (a)
5,512
5,394
Rockies Express Pipeline LLC
4.95%, 7/15/2029 (a)
3,448
3,417
4.80%, 5/15/2030 (a)
613
601
6.75%, 3/15/2033 (a)
3,415
3,551
SM Energy Co.
6.75%, 9/15/2026
7,457
7,457
6.63%, 1/15/2027
12,496
12,512
6.50%, 7/15/2028
2,001
2,004
6.75%, 8/1/2029 (a)
176
180
8.63%, 11/1/2030 (a)
7,621
8,057
8.75%, 7/1/2031 (a)
19,269
20,171
7.00%, 8/1/2032 (a)
3,778
3,870
9.63%, 6/15/2033 (a)
3,313
3,688
6.63%, 4/15/2034 (a)
5,954
5,986
Sunoco LP
5.88%, 3/15/2028
326
327
7.00%, 5/1/2029 (a)
2,880
2,973
4.50%, 5/15/2029
1,934
1,895
4.50%, 4/30/2030
11,152
10,834
5.63%, 3/15/2031 (a)
10,559
10,572
5.38%, 7/15/2031 (a)
3,480
3,463
Tallgrass Energy Partners LP
5.50%, 1/15/2028 (a)
8,983
8,982
7.38%, 2/15/2029 (a)
4,086
4,218
6.00%, 12/31/2030 (a)
9,697
9,757
6.00%, 9/1/2031 (a)
11,612
11,614
6.75%, 3/15/2034 (a)
12,805
13,084
Venture Global Calcasieu Pass LLC 6.00%, 5/1/2036 (a)
1,255
1,269
Venture Global LNG, Inc.
8.13%, 6/1/2028 (a)
6,414
6,557
9.50%, 2/1/2029 (a)
7,514
8,181
8.38%, 6/1/2031 (a)
688
716
9.88%, 2/1/2032 (a)
13,530
14,467
Venture Global Plaquemines LNG LLC
6.13%, 12/15/2030 (a)
5,770
5,927
6.50%, 1/15/2034 (a)
19,491
20,378
6.50%, 6/15/2034 (a)
4,064
4,241
7.75%, 5/1/2035 (a)
1,794
2,014
6.75%, 1/15/2036 (a)
6,369
6,755
 
594,847
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Passenger Airlines — 0.8%
American Airlines, Inc. 5.75%, 4/20/2029 (a)
23,531
23,504
JetBlue Airways Corp. 9.88%, 9/20/2031 (a)
13,827
12,719
United Airlines Holdings, Inc.
4.88%, 3/1/2029
5,107
5,039
5.38%, 3/1/2031
3,216
3,181
United Airlines, Inc. 4.63%, 4/15/2029 (a)
1,206
1,190
VistaJet Malta Finance plc (Switzerland) 9.50%, 6/1/2028 (a)
5,073
5,050
 
50,683
Personal Care Products — 0.5%
Coty, Inc. 4.75%, 1/15/2029 (a)
6,131
5,938
Edgewell Personal Care Co.
5.50%, 6/1/2028 (a)
15,009
14,956
4.13%, 4/1/2029 (a)
6,599
6,307
Perrigo Finance Unlimited Co. 6.13%, 9/30/2032
3,784
3,612
Prestige Brands, Inc. 5.13%, 1/15/2028 (a)
2,625
2,616
 
33,429
Pharmaceuticals — 1.4%
1261229 BC Ltd. 10.00%, 4/15/2032 (a)
19,824
20,296
Bausch Health Americas, Inc. 8.50%, 1/31/2027 (a)
1,949
1,934
Bausch Health Cos., Inc. (Canada)
4.88%, 6/1/2028 (a)
7,406
6,848
5.00%, 2/15/2029 (a)
10,764
7,452
6.25%, 2/15/2029 (a)
5,724
4,093
5.25%, 1/30/2030 (a)
8,444
5,185
5.25%, 2/15/2031 (a)
8,413
4,761
Elanco Animal Health, Inc. 6.40%, 8/28/2028 (j)
2,996
3,074
Endo Finance Holdings LP 8.50%, 4/15/2031 (a)
2,236
2,383
Organon & Co.
4.13%, 4/30/2028 (a)
13,538
13,373
5.13%, 4/30/2031 (a)
17,247
17,095
6.75%, 5/15/2034 (a)
2,047
2,184
7.88%, 5/15/2034 (a)
1,400
1,503
 
90,181
Professional Services — 0.1%
Science Applications International Corp. 5.88%, 11/1/2033 (a)
3,414
3,371
TriNet Group, Inc. 7.13%, 8/15/2031 (a)
5,772
5,808
 
9,179
Real Estate Management & Development — 0.3%
Anywhere Real Estate Group LLC
5.75%, 1/15/2029 (a)
4,086
4,032
5.25%, 4/15/2030 (a)
12,971
12,459
9.75%, 4/15/2030 (a)
5,972
6,433
Kennedy-Wilson, Inc. 5.00%, 3/1/2031
90
91
 
23,015
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Semiconductors & Semiconductor Equipment — 1.6%
Amkor Technology, Inc. 5.88%, 10/1/2033 (a)
5,225
5,249
ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a)
11,085
11,764
Entegris, Inc.
4.38%, 4/15/2028 (a)
4,435
4,373
4.75%, 4/15/2029 (a)
10,991
10,919
3.63%, 5/1/2029 (a)
6,263
5,982
5.95%, 6/15/2030 (a)
23,088
23,326
Kioxia Holdings Corp. (Japan) 6.25%, 7/24/2030 (a)
14,016
14,431
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)
18,826
18,368
Qnity Electronics, Inc.
5.75%, 8/15/2032 (a)
4,160
4,187
6.25%, 8/15/2033 (a)
2,828
2,884
Synaptics, Inc. 4.00%, 6/15/2029 (a)
4,754
4,554
 
106,037
Software — 1.6%
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a)
17,500
16,869
Fair Isaac Corp. 6.00%, 5/15/2033 (a)
4,801
4,754
NCR Voyix Corp.
5.00%, 10/1/2028 (a)
7,080
6,959
5.13%, 4/15/2029 (a)
6,113
5,985
OAK-Eagle Acquireco, Inc.
7.25%, 7/1/2033 (a)
5,198
5,421
8.75%, 7/1/2034 (a)
5,407
5,714
RingCentral, Inc. 8.50%, 8/15/2030 (a)
13,335
13,983
SS&C Technologies, Inc.
5.50%, 9/30/2027 (a)
33,817
33,820
6.50%, 6/1/2032 (a)
8,880
8,959
 
102,464
Specialized REITs — 0.6%
Iron Mountain, Inc.
5.00%, 7/15/2028 (a)
4,602
4,590
4.88%, 9/15/2029 (a)
6,735
6,617
5.25%, 7/15/2030 (a)
15,751
15,581
6.25%, 1/15/2033 (a)
888
902
Millrose Properties, Inc.
6.38%, 8/1/2030 (a)
7,142
7,240
6.25%, 9/15/2032 (a)
3,437
3,452
SBA Communications Corp. 3.13%, 2/1/2029
3,787
3,632
 
42,014
Specialty Retail — 1.6%
Asbury Automotive Group, Inc.
4.50%, 3/1/2028
4,876
4,842
4.63%, 11/15/2029 (a)
7,470
7,255
4.75%, 3/1/2030
1,814
1,765
Bath & Body Works, Inc.
6.63%, 10/1/2030 (a)
5,000
5,088
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Specialty Retail — continued
6.88%, 11/1/2035
344
344
6.75%, 7/1/2036
2,612
2,578
Escrow Rite Aid 0.00%, 12/31/2049 ‡ (f)
2,524
—
Gap, Inc. (The) 3.63%, 10/1/2029 (a)
5,311
4,972
Group 1 Automotive, Inc. 6.38%, 1/15/2030 (a)
2,914
2,963
Lithia Motors, Inc.
4.63%, 12/15/2027 (a)
2,667
2,654
3.88%, 6/1/2029 (a)
7,710
7,390
5.50%, 10/1/2030 (a)
2,600
2,578
Petco Health & Wellness Co., Inc. 8.25%, 2/1/2031 (a)
4,033
4,040
PetSmart LLC 7.50%, 9/15/2032 (a)
11,967
12,058
Sonic Automotive, Inc.
4.63%, 11/15/2029 (a)
10,039
9,840
4.88%, 11/15/2031 (a)
5,151
4,930
Staples, Inc.
10.75%, 9/1/2029 (a)
23,281
22,149
12.75%, 1/15/2030 (a)
13,193
10,098
 
105,544
Technology Hardware, Storage & Peripherals — 0.4%
Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a)
7,526
7,874
Seagate Data Storage Technology Pte. Ltd.
8.25%, 12/15/2029 (a)
6,514
6,788
8.50%, 7/15/2031 (a)
2,510
2,624
5.75%, 12/1/2034 (a)
1,779
1,810
Xerox Corp. 10.25%, 10/15/2030 (a)
3,482
3,048
Xerox Holdings Corp.
5.50%, 8/15/2028 (a)
877
509
8.88%, 11/30/2029 (a)
4,989
2,245
 
24,898
Trading Companies & Distributors — 1.9%
EquipmentShare.com, Inc.
9.00%, 5/15/2028 (a)
13,694
14,209
8.63%, 5/15/2032 (a)
5,830
6,127
8.00%, 3/15/2033 (a)
3,346
3,480
Herc Holdings, Inc.
6.63%, 6/15/2029 (a)
5,447
5,580
7.00%, 6/15/2030 (a)
4,061
4,220
QXO Building Products, Inc. 6.75%, 4/30/2032 (a)
9,788
9,974
United Rentals North America, Inc.
4.88%, 1/15/2028
19,458
19,462
5.25%, 1/15/2030
8,607
8,609
5.38%, 11/15/2033 (a)
3,728
3,681
6.13%, 3/15/2034 (a)
14,655
15,040
WESCO Distribution, Inc.
7.25%, 6/15/2028 (a)
13,816
13,841
6.38%, 3/15/2029 (a)
10,705
10,945
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Trading Companies & Distributors — continued
5.25%, 4/15/2031 (a)
3,019
2,990
6.63%, 3/15/2032 (a)
5,087
5,247
6.38%, 3/15/2033 (a)
2,981
3,063
 
126,468
Wireless Telecommunication Services — 0.2%
Altice France Lux 3 (Luxembourg) 10.00%, 1/15/2033 (a)
2,862
2,790
Connect Finco SARL (United Kingdom) 9.00%, 9/15/2029 (a)
7,490
7,909
Hughes Satellite Systems Corp. 6.63%, 8/1/2026
680
428
T-Mobile USA, Inc. 6.70%, 12/15/2033
4,403
4,843
 
15,970
Total Corporate Bonds
(Cost $5,484,751)
5,473,702
Loan Assignments — 8.3% (k)
Aerospace & Defense — 0.2%
TransDigm, Inc., 1st Lien Term Loan J (1-MONTH CME TERM SOFR + 2.50%), 6.12%, 2/28/2031 (e)
2,296
2,302
TransDigm, Inc., 1st Lien Term Loan M (12-MONTH CME TERM SOFR + 2.50%), 6.48%, 8/19/2032 (e)
10,597
10,622
VSE Corp., 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 2.00%), 5.47%, 5/5/2033 (e)
2,194
2,198
 
15,122
Automobile Components — 0.2%
Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.00%), 5.62%, 1/31/2031 (e)
2,045
2,043
DexKo Global, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.50%), 8.16%, 10/6/2031 (e)
10,939
10,655
 
12,698
Broadline Retail — 0.1%
Shutterfly Finance LLC, 2nd Lien Term Loan (3-MONTH CME TERM SOFR + 5.00%), 8.66%, 10/1/2027 (e)
5,401
5,352
Building Products — 0.5%
Chariot Buyer LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.40%, 9/8/2032 (e)
6,309
6,312
EMRLD Borrower LP, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 5.95%, 8/4/2031 (e)
9,791
9,787
MIWD Holdco II LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.37%, 3/28/2031 (e)
3,966
3,879
Quikrete Holdings, Inc., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 2.25%), 5.90%, 2/10/2032 (e)
10,298
10,299
 
30,277
Chemicals — 0.3%
INEOS US Finance LLC, 1st Lien Term Loan (Luxembourg) (1-MONTH CME TERM SOFR + 3.25%), 6.90%, 2/18/2030 (e)
15,274
14,459
Venator Materials LLC, 1st Lien Term Loan
(PRIME + 7.00% (PIK)), 13.75%, 10/12/2028 (b) (e)
5,752
489
(PRIME + 7.00% (PIK)), 13.75%, 10/12/2028 (b) (e)
2,718
2,174
Venator Materials LLC, 1st Lien Term Loan B (PRIME + 7.00% (PIK)), 13.75%, 7/16/2026 (b) (e)
2,729
2,184
 
19,306
Commercial Services & Supplies — 0.1%
Allied Universal Holdco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 6.90%, 8/20/2032 (e)
2,253
2,260
Garda World Security Corp., 1st Lien Term Loan (Canada) (3-MONTH CME TERM SOFR + 2.75%), 6.42%, 2/1/2029 (e)
780
780
Raven Acquisition Holdings LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 6.62%, 11/19/2031 (e)
5,077
5,042
 
8,082
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Loan Assignments — continued
Consumer Staples Distribution & Retail — 1.0%
Moran Foods LLC, 1st Lien Super Senior Delayed Draw Term Loan (15.83% (PIK)), 15.24%, 6/30/2026 ‡ (b) (h)
29,537
28,060
Moran Foods LLC, 1st Lien Term Loan
(3-MONTH CME TERM SOFR + 7.25%), 11.02%, 12/29/2028 ‡ (e)
86,870
18,494
(3-MONTH CME TERM SOFR + 7.25%), 11.02%, 12/29/2028 ‡ (e)
26,510
—
(3-MONTH CME TERM SOFR + 12.13% (PIK)), 15.79%, 1/2/2029 ‡ (b) (e)
11,629
11,048
Moran Foods LLC, 1st Lien Term Loan A (3-MONTH CME TERM SOFR + 6.13% (PIK)), 9.79%, 1/2/2029 ‡ (b) (e)
12,355
11,737
 
69,339
Containers & Packaging — 0.5%
Clydesdale Acquisition Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 6.87%, 4/1/2032 (e)
5,987
5,653
Graham Packaging Co., Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 5.87%, 1/26/2033 (e)
3,462
3,466
LABL, Inc., 1st Lien Term Loan B (PRIME + 4.00%), 12.75%, 10/30/2028 (e)
14,869
6,291
Mauser Packaging Solutions Holding Co., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.50%), 7.15%, 4/15/2030 (e)
(l)
15,020
14,770
 
30,180
Diversified Consumer Services — 0.1%
Belron Finance 2019 LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.00%), 5.66%, 10/16/2031 (e)
3,654
3,658
Wand NewCo 3, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.15%, 1/30/2031 (e)
3,305
3,296
 
6,954
Diversified Telecommunication Services — 0.1%
Altice France SA, 1st Lien Term Loan B-14 (France) (3-MONTH CME TERM SOFR + 6.88%), 10.55%, 5/30/2031 (e)
5,164
5,231
Electronic Equipment, Instruments & Components — 0.2%
LSF12 Crown US Commercial Bidco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 6.65%, 12/2/2031 (e)
9,364
9,418
Sanmina Corp., 1st Lien Term Loan B-1
(1-MONTH CME TERM SOFR + 1.75%), 5.36%, 10/27/2032 (e)
7,418
7,427
 
16,845
Entertainment — 0.2%
Crown Finance US, Inc., 1st Lien Term Loan (United Kingdom) (1-MONTH CME TERM SOFR + 4.50%), 8.15%, 12/2/2031 (e)
11,585
11,599
Financial Services — 0.3%
NCR Atleos LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 6.69%, 4/16/2029 (e)
832
829
Neon Maple US Debt Mergersub, Inc., 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 2.50%), 6.12%,
11/17/2031 (e)
10,083
10,020
Shift4 Payments LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.00%), 5.67%, 7/6/2032 (e)
6,983
6,983
 
17,832
Ground Transportation — 0.4%
First Student Bidco, Inc., 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 2.25%), 5.67%, 8/15/2030 (e)
13,318
13,351
First Student Bidco, Inc., 1st Lien Term Loan C (3-MONTH CME TERM SOFR + 2.25%), 5.95%, 8/15/2030 (e)
2,437
2,443
GB AIT Buyer, Inc., 1st Lien Term Loan (12-MONTH CME TERM SOFR + 4.25%), 7.98%, 4/29/2033 (e)
3,903
3,909
Hertz Corp. (The), 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 7.43%, 6/30/2028 (e)
10,777
8,330
Hertz Corp. (The), 1st Lien Term Loan C (3-MONTH CME TERM SOFR + 3.50%), 7.43%, 6/30/2028 (e)
2,132
1,648
 
29,681
Health Care Equipment & Supplies — 0.2%
Bausch + Lomb Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 7.40%, 1/15/2031 (e)
14,027
14,073
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Loan Assignments — continued
Health Care Providers & Services — 0.2%
Star Parent, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.00%), 7.70%, 9/27/2030 (e)
3,283
3,288
US Renal Care, Inc., 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 5.00%), 8.73%, 6/28/2028 (e)
9,478
9,257
 
12,545
Hotels, Restaurants & Leisure — 0.0% ^
Station Casinos LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.00%), 5.62%, 3/14/2031 (e)
2,827
2,835
Insurance — 0.2%
Asurion LLC, 1st Lien Term Loan B-13 (3-MONTH CME TERM SOFR + 4.25%), 7.91%, 9/19/2030 (e)
5,360
5,357
HUB International Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 5.92%, 6/20/2030 (e)
9,211
9,229
 
14,586
IT Services — 0.2%
Ahead DB Holdings LLC, 1st Lien Term Loan B-3 (3-MONTH CME TERM SOFR + 2.50%), 6.20%, 2/3/2031 (e) (l)
10,577
10,555
Leisure Products — 0.0% ^
FGI Operating Co. LLC, 1st Lien Term Loan, 0.00%, 12/31/2026 ‡ (f) (h)
3,181
32
Life Sciences Tools & Services — 0.1%
PAREXEL International Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.12%, 12/12/2031 (e)
7,315
7,324
Machinery — 0.0% ^
LSF12 Helix Parent LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 7.15%, 2/10/2033 (e)
3,440
3,417
Media — 0.7%
Charter Communications Operating LLC, 1st Lien Term Loan B-4 (3-MONTH CME TERM SOFR + 2.00%), 5.69%,
12/9/2030 (e)
12,707
12,592
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.00%), 7.73%, 8/23/2028 (e)
4,805
4,811
EW Scripps Co. (The), 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 5.75%), 9.47%, 6/30/2028 (e)
1,646
1,640
iHeartCommunications, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.78%), 9.51%, 5/1/2029 (e)
27,236
25,888
 
44,931
Oil, Gas & Consumable Fuels — 0.1%
Colossus Acquireco LLC, 1st Lien Term Loan (1-Day CME TERM SOFR + 1.75%), 5.38%, 7/30/2032 (e)
4,614
4,608
Passenger Airlines — 0.2%
AAdvantage Loyalty IP Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 5.93%, 4/20/2028 (e)
6,085
6,056
Vista Management Holding, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.75%), 7.44%, 4/1/2031 (e)
6,667
6,606
 
12,662
Personal Care Products — 0.2%
Conair Holdings LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 7.48%, 5/17/2028 (e)
14,131
11,613
Pharmaceuticals — 0.3%
1261229 BC Ltd., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 6.25%), 9.87%, 10/8/2030 (e)
17,512
16,892
Professional Services — 0.1%
First Advantage Holdings LLC, 1st Lien Term Loan B-3 (3-MONTH CME TERM SOFR + 2.75%), 6.45%, 10/31/2031 (e)
6,747
6,667
Semiconductors & Semiconductor Equipment — 0.1%
Altar Bidco, Inc., 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 3.35%), 6.86%, 2/1/2029 (e)
6,839
6,806
Software — 0.8%
AthenaHealth Group, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 9.40%, 2/15/2029 (e)
7,108
7,099
BCPE Pequod Buyer, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.37%, 11/25/2031 (e)
9,290
9,219
Dayforce Bidco LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 6.66%, 2/4/2033 (e)
10,069
9,575
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Loan Assignments — continued
Software — continued
Genesys Cloud Services, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.12%, 1/30/2032 (e)
4,561
4,388
Icon Parent I, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 6.44%, 11/13/2031 (e)
12,850
12,270
Rocket Software, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 7.37%, 11/28/2028 (e)
6,956
6,764
UKG, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 5.91%, 2/10/2031 (e)
2,807
2,710
 
52,025
Specialty Retail — 0.4%
AWS Claire's LLC, 1st Lien Term Loan, 10.00%, 9/18/2030 ‡
1,159
1,159
Petco Health & Wellness Co., Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.25%), 7.95%, 1/31/2031 (e)
9,031
8,783
PetSmart LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.00%), 7.58%, 8/18/2032 (e)
11,653
11,612
Serta Simmons Bedding LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 7.50%), 11.31%, 6/29/2028 (e)
6,214
5,801
White Cap Supply Holdings LLC, 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.25%), 6.90%, 10/19/2029 (e)
1,239
1,230
 
28,585
Technology Hardware, Storage & Peripherals — 0.0% ^
Xerox Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4%; 3-MONTH CME TERM SOFR + 4% + 4.00%), 7.64%,
11/19/2029 (e) (l)
3,310
2,225
Textiles, Apparel & Luxury Goods — 0.3%
Varsity Brands, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 6.45%, 8/26/2031 (e)
16,868
16,879
Trading Companies & Distributors — 0.0% ^
QXO Building Products, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.00%), 5.62%, 4/30/2032 (e)
1,491
1,489
Total Loan Assignments
(Cost $578,913)
549,247
U.S. Treasury Obligations — 3.1%
U.S. Treasury Notes
3.88%, 4/30/2031
33,000
32,616
4.00%, 4/30/2032
47,315
46,790
4.13%, 4/30/2033
16,530
16,375
4.25%, 5/15/2035
47,350
46,821
4.38%, 5/15/2036
65,000
64,665
Total U.S. Treasury Obligations
(Cost $205,847)
207,267
 
SHARES
(000)
Common Stocks — 1.0%
Aerospace & Defense — 0.1%
Incora Intermediate LLC ‡ *
254
3,113
Incora Top Holdco LLC ‡ *
10
286
 
3,399
Broadline Retail — 0.0% ^
Moran Foods Backstop Equity ‡ *
95,914,057
96
MYT Holding LLC ‡ *
5,623
1,406
NMG Parent LLC, Escrow ‡ *
83
41
 
1,543
Chemicals — 0.0% ^
Venator Materials plc ‡ *
11
85
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS 
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Containers & Packaging — 0.1%
Ardagh Holdings SA (Luxembourg) ‡ * (a)
1,234
8,277
Diversified Telecommunication Services — 0.0% ^
Altice France SA (France) ‡ *
12
196
Financial Services — 0.3%
ACC Claims Holdings LLC ‡
7,077
14
Keenova Therapeutics plc
218
20,422
Par Health, Inc.
218
851
 
21,287
Health Care Equipment & Supplies — 0.0% ^
New Evhc Physical Equity *
107
2,064
Machinery — 0.0% ^
SSB Equipment Co., Inc. ‡ *
395
—
Media — 0.1%
Audacy, Inc. *
64
229
Clear Channel Outdoor Holdings, Inc. *
2,312
5,571
iHeartMedia, Inc., Class A *
273
1,177
National CineMedia, Inc.
549
1,725
 
8,702
Oil, Gas & Consumable Fuels — 0.1%
Gulfport Energy Corp. *
20
3,424
Pharmaceuticals — 0.0% ^
Endo GUC Trust ‡ *
751
432
Specialized REITs — 0.2%
VICI Properties, Inc., Class A
393
11,085
Specialty Retail — 0.1%
Neiman Marcus Group, Inc. ‡ *
6
3
Serta Simmons Bedding LLC *
394
3,411
 
3,414
Total Common Stocks
(Cost $83,144)
63,908
Preferred Stocks — 0.3%
Broadline Retail — 0.3%
MYT Holding LLC Series A, 10.00%, 6/6/2029  ‡
(Cost $12,938)
13,477
17,426
 
NO. OF
RIGHTS
(000)
Rights — 0.2%
Media — 0.2%
SES SA (Luxembourg) ‡ *
(Cost $—) (m)
749
11,335
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS 
NO. OF
WARRANTS
(000)
VALUE
($000)
Warrants — 0.0% ^
Media — 0.0% ^
Audacy, Inc.
expiring 12/31/2049, price 1.00 USD ‡ *
77
—
expiring 9/30/2028, price 1.00 USD ‡ *
13
—
Total Warrants
(Cost $209)
—
 
SHARES
(000)
Short-Term Investments — 1.8%
Investment Companies — 1.8%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 3.48% (n) (o)
(Cost $117,845)
117,845
117,845
Total Investments — 98.0%
(Cost $6,483,647)
6,440,730
Other Assets in Excess of Liabilities — 2.0%
128,109
NET ASSETS — 100.0%
6,568,839
 
Percentages indicated are based on net assets.
Amounts presented as a dash ("-") represent amounts that round to less than a thousand.
 
Abbreviations
 
CME
Chicago Mercantile Exchange
PIK
Payment In Kind
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable inputs.
 
*
Non-income producing security.
 
(a)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(b)
Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
 
(c)
Security is an interest bearing note with preferred security characteristics.
 
(d)
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.
 
(e)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2026.
 
(f)
Defaulted security.
 
(g)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(h)
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.
 
(i)
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.
 
(j)
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.
 
(k)
Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
 
(l)
All or a portion of this security is unsettled as of May 31, 2026. Unless otherwise indicated, the coupon rate is undetermined. The coupon
rate shown may not be accrued for the entire position.
 
(m)
Value is zero.
 
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
(n)
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.
 
(o)
The rate shown is the current yield as of May 31, 2026.
 
JPMorgan High Yield 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 Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at May 31, 2026.
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).
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
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
Common Stocks
Aerospace & Defense
$—
$—
$3,399
$3,399
Broadline Retail
—
—
1,543
1,543
Chemicals
—
—
85
85
Containers & Packaging
—
—
8,277
8,277
Diversified Telecommunication Services
—
—
196
196
Financial Services
—
21,273
14
21,287
Health Care Equipment & Supplies
—
2,064
—
2,064
Machinery
—
—
—
(a)
—
(a)
Media
8,473
229
—
8,702
Oil, Gas & Consumable Fuels
3,424
—
—
3,424
Pharmaceuticals
—
—
432
432
Specialized REITs
11,085
—
—
11,085
Specialty Retail
—
3,411
3
3,414
Total Common Stocks
22,982
26,977
13,949
63,908
Corporate Bonds
Aerospace & Defense
—
81,708
2,778
84,486
Automobile Components
—
172,892
—
172,892
Automobiles
—
4,935
—
4,935
Banks
—
9,586
—
9,586
Beverages
—
7,487
—
7,487
Biotechnology
—
10,754
—
10,754
Broadline Retail
—
42,877
—
42,877
Building Products
—
235,350
—
235,350
Capital Markets
—
1,504
—
1,504
Chemicals
—
220,043
—
220,043
Commercial Services & Supplies
—
250,986
—
250,986
Communications Equipment
—
3,695
—
3,695
Construction & Engineering
—
37,090
—
37,090
Construction Materials
—
11,116
—
11,116
Consumer Finance
—
88,742
—
88,742
Consumer Staples Distribution & Retail
—
66,751
—
66,751
Containers & Packaging
—
80,367
3,374
83,741
Distributors
—
16,511
26,906
43,417
Diversified Consumer Services
—
14,235
—
14,235
Diversified REITs
—
2,021
—
2,021
Diversified Telecommunication Services
—
456,061
—
456,061
Electric Utilities
—
97,920
—
97,920
Electrical Equipment
—
24,028
—
24,028
Electronic Equipment, Instruments & Components
—
56,772
—
56,772
Energy Equipment & Services
—
52,092
—
52,092
Entertainment
—
74,678
—
74,678
JPMorgan High Yield 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
Financial Services
$—
$92,460
$—
$92,460
Food Products
—
23,834
—
23,834
Gas Utilities
—
17,342
—
17,342
Ground Transportation
—
81,915
5
81,920
Health Care Equipment & Supplies
—
88,605
—
88,605
Health Care Providers & Services
—
242,484
—
242,484
Health Care REITs
—
4,146
—
4,146
Health Care Technology
—
54,552
—
54,552
Hotel & Resort REITs
—
39,422
—
39,422
Hotels, Restaurants & Leisure
—
361,380
—
361,380
Household Durables
—
64,658
—
64,658
Household Products
—
51,808
—
51,808
Independent Power and Renewable Electricity Producers
—
45,787
—
45,787
Insurance
—
8,417
—
8,417
Interactive Media & Services
—
3,521
—
3,521
IT Services
—
59,681
—
59,681
Machinery
—
63,827
—
63,827
Media
—
610,133
—
610,133
Metals & Mining
—
79,252
—
79,252
Mortgage Real Estate Investment Trusts (REITs)
—
2,485
—
2,485
Oil, Gas & Consumable Fuels
—
594,847
—
594,847
Passenger Airlines
—
50,683
—
50,683
Personal Care Products
—
33,429
—
33,429
Pharmaceuticals
—
90,181
—
90,181
Professional Services
—
9,179
—
9,179
Real Estate Management & Development
—
23,015
—
23,015
Semiconductors & Semiconductor Equipment
—
106,037
—
106,037
Software
—
102,464
—
102,464
Specialized REITs
—
42,014
—
42,014
Specialty Retail
—
105,544
—
105,544
Technology Hardware, Storage & Peripherals
—
24,898
—
24,898
Trading Companies & Distributors
—
126,468
—
126,468
Wireless Telecommunication Services
—
15,970
—
15,970
Total Corporate Bonds
—
5,440,639
33,063
5,473,702
Loan Assignments
Aerospace & Defense
—
15,122
—
15,122
Automobile Components
—
12,698
—
12,698
Broadline Retail
—
5,352
—
5,352
Building Products
—
30,277
—
30,277
Chemicals
—
19,306
—
19,306
Commercial Services & Supplies
—
8,082
—
8,082
Consumer Staples Distribution & Retail
—
—
69,339
69,339
Containers & Packaging
—
30,180
—
30,180
Diversified Consumer Services
—
6,954
—
6,954
Diversified Telecommunication Services
—
5,231
—
5,231
Electronic Equipment, Instruments & Components
—
16,845
—
16,845
Entertainment
—
11,599
—
11,599
JPMorgan High Yield 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
Financial Services
$—
$17,832
$—
$17,832
Ground Transportation
—
29,681
—
29,681
Health Care Equipment & Supplies
—
14,073
—
14,073
Health Care Providers & Services
—
12,545
—
12,545
Hotels, Restaurants & Leisure
—
2,835
—
2,835
Insurance
—
14,586
—
14,586
IT Services
—
10,555
—
10,555
Leisure Products
—
—
32
32
Life Sciences Tools & Services
—
7,324
—
7,324
Machinery
—
3,417
—
3,417
Media
—
44,931
—
44,931
Oil, Gas & Consumable Fuels
—
4,608
—
4,608
Passenger Airlines
—
12,662
—
12,662
Personal Care Products
—
11,613
—
11,613
Pharmaceuticals
—
16,892
—
16,892
Professional Services
—
6,667
—
6,667
Semiconductors & Semiconductor Equipment
—
6,806
—
6,806
Software
—
52,025
—
52,025
Specialty Retail
—
27,426
1,159
28,585
Technology Hardware, Storage & Peripherals
—
2,225
—
2,225
Textiles, Apparel & Luxury Goods
—
16,879
—
16,879
Trading Companies & Distributors
—
1,489
—
1,489
Total Loan Assignments
—
478,717
70,530
549,247
Preferred Stocks
—
—
17,426
17,426
Rights
—
—
11,335
11,335
U.S. Treasury Obligations
—
207,267
—
207,267
Warrants
—
—
—
(a)
—
(a)
Short-Term Investments
Investment Companies
117,845
—
—
117,845
Total Investments in Securities
$140,827
$6,153,600
$146,303
$6,440,730
 
 
(a)
Amount rounds to less than one thousand.
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value: 
 
Balance as of
February 28,
2026
Realized
gain (loss)
Change in net
unrealized
appreciation
(depreciation)
Net
accretion
(amortization)
Purchases1
Sales2
Transfers
into
Level 3
Transfers
out of
Level 3
Other
Balance as of
May 31,
2026
Investments in Securities:
Common Stocks
$37,431
$—
$(10,856
)
$—
$—
$(12,815
)
$—
$—
$189
$13,949
Corporate Bonds
29,386
—
(202
)
85
3,794
—
—
—
—
33,063
Loan Assignments
66,161
(3,769
)
(6,606
)
4,928
46,532
(36,716
)
—
—
—
70,530
Preferred Stocks
17,184
—
242
—
—
—
—
—
—
17,426
Rights
11,477
—
47
—
—
—
—
—
(189
)
11,335
Warrants
1
—
(1
)
—
—
—
—
—
—
—
(a)
Total
$161,640
$(3,769
)
$(17,376
)
$5,013
$50,326
$(49,531
)
$—
$—
$—
$146,303
 
 
1
Purchases include all purchases of securities and securities received in corporate actions.
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
2
Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
 
(a)
Amount rounds to less than one thousand.
The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2026, which were valued using significant unobservable inputs (level 3) amounted to $(23,886).
There were no significant transfers into or out of level 3 for the period ended May 31, 2026.
The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.
Quantitative Information about Level 3 Fair Value Measurements # 
 
Fair Value at
May 31, 2026
Valuation
Technique(s)
Unobservable
Input
Range (Weighted
Average) (a)
 
$69,371
Terms of Restructuring
Expected Recovery
0.00% - 95.00% (75.31%)
 
 
 
 
Loan Assignments
69,371
 
 
 
 
29,684
Market Comparable Companies
EBITDA Multiple (b)
12.42x (12.42x)
 
 
Discount for Potential Outcome
60.00% (60.00%)
 
-
(c)
Terms of Restructuring
Expected Recovery
0.00% (0.00%)
 
 
 
 
Corporate Bonds
29,684
 
 
 
 
3,399
Market Comparable Companies
EBITDA Multiple (b)
12.42x (12.42x)
 
 
Discount for Potential Outcome
60.00% (60.00%)
 
152
Terms of Restructuring
Expected Recovery
$0.00 - $0.50 ($0.14)
 
 
 
 
Common Stocks
3,551
 
 
 
Total
$102,606
 
 
 
 
#
The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At May 31, 2026, the value of
these investments was $43,697. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally
those inputs described in Note A.
(a)
Unobservable inputs were weighted by the relative fair value of the instruments.
(b)
Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when
pricing the investments.
(c)
Amount rounds to less than one thousand.
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer.
JPMorgan High Yield Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
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 U.S. Government Money Market Fund
Class Institutional Shares, 3.48%  (a) (b)
$415,033
$468,685
$765,873
$—
$—
$117,845
117,845
$1,603
$—
 
 
(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.