JPMorgan Income Builder Fund
Schedule of Portfolio Investments as of January 31, 2024
(Unaudited)
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
|
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
|
J.P. Morgan Distribution Services, Inc., member FINRA.
|
© J.P. Morgan Chase & Co., 2024.
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Common Stocks — 34.3%
|
||
Australia — 0.7%
|
||
AGL Energy Ltd.
|
979
|
5,531
|
APA Group
|
362
|
2,000
|
Atlas Arteria Ltd.
|
548
|
1,932
|
Bendigo & Adelaide Bank Ltd.
|
348
|
2,223
|
BHP Group Ltd.
|
107
|
3,281
|
CSR Ltd.
|
506
|
2,278
|
Glencore plc
|
697
|
3,689
|
Insignia Financial Ltd.
|
648
|
900
|
JB Hi-Fi Ltd.
|
24
|
898
|
Magellan Financial Group Ltd.
|
62
|
365
|
Origin Energy Ltd.
|
389
|
2,169
|
QBE Insurance Group Ltd.
|
513
|
5,286
|
Rio Tinto Ltd.
|
85
|
7,272
|
Rio Tinto plc
|
162
|
11,177
|
Sonic Healthcare Ltd.
|
112
|
2,335
|
Telstra Group Ltd.
|
2,108
|
5,558
|
Transurban Group
|
235
|
2,069
|
Woodside Energy Group Ltd.
|
186
|
3,880
|
Woolworths Group Ltd.
|
127
|
2,992
|
Yancoal Australia Ltd.
|
129
|
503
|
|
|
66,338
|
Austria — 0.1%
|
||
ANDRITZ AG
|
36
|
2,250
|
Erste Group Bank AG
|
45
|
1,944
|
OMV AG
|
63
|
2,804
|
Verbund AG
|
14
|
1,120
|
|
|
8,118
|
Belgium — 0.1%
|
||
Ageas SA
|
44
|
1,910
|
Euronav NV
|
70
|
1,238
|
KBC Group NV
|
19
|
1,212
|
Proximus SADP
|
421
|
3,992
|
|
|
8,352
|
Brazil — 0.3%
|
||
B3 SA - Brasil Bolsa Balcao
|
1,556
|
4,107
|
Banco do Brasil SA
|
618
|
7,047
|
Itau Unibanco Holding SA (Preference)
|
1,305
|
8,657
|
TIM SA
|
1,399
|
4,919
|
Yara International ASA
|
24
|
805
|
|
|
25,535
|
Canada — 1.6%
|
||
Agnico Eagle Mines Ltd.
|
72
|
3,556
|
Algonquin Power & Utilities Corp. (a)
|
325
|
1,928
|
AltaGas Ltd.
|
94
|
1,949
|
Atco Ltd., Class I
|
68
|
1,913
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Common Stocks — continued
|
||
Canada — continued
|
||
Bank of Nova Scotia (The)
|
123
|
5,753
|
Barrick Gold Corp.
|
275
|
4,300
|
BCE, Inc.
|
185
|
7,443
|
Canadian Imperial Bank of Commerce
|
110
|
4,959
|
Canadian Natural Resources Ltd.
|
44
|
2,816
|
Canadian Tire Corp. Ltd., Class A
|
20
|
2,152
|
Canadian Utilities Ltd., Class A
|
90
|
2,046
|
Capital Power Corp. (a)
|
73
|
2,001
|
Chartwell Retirement Residences
|
131
|
1,170
|
Emera, Inc.
|
55
|
1,958
|
Enbridge, Inc.
|
213
|
7,577
|
Fortis, Inc.
|
199
|
7,969
|
Gibson Energy, Inc.
|
133
|
2,119
|
Great-West Lifeco, Inc.
|
198
|
6,610
|
Hydro One Ltd. (b)
|
216
|
6,416
|
IGM Financial, Inc. (a)
|
79
|
2,143
|
Keyera Corp.
|
102
|
2,459
|
Manulife Financial Corp.
|
322
|
7,121
|
Northland Power, Inc.
|
123
|
2,259
|
Nutrien Ltd.
|
72
|
3,602
|
Pembina Pipeline Corp.
|
246
|
8,483
|
Power Corp. of Canada
|
224
|
6,521
|
Restaurant Brands International, Inc.
|
83
|
6,437
|
Sienna Senior Living, Inc.
|
79
|
710
|
Superior Plus Corp. (a)
|
218
|
1,493
|
TC Energy Corp.
|
173
|
6,833
|
Teekay Tankers Ltd., Class A
|
41
|
2,567
|
TELUS Corp.
|
426
|
7,622
|
Tourmaline Oil Corp.
|
123
|
5,325
|
|
|
138,210
|
Chile — 0.0% ^
|
||
Banco Santander Chile, ADR
|
217
|
3,972
|
China — 1.5%
|
||
China Construction Bank Corp., Class H
|
12,443
|
7,389
|
China Merchants Bank Co. Ltd., Class H
|
1,664
|
6,066
|
China Overseas Land & Investment Ltd.
|
395
|
597
|
China Petroleum & Chemical Corp., Class H
|
9,002
|
4,683
|
China Resources Gas Group Ltd.
|
1,029
|
2,918
|
China Resources Land Ltd.
|
1,096
|
3,327
|
China Yangtze Power Co. Ltd., Class A
|
2,639
|
8,962
|
ENN Energy Holdings Ltd.
|
311
|
2,317
|
Fuyao Glass Industry Group Co. Ltd., Class A
|
453
|
2,401
|
Fuyao Glass Industry Group Co. Ltd., Class H (b)
|
1,282
|
5,798
|
Guangdong Investment Ltd.
|
1,944
|
1,130
|
Haier Smart Home Co. Ltd., Class A
|
876
|
2,725
|
Haier Smart Home Co. Ltd., Class H
|
3,090
|
8,732
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Common Stocks — continued
|
||
China — continued
|
||
Huayu Automotive Systems Co. Ltd., Class A
|
1,676
|
3,792
|
Inner Mongolia Yili Industrial Group Co. Ltd., Class A
|
3,239
|
12,215
|
JD.com, Inc., Class A
|
416
|
4,686
|
Lenovo Group Ltd.
|
1,902
|
1,992
|
Midea Group Co. Ltd., Class A
|
872
|
7,070
|
NetEase, Inc.
|
609
|
11,834
|
NXP Semiconductors NV
|
70
|
14,764
|
Ping An Insurance Group Co. of China Ltd., Class H
|
1,234
|
5,185
|
Shenzhou International Group Holdings Ltd.
|
478
|
4,260
|
Tingyi Cayman Islands Holding Corp.
|
3,646
|
3,630
|
Topsports International Holdings Ltd. (b)
|
2,583
|
1,674
|
Wuliangye Yibin Co. Ltd., Class A
|
318
|
5,613
|
Xinyi Glass Holdings Ltd.
|
2,232
|
1,850
|
Zhejiang Supor Co. Ltd., Class A
|
366
|
2,578
|
|
|
138,188
|
Denmark — 0.3%
|
||
AP Moller - Maersk A/S, Class B (a)
|
1
|
2,677
|
D/S Norden A/S
|
20
|
1,053
|
Danske Bank A/S
|
61
|
1,650
|
Novo Nordisk A/S, Class B
|
142
|
16,217
|
Sydbank A/S
|
39
|
1,739
|
|
|
23,336
|
Finland — 0.5%
|
||
Elisa OYJ
|
80
|
3,634
|
Fortum OYJ
|
294
|
4,028
|
Kone OYJ, Class B
|
49
|
2,411
|
Mandatum OYJ *
|
196
|
884
|
Nordea Bank Abp
|
1,581
|
19,481
|
Orion OYJ, Class B
|
88
|
4,041
|
Sampo OYJ, Class A
|
52
|
2,183
|
UPM-Kymmene OYJ
|
251
|
9,150
|
Wartsila OYJ Abp
|
154
|
2,267
|
|
|
48,079
|
France — 1.5%
|
||
Air Liquide SA
|
21
|
3,893
|
Amundi SA (b)
|
27
|
1,814
|
AXA SA
|
123
|
4,127
|
BNP Paribas SA
|
60
|
4,056
|
Cie Generale des Etablissements Michelin SCA
|
424
|
14,087
|
Coface SA
|
149
|
2,010
|
Danone SA
|
30
|
2,019
|
Engie SA
|
583
|
9,307
|
Eurazeo SE
|
23
|
1,984
|
Gaztransport Et Technigaz SA
|
19
|
2,637
|
Getlink SE
|
44
|
756
|
Klepierre SA, REIT
|
223
|
5,784
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Common Stocks — continued
|
||
France — continued
|
||
Legrand SA
|
84
|
8,108
|
LVMH Moet Hennessy Louis Vuitton SE
|
16
|
13,593
|
Orange SA
|
411
|
4,891
|
Publicis Groupe SA
|
38
|
3,782
|
Rexel SA
|
79
|
2,095
|
Rubis SCA
|
62
|
1,562
|
TotalEnergies SE
|
200
|
12,937
|
Vallourec SA *
|
119
|
1,708
|
Veolia Environnement SA
|
64
|
2,098
|
Verallia SA (b)
|
22
|
778
|
Vinci SA
|
195
|
24,610
|
Vivendi SE
|
236
|
2,660
|
|
|
131,296
|
Germany — 0.9%
|
||
Allianz SE (Registered)
|
71
|
18,878
|
BASF SE
|
54
|
2,596
|
Bayerische Motoren Werke AG
|
14
|
1,455
|
Commerzbank AG
|
108
|
1,239
|
Covestro AG * (b)
|
37
|
1,944
|
Daimler Truck Holding AG
|
56
|
2,024
|
Deutsche Telekom AG (Registered)
|
298
|
7,316
|
E.ON SE
|
430
|
5,814
|
Freenet AG
|
165
|
4,568
|
HOCHTIEF AG
|
22
|
2,367
|
LEG Immobilien SE *
|
38
|
3,124
|
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
|
22
|
9,285
|
SAP SE
|
29
|
4,973
|
Scout24 SE (b)
|
11
|
819
|
Siemens AG (Registered)
|
35
|
6,226
|
Telefonica Deutschland Holding AG (a)
|
2,077
|
5,266
|
Vonovia SE
|
164
|
5,109
|
|
|
83,003
|
Hong Kong — 0.4%
|
||
AIA Group Ltd.
|
752
|
5,899
|
CK Infrastructure Holdings Ltd.
|
467
|
2,770
|
CLP Holdings Ltd.
|
277
|
2,203
|
Hang Lung Properties Ltd.
|
130
|
151
|
Henderson Land Development Co. Ltd.
|
165
|
430
|
HK Electric Investments & HK Electric Investments Ltd. (b)
|
1,046
|
649
|
HKBN Ltd.
|
1,284
|
534
|
HKT Trust & HKT Ltd.
|
1,842
|
2,213
|
Hong Kong & China Gas Co. Ltd.
|
2,988
|
2,126
|
Hong Kong Exchanges & Clearing Ltd.
|
212
|
6,421
|
Hysan Development Co. Ltd.
|
82
|
141
|
New World Development Co. Ltd.
|
1,439
|
1,764
|
Orient Overseas International Ltd.
|
153
|
2,277
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Common Stocks — continued
|
||
Hong Kong — continued
|
||
PCCW Ltd.
|
2,266
|
1,172
|
Power Assets Holdings Ltd.
|
538
|
3,153
|
VTech Holdings Ltd.
|
125
|
726
|
Yue Yuen Industrial Holdings Ltd.
|
734
|
693
|
|
|
33,322
|
India — 0.5%
|
||
HCL Technologies Ltd.
|
530
|
10,044
|
HDFC Bank Ltd.
|
463
|
8,138
|
Infosys Ltd., ADR
|
910
|
18,067
|
Shriram Finance Ltd.
|
182
|
5,421
|
Tata Consultancy Services Ltd.
|
92
|
4,235
|
|
|
45,905
|
Indonesia — 0.3%
|
||
Bank Rakyat Indonesia Persero Tbk. PT
|
38,039
|
13,703
|
Telkom Indonesia Persero Tbk. PT
|
38,193
|
9,580
|
|
|
23,283
|
Ireland — 0.0% ^
|
||
AIB Group plc
|
260
|
1,141
|
Ardmore Shipping Corp.
|
146
|
2,425
|
|
|
3,566
|
Israel — 0.0% ^
|
||
Bezeq The Israeli Telecommunication Corp. Ltd.
|
1,496
|
1,979
|
Italy — 0.7%
|
||
A2A SpA
|
1,191
|
2,361
|
ACEA SpA
|
48
|
754
|
Assicurazioni Generali SpA
|
253
|
5,643
|
Azimut Holding SpA
|
78
|
2,181
|
Banca Generali SpA
|
53
|
2,019
|
Banca Mediolanum SpA
|
467
|
4,778
|
BFF Bank SpA (b)
|
186
|
2,013
|
Enel SpA
|
1,416
|
9,661
|
Eni SpA
|
492
|
7,835
|
Hera SpA
|
763
|
2,688
|
Intesa Sanpaolo SpA
|
3,091
|
9,525
|
Iren SpA
|
480
|
1,008
|
Italgas SpA
|
390
|
2,222
|
Mediobanca Banca di Credito Finanziario SpA
|
140
|
1,853
|
Poste Italiane SpA (b)
|
174
|
1,884
|
Snam SpA
|
482
|
2,355
|
Terna - Rete Elettrica Nazionale
|
298
|
2,513
|
UniCredit SpA
|
110
|
3,233
|
Unipol Gruppo SpA
|
219
|
1,362
|
|
|
65,888
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Common Stocks — continued
|
||
Japan — 1.2%
|
||
Activia Properties, Inc., REIT
|
—
|
294
|
AEON REIT Investment Corp., REIT
|
—
|
227
|
Aozora Bank Ltd. (a)
|
260
|
5,722
|
Bridgestone Corp.
|
234
|
10,131
|
Canon, Inc.
|
104
|
2,859
|
Chubu Electric Power Co., Inc.
|
105
|
1,361
|
Dai Nippon Printing Co. Ltd.
|
105
|
3,050
|
Electric Power Development Co. Ltd.
|
278
|
4,675
|
ENEOS Holdings, Inc.
|
476
|
1,922
|
FANUC Corp.
|
105
|
2,899
|
Frontier Real Estate Investment Corp., REIT
|
—
|
225
|
Hokkaido Electric Power Co., Inc.
|
153
|
682
|
Idemitsu Kosan Co. Ltd.
|
646
|
3,586
|
Industrial & Infrastructure Fund Investment Corp., REIT
|
—
|
270
|
Japan Metropolitan Fund Invest, REIT
|
4
|
2,986
|
Japan Post Holdings Co. Ltd.
|
394
|
3,772
|
Kansai Electric Power Co., Inc. (The)
|
166
|
2,263
|
KDDI Corp.
|
78
|
2,571
|
Kirin Holdings Co. Ltd.
|
222
|
3,188
|
Kyushu Railway Co.
|
149
|
3,275
|
Mitsubishi Chemical Group Corp.
|
541
|
3,261
|
Nippon Steel Corp. (a)
|
164
|
3,954
|
Nippon Telegraph & Telephone Corp.
|
8,244
|
10,352
|
Niterra Co. Ltd.
|
8
|
202
|
Okinawa Electric Power Co., Inc. (The)
|
54
|
429
|
Sharp Corp. *
|
153
|
1,032
|
Shin-Etsu Chemical Co. Ltd.
|
148
|
5,845
|
SoftBank Corp.
|
719
|
9,553
|
Takeda Pharmaceutical Co. Ltd.
|
194
|
5,705
|
Tokio Marine Holdings, Inc.
|
372
|
9,801
|
United Urban Investment Corp., REIT
|
2
|
1,847
|
|
|
107,939
|
Luxembourg — 0.1%
|
||
Intelsat SA ‡ *
|
270
|
7,571
|
Malta — 0.0% ^
|
||
Kindred Group plc, SDR
|
89
|
1,045
|
Mexico — 0.3%
|
||
Grupo Financiero Banorte SAB de CV, Class O
|
1,108
|
11,271
|
Kimberly-Clark de Mexico SAB de CV, Class A
|
1,285
|
2,919
|
Southern Copper Corp.
|
78
|
6,379
|
Wal-Mart de Mexico SAB de CV
|
2,114
|
8,729
|
|
|
29,298
|
Netherlands — 0.7%
|
||
ABN AMRO Bank NV, CVA (b)
|
186
|
2,738
|
ASML Holding NV
|
25
|
21,350
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Common Stocks — continued
|
||
Netherlands — continued
|
||
ASR Nederland NV
|
42
|
1,950
|
BE Semiconductor Industries NV
|
29
|
4,409
|
ING Groep NV
|
194
|
2,758
|
Koninklijke KPN NV
|
2,272
|
7,728
|
NN Group NV
|
54
|
2,225
|
OCI NV
|
36
|
1,039
|
Shell plc
|
590
|
18,299
|
Wolters Kluwer NV
|
17
|
2,465
|
|
|
64,961
|
New Zealand — 0.1%
|
||
Contact Energy Ltd.
|
170
|
840
|
Spark New Zealand Ltd.
|
1,251
|
4,063
|
|
|
4,903
|
Norway — 0.3%
|
||
Aker BP ASA
|
41
|
1,080
|
DNB Bank ASA
|
93
|
1,810
|
Equinor ASA
|
285
|
8,154
|
Hoegh Autoliners ASA
|
204
|
2,053
|
Mowi ASA
|
76
|
1,363
|
Norsk Hydro ASA
|
213
|
1,252
|
SFL Corp. Ltd.
|
221
|
2,695
|
Telenor ASA
|
841
|
9,328
|
Wallenius Wilhelmsen ASA
|
36
|
354
|
|
|
28,089
|
Poland — 0.0% ^
|
||
Powszechny Zaklad Ubezpieczen SA
|
262
|
3,153
|
Portugal — 0.0% ^
|
||
Navigator Co. SA (The)
|
372
|
1,532
|
NOS SGPS SA
|
139
|
493
|
Redes Energeticas Nacionais SGPS SA
|
242
|
595
|
|
|
2,620
|
Russia — 0.0% ^
|
||
Moscow Exchange MICEX-RTS PJSC ‡
|
2,552
|
61
|
Severstal PAO, GDR ‡ * (b)
|
132
|
42
|
Severstal PAO, GDR ‡ * (b)
|
10
|
3
|
|
|
106
|
Saudi Arabia — 0.2%
|
||
Al Rajhi Bank
|
197
|
4,402
|
Saudi National Bank (The)
|
837
|
9,034
|
|
|
13,436
|
Singapore — 0.4%
|
||
BW LPG Ltd. (b)
|
175
|
2,159
|
CapitaLand Ascendas, REIT
|
824
|
1,785
|
DBS Group Holdings Ltd.
|
453
|
10,734
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Common Stocks — continued
|
||
Singapore — continued
|
||
Hafnia Ltd.
|
279
|
2,032
|
Keppel Infrastructure Trust
|
1,544
|
580
|
NetLink NBN Trust (b)
|
1,267
|
798
|
Singapore Airlines Ltd.
|
129
|
642
|
Singapore Exchange Ltd.
|
1,143
|
7,981
|
Singapore Telecommunications Ltd.
|
2,686
|
4,793
|
|
|
31,504
|
South Africa — 0.4%
|
||
Anglo American plc
|
178
|
4,248
|
AVI Ltd.
|
161
|
715
|
Bid Corp. Ltd.
|
194
|
4,703
|
Bidvest Group Ltd. (The)
|
292
|
3,847
|
FirstRand Ltd.
|
848
|
3,073
|
Sanlam Ltd.
|
1,779
|
6,786
|
Shoprite Holdings Ltd.
|
163
|
2,363
|
Standard Bank Group Ltd.
|
441
|
4,704
|
Vodacom Group Ltd.
|
993
|
4,951
|
|
|
35,390
|
South Korea — 0.6%
|
||
Hana Financial Group, Inc.
|
75
|
2,685
|
KB Financial Group, Inc.
|
159
|
6,726
|
Kia Corp. *
|
84
|
6,410
|
LG Uplus Corp.
|
250
|
1,915
|
Samsung Electronics Co. Ltd.
|
453
|
24,634
|
Samsung Electronics Co. Ltd. (Preference)
|
49
|
2,146
|
Shinhan Financial Group Co. Ltd.
|
206
|
6,321
|
SK Telecom Co. Ltd.
|
120
|
4,528
|
|
|
55,365
|
Spain — 0.7%
|
||
Acerinox SA
|
196
|
2,066
|
ACS Actividades de Construccion y Servicios SA
|
68
|
2,672
|
Aena SME SA (b)
|
13
|
2,307
|
Atlantica Sustainable Infrastructure plc
|
103
|
1,976
|
Banco Bilbao Vizcaya Argentaria SA
|
387
|
3,622
|
Banco Santander SA
|
897
|
3,607
|
CaixaBank SA
|
462
|
1,970
|
Cia de Distribucion Integral Logista Holdings SA
|
75
|
2,106
|
Enagas SA
|
118
|
1,915
|
Endesa SA
|
416
|
8,248
|
Iberdrola SA *
|
10
|
125
|
Iberdrola SA
|
1,397
|
16,816
|
Industria de Diseno Textil SA
|
98
|
4,170
|
Mapfre SA
|
790
|
1,739
|
Naturgy Energy Group SA
|
243
|
6,544
|
Redeia Corp. SA
|
131
|
2,183
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Common Stocks — continued
|
||
Spain — continued
|
||
Repsol SA
|
155
|
2,295
|
Telefonica SA
|
571
|
2,325
|
|
|
66,686
|
Sweden — 0.5%
|
||
Skandinaviska Enskilda Banken AB, Class A
|
159
|
2,251
|
SSAB AB, Class B
|
304
|
2,325
|
Svenska Handelsbanken AB, Class A (a)
|
149
|
1,611
|
Tele2 AB, Class B
|
1,193
|
10,175
|
Telia Co. AB
|
983
|
2,534
|
Trelleborg AB, Class B
|
52
|
1,567
|
Volvo AB, Class B
|
947
|
22,705
|
|
|
43,168
|
Switzerland — 0.5%
|
||
ABB Ltd. (Registered)
|
64
|
2,688
|
Accelleron Industries AG
|
33
|
1,068
|
Adecco Group AG (Registered)
|
41
|
1,754
|
Novartis AG (Registered)
|
129
|
13,354
|
Partners Group Holding AG
|
2
|
2,974
|
Swisscom AG (Registered)
|
4
|
2,336
|
UBS Group AG (Registered)
|
169
|
5,062
|
Zurich Insurance Group AG
|
30
|
15,226
|
|
|
44,462
|
Taiwan — 1.2%
|
||
ASE Technology Holding Co. Ltd.
|
2,106
|
9,106
|
Delta Electronics, Inc.
|
197
|
1,766
|
MediaTek, Inc.
|
59
|
1,821
|
Mega Financial Holding Co. Ltd.
|
1,717
|
2,063
|
Novatek Microelectronics Corp.
|
366
|
5,962
|
President Chain Store Corp.
|
615
|
5,185
|
Quanta Computer, Inc.
|
494
|
3,905
|
Realtek Semiconductor Corp.
|
587
|
8,785
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
|
197
|
22,182
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
1,851
|
37,065
|
Vanguard International Semiconductor Corp.
|
1,798
|
4,219
|
Wiwynn Corp.
|
58
|
4,058
|
|
|
106,117
|
Thailand — 0.1%
|
||
SCB X PCL
|
1,930
|
5,649
|
Siam Cement PCL (The) (Registered)
|
360
|
2,739
|
|
|
8,388
|
United Kingdom — 2.0%
|
||
3i Group plc
|
86
|
2,682
|
Admiral Group plc
|
34
|
1,073
|
AstraZeneca plc
|
62
|
8,178
|
Aviva plc
|
412
|
2,247
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Common Stocks — continued
|
||
United Kingdom — continued
|
||
B&M European Value Retail SA
|
350
|
2,291
|
Balfour Beatty plc
|
485
|
2,040
|
Barratt Developments plc
|
1,144
|
7,797
|
Berkeley Group Holdings plc
|
42
|
2,569
|
BP plc
|
1,970
|
11,507
|
Britvic plc
|
152
|
1,700
|
BT Group plc
|
1,369
|
1,940
|
Centrica plc
|
1,619
|
2,833
|
Coca-Cola Europacific Partners plc
|
129
|
8,855
|
Compass Group plc
|
99
|
2,727
|
Direct Line Insurance Group plc *
|
578
|
1,234
|
Dunelm Group plc
|
141
|
1,948
|
Games Workshop Group plc
|
9
|
1,177
|
Harbour Energy plc
|
337
|
1,184
|
HSBC Holdings plc
|
936
|
7,305
|
IG Group Holdings plc
|
105
|
947
|
Imperial Brands plc
|
257
|
6,167
|
InterContinental Hotels Group plc
|
30
|
2,806
|
Intermediate Capital Group plc
|
93
|
2,103
|
Investec plc
|
304
|
1,979
|
J Sainsbury plc
|
599
|
2,047
|
Lancashire Holdings Ltd.
|
155
|
1,190
|
Land Securities Group plc, REIT
|
182
|
1,538
|
Legal & General Group plc
|
778
|
2,504
|
Lloyds Banking Group plc
|
4,542
|
2,435
|
M&G plc
|
125
|
354
|
Man Group plc
|
750
|
2,255
|
Mitie Group plc
|
1,593
|
2,088
|
National Grid plc
|
187
|
2,490
|
NatWest Group plc
|
1,453
|
4,100
|
Next plc
|
18
|
1,919
|
Pagegroup plc
|
274
|
1,594
|
Persimmon plc
|
103
|
1,899
|
Phoenix Group Holdings plc
|
145
|
923
|
RELX plc
|
302
|
12,474
|
Sage Group plc (The)
|
287
|
4,272
|
Segro plc, REIT
|
29
|
320
|
Severn Trent plc
|
105
|
3,457
|
SSE plc
|
710
|
15,121
|
Taylor Wimpey plc
|
1,506
|
2,811
|
Telecom Plus plc
|
62
|
1,141
|
Tesco plc
|
1,611
|
5,839
|
Unilever plc
|
41
|
1,987
|
United Utilities Group plc
|
376
|
5,060
|
Vodafone Group plc
|
8,356
|
7,104
|
WPP plc
|
258
|
2,494
|
|
|
174,705
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Common Stocks — continued
|
||
United States — 15.6%
|
||
3M Co.
|
54
|
5,124
|
Abbott Laboratories
|
22
|
2,437
|
AbbVie, Inc.
|
274
|
45,101
|
Accenture plc, Class A
|
5
|
1,779
|
Air Products and Chemicals, Inc.
|
12
|
3,186
|
ALLETE, Inc.
|
16
|
971
|
Altria Group, Inc.
|
128
|
5,152
|
American Electric Power Co., Inc.
|
69
|
5,353
|
American Express Co.
|
14
|
2,886
|
Amgen, Inc.
|
23
|
7,343
|
Analog Devices, Inc.
|
20
|
3,872
|
Annaly Capital Management, Inc., REIT
|
299
|
5,733
|
Antero Midstream Corp.
|
184
|
2,250
|
Arthur J Gallagher & Co.
|
10
|
2,310
|
AT&T, Inc.
|
493
|
8,718
|
Avangrid, Inc.
|
172
|
5,220
|
Avista Corp.
|
59
|
2,004
|
Baker Hughes Co.
|
136
|
3,877
|
Bank of America Corp.
|
425
|
14,470
|
Best Buy Co., Inc.
|
74
|
5,355
|
Black Hills Corp.
|
29
|
1,487
|
BlackRock, Inc.
|
4
|
3,018
|
Boston Properties, Inc., REIT
|
97
|
6,427
|
Bristol-Myers Squibb Co.
|
98
|
4,791
|
Campbell Soup Co.
|
127
|
5,677
|
Cardinal Health, Inc.
|
60
|
6,521
|
CF Industries Holdings, Inc.
|
59
|
4,491
|
Chesapeake Energy Corp. (a)
|
43
|
3,311
|
Chevron Corp.
|
219
|
32,256
|
Chubb Ltd.
|
17
|
4,101
|
Cigna Group (The)
|
10
|
2,937
|
Cisco Systems, Inc.
|
115
|
5,793
|
Citizens Financial Group, Inc.
|
99
|
3,230
|
Claire's Stores, Inc. ‡ *
|
4
|
837
|
Clear Channel Outdoor Holdings, Inc. * (a)
|
287
|
494
|
Clearway Energy, Inc., Class C
|
80
|
1,946
|
Clorox Co. (The)
|
40
|
5,761
|
CME Group, Inc.
|
112
|
23,014
|
CMS Energy Corp.
|
35
|
1,990
|
Coca-Cola Co. (The)
|
652
|
38,767
|
Cogent Communications Holdings, Inc.
|
37
|
2,891
|
Comcast Corp., Class A
|
667
|
31,046
|
Conagra Brands, Inc.
|
190
|
5,541
|
ConocoPhillips
|
40
|
4,527
|
Consolidated Edison, Inc.
|
63
|
5,726
|
Coterra Energy, Inc.
|
224
|
5,568
|
CRH plc
|
29
|
2,091
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Common Stocks — continued
|
||
United States — continued
|
||
Crown Castle, Inc., REIT
|
46
|
5,017
|
Cummins, Inc.
|
23
|
5,615
|
CVS Health Corp.
|
78
|
5,767
|
Deere & Co.
|
34
|
13,208
|
Devon Energy Corp.
|
81
|
3,421
|
DHT Holdings, Inc.
|
236
|
2,630
|
Digital Realty Trust, Inc., REIT
|
43
|
6,103
|
Dominion Energy, Inc.
|
162
|
7,384
|
Dover Corp.
|
20
|
3,053
|
Dow, Inc.
|
347
|
18,573
|
DT Midstream, Inc.
|
42
|
2,276
|
Duke Energy Corp.
|
83
|
7,980
|
Eastman Chemical Co.
|
68
|
5,643
|
Eaton Corp. plc
|
34
|
8,379
|
Edison International
|
90
|
6,047
|
Eli Lilly & Co.
|
2
|
1,559
|
Emerson Electric Co.
|
65
|
5,928
|
Entergy Corp.
|
56
|
5,553
|
Envision Healthcare Corp. ‡ *
|
11
|
119
|
EOG Resources, Inc.
|
70
|
7,931
|
Equitrans Midstream Corp.
|
250
|
2,550
|
Evergy, Inc.
|
145
|
7,336
|
Eversource Energy
|
41
|
2,224
|
Exxon Mobil Corp.
|
430
|
44,173
|
Fastenal Co.
|
105
|
7,183
|
Federal Realty Investment Trust, REIT
|
52
|
5,330
|
Ferguson plc
|
10
|
1,881
|
FirstEnergy Corp.
|
209
|
7,670
|
Frontier Communications Parent, Inc. * (a)
|
122
|
2,997
|
General Dynamics Corp.
|
16
|
4,210
|
General Mills, Inc.
|
65
|
4,246
|
Genuine Parts Co.
|
35
|
4,927
|
Gilead Sciences, Inc.
|
75
|
5,848
|
Goodman Networks, Inc. ‡ *
|
54
|
—
|
GSK plc
|
587
|
11,616
|
Gulfport Energy Corp. *
|
26
|
3,332
|
Hasbro, Inc.
|
114
|
5,598
|
Hawaiian Electric Industries, Inc.
|
152
|
1,975
|
Healthpeak Properties, Inc., REIT
|
298
|
5,509
|
Hewlett Packard Enterprise Co.
|
376
|
5,744
|
Holcim AG
|
50
|
3,832
|
Home Depot, Inc. (The)
|
13
|
4,412
|
Honeywell International, Inc.
|
41
|
8,235
|
HP, Inc.
|
56
|
1,593
|
iHeartMedia, Inc., Class A *
|
122
|
331
|
Intel Corp.
|
139
|
6,004
|
International Business Machines Corp.
|
49
|
8,910
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Common Stocks — continued
|
||
United States — continued
|
||
International Flavors & Fragrances, Inc.
|
71
|
5,690
|
International Paper Co.
|
174
|
6,232
|
Interpublic Group of Cos., Inc. (The)
|
161
|
5,308
|
Iron Mountain, Inc., REIT
|
97
|
6,546
|
J M Smucker Co. (The)
|
30
|
3,932
|
Johnson & Johnson
|
185
|
29,352
|
Juniper Networks, Inc.
|
197
|
7,281
|
Kellanova
|
28
|
1,514
|
Kenvue, Inc.
|
315
|
6,535
|
Keurig Dr Pepper, Inc.
|
266
|
8,367
|
KeyCorp
|
494
|
7,181
|
Kimberly-Clark Corp.
|
45
|
5,480
|
Kimco Realty Corp., REIT
|
144
|
2,914
|
Kinder Morgan, Inc.
|
480
|
8,120
|
Kraft Heinz Co. (The)
|
164
|
6,103
|
Laureate Education, Inc., Class A
|
179
|
2,252
|
Lowe's Cos., Inc.
|
86
|
18,406
|
LyondellBasell Industries NV, Class A
|
64
|
6,033
|
Marriott International, Inc., Class A
|
34
|
8,185
|
McDonald's Corp.
|
46
|
13,453
|
Medtronic plc
|
24
|
2,140
|
Merck & Co., Inc.
|
248
|
29,987
|
Microchip Technology, Inc.
|
10
|
836
|
Microsoft Corp.
|
24
|
9,440
|
Mnk Common Stock ‡ *
|
66
|
2,526
|
Mondelez International, Inc., Class A
|
38
|
2,863
|
Moran Foods Backstop Equity ‡ *
|
17,743
|
177
|
Morgan Stanley
|
50
|
4,322
|
Motorola Solutions, Inc.
|
20
|
6,299
|
MYT Holding LLC ‡ *
|
1,342
|
336
|
National CineMedia, Inc. *
|
107
|
438
|
Nestle SA (Registered)
|
308
|
35,136
|
NetApp, Inc.
|
71
|
6,160
|
New Fortress Energy, Inc.
|
65
|
2,175
|
Newmont Corp.
|
128
|
4,411
|
NextEra Energy, Inc.
|
407
|
23,887
|
NMG, Inc. ‡ * (a)
|
41
|
4,599
|
NMG, Inc. ‡ *
|
4
|
488
|
Nordic American Tankers Ltd.
|
537
|
2,387
|
Norfolk Southern Corp.
|
14
|
3,351
|
Northrop Grumman Corp.
|
4
|
1,903
|
Northwestern Energy Group, Inc.
|
43
|
2,085
|
OGE Energy Corp.
|
60
|
1,996
|
Omnicom Group, Inc.
|
67
|
6,026
|
ONE Gas, Inc.
|
33
|
2,050
|
ONEOK, Inc.
|
129
|
8,783
|
PACCAR, Inc. *
|
31
|
3,139
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Common Stocks — continued
|
||
United States — continued
|
||
Packaging Corp. of America
|
39
|
6,421
|
Parker-Hannifin Corp.
|
4
|
1,823
|
PepsiCo, Inc.
|
19
|
3,201
|
Pfizer, Inc.
|
116
|
3,138
|
Philip Morris International, Inc.
|
106
|
9,594
|
Phillips 66
|
50
|
7,228
|
Pinnacle West Capital Corp.
|
107
|
7,381
|
Pioneer Natural Resources Co.
|
27
|
6,306
|
PNC Financial Services Group, Inc. (The)
|
17
|
2,622
|
PPG Industries, Inc.
|
21
|
2,912
|
PPL Corp.
|
136
|
3,568
|
Procter & Gamble Co. (The)
|
117
|
18,419
|
Progressive Corp. (The)
|
69
|
12,369
|
Prologis, Inc., REIT
|
126
|
15,935
|
Prudential Financial, Inc.
|
59
|
6,185
|
Public Service Enterprise Group, Inc.
|
239
|
13,881
|
Public Storage, REIT
|
19
|
5,413
|
Regency Centers Corp., REIT
|
89
|
5,547
|
Republic Services, Inc.
|
13
|
2,208
|
Roche Holding AG
|
72
|
20,540
|
Ross Stores, Inc.
|
61
|
8,544
|
RTX Corp.
|
91
|
8,275
|
Schneider Electric SE
|
49
|
9,545
|
Seagate Technology Holdings plc
|
147
|
12,555
|
Shenandoah Telecommunications Co.
|
31
|
631
|
Simon Property Group, Inc., REIT
|
49
|
6,780
|
Sirius XM Holdings, Inc.
|
942
|
4,797
|
Southern Co. (The)
|
175
|
12,159
|
Steel Dynamics, Inc.
|
25
|
2,971
|
Stellantis NV
|
194
|
4,269
|
Sysco Corp.
|
31
|
2,496
|
T. Rowe Price Group, Inc.
|
50
|
5,445
|
Telephone and Data Systems, Inc.
|
132
|
2,528
|
Texas Instruments, Inc.
|
143
|
22,843
|
TJX Cos., Inc. (The)
|
35
|
3,304
|
T-Mobile US, Inc.
|
27
|
4,390
|
Truist Financial Corp.
|
165
|
6,131
|
Ubiquiti, Inc.
|
7
|
884
|
UDR, Inc., REIT
|
118
|
4,234
|
UGI Corp.
|
89
|
1,973
|
United Parcel Service, Inc., Class B
|
123
|
17,466
|
UnitedHealth Group, Inc.
|
33
|
16,950
|
US Bancorp
|
86
|
3,569
|
Valero Energy Corp.
|
43
|
6,015
|
Venator Materials plc *
|
4
|
4,029
|
Ventas, Inc., REIT
|
118
|
5,451
|
Verizon Communications, Inc.
|
263
|
11,133
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Common Stocks — continued
|
||
United States — continued
|
||
VF Corp.
|
54
|
881
|
VICI Properties, Inc., REIT
|
511
|
15,383
|
Walgreens Boots Alliance, Inc.
|
267
|
6,036
|
Walmart, Inc.
|
18
|
2,951
|
Wells Fargo & Co.
|
269
|
13,479
|
Welltower, Inc., REIT
|
35
|
3,042
|
Weyerhaeuser Co., REIT
|
181
|
5,945
|
Whirlpool Corp.
|
36
|
3,992
|
Williams Cos., Inc. (The)
|
246
|
8,523
|
Windstream Holdings, Inc. ‡ *
|
4
|
43
|
WP Carey, Inc., REIT
|
85
|
5,252
|
Xcel Energy, Inc.
|
36
|
2,139
|
Yum! Brands, Inc.
|
93
|
12,017
|
|
|
1,387,797
|
Total Common Stocks
(Cost $2,553,288)
|
|
3,065,073
|
|
PRINCIPAL
AMOUNT
($000)
|
|
Corporate Bonds — 34.3%
|
||
Australia — 0.1%
|
||
Australia & New Zealand Banking Group Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.70%), 2.57%,
11/25/2035 (b) (c) (d)
|
800
|
658
|
FMG Resources August 2006 Pty. Ltd.
|
|
|
4.50%, 9/15/2027 (e)
|
218
|
210
|
4.38%, 4/1/2031 (e)
|
1,432
|
1,289
|
6.13%, 4/15/2032 (e)
|
1,001
|
990
|
Glencore Funding LLC
|
|
|
4.63%, 4/29/2024 (e)
|
687
|
685
|
2.50%, 9/1/2030 (e)
|
180
|
156
|
2.63%, 9/23/2031 (e)
|
63
|
53
|
Macquarie Group Ltd.
|
|
|
6.21%, 11/22/2024 (e)
|
4,600
|
4,626
|
(SOFR + 0.69%), 1.20%, 10/14/2025 (d) (e)
|
1,293
|
1,253
|
Mineral Resources Ltd.
|
|
|
8.13%, 5/1/2027 (e)
|
200
|
202
|
8.00%, 11/1/2027 (e)
|
149
|
152
|
8.50%, 5/1/2030 (e)
|
750
|
772
|
|
|
11,046
|
Austria — 0.0% ^
|
||
ams-OSRAM AG 12.25%, 3/30/2029 (e)
|
2,065
|
2,232
|
Azerbaijan — 0.0% ^
|
||
Southern Gas Corridor CJSC 6.88%, 3/24/2026 (b)
|
950
|
961
|
State Oil Co. of the Azerbaijan Republic 6.95%, 3/18/2030 (b)
|
1,180
|
1,214
|
|
|
2,175
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
Bahrain — 0.0% ^
|
||
Bapco Energies BSCC 7.50%, 10/25/2027 (b)
|
1,150
|
1,201
|
Belgium — 0.0% ^
|
||
KBC Group NV (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, 1/19/2029 (d) (e)
|
200
|
203
|
Brazil — 0.1%
|
||
Braskem Netherlands Finance BV 7.25%, 2/13/2033 (e)
|
287
|
254
|
CSN Resources SA 4.63%, 6/10/2031 (e)
|
450
|
363
|
Guara Norte SARL 5.20%, 6/15/2034 (e)
|
297
|
270
|
Klabin Austria GmbH 7.00%, 4/3/2049 (b)
|
1,150
|
1,152
|
Minerva Luxembourg SA 8.88%, 9/13/2033 (e)
|
928
|
972
|
MV24 Capital BV 6.75%, 6/1/2034 (e)
|
548
|
511
|
Nexa Resources SA 5.38%, 5/4/2027 (b)
|
580
|
563
|
Petrobras Global Finance BV 6.85%, 6/5/2115
|
300
|
277
|
Vale Overseas Ltd. 3.75%, 7/8/2030
|
57
|
51
|
|
|
4,413
|
Canada — 1.9%
|
||
1011778 BC ULC
|
|
|
3.88%, 1/15/2028 (e)
|
1,705
|
1,605
|
3.50%, 2/15/2029 (e)
|
1,291
|
1,181
|
4.00%, 10/15/2030 (e)
|
3,505
|
3,133
|
Athabasca Oil Corp. 9.75%, 11/1/2026 (e)
|
311
|
329
|
ATS Corp. 4.13%, 12/15/2028 (e)
|
1,494
|
1,356
|
Bank of Montreal
|
|
|
Series H, 4.25%, 9/14/2024
|
419
|
416
|
5.20%, 12/12/2024
|
4,215
|
4,215
|
5.72%, 9/25/2028
|
105
|
109
|
Bank of Nova Scotia (The)
|
|
|
5.25%, 12/6/2024
|
417
|
417
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.90%, 6/4/2025 (c) (d) (f) (g)
|
2,497
|
2,378
|
5.45%, 6/12/2025
|
1,000
|
1,006
|
1.30%, 9/15/2026
|
280
|
256
|
Series 2, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 3.63%, 10/27/2081 (c) (d)
|
1,900
|
1,476
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.39%), 8.63%, 10/27/2082 (c) (d)
|
4,942
|
5,113
|
Baytex Energy Corp.
|
|
|
8.75%, 4/1/2027 (e)
|
4,909
|
5,108
|
8.50%, 4/30/2030 (e)
|
3,640
|
3,779
|
Bombardier, Inc.
|
|
|
7.88%, 4/15/2027 (e)
|
6,550
|
6,542
|
8.75%, 11/15/2030 (e)
|
1,243
|
1,304
|
Canadian Imperial Bank of Commerce
|
|
|
1.00%, 10/18/2024
|
468
|
454
|
5.99%, 10/3/2028
|
3,870
|
4,056
|
Emera US Finance LP 2.64%, 6/15/2031
|
75
|
62
|
Emera, Inc. Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076 (d)
|
11,016
|
10,795
|
Enbridge, Inc.
|
|
|
3.50%, 6/10/2024
|
589
|
584
|
Series 16-A, (3-MONTH CME TERM SOFR + 4.15%), 6.00%, 1/15/2077 (d)
|
2,237
|
2,153
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
Canada — continued
|
||
Series 20-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 5.75%, 7/15/2080 (d)
|
11,810
|
11,046
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.42%), 7.63%, 1/15/2083 (d)
|
4,722
|
4,772
|
Federation des Caisses Desjardins du Quebec
|
|
|
(SOFRINDX + 1.09%), 5.28%, 1/23/2026 (d) (e)
|
1,415
|
1,411
|
4.55%, 8/23/2027 (e)
|
2,820
|
2,804
|
5.70%, 3/14/2028 (e)
|
1,205
|
1,236
|
5.25%, 4/26/2029 (e)
|
1,445
|
1,456
|
Garda World Security Corp. 4.63%, 2/15/2027 (e)
|
2,751
|
2,600
|
GFL Environmental, Inc.
|
|
|
4.25%, 6/1/2025 (e)
|
2,670
|
2,623
|
3.75%, 8/1/2025 (e)
|
3,238
|
3,149
|
4.00%, 8/1/2028 (e)
|
3,477
|
3,189
|
4.75%, 6/15/2029 (a) (e)
|
2,430
|
2,281
|
6.75%, 1/15/2031 (e)
|
1,177
|
1,204
|
goeasy Ltd. 9.25%, 12/1/2028 (e)
|
1,110
|
1,179
|
New Gold, Inc. 7.50%, 7/15/2027 (e)
|
1,184
|
1,178
|
NOVA Chemicals Corp.
|
|
|
4.88%, 6/1/2024 (e)
|
2,498
|
2,485
|
5.00%, 5/1/2025 (e)
|
3,760
|
3,666
|
5.25%, 6/1/2027 (e)
|
4,031
|
3,749
|
8.50%, 11/15/2028 (e)
|
1,451
|
1,518
|
Open Text Holdings, Inc.
|
|
|
4.13%, 2/15/2030 (e)
|
201
|
182
|
4.13%, 12/1/2031 (e)
|
1,162
|
1,032
|
Precision Drilling Corp.
|
|
|
7.13%, 1/15/2026 (e)
|
3,425
|
3,400
|
6.88%, 1/15/2029 (e)
|
1,018
|
1,002
|
Ritchie Bros Holdings, Inc.
|
|
|
6.75%, 3/15/2028 (e)
|
1,012
|
1,032
|
7.75%, 3/15/2031 (e)
|
1,684
|
1,775
|
Rogers Communications, Inc.
|
|
|
3.80%, 3/15/2032
|
135
|
123
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.59%), 5.25%, 3/15/2082 (d) (e)
|
6,303
|
6,002
|
Royal Bank of Canada
|
|
|
5.66%, 10/25/2024
|
584
|
585
|
2.25%, 11/1/2024
|
453
|
443
|
4.95%, 4/25/2025
|
1,000
|
1,001
|
4.88%, 1/12/2026
|
3,350
|
3,360
|
5.20%, 7/20/2026 (a)
|
800
|
809
|
Superior Plus LP 4.50%, 3/15/2029 (e)
|
1,621
|
1,469
|
Toronto-Dominion Bank (The)
|
|
|
2.65%, 6/12/2024
|
440
|
436
|
4.29%, 9/13/2024
|
418
|
415
|
5.53%, 7/17/2026
|
2,955
|
3,008
|
(SOFR + 1.08%), 6.41%, 7/17/2026 (d)
|
1,600
|
1,608
|
4.69%, 9/15/2027
|
95
|
95
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.08%), 8.13%, 10/31/2082 (c) (d)
|
13,713
|
14,243
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
Canada — continued
|
||
TransAlta Corp.
|
|
|
7.75%, 11/15/2029
|
988
|
1,039
|
6.50%, 3/15/2040
|
114
|
113
|
TransCanada PipeLines Ltd.
|
|
|
1.00%, 10/12/2024
|
395
|
383
|
4.75%, 5/15/2038
|
119
|
111
|
Transcanada Trust
|
|
|
Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, 8/15/2076 (d)
|
3,021
|
2,902
|
(SOFR + 4.42%), 5.50%, 9/15/2079 (d)
|
8,775
|
7,816
|
Vermilion Energy, Inc. 6.88%, 5/1/2030 (e)
|
1,174
|
1,130
|
Videotron Ltd.
|
|
|
5.13%, 4/15/2027 (e)
|
264
|
260
|
3.63%, 6/15/2029 (e)
|
74
|
68
|
|
|
165,215
|
China — 0.2%
|
||
Central Plaza Development Ltd.
|
|
|
3.85%, 7/14/2025 (b)
|
200
|
177
|
4.65%, 1/19/2026 (b)
|
1,800
|
1,511
|
China Oil & Gas Group Ltd. 4.70%, 6/30/2026 (b)
|
1,200
|
1,114
|
Chong Hing Bank Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 5.70%, 7/15/2024 (b) (c) (d) (f)
(g)
|
650
|
642
|
ENN Clean Energy International Investment Ltd. 3.38%, 5/12/2026 (b)
|
1,700
|
1,601
|
Fortune Star BVI Ltd. 6.85%, 7/2/2024 (b)
|
600
|
585
|
Franshion Brilliant Ltd.
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.54%), 7.13%, 12/6/2024 (b) (d) (f) (g)
|
600
|
558
|
4.25%, 7/23/2029 (b)
|
600
|
403
|
GLP China Holdings Ltd. 2.95%, 3/29/2026 (b)
|
700
|
483
|
Greentown China Holdings Ltd. 5.65%, 7/13/2025 (b)
|
1,200
|
1,056
|
Huarong Finance 2017 Co. Ltd. 4.75%, 4/27/2027 (b)
|
400
|
377
|
Huarong Finance 2019 Co. Ltd. 3.88%, 11/13/2029 (b)
|
700
|
601
|
Huarong Finance II Co. Ltd.
|
|
|
5.00%, 11/19/2025 (b)
|
2,500
|
2,416
|
4.63%, 6/3/2026 (b)
|
1,500
|
1,430
|
Longfor Group Holdings Ltd.
|
|
|
4.50%, 1/16/2028 (b)
|
1,300
|
695
|
3.95%, 9/16/2029 (b)
|
600
|
264
|
Prosus NV
|
|
|
3.68%, 1/21/2030 (b)
|
200
|
173
|
4.03%, 8/3/2050 (b)
|
200
|
127
|
3.83%, 2/8/2051 (b)
|
500
|
307
|
RKPF Overseas Ltd. 6.70%, 9/30/2024 (b)
|
1,400
|
1,183
|
Shandong Iron And Steel Xinheng International Co. Ltd. 4.80%, 7/28/2024 (b)
|
950
|
932
|
Shui On Development Holding Ltd.
|
|
|
5.50%, 3/3/2025 (b)
|
1,350
|
954
|
5.50%, 6/29/2026 (b)
|
400
|
232
|
Vanke Real Estate Hong Kong Co. Ltd. 3.98%, 11/9/2027 (b)
|
400
|
256
|
Xiaomi Best Time International Ltd. 4.10%, 7/14/2051 (b)
|
300
|
216
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
China — continued
|
||
Yanlord Land HK Co. Ltd. 6.80%, 2/27/2024 (b)
|
1,200
|
1,187
|
Yunda Holding Investment Ltd. 2.25%, 8/19/2025 (b)
|
600
|
557
|
Zhongsheng Group Holdings Ltd. 3.00%, 1/13/2026 (b)
|
450
|
419
|
|
|
20,456
|
Colombia — 0.0% ^
|
||
Ecopetrol SA
|
|
|
5.38%, 6/26/2026
|
760
|
748
|
8.63%, 1/19/2029
|
600
|
634
|
8.38%, 1/19/2036
|
439
|
444
|
7.38%, 9/18/2043
|
412
|
375
|
5.88%, 5/28/2045
|
350
|
259
|
EnfraGen Energia Sur SA 5.38%, 12/30/2030 (b)
|
750
|
583
|
|
|
3,043
|
Denmark — 0.1%
|
||
Danske Bank A/S
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 0.98%, 9/10/2025 (b) (d)
|
657
|
638
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.47%, 1/9/2026 (d) (e)
|
4,395
|
4,429
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 1.62%, 9/11/2026 (d) (e)
|
200
|
188
|
|
|
5,255
|
Finland — 0.1%
|
||
Nordea Bank Abp
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.11%), 6.63%, 3/26/2026 (c) (d) (e) (f) (g)
|
5,682
|
5,616
|
1.50%, 9/30/2026 (e)
|
2,615
|
2,393
|
|
|
8,009
|
France — 1.1%
|
||
Altice France SA
|
|
|
8.13%, 2/1/2027 (e)
|
3,019
|
2,698
|
5.50%, 1/15/2028 (e)
|
370
|
289
|
5.13%, 7/15/2029 (e)
|
3,800
|
2,778
|
5.50%, 10/15/2029 (e)
|
2,932
|
2,160
|
Banque Federative du Credit Mutuel SA
|
|
|
0.65%, 2/27/2024 (a) (e)
|
1,515
|
1,510
|
2.38%, 11/21/2024 (e)
|
529
|
517
|
1.00%, 2/4/2025 (a) (e)
|
1,108
|
1,063
|
4.94%, 1/26/2026 (e)
|
1,420
|
1,417
|
BNP Paribas SA
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 9.25%, 11/17/2027 (c) (d) (e) (f) (g)
|
4,792
|
5,104
|
4.40%, 8/14/2028 (e)
|
2,155
|
2,104
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.45%), 5.13%, 1/13/2029 (d) (e)
|
2,000
|
2,010
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.90%), 7.75%, 8/16/2029 (c) (d) (e) (f) (g)
|
8,839
|
8,928
|
BPCE SA
|
|
|
4.50%, 3/15/2025 (e)
|
3,850
|
3,789
|
(SOFR + 1.52%), 1.65%, 10/6/2026 (d) (e)
|
8,105
|
7,575
|
(SOFR + 2.10%), 5.98%, 1/18/2027 (d) (e)
|
996
|
1,005
|
(SOFR + 1.98%), 6.61%, 10/19/2027 (d) (e)
|
2,345
|
2,418
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
France — continued
|
||
CGG SA 8.75%, 4/1/2027 (a) (e)
|
500
|
441
|
Credit Agricole SA
|
|
|
(USD Swap Semi 5 Year + 6.19%), 8.13%, 12/23/2025 (c) (d) (e) (f) (g)
|
2,164
|
2,218
|
(GBP Swap Semi 5 Year + 4.81%), 7.50%, 6/23/2026 (c) (d) (e) (f) (g)
|
GBP3,130
|
3,919
|
4.13%, 1/10/2027 (a) (e)
|
2,180
|
2,127
|
5.30%, 7/12/2028 (e)
|
1,615
|
1,651
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.24%), 4.75%, 3/23/2029 (c) (d) (e) (f) (g)
|
5,291
|
4,523
|
(SOFR + 1.69%), 5.34%, 1/10/2030 (d) (e)
|
2,805
|
2,817
|
Societe Generale SA
|
|
|
2.63%, 1/22/2025 (e)
|
2,225
|
2,164
|
4.25%, 4/14/2025 (e)
|
450
|
442
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.45%, 1/12/2027 (d) (e)
|
2,735
|
2,778
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.39%), 9.38%, 11/22/2027 (c) (d) (e) (f) (g)
|
8,298
|
8,611
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.80%, 1/19/2028 (d) (e)
|
4,934
|
4,564
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.52%, 1/19/2028 (d) (e)
|
4,060
|
4,061
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (c) (d) (e) (f) (g)
|
6,316
|
5,160
|
7.37%, 1/10/2053 (e)
|
2,872
|
3,044
|
|
|
93,885
|
Germany — 0.1%
|
||
Bayer US Finance II LLC 4.63%, 6/25/2038 (e)
|
200
|
171
|
Daimler Truck Finance North America LLC 5.20%, 1/17/2025 (e)
|
1,190
|
1,190
|
Deutsche Bank AG (SOFR + 1.87%), 2.13%, 11/24/2026 (d)
|
5,655
|
5,324
|
Deutsche Telekom International Finance BV 8.75%, 6/15/2030 (h)
|
286
|
341
|
Mercer International, Inc. 5.13%, 2/1/2029
|
50
|
43
|
|
|
7,069
|
Guatemala — 0.0% ^
|
||
Energuate Trust 5.88%, 5/3/2027 (b)
|
1,147
|
1,093
|
Hong Kong — 0.2%
|
||
Bank of East Asia Ltd. (The) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.53%), 5.83%, 10/21/2025 (b) (c)
(d) (f) (g)
|
1,750
|
1,564
|
CAS Capital No. 1 Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.64%), 4.00%, 7/12/2026 (b) (d) (f) (g)
|
2,500
|
2,156
|
Elect Global Investments Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.89%), 4.10%, 6/3/2025 (b) (d)
(f) (g)
|
300
|
255
|
FWD Group Holdings Ltd.
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.87%), 8.05%, 6/15/2024 (b) (d) (f) (g)
|
1,200
|
1,121
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.08%), 6.68%, 8/1/2024 (b) (d) (f) (g)
|
1,000
|
836
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.88%), 6.38%, 9/13/2024 (b) (d) (f) (g)
|
300
|
275
|
Goodman HK Finance 4.38%, 6/19/2024 (b)
|
300
|
298
|
Melco Resorts Finance Ltd.
|
|
|
5.25%, 4/26/2026 (b)
|
800
|
764
|
5.63%, 7/17/2027 (b)
|
2,300
|
2,165
|
5.75%, 7/21/2028 (b)
|
600
|
558
|
Nan Fung Treasury Ltd. 3.63%, 8/27/2030 (b)
|
300
|
249
|
NWD Finance BVI Ltd.
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 6.20%), 6.15%, 3/16/2025 (b) (d) (f) (g)
|
2,150
|
1,699
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.89%), 5.25%, 3/22/2026 (b) (d) (f) (g)
|
500
|
326
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
Hong Kong — continued
|
||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.86%), 4.13%, 3/10/2028 (b) (d) (f) (g)
|
1,300
|
678
|
NWD MTN Ltd. 4.13%, 7/18/2029 (b)
|
1,600
|
1,200
|
Prudential Funding Asia plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.52%), 2.95%, 11/3/2033 (b) (d)
|
1,600
|
1,409
|
|
|
15,553
|
India — 0.4%
|
||
ABJA Investment Co. Pte. Ltd. 5.45%, 1/24/2028 (b)
|
1,500
|
1,493
|
Axis Bank Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.32%), 4.10%, 9/8/2026 (b) (c) (d) (f) (g)
|
700
|
643
|
Continuum Energy Aura Pte. Ltd. 9.50%, 2/24/2027 (b)
|
300
|
310
|
Continuum Energy Levanter Pte. Ltd. 4.50%, 2/9/2027 (b)
|
624
|
594
|
Delhi International Airport Ltd. 6.13%, 10/31/2026 (b)
|
600
|
594
|
GMR Hyderabad International Airport Ltd. 4.25%, 10/27/2027 (b)
|
1,800
|
1,662
|
Greenko Dutch BV 3.85%, 3/29/2026 (b)
|
2,174
|
2,044
|
Greenko Power II Ltd.
|
|
|
4.30%, 12/13/2028 (e)
|
831
|
757
|
4.30%, 12/13/2028 (b)
|
360
|
328
|
Greenko Solar Mauritius Ltd. 5.95%, 7/29/2026 (b)
|
2,600
|
2,544
|
Greenko Wind Projects Mauritius Ltd. 5.50%, 4/6/2025 (e)
|
1,000
|
980
|
HDFC Bank Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.93%), 3.70%, 8/25/2026 (c) (d) (e) (f) (g)
|
1,100
|
1,009
|
HPCL-Mittal Energy Ltd.
|
|
|
5.45%, 10/22/2026 (b)
|
400
|
390
|
5.25%, 4/28/2027 (b)
|
2,100
|
2,019
|
India Clean Energy Holdings 4.50%, 4/18/2027 (b)
|
2,450
|
2,197
|
India Green Power Holdings 4.00%, 2/22/2027 (b)
|
2,900
|
2,682
|
JSW Infrastructure Ltd.
|
|
|
4.95%, 1/21/2029 (e)
|
800
|
745
|
4.95%, 1/21/2029 (b)
|
1,500
|
1,397
|
JSW Steel Ltd.
|
|
|
5.38%, 4/4/2025 (b)
|
2,200
|
2,164
|
3.95%, 4/5/2027 (e)
|
600
|
557
|
Network i2i Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.27%), 5.65%, 1/15/2025 (b) (d) (f) (g)
|
2,900
|
2,866
|
ReNew Pvt Ltd. 5.88%, 3/5/2027 (b)
|
703
|
680
|
Shriram Finance Ltd. 6.63%, 4/22/2027 (e)
|
600
|
605
|
TML Holdings Pte. Ltd.
|
|
|
5.50%, 6/3/2024 (b)
|
600
|
596
|
4.35%, 6/9/2026 (b)
|
1,000
|
951
|
Vedanta Resources Finance II plc 13.88%, 1/21/2027 (b)
|
600
|
564
|
Vedanta Resources Ltd. 13.88%, 12/9/2028 (b) (h)
|
200
|
167
|
|
|
31,538
|
Indonesia — 0.2%
|
||
Adaro Indonesia PT 4.25%, 10/31/2024 (b)
|
2,350
|
2,304
|
Bank Negara Indonesia Persero Tbk. PT (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.47%), 4.30%,
3/24/2027 (b) (c) (d) (f) (g)
|
1,700
|
1,540
|
Bank Tabungan Negara Persero Tbk. PT 4.20%, 1/23/2025 (b) (c)
|
1,000
|
977
|
Cikarang Listrindo Tbk. PT 4.95%, 9/14/2026 (b)
|
1,600
|
1,542
|
Indika Energy Capital III Pte. Ltd. 5.88%, 11/9/2024 (b)
|
250
|
249
|
Indika Energy Capital IV Pte. Ltd. 8.25%, 10/22/2025 (b)
|
3,400
|
3,401
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
Indonesia — continued
|
||
Medco Bell Pte. Ltd. 6.38%, 1/30/2027 (b)
|
894
|
860
|
Medco Laurel Tree Pte. Ltd. 6.95%, 11/12/2028 (b)
|
1,850
|
1,762
|
Medco Oak Tree Pte. Ltd. 7.38%, 5/14/2026 (b)
|
1,000
|
994
|
Minejesa Capital BV 5.63%, 8/10/2037 (b)
|
1,000
|
868
|
Pelabuhan Indonesia Persero PT 4.88%, 10/1/2024 (b)
|
300
|
298
|
|
|
14,795
|
Ireland — 0.2%
|
||
AerCap Holdings NV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.54%), 5.88%, 10/10/2079 (d)
|
4,984
|
4,950
|
AerCap Ireland Capital DAC
|
|
|
3.15%, 2/15/2024
|
2,135
|
2,133
|
6.45%, 4/15/2027 (e)
|
1,039
|
1,075
|
AIB Group plc (SOFR + 3.46%), 7.58%, 10/14/2026 (d) (e)
|
2,810
|
2,900
|
Avolon Holdings Funding Ltd. 3.95%, 7/1/2024 (e)
|
2,265
|
2,244
|
Bank of Ireland Group plc
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.25%, 9/16/2026 (d) (e)
|
2,100
|
2,122
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (d) (e)
|
200
|
182
|
Cimpress plc 7.00%, 6/15/2026
|
1,152
|
1,135
|
|
|
16,741
|
Israel — 0.0% ^
|
||
Energian Israel Finance Ltd.
|
|
|
4.88%, 3/30/2026 (b)
|
210
|
193
|
5.38%, 3/30/2028 (b)
|
220
|
192
|
Leviathan Bond Ltd. 6.50%, 6/30/2027 (b)
|
720
|
668
|
|
|
1,053
|
Italy — 0.1%
|
||
Intesa Sanpaolo SpA 7.00%, 11/21/2025 (e)
|
1,463
|
1,499
|
Telecom Italia Capital SA
|
|
|
6.38%, 11/15/2033
|
1,000
|
969
|
6.00%, 9/30/2034
|
4,506
|
4,224
|
7.72%, 6/4/2038
|
725
|
748
|
UniCredit SpA
|
|
|
(EURIBOR ICE Swap Rate 5 Year + 7.33%), 7.50%, 6/3/2026 (b) (c) (d) (f) (g)
|
EUR1,200
|
1,328
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (d) (e)
|
200
|
184
|
(EURIBOR ICE Swap Rate 5 Year + 4.08%), 3.88%, 6/3/2027 (b) (c) (d) (f) (g)
|
EUR202
|
188
|
|
|
9,140
|
Japan — 0.1%
|
||
Mitsubishi HC Capital, Inc.
|
|
|
3.56%, 2/28/2024 (e)
|
524
|
523
|
3.64%, 4/13/2025 (e)
|
200
|
196
|
Mitsubishi UFJ Financial Group, Inc.
|
|
|
2.80%, 7/18/2024
|
404
|
399
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 0.95%, 7/19/2025 (d)
|
1,723
|
1,686
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.13%), 3.84%, 4/17/2026 (a) (d)
|
932
|
916
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (d)
|
1,195
|
1,099
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.64%, 10/13/2027 (d)
|
3,000
|
2,746
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
Japan — continued
|
||
Mizuho Financial Group, Inc.
|
|
|
(3-MONTH CME TERM SOFR + 1.09%), 2.23%, 5/25/2026 (d)
|
1,140
|
1,094
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (d)
|
1,210
|
1,108
|
NTT Finance Corp. 4.14%, 7/26/2024 (e)
|
200
|
199
|
Sumitomo Mitsui Financial Group, Inc. 2.45%, 9/27/2024
|
450
|
441
|
Suntory Holdings Ltd. 2.25%, 10/16/2024 (e)
|
250
|
244
|
|
|
10,651
|
Kazakhstan — 0.0% ^
|
||
KazMunayGas National Co. JSC
|
|
|
5.75%, 4/19/2047 (b)
|
1,380
|
1,196
|
6.38%, 10/24/2048 (b)
|
1,040
|
957
|
Tengizchevroil Finance Co. International Ltd. 4.00%, 8/15/2026 (b)
|
800
|
752
|
|
|
2,905
|
Luxembourg — 0.3%
|
||
Altice Financing SA 5.75%, 8/15/2029 (e)
|
3,756
|
3,273
|
Altice France Holding SA 10.50%, 5/15/2027 (e)
|
4,564
|
2,623
|
INEOS Finance plc
|
|
|
6.75%, 5/15/2028 (a) (e)
|
1,677
|
1,640
|
7.50%, 4/15/2029 (e)
|
3,358
|
3,335
|
Intelsat Jackson Holdings SA 6.50%, 3/15/2030 (e)
|
12,381
|
11,695
|
|
|
22,566
|
Macau — 0.2%
|
||
Champion Path Holdings Ltd. 4.85%, 1/27/2028 (b)
|
2,500
|
2,193
|
MGM China Holdings Ltd.
|
|
|
5.38%, 5/15/2024 (b)
|
300
|
299
|
4.75%, 2/1/2027 (b)
|
1,400
|
1,309
|
Sands China Ltd. 5.65%, 8/8/2028 (h)
|
350
|
343
|
Studio City Finance Ltd.
|
|
|
6.00%, 7/15/2025 (b)
|
2,273
|
2,225
|
6.50%, 1/15/2028 (b)
|
650
|
601
|
5.00%, 1/15/2029 (b)
|
1,850
|
1,573
|
Wynn Macau Ltd.
|
|
|
4.88%, 10/1/2024 (b)
|
300
|
296
|
5.50%, 1/15/2026 (b)
|
2,300
|
2,222
|
5.63%, 8/26/2028 (b)
|
3,500
|
3,239
|
|
|
14,300
|
Mexico — 0.2%
|
||
Alfa SAB de CV 6.88%, 3/25/2044 (e)
|
712
|
703
|
Braskem Idesa SAPI 7.45%, 11/15/2029 (b)
|
950
|
656
|
Petroleos Mexicanos
|
|
|
4.25%, 1/15/2025 (a)
|
470
|
457
|
4.25%, 1/15/2025
|
550
|
535
|
6.88%, 10/16/2025
|
510
|
504
|
6.88%, 8/4/2026
|
1,605
|
1,559
|
6.49%, 1/23/2027
|
470
|
442
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
Mexico — continued
|
||
5.35%, 2/12/2028
|
1,900
|
1,660
|
6.50%, 1/23/2029 (a)
|
420
|
371
|
5.95%, 1/28/2031
|
1,460
|
1,142
|
6.70%, 2/16/2032
|
1,767
|
1,434
|
10.00%, 2/7/2033 (a)
|
725
|
713
|
10.00%, 2/7/2033
|
600
|
590
|
5.63%, 1/23/2046
|
1,999
|
1,174
|
6.75%, 9/21/2047
|
850
|
544
|
6.35%, 2/12/2048
|
500
|
309
|
7.69%, 1/23/2050
|
4,727
|
3,292
|
6.95%, 1/28/2060
|
2,100
|
1,341
|
|
|
17,426
|
Morocco — 0.0% ^
|
||
OCP SA
|
|
|
3.75%, 6/23/2031 (b)
|
950
|
800
|
6.88%, 4/25/2044 (b)
|
1,030
|
944
|
5.13%, 6/23/2051 (b)
|
1,000
|
718
|
|
|
2,462
|
Netherlands — 0.4%
|
||
ABN AMRO Bank NV (EUR Swap Annual 5 Year + 4.67%), 4.38%, 9/22/2025 (b) (c) (d) (f) (g)
|
EUR5,700
|
5,914
|
Cooperatieve Rabobank UA
|
|
|
3.88%, 8/22/2024
|
438
|
434
|
4.38%, 8/4/2025
|
1,600
|
1,575
|
3.75%, 7/21/2026
|
1,694
|
1,631
|
(EUR Swap Annual 5 Year + 4.68%), 4.38%, 6/29/2027 (b) (c) (d) (f) (g)
|
EUR6,000
|
6,071
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.98%, 12/15/2027 (d) (e)
|
2,400
|
2,193
|
ING Groep NV
|
|
|
3.55%, 4/9/2024
|
423
|
421
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.34%), 5.75%, 11/16/2026 (c) (d) (f) (g)
|
9,718
|
9,138
|
3.95%, 3/29/2027
|
3,300
|
3,205
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.86%), 3.88%, 5/16/2027 (c) (d) (f) (g)
|
5,500
|
4,510
|
Trivium Packaging Finance BV
|
|
|
5.50%, 8/15/2026 (e) (h)
|
1,941
|
1,895
|
8.50%, 8/15/2027 (e) (h)
|
2,181
|
2,128
|
|
|
39,115
|
Norway — 0.1%
|
||
DNB Bank ASA
|
|
|
(SOFRINDX + 0.81%), 2.97%, 3/28/2025 (d) (e)
|
2,955
|
2,943
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.13%, 9/16/2026 (d) (e)
|
3,028
|
2,823
|
(SOFRINDX + 1.95%), 5.90%, 10/9/2026 (d) (e)
|
1,531
|
1,548
|
Seadrill Finance Ltd. 8.38%, 8/1/2030 (e)
|
1,112
|
1,157
|
|
|
8,471
|
Panama — 0.0% ^
|
||
AES Panama Generation Holdings SRL 4.38%, 5/31/2030 (e)
|
943
|
806
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
Paraguay — 0.0% ^
|
||
Bioceanico Sovereign Certificate Ltd. Zero Coupon, 6/5/2034 (e)
|
364
|
262
|
Peru — 0.0% ^
|
||
Petroleos del Peru SA
|
|
|
4.75%, 6/19/2032 (e)
|
1,400
|
1,012
|
5.63%, 6/19/2047 (b)
|
600
|
383
|
|
|
1,395
|
Philippines — 0.0% ^
|
||
Globe Telecom, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.53%), 4.20%, 8/2/2026 (b) (d) (f) (g)
|
1,700
|
1,625
|
Rizal Commercial Banking Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.24%), 6.50%, 8/27/2025 (b)
(c) (d) (f) (g)
|
1,200
|
1,162
|
|
|
2,787
|
Singapore — 0.0% ^
|
||
GLP Pte. Ltd.
|
|
|
3.88%, 6/4/2025 (b)
|
800
|
617
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.74%), 4.50%, 5/17/2026 (b) (d) (f) (g)
|
1,400
|
547
|
|
|
1,164
|
South Africa — 0.0% ^
|
||
Eskom Holdings SOC Ltd. 7.13%, 2/11/2025 (b)
|
1,150
|
1,143
|
Transnet SOC Ltd. 8.25%, 2/6/2028 (e)
|
1,000
|
1,005
|
|
|
2,148
|
South Korea — 0.0% ^
|
||
Hana Bank (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.41%), 3.50%, 10/19/2026 (c) (d) (e) (f) (g)
|
250
|
232
|
Hanwha Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.85%), 3.38%, 2/4/2032 (b) (d)
|
500
|
461
|
Kia Corp. 1.00%, 4/16/2024 (e)
|
710
|
703
|
SK Hynix, Inc. 2.38%, 1/19/2031 (b)
|
700
|
577
|
|
|
1,973
|
Spain — 0.5%
|
||
Banco Bilbao Vizcaya Argentaria SA
|
|
|
(EUR Swap Annual 5 Year + 6.46%), 6.00%, 1/15/2026 (b) (c) (d) (f) (g)
|
EUR4,000
|
4,279
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.86%, 9/14/2026 (d)
|
6,600
|
6,639
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), 9.38%, 3/19/2029 (c) (d) (f) (g)
|
8,150
|
8,642
|
Banco Santander SA
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 5.74%, 6/30/2024 (d)
|
6,800
|
6,804
|
3.50%, 3/24/2025
|
6,600
|
6,465
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 4.75%, 11/12/2026 (c) (d) (f) (g)
|
2,200
|
1,893
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (c) (d) (f) (g)
|
4,800
|
5,078
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.30%), 9.63%, 5/21/2033 (c) (d) (f) (g)
|
3,400
|
3,646
|
Grifols SA 4.75%, 10/15/2028 (e)
|
3,524
|
3,031
|
|
|
46,477
|
Sweden — 0.2%
|
||
Skandinaviska Enskilda Banken AB 1.20%, 9/9/2026 (a) (e)
|
2,385
|
2,171
|
Svenska Handelsbanken AB
|
|
|
5.50%, 6/15/2028 (a) (e)
|
3,875
|
3,945
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
Sweden — continued
|
||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, 3/1/2031 (b) (c) (d) (f) (g)
|
3,200
|
2,699
|
Swedbank AB 6.14%, 9/12/2026 (e)
|
3,805
|
3,884
|
|
|
12,699
|
Switzerland — 0.4%
|
||
Credit Suisse AG 3.63%, 9/9/2024
|
3,360
|
3,319
|
UBS AG (SOFR + 0.45%), 5.83%, 8/9/2024 (d) (e)
|
420
|
420
|
UBS Group AG
|
|
|
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (b) (c) (d) (f) (g)
|
876
|
873
|
(USD Swap Semi 5 Year + 4.59%), 6.88%, 8/7/2025 (b) (c) (d) (f) (g)
|
1,990
|
1,966
|
(SOFR + 1.56%), 2.59%, 9/11/2025 (d) (e)
|
2,035
|
1,997
|
4.13%, 4/15/2026 (e)
|
7,170
|
7,016
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 4.49%, 5/12/2026 (d) (e)
|
735
|
725
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.86%), 5.13%, 7/29/2026 (b) (c) (d) (f) (g)
|
1,577
|
1,489
|
(SOFRINDX + 0.98%), 1.31%, 2/2/2027 (d) (e)
|
250
|
230
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.40%), 4.88%, 2/12/2027 (c) (d) (e) (f) (g)
|
1,931
|
1,743
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (c) (d) (e) (f) (g)
|
2,633
|
2,817
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (c) (d) (e) (f) (g)
|
6,826
|
7,436
|
VistaJet Malta Finance plc 9.50%, 6/1/2028 (a) (e)
|
2,150
|
1,822
|
|
|
31,853
|
Thailand — 0.0% ^
|
||
Bangkok Bank PCL (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.73%), 5.00%, 9/23/2025 (b) (c) (d) (f) (g)
|
1,000
|
974
|
Kasikornbank PCL
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.34%), 4.00%, 2/10/2027 (b) (c) (d) (f) (g)
|
576
|
522
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.70%), 3.34%, 10/2/2031 (b) (c) (d)
|
900
|
833
|
Krung Thai Bank PCL (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.53%), 4.40%, 3/25/2026 (b) (c) (d) (f)
(g)
|
900
|
852
|
Thaioil Treasury Center Co. Ltd. 4.88%, 1/23/2043 (b)
|
500
|
425
|
|
|
3,606
|
United Kingdom — 1.4%
|
||
180 Medical, Inc. 3.88%, 10/15/2029 (e)
|
2,570
|
2,297
|
Barclays plc
|
|
|
(3-MONTH SOFR + 1.61%), 3.93%, 5/7/2025 (d)
|
4,340
|
4,319
|
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 6.02%), 6.38%, 12/15/2025 (b) (c) (d) (f) (g)
|
GBP400
|
482
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.43%), 8.00%, 3/15/2029 (c) (d) (f) (g)
|
3,196
|
3,091
|
BAT Capital Corp. 4.39%, 8/15/2037
|
232
|
196
|
BP Capital Markets plc
|
|
|
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 3.89%), 4.25%, 3/22/2027 (b) (d) (f) (g)
|
GBP2,300
|
2,740
|
(EUR Swap Annual 5 Year + 3.78%), 3.63%, 3/22/2029 (b) (d) (f) (g)
|
EUR7,400
|
7,522
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (d) (f) (g)
|
2,553
|
2,415
|
Drax Finco plc 6.63%, 11/1/2025 (e)
|
348
|
345
|
HSBC Holdings plc
|
|
|
(3-MONTH CME TERM SOFR + 1.47%), 3.80%, 3/11/2025 (d)
|
2,140
|
2,135
|
(SOFR + 0.71%), 0.98%, 5/24/2025 (d)
|
2,280
|
2,245
|
(SOFR + 1.54%), 1.65%, 4/18/2026 (d)
|
4,590
|
4,378
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.00%, 3/7/2028 (c) (d) (f) (g)
|
10,579
|
11,010
|
(SOFR + 1.73%), 2.01%, 9/22/2028 (d)
|
3,000
|
2,681
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United Kingdom — continued
|
||
(EUR Swap Annual 5 Year + 3.84%), 4.75%, 7/4/2029 (b) (c) (d) (f) (g)
|
EUR330
|
329
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (c) (d) (f) (g)
|
7,641
|
6,337
|
INEOS Quattro Finance 2 plc 9.63%, 3/15/2029 (e)
|
1,867
|
1,961
|
Ithaca Energy North Sea plc 9.00%, 7/15/2026 (e)
|
883
|
879
|
Lloyds Banking Group plc
|
|
|
4.45%, 5/8/2025
|
400
|
396
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%), 3.87%, 7/9/2025 (d)
|
3,180
|
3,157
|
4.65%, 3/24/2026
|
3,000
|
2,952
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.75%, 6/27/2026 (c) (d) (f) (g)
|
6,083
|
5,924
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.72%, 8/11/2026 (d)
|
2,920
|
2,890
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.46%, 1/5/2028 (d)
|
1,440
|
1,448
|
Nationwide Building Society
|
|
|
1.00%, 8/28/2025 (e)
|
2,365
|
2,216
|
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.63%), 5.75%, 6/20/2027 (b) (c) (d) (f) (g)
|
GBP3,950
|
4,621
|
NatWest Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (c) (d) (f) (g)
|
6,996
|
6,815
|
NatWest Markets plc
|
|
|
0.80%, 8/12/2024 (e)
|
675
|
658
|
1.60%, 9/29/2026 (e)
|
2,312
|
2,118
|
Reckitt Benckiser Treasury Services plc 2.75%, 6/26/2024 (e)
|
440
|
435
|
Santander UK Group Holdings plc
|
|
|
(SOFR + 0.79%), 1.09%, 3/15/2025 (d)
|
5,329
|
5,296
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026 (d)
|
250
|
234
|
(SOFR + 2.75%), 6.83%, 11/21/2026 (d)
|
5,100
|
5,209
|
(SOFR + 0.99%), 1.67%, 6/14/2027 (d)
|
2,470
|
2,257
|
Standard Chartered plc
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.66%), 6.00%, 7/26/2025 (b) (c) (d) (f) (g)
|
1,200
|
1,181
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.10%), 7.78%, 11/16/2025 (d) (e)
|
3,030
|
3,080
|
(3-MONTH SOFR + 1.21%), 2.82%, 1/30/2026 (d) (e)
|
1,535
|
1,490
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 3.97%, 3/30/2026 (d) (e)
|
1,105
|
1,081
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 6.17%, 1/9/2027 (d) (e)
|
2,227
|
2,258
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.98%), 7.75%, 8/15/2027 (b) (c) (d) (f) (g)
|
1,200
|
1,212
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.98%), 7.75%, 8/15/2027 (c) (d) (e) (f) (g)
|
3,525
|
3,560
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.14%), 4.30%, 8/19/2028 (b) (c) (d) (f) (g)
|
700
|
563
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.85%), 3.52%, 2/12/2030 (b) (d)
|
300
|
289
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.81%), 4.75%, 1/14/2031 (b) (c) (d) (f) (g)
|
1,400
|
1,127
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.58%), 6.30%, 7/6/2034 (b) (d)
|
500
|
524
|
Virgin Media Secured Finance plc 5.50%, 5/15/2029 (e)
|
3,725
|
3,583
|
Vodafone Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 4.13%, 6/4/2081 (d)
|
7,100
|
6,159
|
|
|
128,095
|
United States — 25.7%
|
||
7-Eleven, Inc. 0.80%, 2/10/2024 (e)
|
443
|
442
|
AbbVie, Inc.
|
|
|
2.60%, 11/21/2024
|
450
|
441
|
4.05%, 11/21/2039
|
166
|
150
|
Abercrombie & Fitch Management Co. 8.75%, 7/15/2025 (e)
|
546
|
555
|
Acadia Healthcare Co., Inc.
|
|
|
5.50%, 7/1/2028 (e)
|
3,189
|
3,118
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
5.00%, 4/15/2029 (e)
|
2,490
|
2,375
|
ACCO Brands Corp. 4.25%, 3/15/2029 (e)
|
5,180
|
4,697
|
ACI Worldwide, Inc. 5.75%, 8/15/2026 (e)
|
4,030
|
3,984
|
Acushnet Co. 7.38%, 10/15/2028 (e)
|
767
|
798
|
Adient Global Holdings Ltd.
|
|
|
4.88%, 8/15/2026 (e)
|
1,876
|
1,830
|
7.00%, 4/15/2028 (e)
|
2,876
|
2,940
|
8.25%, 4/15/2031 (a) (e)
|
4,771
|
5,039
|
ADT Security Corp. (The)
|
|
|
4.13%, 8/1/2029 (e)
|
3,600
|
3,322
|
4.88%, 7/15/2032 (e)
|
6,428
|
5,890
|
Adtalem Global Education, Inc. 5.50%, 3/1/2028 (e)
|
1,137
|
1,073
|
Advanced Drainage Systems, Inc.
|
|
|
5.00%, 9/30/2027 (e)
|
618
|
595
|
6.38%, 6/15/2030 (e)
|
466
|
470
|
AECOM 5.13%, 3/15/2027
|
364
|
358
|
Aetna, Inc. 3.88%, 8/15/2047
|
257
|
200
|
Air Lease Corp.
|
|
|
0.70%, 2/15/2024
|
2,038
|
2,034
|
2.30%, 2/1/2025
|
1,530
|
1,481
|
3.75%, 6/1/2026
|
70
|
68
|
5.85%, 12/15/2027
|
1,050
|
1,073
|
Albertsons Cos., Inc.
|
|
|
3.25%, 3/15/2026 (e)
|
3,800
|
3,610
|
4.63%, 1/15/2027 (e)
|
7,182
|
6,967
|
5.88%, 2/15/2028 (e)
|
2,776
|
2,773
|
3.50%, 3/15/2029 (e)
|
5,098
|
4,606
|
4.88%, 2/15/2030 (e)
|
744
|
711
|
Alcoa Nederland Holding BV 5.50%, 12/15/2027 (e)
|
7,080
|
6,967
|
Alexandria Real Estate Equities, Inc., REIT
|
|
|
2.75%, 12/15/2029
|
80
|
71
|
2.95%, 3/15/2034
|
30
|
25
|
Alliance Resource Operating Partners LP 7.50%, 5/1/2025 (e)
|
146
|
146
|
Allied Universal Holdco LLC
|
|
|
6.63%, 7/15/2026 (e)
|
1,676
|
1,651
|
4.63%, 6/1/2028 (e)
|
3,640
|
3,278
|
Allison Transmission, Inc.
|
|
|
4.75%, 10/1/2027 (e)
|
3,417
|
3,286
|
5.88%, 6/1/2029 (a) (e)
|
7,583
|
7,536
|
3.75%, 1/30/2031 (e)
|
1,315
|
1,150
|
Allstate Corp. (The) (3-MONTH SOFR + 2.12%), 6.50%, 5/15/2057 (d)
|
3,103
|
3,101
|
Ally Financial, Inc.
|
|
|
5.75%, 11/20/2025 (a)
|
2,515
|
2,522
|
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 7 Year + 3.48%), 4.70%, 5/15/2028 (d) (f) (g)
|
5,871
|
4,462
|
Altria Group, Inc. 4.80%, 2/14/2029
|
83
|
83
|
AMC Networks, Inc.
|
|
|
4.75%, 8/1/2025
|
398
|
383
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
4.25%, 2/15/2029
|
985
|
758
|
Ameren Corp. 2.50%, 9/15/2024
|
710
|
696
|
American Airlines, Inc.
|
|
|
5.50%, 4/20/2026 (e)
|
8,657
|
8,562
|
5.75%, 4/20/2029 (e)
|
5,280
|
5,185
|
American Axle & Manufacturing, Inc.
|
|
|
6.25%, 3/15/2026
|
685
|
673
|
6.50%, 4/1/2027 (a)
|
3,795
|
3,782
|
6.88%, 7/1/2028 (a)
|
6,264
|
6,078
|
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (e)
|
3,045
|
2,854
|
American Electric Power Co., Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 3.88%, 2/15/2062 (d)
|
5,173
|
4,548
|
American Express Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026 (d) (f) (g)
|
7,136
|
6,362
|
American International Group, Inc. Series A-9, (3-MONTH SOFR + 2.87%), 5.75%, 4/1/2048 (d)
|
657
|
652
|
American Tower Corp., REIT
|
|
|
1.45%, 9/15/2026
|
100
|
91
|
1.50%, 1/31/2028
|
337
|
296
|
2.10%, 6/15/2030
|
125
|
105
|
AmeriGas Partners LP
|
|
|
5.50%, 5/20/2025
|
3,413
|
3,352
|
5.88%, 8/20/2026
|
2,380
|
2,307
|
5.75%, 5/20/2027
|
1,024
|
979
|
9.38%, 6/1/2028 (e)
|
1,735
|
1,784
|
Amkor Technology, Inc. 6.63%, 9/15/2027 (e)
|
4,701
|
4,737
|
AMN Healthcare, Inc. 4.63%, 10/1/2027 (e)
|
50
|
48
|
ANGI Group LLC 3.88%, 8/15/2028 (e)
|
1,433
|
1,232
|
Antero Midstream Partners LP
|
|
|
7.88%, 5/15/2026 (e)
|
3,474
|
3,555
|
5.75%, 3/1/2027 (e)
|
410
|
407
|
5.75%, 1/15/2028 (e)
|
2,615
|
2,567
|
5.38%, 6/15/2029 (e)
|
3,742
|
3,593
|
Antero Resources Corp.
|
|
|
8.38%, 7/15/2026 (e)
|
2,242
|
2,326
|
7.63%, 2/1/2029 (e)
|
739
|
761
|
5.38%, 3/1/2030 (e)
|
1,207
|
1,151
|
APi Group DE, Inc.
|
|
|
4.13%, 7/15/2029 (e)
|
2,586
|
2,366
|
4.75%, 10/15/2029 (e)
|
2,037
|
1,907
|
Apollo Commercial Real Estate Finance, Inc., REIT 4.63%, 6/15/2029 (e)
|
1,191
|
998
|
APX Group, Inc. 5.75%, 7/15/2029 (e)
|
185
|
176
|
Aramark Services, Inc. 5.00%, 2/1/2028 (e)
|
4,045
|
3,909
|
Arches Buyer, Inc.
|
|
|
4.25%, 6/1/2028 (e)
|
1,495
|
1,337
|
6.13%, 12/1/2028 (e)
|
634
|
548
|
Archrock Partners LP
|
|
|
6.88%, 4/1/2027 (e)
|
1,577
|
1,581
|
6.25%, 4/1/2028 (e)
|
2,020
|
1,997
|
Arcosa, Inc. 4.38%, 4/15/2029 (e)
|
1,126
|
1,049
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
Ardagh Metal Packaging Finance USA LLC 6.00%, 6/15/2027 (e)
|
687
|
679
|
Ardagh Packaging Finance plc
|
|
|
4.13%, 8/15/2026 (e)
|
1,385
|
1,244
|
5.25%, 8/15/2027 (e)
|
4,434
|
3,314
|
5.25%, 8/15/2027 (a) (e)
|
4,481
|
3,349
|
Asbury Automotive Group, Inc.
|
|
|
4.50%, 3/1/2028
|
412
|
387
|
4.63%, 11/15/2029 (a) (e)
|
4,699
|
4,329
|
4.75%, 3/1/2030
|
385
|
356
|
5.00%, 2/15/2032 (a) (e)
|
1,004
|
907
|
Ascent Resources Utica Holdings LLC
|
|
|
7.00%, 11/1/2026 (e)
|
288
|
288
|
8.25%, 12/31/2028 (e)
|
82
|
84
|
5.88%, 6/30/2029 (e)
|
259
|
244
|
ASGN, Inc. 4.63%, 5/15/2028 (e)
|
638
|
603
|
AT&T, Inc. 0.90%, 3/25/2024
|
400
|
397
|
ATI, Inc.
|
|
|
5.88%, 12/1/2027
|
1,861
|
1,815
|
4.88%, 10/1/2029
|
1,655
|
1,529
|
7.25%, 8/15/2030
|
1,760
|
1,811
|
5.13%, 10/1/2031
|
1,240
|
1,132
|
Audacy Capital Corp. 6.50%, 5/1/2027 (e) (i)
|
7,009
|
298
|
AutoZone, Inc. 3.63%, 4/15/2025
|
200
|
197
|
Avantor Funding, Inc. 4.63%, 7/15/2028 (e)
|
6,186
|
5,889
|
Avient Corp. 7.13%, 8/1/2030 (e)
|
1,075
|
1,103
|
Avis Budget Car Rental LLC
|
|
|
5.75%, 7/15/2027 (e)
|
4,563
|
4,381
|
4.75%, 4/1/2028 (a) (e)
|
7,475
|
6,887
|
8.00%, 2/15/2031 (e)
|
2,190
|
2,185
|
Axalta Coating Systems Dutch Holding B BV 7.25%, 2/15/2031 (e)
|
832
|
867
|
Axalta Coating Systems LLC
|
|
|
4.75%, 6/15/2027 (e)
|
4,423
|
4,258
|
3.38%, 2/15/2029 (e)
|
4,055
|
3,603
|
Bank of America Corp.
|
|
|
Series X, (3-MONTH CME TERM SOFR + 3.97%), 6.25%, 9/5/2024 (d) (f) (g)
|
7,517
|
7,488
|
Series Z, (3-MONTH CME TERM SOFR + 4.44%), 6.50%, 10/23/2024 (d) (f) (g)
|
4,620
|
4,629
|
Series AA, (3-MONTH CME TERM SOFR + 4.16%), 6.10%, 3/17/2025 (d) (f) (g)
|
2,053
|
2,052
|
(SOFR + 0.91%), 0.98%, 9/25/2025 (d)
|
3,125
|
3,032
|
(3-MONTH CME TERM SOFR + 1.13%), 2.46%, 10/22/2025 (d)
|
4,500
|
4,395
|
(SOFR + 0.65%), 1.53%, 12/6/2025 (d)
|
7,195
|
6,946
|
Series DD, (3-MONTH CME TERM SOFR + 4.81%), 6.30%, 3/10/2026 (d) (f) (g)
|
5,185
|
5,187
|
(SOFR + 1.75%), 4.83%, 7/22/2026 (d)
|
1,040
|
1,034
|
(SOFR + 1.29%), 5.08%, 1/20/2027 (d)
|
2,375
|
2,375
|
Series RR, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.76%), 4.38%, 1/27/2027 (d) (f) (g)
|
1,305
|
1,192
|
Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (d)
|
1,175
|
1,094
|
Series TT, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.13%, 4/27/2027 (d) (f) (g)
|
3,230
|
3,216
|
(SOFR + 0.96%), 1.73%, 7/22/2027 (d)
|
778
|
717
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
Series FF, (3-MONTH CME TERM SOFR + 3.19%), 5.88%, 3/15/2028 (d) (f) (g)
|
6,976
|
6,767
|
(3-MONTH CME TERM SOFR + 1.44%), 3.19%, 7/23/2030 (d)
|
2,100
|
1,916
|
(SOFR + 1.21%), 2.57%, 10/20/2032 (d)
|
320
|
267
|
(SOFR + 1.65%), 5.47%, 1/23/2035 (d)
|
2,100
|
2,139
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.20%), 2.48%, 9/21/2036 (d)
|
3,781
|
3,034
|
Bank of America NA (SOFR + 1.02%), 6.40%, 8/18/2026 (d)
|
1,000
|
1,008
|
Bank of New York Mellon Corp. (The)
|
|
|
Series F, (3-MONTH CME TERM SOFR + 3.39%), 4.63%, 9/20/2026 (d) (f) (g)
|
7,637
|
7,274
|
(SOFRINDX + 2.07%), 5.83%, 10/25/2033 (d)
|
101
|
107
|
Bath & Body Works, Inc.
|
|
|
5.25%, 2/1/2028
|
50
|
49
|
6.88%, 11/1/2035
|
997
|
994
|
6.75%, 7/1/2036
|
2,296
|
2,262
|
Bausch Health Americas, Inc. 8.50%, 1/31/2027 (e)
|
5,791
|
3,185
|
Bausch Health Cos., Inc.
|
|
|
5.50%, 11/1/2025 (e)
|
11,026
|
10,133
|
9.00%, 12/15/2025 (e)
|
21,707
|
20,487
|
5.75%, 8/15/2027 (e)
|
965
|
576
|
5.00%, 1/30/2028 (e)
|
2,375
|
1,034
|
4.88%, 6/1/2028 (e)
|
4,232
|
2,393
|
5.00%, 2/15/2029 (e)
|
4,668
|
1,956
|
6.25%, 2/15/2029 (e)
|
2,065
|
884
|
5.25%, 1/30/2030 (e)
|
8,398
|
3,408
|
5.25%, 2/15/2031 (e)
|
3,262
|
1,370
|
BellRing Brands, Inc. 7.00%, 3/15/2030 (e)
|
1,093
|
1,119
|
Berry Petroleum Co. LLC 7.00%, 2/15/2026 (e)
|
1,161
|
1,135
|
Big River Steel LLC 6.63%, 1/31/2029 (e)
|
2,077
|
2,106
|
Block, Inc.
|
|
|
2.75%, 6/1/2026
|
1,670
|
1,563
|
3.50%, 6/1/2031
|
1,346
|
1,160
|
Blue Racer Midstream LLC
|
|
|
7.63%, 12/15/2025 (e)
|
1,522
|
1,537
|
6.63%, 7/15/2026 (e)
|
1,510
|
1,502
|
BlueLinx Holdings, Inc. 6.00%, 11/15/2029 (a) (e)
|
1,328
|
1,256
|
Boise Cascade Co. 4.88%, 7/1/2030 (e)
|
852
|
790
|
Boyd Gaming Corp. 4.75%, 6/15/2031 (e)
|
983
|
903
|
Boyne USA, Inc. 4.75%, 5/15/2029 (e)
|
3,600
|
3,298
|
Brightsphere Investment Group, Inc. 4.80%, 7/27/2026
|
289
|
275
|
Brink's Co. (The) 4.63%, 10/15/2027 (e)
|
3,355
|
3,186
|
Broadcom, Inc. 4.30%, 11/15/2032
|
145
|
138
|
Brundage-Bone Concrete Pumping Holdings, Inc. 6.00%, 2/1/2026 (e)
|
62
|
61
|
Buckeye Partners LP
|
|
|
4.13%, 3/1/2025 (e)
|
3,620
|
3,535
|
3.95%, 12/1/2026
|
200
|
190
|
4.50%, 3/1/2028 (e)
|
4,360
|
4,094
|
Builders FirstSource, Inc.
|
|
|
5.00%, 3/1/2030 (e)
|
1,160
|
1,113
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
4.25%, 2/1/2032 (e)
|
2,638
|
2,359
|
6.38%, 6/15/2032 (e)
|
2,960
|
3,019
|
Burford Capital Global Finance LLC
|
|
|
6.25%, 4/15/2028 (e)
|
343
|
331
|
6.88%, 4/15/2030 (e)
|
204
|
198
|
BWX Technologies, Inc.
|
|
|
4.13%, 6/30/2028 (e)
|
2,624
|
2,463
|
4.13%, 4/15/2029 (e)
|
4,624
|
4,283
|
Cable One, Inc. 4.00%, 11/15/2030 (a) (e)
|
1,284
|
1,034
|
Caesars Entertainment, Inc.
|
|
|
6.25%, 7/1/2025 (e)
|
7,299
|
7,324
|
8.13%, 7/1/2027 (e)
|
75
|
77
|
4.63%, 10/15/2029 (a) (e)
|
2,125
|
1,942
|
6.50%, 2/15/2032 (e) (j)
|
2,338
|
2,364
|
California Resources Corp. 7.13%, 2/1/2026 (e)
|
6,640
|
6,716
|
Calpine Corp.
|
|
|
5.25%, 6/1/2026 (e)
|
2,480
|
2,439
|
4.63%, 2/1/2029 (e)
|
942
|
871
|
5.00%, 2/1/2031 (e)
|
1,182
|
1,072
|
Capital One Financial Corp. Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%,
9/1/2026 (d) (f) (g)
|
7,699
|
6,669
|
Cardinal Health, Inc. 3.08%, 6/15/2024
|
468
|
463
|
Carnival Corp.
|
|
|
5.75%, 3/1/2027 (e)
|
4,414
|
4,349
|
4.00%, 8/1/2028 (e)
|
3,156
|
2,919
|
6.00%, 5/1/2029 (e)
|
1,183
|
1,146
|
7.00%, 8/15/2029 (e)
|
1,239
|
1,288
|
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (e)
|
4,429
|
4,845
|
Carpenter Technology Corp.
|
|
|
6.38%, 7/15/2028
|
1,466
|
1,464
|
7.63%, 3/15/2030
|
870
|
900
|
Cars.com, Inc. 6.38%, 11/1/2028 (e)
|
980
|
957
|
Catalent Pharma Solutions, Inc.
|
|
|
5.00%, 7/15/2027 (e)
|
2,038
|
1,961
|
3.13%, 2/15/2029 (e)
|
940
|
826
|
CCO Holdings LLC
|
|
|
5.13%, 5/1/2027 (e)
|
14,311
|
13,803
|
5.00%, 2/1/2028 (e)
|
12,066
|
11,340
|
5.38%, 6/1/2029 (e)
|
8,941
|
8,313
|
4.75%, 3/1/2030 (e)
|
24,451
|
21,727
|
4.50%, 8/15/2030 (e)
|
6,700
|
5,827
|
4.25%, 2/1/2031 (e)
|
11,276
|
9,534
|
4.75%, 2/1/2032 (e)
|
725
|
622
|
4.50%, 5/1/2032
|
2,745
|
2,290
|
4.25%, 1/15/2034 (e)
|
115
|
91
|
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (e)
|
5,536
|
5,426
|
CDW LLC 4.25%, 4/1/2028
|
4,000
|
3,833
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
Cedar Fair LP
|
|
|
5.38%, 4/15/2027 (a)
|
1,705
|
1,688
|
5.25%, 7/15/2029
|
2,275
|
2,175
|
Centene Corp. 3.38%, 2/15/2030
|
5,040
|
4,514
|
Central Garden & Pet Co.
|
|
|
5.13%, 2/1/2028
|
6,555
|
6,344
|
4.13%, 10/15/2030 (a)
|
3,294
|
2,954
|
Charles Schwab Corp. (The)
|
|
|
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 5.38%, 6/1/2025 (d) (f) (g)
|
1,177
|
1,160
|
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (d) (f) (g)
|
11,623
|
9,649
|
Chart Industries, Inc.
|
|
|
7.50%, 1/1/2030 (e)
|
2,083
|
2,138
|
9.50%, 1/1/2031 (e)
|
511
|
545
|
Chemours Co. (The) 5.75%, 11/15/2028 (a) (e)
|
7,467
|
7,043
|
Cheniere Energy Partners LP
|
|
|
4.50%, 10/1/2029
|
4,325
|
4,126
|
4.00%, 3/1/2031
|
1,000
|
907
|
3.25%, 1/31/2032
|
170
|
144
|
Chesapeake Energy Corp.
|
|
|
5.88%, 2/1/2029 (e)
|
575
|
571
|
6.75%, 4/15/2029 (e)
|
7,169
|
7,252
|
Chord Energy Corp. 6.38%, 6/1/2026 (e)
|
4,243
|
4,243
|
Churchill Downs, Inc. 4.75%, 1/15/2028 (e)
|
197
|
188
|
Ciena Corp. 4.00%, 1/31/2030 (e)
|
4,011
|
3,695
|
Cinemark USA, Inc.
|
|
|
8.75%, 5/1/2025 (e)
|
600
|
605
|
5.25%, 7/15/2028 (a) (e)
|
1,820
|
1,679
|
Citigroup, Inc.
|
|
|
Series M, (3-MONTH CME TERM SOFR + 3.68%), 6.30%, 5/15/2024 (d) (f) (g)
|
6,073
|
6,033
|
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024 (d) (f) (g)
|
4,826
|
4,758
|
(SOFR + 0.69%), 6.01%, 10/30/2024 (d)
|
7,003
|
7,014
|
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (d) (f) (g)
|
2,596
|
2,471
|
(SOFR + 0.67%), 0.98%, 5/1/2025 (d)
|
4,420
|
4,363
|
Series P, (3-MONTH CME TERM SOFR + 4.17%), 5.95%, 5/15/2025 (d) (f) (g)
|
3,896
|
3,845
|
4.40%, 6/10/2025
|
4,100
|
4,053
|
5.50%, 9/13/2025
|
1,830
|
1,842
|
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (d) (f) (g)
|
5,409
|
5,054
|
(SOFR + 0.69%), 2.01%, 1/25/2026 (d)
|
2,245
|
2,167
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (d) (f) (g)
|
8,855
|
8,159
|
Series T, (3-MONTH CME TERM SOFR + 4.78%), 6.25%, 8/15/2026 (d) (f) (g)
|
5,444
|
5,415
|
(SOFR + 1.55%), 5.61%, 9/29/2026 (d)
|
4,100
|
4,132
|
(SOFR + 1.18%), 2.52%, 11/3/2032 (d)
|
2,100
|
1,736
|
Citizens Bank NA (SOFR + 1.02%), 5.28%, 1/26/2026 (a) (d)
|
446
|
439
|
Citizens Financial Group, Inc.
|
|
|
Series B, (3-MONTH CME TERM SOFR + 3.26%), 8.59%, 4/6/2024 (d) (f) (g)
|
737
|
699
|
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.00%, 10/6/2026 (d) (f) (g)
|
3,253
|
2,879
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
Civitas Resources, Inc.
|
|
|
5.00%, 10/15/2026 (e)
|
407
|
396
|
8.38%, 7/1/2028 (e)
|
2,682
|
2,821
|
8.63%, 11/1/2030 (e)
|
2,286
|
2,438
|
8.75%, 7/1/2031 (e)
|
2,385
|
2,535
|
Clarios Global LP
|
|
|
6.75%, 5/15/2025 (e)
|
2,400
|
2,398
|
6.25%, 5/15/2026 (e)
|
6,205
|
6,154
|
8.50%, 5/15/2027 (e)
|
3,043
|
3,035
|
6.75%, 5/15/2028 (e)
|
2,312
|
2,343
|
Clarivate Science Holdings Corp.
|
|
|
3.88%, 7/1/2028 (e)
|
2,136
|
1,968
|
4.88%, 7/1/2029 (e)
|
2,478
|
2,313
|
Clear Channel Outdoor Holdings, Inc.
|
|
|
5.13%, 8/15/2027 (a) (e)
|
7,018
|
6,609
|
9.00%, 9/15/2028 (a) (e)
|
1,355
|
1,409
|
7.50%, 6/1/2029 (a) (e)
|
10,783
|
8,909
|
Cleveland-Cliffs, Inc.
|
|
|
4.63%, 3/1/2029 (a) (e)
|
3,643
|
3,415
|
6.75%, 4/15/2030 (e)
|
1,728
|
1,743
|
4.88%, 3/1/2031 (a) (e)
|
1,772
|
1,595
|
Clydesdale Acquisition Holdings, Inc. 6.63%, 4/15/2029 (e)
|
197
|
196
|
CMS Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050 (d)
|
4,445
|
4,024
|
CNX Midstream Partners LP 4.75%, 4/15/2030 (e)
|
828
|
722
|
CNX Resources Corp. 7.38%, 1/15/2031 (a) (e)
|
2,096
|
2,129
|
Coeur Mining, Inc. 5.13%, 2/15/2029 (a) (e)
|
808
|
735
|
Cogent Communications Group, Inc.
|
|
|
3.50%, 5/1/2026 (e)
|
1,158
|
1,105
|
7.00%, 6/15/2027 (e)
|
55
|
55
|
Coherent Corp. 5.00%, 12/15/2029 (e)
|
7,814
|
7,316
|
Coinbase Global, Inc.
|
|
|
3.38%, 10/1/2028 (e)
|
1,458
|
1,195
|
3.63%, 10/1/2031 (a) (e)
|
1,212
|
909
|
Commercial Metals Co. 3.88%, 2/15/2031
|
1,008
|
889
|
Commonwealth Edison Co. 3.10%, 11/1/2024
|
234
|
230
|
CommScope Technologies LLC 6.00%, 6/15/2025 (e)
|
3,840
|
3,053
|
CommScope, Inc.
|
|
|
6.00%, 3/1/2026 (e)
|
5,095
|
4,413
|
8.25%, 3/1/2027 (e)
|
10,030
|
4,396
|
4.75%, 9/1/2029 (e)
|
4,840
|
3,200
|
Community Health Systems, Inc.
|
|
|
8.00%, 3/15/2026 (e)
|
6,160
|
6,071
|
5.63%, 3/15/2027 (e)
|
2,083
|
1,924
|
6.00%, 1/15/2029 (e)
|
2,259
|
2,041
|
6.88%, 4/15/2029 (e)
|
1,142
|
777
|
5.25%, 5/15/2030 (e)
|
4,773
|
3,952
|
4.75%, 2/15/2031 (e)
|
2,275
|
1,806
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
Comstock Resources, Inc.
|
|
|
6.75%, 3/1/2029 (e)
|
6,916
|
6,351
|
5.88%, 1/15/2030 (a) (e)
|
2,112
|
1,830
|
Conduent Business Services LLC 6.00%, 11/1/2029 (e)
|
4,650
|
4,257
|
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028 (e)
|
386
|
347
|
Consolidated Communications, Inc.
|
|
|
5.00%, 10/1/2028 (e)
|
50
|
41
|
6.50%, 10/1/2028 (e)
|
360
|
310
|
Cooper-Standard Automotive, Inc.
|
|
|
13.50% (Blend (Cash 9.00% + PIK 4.50%)), 3/31/2027 (e) (k)
|
13,037
|
13,847
|
10.63% (PIK), 5/15/2027 (e) (k)
|
8,013
|
5,843
|
Corebridge Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 6.88%, 12/15/2052 (d)
|
4,646
|
4,659
|
CoreCivic, Inc. 8.25%, 4/15/2026
|
4,488
|
4,600
|
Cornerstone Building Brands, Inc. 6.13%, 1/15/2029 (e)
|
1,178
|
1,047
|
Coty, Inc.
|
|
|
5.00%, 4/15/2026 (e)
|
1,870
|
1,837
|
6.50%, 4/15/2026 (a) (e)
|
363
|
362
|
4.75%, 1/15/2029 (e)
|
740
|
705
|
Cox Communications, Inc.
|
|
|
3.15%, 8/15/2024 (e)
|
250
|
246
|
4.80%, 2/1/2035 (e)
|
190
|
177
|
Crescent Energy Finance LLC 9.25%, 2/15/2028 (e)
|
5,275
|
5,476
|
Crown Castle, Inc., REIT
|
|
|
3.65%, 9/1/2027
|
250
|
238
|
2.10%, 4/1/2031
|
170
|
138
|
CSC Holdings LLC
|
|
|
5.25%, 6/1/2024
|
1,184
|
1,182
|
5.38%, 2/1/2028 (e)
|
3,582
|
3,077
|
11.25%, 5/15/2028 (e)
|
1,567
|
1,588
|
6.50%, 2/1/2029 (e)
|
8,897
|
7,563
|
4.63%, 12/1/2030 (e)
|
635
|
325
|
3.38%, 2/15/2031 (e)
|
1,735
|
1,188
|
4.50%, 11/15/2031 (e)
|
2,303
|
1,653
|
CTR Partnership LP, REIT 3.88%, 6/30/2028 (e)
|
1,317
|
1,200
|
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026 (a) (e)
|
1,494
|
959
|
CVS Health Corp.
|
|
|
2.63%, 8/15/2024
|
474
|
467
|
4.78%, 3/25/2038
|
255
|
239
|
Dana, Inc. 5.63%, 6/15/2028
|
3,421
|
3,311
|
DaVita, Inc.
|
|
|
4.63%, 6/1/2030 (e)
|
7,530
|
6,662
|
3.75%, 2/15/2031 (e)
|
5,501
|
4,535
|
Delek Logistics Partners LP 7.13%, 6/1/2028 (e)
|
647
|
616
|
Dell International LLC 4.00%, 7/15/2024
|
285
|
283
|
Deluxe Corp. 8.00%, 6/1/2029 (e)
|
1,335
|
1,202
|
Diamond Foreign Asset Co. 8.50%, 10/1/2030 (e)
|
1,632
|
1,677
|
Directv Financing LLC 5.88%, 8/15/2027 (e)
|
3,583
|
3,406
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
Discover Financial Services 3.75%, 3/4/2025
|
1,100
|
1,078
|
Discovery Communications LLC 3.63%, 5/15/2030
|
190
|
172
|
DISH DBS Corp.
|
|
|
5.88%, 11/15/2024
|
26,602
|
24,697
|
7.75%, 7/1/2026
|
10,126
|
5,966
|
5.25%, 12/1/2026 (e)
|
10,065
|
7,926
|
5.75%, 12/1/2028 (e)
|
2,450
|
1,648
|
DISH Network Corp. 11.75%, 11/15/2027 (e)
|
9,445
|
9,858
|
Dominion Energy, Inc.
|
|
|
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 4.65%, 12/15/2024 (d) (f) (g)
|
3,048
|
2,926
|
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.35%, 1/15/2027 (d) (f) (g)
|
3,942
|
3,560
|
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (e)
|
2,736
|
2,484
|
DT Midstream, Inc.
|
|
|
4.13%, 6/15/2029 (e)
|
3,960
|
3,638
|
4.38%, 6/15/2031 (e)
|
1,412
|
1,265
|
DTE Energy Co. 4.22%, 11/1/2024 (h)
|
301
|
298
|
Duke Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.32%), 3.25%, 1/15/2082 (d)
|
5,838
|
4,767
|
Dycom Industries, Inc. 4.50%, 4/15/2029 (e)
|
5,847
|
5,453
|
Eastern Energy Gas Holdings LLC Series A, 2.50%, 11/15/2024
|
600
|
586
|
Edgewell Personal Care Co.
|
|
|
5.50%, 6/1/2028 (e)
|
1,515
|
1,483
|
4.13%, 4/1/2029 (e)
|
2,767
|
2,494
|
Edison International Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.90%), 5.00%, 12/15/2026 (d)
(f) (g)
|
2,952
|
2,805
|
Elanco Animal Health, Inc. 6.65%, 8/28/2028 (a) (h)
|
1,155
|
1,172
|
Element Solutions, Inc. 3.88%, 9/1/2028 (e)
|
696
|
636
|
Elevance Health, Inc.
|
|
|
3.35%, 12/1/2024
|
470
|
462
|
6.10%, 10/15/2052
|
20
|
22
|
Embarq Corp. 8.00%, 6/1/2036 (a)
|
4,000
|
2,372
|
Emerald Debt Merger Sub LLC 6.63%, 12/15/2030 (e)
|
7,390
|
7,464
|
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (e)
|
4,656
|
1,733
|
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (e)
|
5,119
|
5,081
|
Encompass Health Corp.
|
|
|
5.75%, 9/15/2025
|
4,690
|
4,660
|
4.75%, 2/1/2030
|
1,845
|
1,730
|
4.63%, 4/1/2031
|
3,450
|
3,170
|
Endo Dac
|
|
|
5.88%, 10/15/2024 (e) (h)
|
925
|
608
|
9.50%, 7/31/2027 (e) (i)
|
2,492
|
194
|
6.00%, 6/30/2028 (e) (i)
|
2,563
|
167
|
Endo Luxembourg Finance Co. I SARL 6.13%, 4/1/2029 (e) (h)
|
2,045
|
1,343
|
Energizer Holdings, Inc.
|
|
|
6.50%, 12/31/2027 (e)
|
1,978
|
1,969
|
4.75%, 6/15/2028 (e)
|
4,970
|
4,625
|
4.38%, 3/31/2029 (e)
|
6,721
|
6,084
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
Energy Transfer LP
|
|
|
5.75%, 4/1/2025
|
2,000
|
1,999
|
8.00%, 4/1/2029 (e)
|
4,797
|
4,992
|
7.38%, 2/1/2031 (e)
|
995
|
1,046
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.02%), 8.00%, 5/15/2054 (d)
|
740
|
766
|
EnLink Midstream LLC
|
|
|
5.38%, 6/1/2029
|
803
|
782
|
6.50%, 9/1/2030 (e)
|
1,548
|
1,580
|
EnLink Midstream Partners LP
|
|
|
4.85%, 7/15/2026
|
2,940
|
2,871
|
5.60%, 4/1/2044
|
522
|
463
|
Enova International, Inc. 8.50%, 9/15/2025 (e)
|
500
|
494
|
Enpro, Inc. 5.75%, 10/15/2026
|
50
|
50
|
Entegris, Inc.
|
|
|
4.38%, 4/15/2028 (e)
|
2,091
|
1,972
|
4.75%, 4/15/2029 (e)
|
4,216
|
4,030
|
3.63%, 5/1/2029 (a) (e)
|
2,929
|
2,642
|
5.95%, 6/15/2030 (e)
|
3,877
|
3,830
|
Enterprise Products Operating LLC
|
|
|
4.60%, 1/11/2027
|
256
|
257
|
Series E, (3-MONTH CME TERM SOFR + 3.29%), 5.25%, 8/16/2077 (d)
|
3,752
|
3,613
|
EQM Midstream Partners LP
|
|
|
6.00%, 7/1/2025 (e)
|
797
|
795
|
7.50%, 6/1/2027 (e)
|
2,485
|
2,557
|
6.50%, 7/1/2027 (e)
|
2,145
|
2,171
|
4.50%, 1/15/2029 (e)
|
3,616
|
3,402
|
7.50%, 6/1/2030 (e)
|
1,990
|
2,134
|
4.75%, 1/15/2031 (e)
|
4,691
|
4,373
|
EQT Corp. 7.00%, 2/1/2030 (h)
|
1,165
|
1,249
|
EquipmentShare.com, Inc. 9.00%, 5/15/2028 (e)
|
4,605
|
4,673
|
Equitable Financial Life Global Funding 5.50%, 12/2/2025 (e)
|
1,230
|
1,234
|
Equitable Holdings, Inc. Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.74%), 4.95%, 9/15/2025 (d)
(f) (g)
|
786
|
766
|
F&G Global Funding 0.90%, 9/20/2024 (e)
|
486
|
470
|
Fair Isaac Corp. 4.00%, 6/15/2028 (e)
|
1,245
|
1,159
|
Fertitta Entertainment LLC
|
|
|
4.63%, 1/15/2029 (e)
|
208
|
190
|
6.75%, 1/15/2030 (e)
|
1,015
|
913
|
Fidelity National Information Services, Inc. 2.25%, 3/1/2031
|
200
|
169
|
Fifth Third Bancorp (SOFRINDX + 2.19%), 6.36%, 10/27/2028 (d)
|
1,360
|
1,404
|
Fiserv, Inc. 2.75%, 7/1/2024
|
470
|
464
|
Five Point Operating Co. LP 10.50%, 1/15/2028 (e) (h)
|
916
|
934
|
Ford Motor Credit Co. LLC
|
|
|
4.69%, 6/9/2025
|
9,424
|
9,290
|
5.13%, 6/16/2025
|
7,621
|
7,555
|
4.13%, 8/4/2025
|
3,842
|
3,753
|
3.38%, 11/13/2025
|
5,380
|
5,163
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
4.39%, 1/8/2026
|
5,270
|
5,136
|
6.95%, 3/6/2026
|
1,712
|
1,750
|
6.95%, 6/10/2026
|
1,864
|
1,913
|
4.54%, 8/1/2026
|
2,052
|
1,994
|
2.70%, 8/10/2026
|
2,049
|
1,904
|
4.27%, 1/9/2027
|
8,068
|
7,766
|
3.82%, 11/2/2027
|
2,940
|
2,760
|
2.90%, 2/16/2028
|
1,455
|
1,309
|
6.80%, 5/12/2028
|
1,944
|
2,020
|
2.90%, 2/10/2029
|
880
|
772
|
7.20%, 6/10/2030
|
896
|
953
|
4.00%, 11/13/2030
|
2,774
|
2,474
|
Frontier Communications Holdings LLC
|
|
|
5.88%, 10/15/2027 (e)
|
185
|
178
|
5.00%, 5/1/2028 (e)
|
8,523
|
7,866
|
6.75%, 5/1/2029 (e)
|
1,345
|
1,192
|
5.88%, 11/1/2029
|
50
|
42
|
6.00%, 1/15/2030 (e)
|
114
|
97
|
8.75%, 5/15/2030 (e)
|
1,793
|
1,837
|
Gannett Holdings LLC 6.00%, 11/1/2026 (e)
|
1,499
|
1,353
|
Gap, Inc. (The) 3.63%, 10/1/2029 (e)
|
2,320
|
1,987
|
Gartner, Inc.
|
|
|
4.50%, 7/1/2028 (e)
|
2,175
|
2,076
|
3.63%, 6/15/2029 (e)
|
1,138
|
1,034
|
3.75%, 10/1/2030 (e)
|
469
|
420
|
GCI LLC 4.75%, 10/15/2028 (e)
|
9,465
|
8,677
|
General Motors Financial Co., Inc. 4.30%, 4/6/2029
|
70
|
67
|
Genesis Energy LP
|
|
|
8.00%, 1/15/2027
|
1,405
|
1,422
|
7.75%, 2/1/2028
|
3,106
|
3,114
|
8.25%, 1/15/2029
|
731
|
751
|
8.88%, 4/15/2030
|
2,135
|
2,234
|
GEO Group, Inc. (The) 10.50%, 6/30/2028 (a)
|
2,281
|
2,321
|
G-III Apparel Group Ltd. 7.88%, 8/15/2025 (a) (e)
|
550
|
551
|
Gilead Sciences, Inc. 3.50%, 2/1/2025
|
425
|
418
|
Global Infrastructure Solutions, Inc.
|
|
|
5.63%, 6/1/2029 (e)
|
3,370
|
3,044
|
7.50%, 4/15/2032 (e)
|
2,580
|
2,377
|
Global Medical Response, Inc. 6.50%, 10/1/2025 (e)
|
2,285
|
1,959
|
Global Net Lease, Inc., REIT 3.75%, 12/15/2027 (e)
|
99
|
84
|
Global Payments, Inc.
|
|
|
3.20%, 8/15/2029
|
195
|
176
|
2.90%, 11/15/2031
|
55
|
47
|
Go Daddy Operating Co. LLC 3.50%, 3/1/2029 (e)
|
135
|
122
|
Goldman Sachs Capital II (3-MONTH CME TERM SOFR + 1.03%), 6.41%, 3/8/2024 (d) (f) (g)
|
2,351
|
1,951
|
Goldman Sachs Group, Inc. (The)
|
|
|
(SOFR + 0.51%), 5.87%, 9/10/2024 (d)
|
3,585
|
3,582
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
(SOFR + 0.49%), 5.81%, 10/21/2024 (d)
|
6,396
|
6,399
|
Series S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 4.40%, 2/10/2025 (d) (f) (g)
|
1,733
|
1,646
|
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025 (d) (f) (g)
|
2,104
|
2,054
|
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (d) (f) (g)
|
6,520
|
5,927
|
Series U, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%), 3.65%, 8/10/2026 (d) (f) (g)
|
2,128
|
1,915
|
Series O, (3-MONTH CME TERM SOFR + 4.10%), 5.30%, 11/10/2026 (d) (f) (g)
|
2,755
|
2,732
|
(SOFR + 0.82%), 1.54%, 9/10/2027 (d)
|
2,103
|
1,918
|
(SOFR + 0.91%), 1.95%, 10/21/2027 (d)
|
85
|
78
|
(SOFR + 1.11%), 2.64%, 2/24/2028 (d)
|
70
|
65
|
(SOFR + 1.85%), 3.62%, 3/15/2028 (a) (d)
|
4,450
|
4,267
|
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 7.50%, 2/10/2029 (d) (f) (g)
|
6,745
|
7,085
|
(SOFR + 1.25%), 2.38%, 7/21/2032 (d)
|
2,100
|
1,732
|
(SOFR + 1.26%), 2.65%, 10/21/2032 (d)
|
75
|
63
|
Goodyear Tire & Rubber Co. (The)
|
|
|
5.00%, 5/31/2026
|
2,753
|
2,700
|
5.00%, 7/15/2029 (a)
|
2,502
|
2,348
|
5.25%, 7/15/2031 (a)
|
999
|
909
|
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (e)
|
676
|
603
|
Gray Television, Inc.
|
|
|
7.00%, 5/15/2027 (a) (e)
|
6,857
|
6,703
|
4.75%, 10/15/2030 (e)
|
2,675
|
2,093
|
5.38%, 11/15/2031 (e)
|
1,971
|
1,543
|
Great Lakes Dredge & Dock Corp. 5.25%, 6/1/2029 (e)
|
543
|
467
|
Griffon Corp. 5.75%, 3/1/2028 (a)
|
3,055
|
2,994
|
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (e)
|
1,271
|
1,172
|
Gulfport Energy Corp.
|
|
|
8.00%, 5/17/2026
|
713
|
717
|
8.00%, 5/17/2026 (e)
|
3,215
|
3,231
|
GYP Holdings III Corp. 4.63%, 5/1/2029 (e)
|
514
|
476
|
HCA, Inc. 2.38%, 7/15/2031
|
329
|
273
|
Herbalife Nutrition Ltd. 7.88%, 9/1/2025 (e)
|
334
|
332
|
Herc Holdings, Inc. 5.50%, 7/15/2027 (e)
|
3,231
|
3,173
|
Hertz Corp. (The)
|
|
|
4.63%, 12/1/2026 (e)
|
3,303
|
2,971
|
5.00%, 12/1/2029 (a) (e)
|
5,472
|
4,324
|
Hertz Corp. (The), Escrow
|
|
|
6.25%, 10/15/2022 ‡ (i)
|
1,106
|
11
|
5.50%, 10/15/2024 ‡ (i)
|
11,828
|
118
|
7.13%, 8/1/2026 ‡ (i)
|
5,505
|
468
|
6.00%, 1/15/2028 ‡ (i)
|
5,450
|
463
|
Hess Midstream Operations LP
|
|
|
5.63%, 2/15/2026 (e)
|
3,440
|
3,418
|
4.25%, 2/15/2030 (e)
|
2,278
|
2,095
|
Hewlett Packard Enterprise Co. 5.90%, 10/1/2024
|
318
|
318
|
Hilcorp Energy I LP
|
|
|
6.25%, 11/1/2028 (e)
|
540
|
538
|
6.00%, 4/15/2030 (e)
|
1,506
|
1,462
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
6.25%, 4/15/2032 (e)
|
1,255
|
1,205
|
Hillenbrand, Inc. 5.00%, 9/15/2026 (h)
|
815
|
797
|
Hilton Domestic Operating Co., Inc.
|
|
|
5.75%, 5/1/2028 (e)
|
2,732
|
2,735
|
3.75%, 5/1/2029 (e)
|
1,385
|
1,271
|
4.88%, 1/15/2030
|
1,233
|
1,188
|
HLF Financing SARL LLC 4.88%, 6/1/2029 (e)
|
1,163
|
909
|
Hologic, Inc. 3.25%, 2/15/2029 (e)
|
4,005
|
3,601
|
Howard Midstream Energy Partners LLC 8.88%, 7/15/2028 (e)
|
2,695
|
2,830
|
Hughes Satellite Systems Corp.
|
|
|
5.25%, 8/1/2026
|
1,352
|
1,145
|
6.63%, 8/1/2026 (a)
|
3,046
|
2,083
|
Huntington Bancshares, Inc. Series E, (3-MONTH CME TERM SOFR + 3.14%), 8.46%, 4/15/2024 (d) (f) (g)
|
3,742
|
3,639
|
Huntington National Bank (The) (SOFR + 1.22%), 5.70%, 11/18/2025 (d)
|
1,040
|
1,034
|
Hyundai Capital America
|
|
|
1.65%, 9/17/2026 (e)
|
165
|
151
|
2.10%, 9/15/2028 (e)
|
83
|
73
|
iHeartCommunications, Inc.
|
|
|
6.38%, 5/1/2026
|
8,247
|
7,083
|
8.38%, 5/1/2027 (a)
|
5,478
|
3,394
|
5.25%, 8/15/2027 (e)
|
2,397
|
1,860
|
ILFC E-Capital Trust I (3-MONTH CME TERM SOFR + 1.81%), 7.19%, 12/21/2065 (a) (d) (e)
|
6,008
|
4,640
|
ILFC E-Capital Trust II (3-MONTH CME TERM SOFR + 2.06%), 7.44%, 12/21/2065 (d) (e)
|
2,205
|
1,746
|
Imola Merger Corp. 4.75%, 5/15/2029 (e)
|
7,996
|
7,445
|
Ingles Markets, Inc. 4.00%, 6/15/2031 (e)
|
356
|
315
|
Installed Building Products, Inc. 5.75%, 2/1/2028 (e)
|
256
|
251
|
IQVIA, Inc.
|
|
|
5.00%, 10/15/2026 (e)
|
3,575
|
3,496
|
5.00%, 5/15/2027 (e)
|
1,990
|
1,945
|
6.50%, 5/15/2030 (e)
|
596
|
608
|
Iron Mountain, Inc., REIT
|
|
|
4.88%, 9/15/2027 (e)
|
2,655
|
2,566
|
5.25%, 3/15/2028 (e)
|
1,879
|
1,822
|
5.00%, 7/15/2028 (e)
|
364
|
348
|
4.50%, 2/15/2031 (e)
|
1,746
|
1,566
|
ITC Holdings Corp.
|
|
|
3.65%, 6/15/2024
|
465
|
461
|
2.95%, 5/14/2030 (e)
|
155
|
138
|
JELD-WEN, Inc.
|
|
|
4.63%, 12/15/2025 (e)
|
1,249
|
1,211
|
4.88%, 12/15/2027 (e)
|
3,250
|
3,082
|
Jersey Central Power & Light Co. 4.70%, 4/1/2024 (e)
|
450
|
449
|
KeHE Distributors LLC 9.00%, 2/15/2029 (e) (j)
|
1,089
|
1,095
|
KeyBank NA (SOFRINDX + 0.32%), 5.67%, 6/14/2024 (d)
|
5,095
|
5,064
|
KFC Holding Co. 4.75%, 6/1/2027 (e)
|
508
|
497
|
Kilroy Realty LP, REIT 3.45%, 12/15/2024
|
790
|
775
|
Kimco Realty OP LLC, REIT 2.25%, 12/1/2031
|
46
|
37
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
Kinetik Holdings LP
|
|
|
6.63%, 12/15/2028 (e)
|
533
|
540
|
5.88%, 6/15/2030 (e)
|
1,691
|
1,661
|
Knife River Corp. 7.75%, 5/1/2031 (e)
|
860
|
903
|
Kodiak Gas Services LLC 7.25%, 2/15/2029 (e)
|
1,796
|
1,817
|
Kontoor Brands, Inc. 4.13%, 11/15/2029 (e)
|
410
|
372
|
Korn Ferry 4.63%, 12/15/2027 (e)
|
450
|
430
|
LABL, Inc.
|
|
|
6.75%, 7/15/2026 (e)
|
2,930
|
2,850
|
10.50%, 7/15/2027 (e)
|
834
|
797
|
Ladder Capital Finance Holdings LLLP, REIT 4.75%, 6/15/2029 (e)
|
1,338
|
1,198
|
Lamb Weston Holdings, Inc.
|
|
|
4.13%, 1/31/2030 (e)
|
5,755
|
5,252
|
4.38%, 1/31/2032 (e)
|
1,243
|
1,115
|
LD Holdings Group LLC 6.50%, 11/1/2025 (e)
|
751
|
707
|
Lear Corp. 2.60%, 1/15/2032
|
25
|
20
|
Level 3 Financing, Inc.
|
|
|
4.63%, 9/15/2027 ‡ (e)
|
3,892
|
2,296
|
3.63%, 1/15/2029 ‡ (e)
|
1,239
|
626
|
LGI Homes, Inc. 4.00%, 7/15/2029 (e)
|
305
|
261
|
Liberty Interactive LLC 8.25%, 2/1/2030
|
2,370
|
1,250
|
Lions Gate Capital Holdings LLC 5.50%, 4/15/2029 (e)
|
1,027
|
781
|
Lithia Motors, Inc. 4.38%, 1/15/2031 (e)
|
1,349
|
1,210
|
Live Nation Entertainment, Inc.
|
|
|
4.88%, 11/1/2024 (e)
|
2,245
|
2,232
|
5.63%, 3/15/2026 (e)
|
5,302
|
5,243
|
6.50%, 5/15/2027 (e)
|
8,631
|
8,720
|
4.75%, 10/15/2027 (a) (e)
|
6,064
|
5,776
|
3.75%, 1/15/2028 (e)
|
1,493
|
1,379
|
Louisiana-Pacific Corp. 3.63%, 3/15/2029 (e)
|
570
|
512
|
Lumen Technologies, Inc.
|
|
|
5.13%, 12/15/2026 (e)
|
15,795
|
9,990
|
4.00%, 2/15/2027 (e)
|
5,160
|
2,690
|
Series G, 6.88%, 1/15/2028
|
799
|
295
|
4.50%, 1/15/2029 (e)
|
1,570
|
369
|
5.38%, 6/15/2029 (e)
|
4,316
|
1,036
|
M/I Homes, Inc.
|
|
|
4.95%, 2/1/2028
|
443
|
426
|
3.95%, 2/15/2030
|
853
|
757
|
Macy's Retail Holdings LLC 5.88%, 3/15/2030 (e)
|
100
|
95
|
Madison IAQ LLC
|
|
|
4.13%, 6/30/2028 (e)
|
630
|
579
|
5.88%, 6/30/2029 (e)
|
3,719
|
3,305
|
Magnolia Oil & Gas Operating LLC 6.00%, 8/1/2026 (e)
|
500
|
494
|
Mallinckrodt International Finance SA 14.75%, 11/14/2028 (e)
|
4,783
|
5,191
|
Markel Group, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.66%), 6.00%, 6/1/2025 (d) (f) (g)
|
1,310
|
1,295
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
Marriott Ownership Resorts, Inc.
|
|
|
4.75%, 1/15/2028
|
36
|
33
|
4.50%, 6/15/2029 (a) (e)
|
971
|
873
|
Martin Midstream Partners LP 11.50%, 2/15/2028 (e)
|
1,124
|
1,156
|
Masonite International Corp. 5.38%, 2/1/2028 (e)
|
1,632
|
1,591
|
MasTec, Inc. 4.50%, 8/15/2028 (a) (e)
|
5,891
|
5,525
|
Mauser Packaging Solutions Holding Co.
|
|
|
7.88%, 8/15/2026 (e)
|
12,625
|
12,757
|
9.25%, 4/15/2027 (e)
|
2,485
|
2,399
|
McAfee Corp. 7.38%, 2/15/2030 (e)
|
210
|
190
|
McCormick & Co., Inc. 3.15%, 8/15/2024
|
472
|
466
|
McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (e)
|
3,445
|
3,260
|
MDC Holdings, Inc. 2.50%, 1/15/2031
|
190
|
160
|
Medline Borrower LP
|
|
|
3.88%, 4/1/2029 (e)
|
6,349
|
5,748
|
5.25%, 10/1/2029 (e)
|
3,810
|
3,552
|
Mellon Capital IV Series 1, (3-MONTH CME TERM SOFR + 0.83%), 6.20%, 3/8/2024 (d) (f) (g)
|
2,027
|
1,703
|
MetLife Capital Trust IV 7.88%, 12/15/2037 (e)
|
7,703
|
8,320
|
MetLife, Inc.
|
|
|
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 3.85%, 9/15/2025 (d) (f) (g)
|
6,557
|
6,272
|
Series D, (3-MONTH CME TERM SOFR + 3.22%), 5.88%, 3/15/2028 (d) (f) (g)
|
2,284
|
2,260
|
5.00%, 7/15/2052
|
30
|
30
|
MGM Resorts International
|
|
|
5.75%, 6/15/2025
|
5,817
|
5,819
|
4.63%, 9/1/2026
|
2,640
|
2,565
|
Microchip Technology, Inc. 0.97%, 2/15/2024
|
350
|
349
|
Midcontinent Communications 5.38%, 8/15/2027 (e)
|
2,413
|
2,338
|
Midwest Gaming Borrower LLC 4.88%, 5/1/2029 (e)
|
714
|
659
|
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (e)
|
3,686
|
3,691
|
Minerals Technologies, Inc. 5.00%, 7/1/2028 (e)
|
215
|
206
|
MIWD Holdco II LLC 5.50%, 2/1/2030 (e)
|
1,208
|
1,099
|
Mohegan Tribal Gaming Authority 8.00%, 2/1/2026 (e)
|
1,236
|
1,161
|
Molina Healthcare, Inc.
|
|
|
4.38%, 6/15/2028 (e)
|
1,150
|
1,078
|
3.88%, 11/15/2030 (e)
|
50
|
44
|
3.88%, 5/15/2032 (e)
|
50
|
43
|
Moog, Inc. 4.25%, 12/15/2027 (e)
|
630
|
590
|
Morgan Stanley
|
|
|
(SOFR + 0.51%), 5.83%, 1/22/2025 (d)
|
4,460
|
4,458
|
(SOFR + 1.15%), 2.72%, 7/22/2025 (d)
|
5,160
|
5,089
|
(SOFR + 0.56%), 1.16%, 10/21/2025 (d)
|
2,275
|
2,197
|
(SOFR + 0.94%), 2.63%, 2/18/2026 (d)
|
6,615
|
6,429
|
Series M, 5.87%, 9/15/2026 (f) (g) (h) (l)
|
2,945
|
2,884
|
(SOFR + 0.86%), 1.51%, 7/20/2027 (d)
|
182
|
167
|
(SOFR + 1.61%), 4.21%, 4/20/2028 (d)
|
90
|
88
|
(SOFR + 1.02%), 1.93%, 4/28/2032 (d)
|
80
|
65
|
(SOFR + 1.20%), 2.51%, 10/20/2032 (d)
|
2,180
|
1,816
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
(SOFR + 1.73%), 5.47%, 1/18/2035 (d)
|
2,100
|
2,143
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038 (d)
|
5,321
|
5,433
|
(SOFR + 1.49%), 3.22%, 4/22/2042 (d)
|
25
|
19
|
Morgan Stanley Bank NA
|
|
|
4.75%, 4/21/2026 (a)
|
525
|
526
|
(SOFR + 1.08%), 4.95%, 1/14/2028 (d)
|
2,060
|
2,066
|
Moss Creek Resources Holdings, Inc. 7.50%, 1/15/2026 (e)
|
1,159
|
1,155
|
MPLX LP 4.50%, 4/15/2038
|
141
|
127
|
Mueller Water Products, Inc. 4.00%, 6/15/2029 (e)
|
1,264
|
1,144
|
Murphy Oil USA, Inc.
|
|
|
4.75%, 9/15/2029
|
65
|
62
|
3.75%, 2/15/2031 (e)
|
1,256
|
1,083
|
Nabors Industries Ltd. 7.25%, 1/15/2026 (e)
|
736
|
718
|
Nationstar Mortgage Holdings, Inc.
|
|
|
6.00%, 1/15/2027 (e)
|
370
|
363
|
5.50%, 8/15/2028 (e)
|
1,311
|
1,245
|
5.13%, 12/15/2030 (e)
|
1,915
|
1,721
|
5.75%, 11/15/2031 (e)
|
4,085
|
3,765
|
7.13%, 2/1/2032 (e)
|
1,552
|
1,539
|
NCR Atleos Corp. 9.50%, 4/1/2029 (e)
|
3,149
|
3,378
|
NCR Voyix Corp.
|
|
|
5.00%, 10/1/2028 (e)
|
425
|
401
|
5.13%, 4/15/2029 (e)
|
5,539
|
5,182
|
5.25%, 10/1/2030 (e)
|
99
|
91
|
Necessity Retail REIT, Inc., REIT 4.50%, 9/30/2028 (e)
|
1,121
|
949
|
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (e)
|
1,187
|
1,113
|
New Albertsons LP
|
|
|
7.75%, 6/15/2026
|
1,535
|
1,556
|
6.63%, 6/1/2028
|
613
|
601
|
7.45%, 8/1/2029
|
392
|
413
|
8.00%, 5/1/2031
|
2,108
|
2,240
|
Newell Brands, Inc.
|
|
|
5.20%, 4/1/2026 (h)
|
7,880
|
7,671
|
6.38%, 9/15/2027
|
1,120
|
1,100
|
6.63%, 9/15/2029
|
1,063
|
1,031
|
6.37%, 4/1/2036 (h)
|
855
|
761
|
News Corp.
|
|
|
3.88%, 5/15/2029 (e)
|
3,890
|
3,576
|
5.13%, 2/15/2032 (e)
|
2,090
|
1,964
|
Nexstar Media, Inc.
|
|
|
5.63%, 7/15/2027 (e)
|
11,149
|
10,858
|
4.75%, 11/1/2028 (a) (e)
|
5,685
|
5,207
|
NextEra Energy Capital Holdings, Inc.
|
|
|
4.20%, 6/20/2024
|
695
|
691
|
(3-MONTH SOFR + 3.16%), 5.65%, 5/1/2079 (d)
|
4,282
|
4,124
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.55%), 3.80%, 3/15/2082 (d)
|
1,933
|
1,691
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
NGL Energy Operating LLC
|
|
|
7.50%, 2/1/2026 (e)
|
1,897
|
1,931
|
8.13%, 2/15/2029 (e)
|
1,902
|
1,912
|
8.38%, 2/15/2032 (e)
|
1,900
|
1,914
|
NMG Holding Co., Inc. 7.13%, 4/1/2026 (e)
|
6,925
|
6,752
|
NMI Holdings, Inc. 7.38%, 6/1/2025 (a) (e)
|
411
|
415
|
Nordstrom, Inc. 4.38%, 4/1/2030 (a)
|
329
|
285
|
Northern Oil and Gas, Inc. 8.13%, 3/1/2028 (e)
|
1,099
|
1,116
|
Novelis Corp.
|
|
|
3.25%, 11/15/2026 (e)
|
2,153
|
2,016
|
4.75%, 1/30/2030 (e)
|
3,945
|
3,659
|
NRG Energy, Inc.
|
|
|
6.63%, 1/15/2027
|
2,196
|
2,202
|
5.75%, 1/15/2028
|
584
|
578
|
3.38%, 2/15/2029 (e)
|
2,000
|
1,764
|
5.25%, 6/15/2029 (e)
|
2,667
|
2,557
|
3.63%, 2/15/2031 (e)
|
1,518
|
1,302
|
3.88%, 2/15/2032 (e)
|
762
|
653
|
7.00%, 3/15/2033 (e)
|
1,654
|
1,746
|
NuStar Logistics LP
|
|
|
6.00%, 6/1/2026
|
2,167
|
2,162
|
6.38%, 10/1/2030
|
1,700
|
1,708
|
Occidental Petroleum Corp. 8.88%, 7/15/2030
|
5,866
|
6,877
|
ON Semiconductor Corp. 3.88%, 9/1/2028 (e)
|
3,306
|
3,021
|
OneMain Finance Corp.
|
|
|
6.88%, 3/15/2025
|
970
|
974
|
7.13%, 3/15/2026
|
3,392
|
3,438
|
3.50%, 1/15/2027
|
410
|
375
|
6.63%, 1/15/2028
|
3,003
|
2,992
|
Oracle Corp.
|
|
|
3.40%, 7/8/2024
|
468
|
463
|
3.80%, 11/15/2037
|
279
|
238
|
Organon & Co.
|
|
|
4.13%, 4/30/2028 (e)
|
6,608
|
6,046
|
5.13%, 4/30/2031 (e)
|
3,355
|
2,882
|
Outfront Media Capital LLC
|
|
|
5.00%, 8/15/2027 (e)
|
1,010
|
967
|
4.25%, 1/15/2029 (e)
|
497
|
443
|
4.63%, 3/15/2030 (e)
|
675
|
597
|
7.38%, 2/15/2031 (e)
|
1,258
|
1,318
|
Owens & Minor, Inc.
|
|
|
4.50%, 3/31/2029 (a) (e)
|
4,472
|
3,924
|
6.63%, 4/1/2030 (a) (e)
|
2,079
|
1,981
|
Owens-Brockway Glass Container, Inc.
|
|
|
6.38%, 8/15/2025 (e)
|
1,084
|
1,082
|
6.63%, 5/13/2027 (e)
|
1,978
|
1,969
|
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (e)
|
4,022
|
3,751
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
Papa John's International, Inc. 3.88%, 9/15/2029 (e)
|
407
|
361
|
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (e) (h) (i)
|
6,648
|
4,386
|
Paramount Global
|
|
|
4.20%, 5/19/2032 (a)
|
145
|
129
|
(3-MONTH SOFR + 3.90%), 6.25%, 2/28/2057 (d)
|
9,055
|
7,841
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.00%), 6.38%, 3/30/2062 (d)
|
2,587
|
2,310
|
Park-Ohio Industries, Inc. 6.63%, 4/15/2027
|
50
|
46
|
Patrick Industries, Inc.
|
|
|
7.50%, 10/15/2027 (e)
|
1,092
|
1,097
|
4.75%, 5/1/2029 (e)
|
61
|
56
|
PennyMac Financial Services, Inc. 5.75%, 9/15/2031 (e)
|
901
|
834
|
Performance Food Group, Inc.
|
|
|
6.88%, 5/1/2025 (e)
|
400
|
401
|
5.50%, 10/15/2027 (e)
|
2,155
|
2,102
|
4.25%, 8/1/2029 (e)
|
6,477
|
5,935
|
Permian Resources Operating LLC
|
|
|
9.88%, 7/15/2031 (e)
|
1,045
|
1,158
|
7.00%, 1/15/2032 (e)
|
2,181
|
2,252
|
PetSmart, Inc.
|
|
|
4.75%, 2/15/2028 (e)
|
5,446
|
5,087
|
7.75%, 2/15/2029 (e)
|
3,001
|
2,901
|
PG&E Corp. 5.00%, 7/1/2028
|
4,969
|
4,802
|
PGT Innovations, Inc. 4.38%, 10/1/2029 (e)
|
2,099
|
2,115
|
Physicians Realty LP, REIT
|
|
|
3.95%, 1/15/2028
|
60
|
58
|
2.63%, 11/1/2031
|
20
|
16
|
Pike Corp.
|
|
|
5.50%, 9/1/2028 (e)
|
2,448
|
2,337
|
8.63%, 1/31/2031 (e)
|
777
|
822
|
Pitney Bowes, Inc.
|
|
|
6.88%, 3/15/2027 (a) (e)
|
1,052
|
949
|
7.25%, 3/15/2029 (e)
|
270
|
230
|
PM General Purchaser LLC 9.50%, 10/1/2028 (e)
|
2,542
|
2,571
|
PNC Financial Services Group, Inc. (The)
|
|
|
Series R, (3-MONTH CME TERM SOFR + 3.30%), 8.68%, 6/1/2024 (d) (f) (g)
|
646
|
648
|
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (d) (f) (g)
|
9,882
|
8,506
|
Series V, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.24%), 6.20%, 9/15/2027 (d) (f) (g)
|
6,445
|
6,313
|
(SOFR + 1.34%), 5.30%, 1/21/2028 (d)
|
970
|
979
|
(SOFR + 1.62%), 5.35%, 12/2/2028 (d)
|
555
|
562
|
(SOFR + 1.90%), 5.68%, 1/22/2035 (d)
|
2,100
|
2,155
|
Post Holdings, Inc.
|
|
|
5.75%, 3/1/2027 (e)
|
492
|
490
|
5.63%, 1/15/2028 (e)
|
2,762
|
2,718
|
5.50%, 12/15/2029 (e)
|
6,233
|
6,025
|
4.63%, 4/15/2030 (e)
|
2,595
|
2,386
|
PPL Capital Funding, Inc. Series A, (3-MONTH CME TERM SOFR + 2.93%), 8.27%, 3/30/2067 (d)
|
8,857
|
8,480
|
Presidio Holdings, Inc. 4.88%, 2/1/2027 (e)
|
2,415
|
2,339
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
Prestige Brands, Inc. 3.75%, 4/1/2031 (e)
|
1,071
|
929
|
Pricoa Global Funding I
|
|
|
2.40%, 9/23/2024 (a) (e)
|
166
|
163
|
1.15%, 12/6/2024 (e)
|
304
|
293
|
Prime Security Services Borrower LLC
|
|
|
5.75%, 4/15/2026 (e)
|
8,122
|
8,118
|
3.38%, 8/31/2027 (e)
|
1,666
|
1,535
|
Principal Life Global Funding II
|
|
|
0.75%, 4/12/2024 (e)
|
284
|
281
|
(SOFR + 0.45%), 5.77%, 4/12/2024 (d) (e)
|
365
|
365
|
Progressive Corp. (The) Series B, (3-MONTH CME TERM SOFR + 2.80%), 8.19%, 2/22/2024 (d) (f) (g)
|
2,667
|
2,667
|
Prudential Financial, Inc.
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 5.13%, 3/1/2052 (d)
|
3,685
|
3,441
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.00%, 9/1/2052 (d)
|
1,180
|
1,175
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 6.75%, 3/1/2053 (d)
|
3,551
|
3,677
|
PTC, Inc. 3.63%, 2/15/2025 (e)
|
422
|
414
|
QVC, Inc. 4.75%, 2/15/2027
|
125
|
104
|
Qwest Corp. 7.25%, 9/15/2025
|
325
|
318
|
Rain Carbon, Inc. 12.25%, 9/1/2029 (e)
|
244
|
242
|
Range Resources Corp.
|
|
|
4.88%, 5/15/2025
|
2,920
|
2,883
|
8.25%, 1/15/2029 (a)
|
3,332
|
3,455
|
4.75%, 2/15/2030 (e)
|
227
|
211
|
Realogy Group LLC 5.25%, 4/15/2030 (e)
|
5,063
|
3,560
|
Regal Rexnord Corp.
|
|
|
6.05%, 4/15/2028 (e)
|
2,162
|
2,194
|
6.30%, 2/15/2030 (e)
|
1,822
|
1,873
|
6.40%, 4/15/2033 (a) (e)
|
2,552
|
2,652
|
Republic Services, Inc. 2.50%, 8/15/2024
|
713
|
702
|
RHP Hotel Properties LP, REIT
|
|
|
4.75%, 10/15/2027
|
6,280
|
6,028
|
7.25%, 7/15/2028 (e)
|
929
|
958
|
4.50%, 2/15/2029 (e)
|
6,633
|
6,166
|
RingCentral, Inc. 8.50%, 8/15/2030 (e)
|
2,378
|
2,452
|
Rite Aid Corp.
|
|
|
7.50%, 7/1/2025 (e) (i)
|
3,803
|
2,900
|
8.00%, 11/15/2026 (e) (i)
|
8,786
|
6,664
|
Rocket Mortgage LLC
|
|
|
2.88%, 10/15/2026 (e)
|
2,384
|
2,187
|
3.63%, 3/1/2029 (e)
|
2,633
|
2,340
|
4.00%, 10/15/2033 (e)
|
406
|
345
|
Rockies Express Pipeline LLC 4.80%, 5/15/2030 (e)
|
1,170
|
1,092
|
Royal Caribbean Cruises Ltd.
|
|
|
11.63%, 8/15/2027 (e)
|
5,852
|
6,366
|
8.25%, 1/15/2029 (e)
|
3,455
|
3,661
|
9.25%, 1/15/2029 (e)
|
3,465
|
3,722
|
Royalty Pharma plc 2.15%, 9/2/2031 (a)
|
86
|
70
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
RP Escrow Issuer LLC 5.25%, 12/15/2025 (e)
|
1,702
|
1,532
|
RXO, Inc. 7.50%, 11/15/2027 (e)
|
2,956
|
3,045
|
Sabre GLBL, Inc. 8.63%, 6/1/2027 (e)
|
1,020
|
954
|
SBA Communications Corp., REIT
|
|
|
3.88%, 2/15/2027
|
955
|
911
|
3.13%, 2/1/2029 (a)
|
875
|
780
|
Scotts Miracle-Gro Co. (The)
|
|
|
5.25%, 12/15/2026
|
2,180
|
2,106
|
4.50%, 10/15/2029
|
3,852
|
3,409
|
4.00%, 4/1/2031
|
2,754
|
2,303
|
4.38%, 2/1/2032
|
3,297
|
2,745
|
Scripps Escrow II, Inc. 5.38%, 1/15/2031 (e)
|
347
|
264
|
Scripps Escrow, Inc. 5.88%, 7/15/2027 (e)
|
2,352
|
2,120
|
Seagate HDD Cayman
|
|
|
8.25%, 12/15/2029 (e)
|
2,000
|
2,153
|
8.50%, 7/15/2031 (a) (e)
|
475
|
516
|
Sempra
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.88%, 10/15/2025 (d) (f) (g)
|
6,444
|
6,316
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.87%), 4.13%, 4/1/2052 (d)
|
5,003
|
4,405
|
Sensata Technologies BV
|
|
|
5.00%, 10/1/2025 (e)
|
152
|
151
|
4.00%, 4/15/2029 (e)
|
4,625
|
4,234
|
5.88%, 9/1/2030 (e)
|
1,870
|
1,848
|
Sensata Technologies, Inc. 3.75%, 2/15/2031 (e)
|
738
|
641
|
Service Corp. International
|
|
|
7.50%, 4/1/2027
|
2,735
|
2,858
|
5.13%, 6/1/2029 (a)
|
177
|
173
|
3.38%, 8/15/2030
|
1,983
|
1,729
|
4.00%, 5/15/2031
|
770
|
685
|
Shea Homes LP 4.75%, 2/15/2028
|
953
|
905
|
Sherwin-Williams Co. (The) 4.05%, 8/8/2024
|
467
|
464
|
Shutterfly Finance LLC
|
|
|
8.50% (Blend (Cash 4.25% + PIK 4.25%)), 10/1/2027 (e) (k)
|
9,931
|
7,227
|
9.75%, 10/1/2027 (e)
|
1,580
|
1,564
|
Sinclair Television Group, Inc.
|
|
|
5.13%, 2/15/2027 (a) (e)
|
2,890
|
2,718
|
5.50%, 3/1/2030 (a) (e)
|
1,620
|
1,248
|
Sirius XM Radio, Inc.
|
|
|
5.00%, 8/1/2027 (e)
|
1,150
|
1,105
|
4.00%, 7/15/2028 (e)
|
22,050
|
20,024
|
5.50%, 7/1/2029 (e)
|
6,570
|
6,241
|
4.13%, 7/1/2030 (a) (e)
|
575
|
503
|
3.88%, 9/1/2031 (e)
|
81
|
68
|
Six Flags Entertainment Corp.
|
|
|
5.50%, 4/15/2027 (a) (e)
|
1,140
|
1,134
|
7.25%, 5/15/2031 (e)
|
1,435
|
1,464
|
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (e)
|
700
|
703
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
SM Energy Co.
|
|
|
5.63%, 6/1/2025
|
3,980
|
3,941
|
6.75%, 9/15/2026
|
1,038
|
1,037
|
6.50%, 7/15/2028
|
1,006
|
1,006
|
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a) (e)
|
2,361
|
2,139
|
Southern California Edison Co. Series E, (3-MONTH CME TERM SOFR + 4.46%), 9.84%, 3/8/2024 (d) (f) (g)
|
2,040
|
2,043
|
Southwestern Energy Co.
|
|
|
8.38%, 9/15/2028
|
855
|
889
|
5.38%, 3/15/2030
|
3,679
|
3,555
|
4.75%, 2/1/2032
|
773
|
716
|
Spectrum Brands, Inc.
|
|
|
5.00%, 10/1/2029 (e)
|
2,486
|
2,387
|
3.88%, 3/15/2031 (a) (e)
|
3,061
|
2,835
|
Spirit AeroSystems, Inc. 9.38%, 11/30/2029 (e)
|
2,170
|
2,351
|
Sprint LLC 7.63%, 2/15/2025
|
9,544
|
9,708
|
SRS Distribution, Inc. 4.63%, 7/1/2028 (e)
|
4,615
|
4,305
|
SS&C Technologies, Inc. 5.50%, 9/30/2027 (e)
|
6,798
|
6,673
|
Stagwell Global LLC 5.63%, 8/15/2029 (e)
|
4,391
|
4,018
|
Standard Industries, Inc.
|
|
|
5.00%, 2/15/2027 (e)
|
1,387
|
1,347
|
4.75%, 1/15/2028 (e)
|
5,875
|
5,619
|
4.38%, 7/15/2030 (e)
|
185
|
168
|
3.38%, 1/15/2031 (e)
|
1,188
|
1,010
|
Staples, Inc.
|
|
|
7.50%, 4/15/2026 (e)
|
12,278
|
11,493
|
10.75%, 4/15/2027 (e)
|
5,374
|
4,165
|
State Street Corp.
|
|
|
Series H, (3-MONTH CME TERM SOFR + 2.80%), 8.19%, 3/15/2024 (d) (f) (g)
|
1,500
|
1,497
|
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 6.70%, 3/15/2029 (d) (f) (g)
|
9,316
|
9,293
|
Station Casinos LLC 4.50%, 2/15/2028 (e)
|
4,449
|
4,182
|
Stericycle, Inc. 3.88%, 1/15/2029 (a) (e)
|
1,821
|
1,655
|
Summit Materials LLC
|
|
|
5.25%, 1/15/2029 (e)
|
792
|
767
|
7.25%, 1/15/2031 (e)
|
915
|
951
|
Summit Midstream Holdings LLC 9.00%, 10/15/2026 (e) (h)
|
1,453
|
1,453
|
SunCoke Energy, Inc. 4.88%, 6/30/2029 (e)
|
536
|
484
|
Sunoco LP
|
|
|
5.88%, 3/15/2028
|
423
|
420
|
4.50%, 5/15/2029
|
2,335
|
2,175
|
4.50%, 4/30/2030
|
3,557
|
3,288
|
Synaptics, Inc. 4.00%, 6/15/2029 (a) (e)
|
1,881
|
1,668
|
Take-Two Interactive Software, Inc.
|
|
|
3.30%, 3/28/2024
|
362
|
361
|
4.00%, 4/14/2032
|
30
|
28
|
Tallgrass Energy Partners LP
|
|
|
5.50%, 1/15/2028 (e)
|
2,135
|
2,055
|
6.00%, 12/31/2030 (e)
|
1,623
|
1,509
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
6.00%, 9/1/2031 (e)
|
4,277
|
3,940
|
Targa Resources Partners LP
|
|
|
6.50%, 7/15/2027
|
4,000
|
4,071
|
6.88%, 1/15/2029 (a)
|
1,906
|
1,965
|
TEGNA, Inc.
|
|
|
4.75%, 3/15/2026 (e)
|
541
|
526
|
4.63%, 3/15/2028
|
582
|
543
|
5.00%, 9/15/2029
|
972
|
898
|
Tempur Sealy International, Inc.
|
|
|
4.00%, 4/15/2029 (e)
|
6,570
|
5,928
|
3.88%, 10/15/2031 (e)
|
2,665
|
2,249
|
Tenet Healthcare Corp.
|
|
|
4.88%, 1/1/2026
|
21,594
|
21,402
|
6.25%, 2/1/2027
|
4,295
|
4,282
|
5.13%, 11/1/2027
|
8,170
|
7,933
|
4.25%, 6/1/2029
|
955
|
887
|
6.13%, 6/15/2030
|
3,399
|
3,398
|
6.75%, 5/15/2031 (e)
|
3,603
|
3,685
|
Terex Corp. 5.00%, 5/15/2029 (e)
|
5,609
|
5,301
|
Thermo Fisher Scientific, Inc. 1.22%, 10/18/2024
|
465
|
452
|
Thor Industries, Inc. 4.00%, 10/15/2029 (e)
|
1,333
|
1,180
|
Titan International, Inc. 7.00%, 4/30/2028
|
1,094
|
1,091
|
T-Mobile USA, Inc. 2.25%, 11/15/2031
|
542
|
449
|
Topaz Solar Farms LLC 5.75%, 9/30/2039 (e)
|
339
|
337
|
TopBuild Corp.
|
|
|
3.63%, 3/15/2029 (e)
|
641
|
580
|
4.13%, 2/15/2032 (e)
|
429
|
375
|
TransDigm, Inc. 6.25%, 3/15/2026 (e)
|
6,525
|
6,481
|
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (e)
|
1,594
|
1,594
|
Transocean Titan Financing Ltd. 8.38%, 2/1/2028 (e)
|
801
|
828
|
Transocean, Inc.
|
|
|
8.75%, 2/15/2030 (e)
|
1,103
|
1,143
|
7.50%, 4/15/2031
|
169
|
149
|
6.80%, 3/15/2038
|
462
|
374
|
TreeHouse Foods, Inc. 4.00%, 9/1/2028
|
517
|
461
|
Tri Pointe Homes, Inc.
|
|
|
5.25%, 6/1/2027
|
1,061
|
1,043
|
5.70%, 6/15/2028
|
128
|
126
|
TriMas Corp. 4.13%, 4/15/2029 (e)
|
4,505
|
4,011
|
TriNet Group, Inc.
|
|
|
3.50%, 3/1/2029 (e)
|
1,308
|
1,154
|
7.13%, 8/15/2031 (e)
|
2,095
|
2,139
|
Trinity Industries, Inc. 7.75%, 7/15/2028 (e)
|
2,548
|
2,647
|
Trinseo Materials Operating SCA
|
|
|
5.38%, 9/1/2025 (e)
|
1,446
|
1,234
|
5.13%, 4/1/2029 (e)
|
3,303
|
1,285
|
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (e)
|
2,758
|
2,378
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
Triumph Group, Inc.
|
|
|
7.75%, 8/15/2025
|
1,670
|
1,671
|
9.00%, 3/15/2028 (e)
|
1,271
|
1,341
|
Truist Financial Corp.
|
|
|
Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024 (d) (f) (g)
|
1,582
|
1,510
|
Series M, (3-MONTH CME TERM SOFR + 3.05%), 5.13%, 12/15/2027 (d) (f) (g)
|
2,346
|
2,084
|
(SOFR + 1.62%), 5.44%, 1/24/2030 (d)
|
1,780
|
1,795
|
Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030 (d) (f) (g)
|
8,089
|
7,461
|
Uber Technologies, Inc. 4.50%, 8/15/2029 (e)
|
3,180
|
3,010
|
UDR, Inc., REIT
|
|
|
3.20%, 1/15/2030
|
160
|
145
|
3.00%, 8/15/2031
|
41
|
36
|
Unisys Corp. 6.88%, 11/1/2027 (e)
|
1,439
|
1,304
|
United Airlines Holdings, Inc. 5.00%, 2/1/2024
|
2,404
|
2,404
|
United Rentals North America, Inc.
|
|
|
5.50%, 5/15/2027
|
3,236
|
3,228
|
3.88%, 2/15/2031
|
1,910
|
1,723
|
United States Cellular Corp. 6.70%, 12/15/2033
|
2,500
|
2,575
|
United States Steel Corp. 6.88%, 3/1/2029
|
363
|
368
|
UnitedHealth Group, Inc. 5.88%, 2/15/2053
|
23
|
26
|
Uniti Group LP, REIT
|
|
|
10.50%, 2/15/2028 (e)
|
662
|
674
|
4.75%, 4/15/2028 (e)
|
57
|
49
|
6.50%, 2/15/2029 (e)
|
215
|
152
|
6.00%, 1/15/2030 (e)
|
402
|
266
|
Univision Communications, Inc.
|
|
|
6.63%, 6/1/2027 (e)
|
940
|
930
|
8.00%, 8/15/2028 (e)
|
3,295
|
3,353
|
7.38%, 6/30/2030 (e)
|
4,418
|
4,331
|
Upbound Group, Inc. 6.38%, 2/15/2029 (a) (e)
|
1,233
|
1,176
|
US Bancorp
|
|
|
Series V, 2.38%, 7/22/2026
|
3,000
|
2,831
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.54%), 3.70%, 1/15/2027 (d) (f) (g)
|
8,257
|
7,119
|
Series J, (3-MONTH CME TERM SOFR + 3.18%), 5.30%, 4/15/2027 (d) (f) (g)
|
1,414
|
1,328
|
(SOFR + 1.66%), 4.55%, 7/22/2028 (d)
|
3,035
|
2,995
|
(SOFR + 1.56%), 5.38%, 1/23/2030 (d)
|
370
|
374
|
(SOFR + 1.86%), 5.68%, 1/23/2035 (d)
|
2,100
|
2,149
|
US Foods, Inc. 6.88%, 9/15/2028 (e)
|
1,010
|
1,037
|
Vail Resorts, Inc. 6.25%, 5/15/2025 (e)
|
1,142
|
1,144
|
Valaris Ltd. 8.38%, 4/30/2030 (e)
|
1,484
|
1,521
|
Valvoline, Inc. 4.25%, 2/15/2030 (e)
|
1,400
|
1,391
|
Varex Imaging Corp. 7.88%, 10/15/2027 (e)
|
247
|
251
|
Vector Group Ltd. 5.75%, 2/1/2029 (e)
|
1,300
|
1,199
|
Ventas Realty LP, REIT 4.00%, 3/1/2028
|
100
|
96
|
Venture Global LNG, Inc.
|
|
|
8.13%, 6/1/2028 (e)
|
3,607
|
3,646
|
9.50%, 2/1/2029 (e)
|
1,510
|
1,604
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
9.88%, 2/1/2032 (e)
|
1,510
|
1,588
|
Verizon Communications, Inc. 3.50%, 11/1/2024
|
467
|
459
|
Viavi Solutions, Inc. 3.75%, 10/1/2029 (e)
|
266
|
232
|
VICI Properties LP, REIT
|
|
|
4.63%, 6/15/2025 (e)
|
2,251
|
2,218
|
4.50%, 9/1/2026 (e)
|
995
|
968
|
4.25%, 12/1/2026 (e)
|
8,012
|
7,714
|
5.75%, 2/1/2027 (e)
|
4,882
|
4,870
|
4.63%, 12/1/2029 (e)
|
4,688
|
4,436
|
Vista Outdoor, Inc. 4.50%, 3/15/2029 (e)
|
7,402
|
7,217
|
Vistra Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.74%), 7.00%, 12/15/2026 (d) (e) (f) (g)
|
1,712
|
1,661
|
Vistra Operations Co. LLC
|
|
|
5.50%, 9/1/2026 (e)
|
146
|
145
|
5.63%, 2/15/2027 (e)
|
5,805
|
5,718
|
5.00%, 7/31/2027 (e)
|
76
|
74
|
4.38%, 5/1/2029 (e)
|
938
|
861
|
7.75%, 10/15/2031 (e)
|
4,137
|
4,297
|
Vital Energy, Inc.
|
|
|
10.13%, 1/15/2028
|
2,247
|
2,353
|
9.75%, 10/15/2030
|
1,020
|
1,084
|
VM Consolidated, Inc. 5.50%, 4/15/2029 (e)
|
307
|
293
|
VMware LLC 2.20%, 8/15/2031
|
286
|
236
|
Wabash National Corp. 4.50%, 10/15/2028 (a) (e)
|
3,121
|
2,840
|
Wand NewCo 3, Inc. 7.63%, 1/30/2032 (e)
|
1,965
|
2,029
|
Warnermedia Holdings, Inc.
|
|
|
3.76%, 3/15/2027
|
60
|
58
|
4.28%, 3/15/2032
|
135
|
124
|
Warrior Met Coal, Inc. 7.88%, 12/1/2028 (e)
|
493
|
497
|
Weekley Homes LLC 4.88%, 9/15/2028 (e)
|
599
|
558
|
Wells Fargo & Co.
|
|
|
Series S, 5.90%, 6/15/2024 (f) (g) (h) (l)
|
3,068
|
3,063
|
(SOFR + 0.51%), 0.81%, 5/19/2025 (d)
|
1,540
|
1,516
|
(3-MONTH CME TERM SOFR + 1.01%), 2.16%, 2/11/2026 (d)
|
6,420
|
6,203
|
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (d) (f) (g)
|
8,017
|
7,512
|
(SOFR + 1.51%), 3.53%, 3/24/2028 (d)
|
4,450
|
4,265
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.61%), 7.63%, 9/15/2028 (d) (f) (g)
|
2,955
|
3,095
|
(SOFR + 1.50%), 5.20%, 1/23/2030 (d)
|
2,515
|
2,535
|
(SOFR + 2.10%), 4.90%, 7/25/2033 (d)
|
2,100
|
2,052
|
(SOFR + 2.02%), 5.39%, 4/24/2034 (d)
|
110
|
111
|
(SOFR + 1.78%), 5.50%, 1/23/2035 (d)
|
2,100
|
2,142
|
Wesco Aircraft Holdings, Inc.
|
|
|
8.50%, 11/15/2024 (e) (i)
|
1,030
|
88
|
9.00%, 11/15/2026 (a) (e) (i)
|
10,820
|
1,136
|
13.13%, 11/15/2027 (e) (i)
|
444
|
13
|
WESCO Distribution, Inc.
|
|
|
7.13%, 6/15/2025 (e)
|
4,783
|
4,808
|
7.25%, 6/15/2028 (e)
|
2,860
|
2,938
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Corporate Bonds — continued
|
||
United States — continued
|
||
Westlake Corp. 0.88%, 8/15/2024
|
483
|
471
|
William Carter Co. (The) 5.63%, 3/15/2027 (e)
|
4,029
|
3,954
|
Williams Cos., Inc. (The)
|
|
|
4.30%, 3/4/2024
|
645
|
644
|
2.60%, 3/15/2031
|
85
|
73
|
Williams Scotsman, Inc. 7.38%, 10/1/2031 (e)
|
2,451
|
2,567
|
Winnebago Industries, Inc. 6.25%, 7/15/2028 (e)
|
89
|
88
|
WMG Acquisition Corp. 3.75%, 12/1/2029 (e)
|
3,771
|
3,398
|
WP Carey, Inc., REIT
|
|
|
2.40%, 2/1/2031
|
150
|
126
|
2.45%, 2/1/2032
|
30
|
25
|
WR Grace Holdings LLC
|
|
|
4.88%, 6/15/2027 (e)
|
210
|
201
|
5.63%, 8/15/2029 (e)
|
1,396
|
1,231
|
Wynn Las Vegas LLC 5.50%, 3/1/2025 (e)
|
8,922
|
8,911
|
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (e)
|
5,490
|
5,186
|
Xerox Holdings Corp. 5.50%, 8/15/2028 (e)
|
100
|
91
|
XPO, Inc.
|
|
|
6.25%, 6/1/2028 (e)
|
1,845
|
1,847
|
7.13%, 2/1/2032 (e)
|
1,375
|
1,402
|
Yum! Brands, Inc.
|
|
|
3.63%, 3/15/2031 (a)
|
661
|
583
|
4.63%, 1/31/2032
|
2,987
|
2,771
|
5.38%, 4/1/2032
|
64
|
62
|
Ziff Davis, Inc. 4.63%, 10/15/2030 (e)
|
1,271
|
1,164
|
|
|
2,296,553
|
Uzbekistan — 0.0% ^
|
||
Uzbekneftegaz JSC 4.75%, 11/16/2028 (e)
|
1,350
|
1,129
|
Venezuela, Bolivarian Republic of — 0.0% ^
|
||
Petroleos de Venezuela SA
|
|
|
8.50%, 10/27/2020 (b) (i)
|
620
|
516
|
6.00%, 11/15/2026 (b) (i)
|
3,090
|
332
|
|
|
848
|
Total Corporate Bonds
(Cost $3,230,469)
|
|
3,063,806
|
|
SHARES
(000)
|
|
Exchange-Traded Funds — 9.4%
|
||
United States — 9.4%
|
||
JPMorgan Equity Premium Income ETF (m)
|
10,487
|
586,850
|
JPMorgan Income ETF (m)
|
967
|
44,356
|
JPMorgan Nasdaq Equity Premium Income ETF (m)
|
3,954
|
203,373
|
|
|
834,579
|
Total Exchange-Traded Funds
(Cost $820,372)
|
|
834,579
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Collateralized Mortgage Obligations — 3.9%
|
||
Bermuda — 0.0% ^
|
||
Bellemeade Re Ltd. Series 2019-1A, Class M2, 8.15%, 3/25/2029 (e) (l)
|
608
|
612
|
United States — 3.9%
|
||
Adjustable Rate Mortgage Trust
|
|
|
Series 2004-2, Class 6A1, 5.51%, 2/25/2035 (l)
|
299
|
294
|
Series 2005-2, Class 3A1, 5.73%, 6/25/2035 (l)
|
393
|
374
|
Alternative Loan Trust
|
|
|
Series 2004-28CB, Class 4A1, 5.00%, 1/25/2020
|
6
|
4
|
Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020
|
1
|
1
|
Series 2005-85CB, Class 3A2, 5.25%, 2/25/2021
|
63
|
56
|
Series 2007-9T1, Class 3A1, 5.50%, 5/25/2022 ‡
|
5
|
5
|
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025
|
26
|
24
|
Series 2006-J3, Class 4A1, 5.75%, 5/25/2026
|
174
|
165
|
Series 2005-J1, Class 3A1, 6.50%, 8/25/2032
|
10
|
10
|
Series 2004-12CB, Class 2A1, 6.00%, 6/25/2034
|
51
|
51
|
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035
|
285
|
259
|
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035
|
375
|
344
|
Series 2004-32CB, Class 2A5, 5.50%, 2/25/2035
|
1,299
|
1,228
|
Series 2005-6CB, Class 1A4, 5.50%, 4/25/2035
|
2,025
|
1,698
|
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035
|
243
|
204
|
Series 2005-J2, Class 1A5, 5.50%, 4/25/2035 (l)
|
3,309
|
2,539
|
Series 2005-13CB, Class A4, 5.50%, 5/25/2035
|
822
|
715
|
Series 2005-21CB, Class A4, 5.25%, 6/25/2035
|
447
|
338
|
Series 2005-21CB, Class A17, 6.00%, 6/25/2035
|
1,988
|
1,559
|
Series 2005-20CB, Class 1A1, 5.50%, 7/25/2035
|
85
|
68
|
Series 2005-23CB, Class A15, 5.50%, 7/25/2035
|
981
|
796
|
Series 2005-64CB, Class 1A1, 5.50%, 12/25/2035
|
340
|
296
|
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035
|
861
|
750
|
Series 2005-J14, Class A3, 5.50%, 12/25/2035
|
209
|
131
|
Series 2005-J14, Class A7, 5.50%, 12/25/2035
|
1,105
|
693
|
Series 2005-J14, Class A8, 5.50%, 12/25/2035
|
923
|
579
|
Series 2005-86CB, Class A4, 5.50%, 2/25/2036
|
271
|
156
|
Series 2006-J1, Class 1A13, 5.50%, 2/25/2036
|
91
|
63
|
Series 2006-4CB, Class 2A5, 5.50%, 4/25/2036
|
463
|
354
|
Series 2006-14CB, Class A1, 6.00%, 6/25/2036
|
1,106
|
609
|
Series 2006-19CB, Class A15, 6.00%, 8/25/2036
|
403
|
234
|
Series 2006-25CB, Class A2, 6.00%, 10/25/2036
|
196
|
106
|
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037
|
2,156
|
1,049
|
Series 2007-8CB, Class A9, 6.00%, 5/25/2037
|
139
|
78
|
Series 2007-19, Class 1A8, 6.00%, 8/25/2037
|
135
|
69
|
American Home Mortgage Investment Trust Series 2007-2, Class 12A1, 5.99%, 3/25/2037 (l)
|
4,098
|
1,457
|
Angel Oak Mortgage Trust
|
|
|
Series 2019-5, Class B1, 3.96%, 10/25/2049 (e) (l)
|
6,250
|
5,668
|
Series 2019-6, Class B1, 3.94%, 11/25/2059 (e) (l)
|
4,000
|
3,590
|
Series 2019-6, Class B3, 5.90%, 11/25/2059 (e) (l)
|
1,285
|
1,112
|
Angel Oak Mortgage Trust I LLC Series 2019-2, Class B2, 6.29%, 3/25/2049 (e) (l)
|
2,250
|
2,292
|
Banc of America Alternative Loan Trust
|
|
|
Series 2006-4, Class 2A1, 6.00%, 5/25/2021
|
2
|
2
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Collateralized Mortgage Obligations — continued
|
||
United States — continued
|
||
Series 2005-11, Class 4A5, 5.75%, 12/25/2035
|
304
|
260
|
Series 2006-4, Class 3CB4, 6.00%, 5/25/2046
|
388
|
334
|
Series 2006-4, Class 4CB1, 6.50%, 5/25/2046
|
878
|
777
|
Series 2006-5, Class CB7, 6.00%, 6/25/2046
|
230
|
198
|
Banc of America Funding Trust
|
|
|
Series 2007-4, Class 8A1, 5.50%, 11/25/2034
|
51
|
36
|
Series 2005-6, Class 1A2, 5.50%, 10/25/2035
|
1,084
|
824
|
Series 2005-7, Class 4A7, 6.00%, 11/25/2035
|
23
|
22
|
Series 2006-A, Class 1A1, 5.73%, 2/20/2036 (l)
|
268
|
248
|
Series 2006-2, Class 2A20, 5.75%, 3/25/2036
|
167
|
141
|
Series 2007-5, Class 4A1, 5.82%, 7/25/2037 (l)
|
2,001
|
1,308
|
Banc of America Mortgage Trust
|
|
|
Series 2004-A, Class 2A2, 4.79%, 2/25/2034 (l)
|
212
|
205
|
Series 2007-3, Class 1A1, 6.00%, 9/25/2037
|
110
|
88
|
Bear Stearns ALT-A Trust Series 2006-8, Class 3A1, 5.77%, 2/25/2034 (l)
|
170
|
156
|
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC5, Class M1, 6.46%, 10/25/2034 (l)
|
236
|
200
|
BRAVO Residential Funding Trust Series 2023-NQM7, Class A1, 7.13%, 9/25/2063 (e) (h)
|
5,228
|
5,330
|
Chase Mortgage Finance Trust
|
|
|
Series 2006-S3, Class 1A2, 6.00%, 11/25/2036
|
1,046
|
424
|
Series 2006-S4, Class A5, 6.00%, 12/25/2036
|
812
|
359
|
Series 2007-S2, Class 1A8, 6.00%, 3/25/2037
|
186
|
103
|
CHL Mortgage Pass-Through Trust
|
|
|
Series 2005-20, Class A7, 5.25%, 12/25/2027
|
70
|
42
|
Series 2004-25, Class 2A1, 6.13%, 2/25/2035 (l)
|
1,753
|
1,464
|
Series 2005-26, Class 1A11, 5.50%, 11/25/2035
|
1,105
|
684
|
Series 2005-31, Class 2A1, 4.12%, 1/25/2036 (l)
|
521
|
442
|
Series 2005-30, Class A5, 5.50%, 1/25/2036
|
112
|
71
|
Series 2006-HYB1, Class 2A2C, 4.27%, 3/20/2036 (l)
|
1,495
|
1,353
|
Series 2006-HYB2, Class 2A1B, 4.29%, 4/20/2036 (l)
|
424
|
374
|
Series 2006-J2, Class 1A1, 6.00%, 4/25/2036
|
85
|
50
|
Series 2006-10, Class 1A16, 6.00%, 5/25/2036
|
1,024
|
469
|
Series 2006-17, Class A2, 6.00%, 12/25/2036
|
280
|
112
|
Series 2006-18, Class 2A4, 6.00%, 12/25/2036
|
1,640
|
909
|
Series 2007-2, Class A2, 6.00%, 3/25/2037
|
98
|
42
|
Series 2007-3, Class A18, 6.00%, 4/25/2037
|
769
|
371
|
Series 2007-10, Class A4, 5.50%, 7/25/2037
|
99
|
42
|
Series 2007-13, Class A4, 6.00%, 8/25/2037
|
210
|
105
|
Series 2007-16, Class A1, 6.50%, 10/25/2037
|
1,788
|
737
|
Series 2007-18, Class 2A1, 6.50%, 11/25/2037
|
413
|
145
|
Series 2006-OA5, Class 2A1, 5.85%, 4/25/2046 (l)
|
1,473
|
1,215
|
Citicorp Mortgage Securities Trust Series 2007-4, Class 1A9, 6.00%, 5/25/2037
|
310
|
271
|
Citigroup Mortgage Loan Trust
|
|
|
Series 2005-9, Class 2A2, 5.50%, 11/25/2035
|
63
|
49
|
Series 2006-AR3, Class 1A1A, 4.67%, 6/25/2036 (l)
|
841
|
736
|
Series 2006-AR5, Class 1A5A, 4.52%, 7/25/2036 (l)
|
324
|
302
|
Citigroup Mortgage Loan Trust, Inc.
|
|
|
Series 2005-6, Class A1, 7.20%, 9/25/2035 (l)
|
200
|
197
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Collateralized Mortgage Obligations — continued
|
||
United States — continued
|
||
Series 2006-8, Class A3, 5.80%, 10/25/2035 (e) (l)
|
452
|
218
|
COLT Mortgage Loan Trust
|
|
|
Series 2021-3, Class B1, 3.06%, 9/27/2066 (e) (l)
|
2,500
|
1,584
|
Series 2021-5, Class B1, 4.18%, 11/26/2066 (e) (l)
|
3,903
|
3,059
|
Series 2021-5, Class B2, 4.18%, 11/26/2066 (e) (l)
|
2,247
|
1,603
|
Series 2022-1, Class B2, 4.09%, 12/27/2066 (e) (l)
|
2,581
|
2,004
|
Series 2023-2, Class A1, 6.60%, 7/25/2068 (e) (h)
|
2,853
|
2,891
|
Series 2023-4, Class A1, 7.16%, 10/25/2068 (e) (h)
|
4,954
|
5,063
|
Connecticut Avenue Securities Trust
|
|
|
Series 2019-R04, Class 2B1, 10.71%, 6/25/2039 (e) (l)
|
2,494
|
2,663
|
Series 2019-R06, Class 2B1, 9.21%, 9/25/2039 (e) (l)
|
4,484
|
4,642
|
Series 2019-R07, Class 1B1, 8.86%, 10/25/2039 (e) (l)
|
8,492
|
8,784
|
Series 2020-R02, Class 2B1, 8.46%, 1/25/2040 (e) (l)
|
14,158
|
14,428
|
Series 2020-R01, Class 1B1, 8.71%, 1/25/2040 (e) (l)
|
1,000
|
1,028
|
Series 2021-R01, Class 1B1, 8.44%, 10/25/2041 (e) (l)
|
5,200
|
5,328
|
Series 2021-R03, Class 1B2, 10.84%, 12/25/2041 (e) (l)
|
6,100
|
6,275
|
Series 2022-R01, Class 1B2, 11.34%, 12/25/2041 (e) (l)
|
11,437
|
11,923
|
Series 2023-R02, Class 1M1, 7.64%, 1/25/2043 (e) (l)
|
8,564
|
8,780
|
Series 2023-R03, Class 2M1, 7.84%, 4/25/2043 (e) (l)
|
8,220
|
8,400
|
Series 2023-R06, Class 1M2, 8.04%, 7/25/2043 (e) (l)
|
1,500
|
1,559
|
CSFB Mortgage-Backed Pass-Through Certificates
|
|
|
Series 2005-10, Class 11A1, 5.50%, 11/25/2020
|
572
|
70
|
Series 2004-AR4, Class 2A1, 5.09%, 5/25/2034 (l)
|
115
|
113
|
Series 2004-AR4, Class 4A1, 5.32%, 5/25/2034 (l)
|
813
|
812
|
Series 2004-AR5, Class 6A1, 5.40%, 6/25/2034 (l)
|
175
|
170
|
Series 2004-4, Class 4A1, 5.50%, 8/25/2034
|
845
|
838
|
Series 2005-4, Class 2A5, 5.50%, 6/25/2035 (l)
|
2,113
|
1,449
|
Series 2005-10, Class 5A3, 5.50%, 11/25/2035
|
244
|
178
|
CSFB Mortgage-Backed Trust Series 2004-AR6, Class 7A1, 6.20%, 10/25/2034 (l)
|
296
|
295
|
CSMC Mortgage-Backed Trust
|
|
|
Series 2006-8, Class 5A1, 5.51%, 10/25/2026 (l)
|
30
|
28
|
Series 2007-2, Class 3A13, 5.50%, 3/25/2037
|
337
|
167
|
Deephaven Residential Mortgage Trust
|
|
|
Series 2021-3, Class B1, 3.27%, 8/25/2066 (e) (l)
|
5,000
|
3,507
|
Series 2021-3, Class B2, 4.13%, 8/25/2066 (e) (l)
|
4,502
|
3,121
|
Series 2021-4, Class B1, 4.16%, 11/25/2066 (e) (l)
|
6,000
|
4,603
|
Series 2021-4, Class B2, 4.46%, 11/25/2066 (e) (l)
|
6,508
|
4,873
|
Series 2022-1, Class B1, 4.27%, 1/25/2067 (e) (l)
|
3,000
|
2,362
|
Series 2022-1, Class B2, 4.27%, 1/25/2067 (e) (l)
|
5,640
|
4,031
|
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 3.74%, 2/25/2020 (l)
|
15
|
14
|
Deutsche Alt-A Securities, Inc., Mortgage Loan Trust Series 2005-2, Class 2A1, 5.75%, 3/25/2020 (l)
|
3
|
3
|
DSLA Mortgage Loan Trust Series 2005-AR4, Class 2A1A, 5.97%, 8/19/2045 (l)
|
1,182
|
975
|
FHLMC STACR REMIC Trust
|
|
|
Series 2021-DNA2, Class B2, 11.34%, 8/25/2033 (e) (l)
|
3,000
|
3,364
|
Series 2021-DNA5, Class B2, 10.84%, 1/25/2034 (e) (l)
|
3,400
|
3,672
|
Series 2021-HQA3, Class M1, 6.19%, 9/25/2041 (e) (l)
|
2,810
|
2,796
|
Series 2021-DNA6, Class B1, 8.74%, 10/25/2041 (e) (l)
|
2,500
|
2,570
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Collateralized Mortgage Obligations — continued
|
||
United States — continued
|
||
Series 2021-HQA4, Class M1, 6.29%, 12/25/2041 (e) (l)
|
6,458
|
6,413
|
Series 2022-HQA2, Class M1A, 7.99%, 7/25/2042 (e) (l)
|
6,728
|
6,908
|
Series 2023-DNA1, Class M1A, 7.44%, 3/25/2043 (e) (l)
|
4,307
|
4,384
|
Series 2023-HQA1, Class M1A, 7.34%, 5/25/2043 (e) (l)
|
9,606
|
9,720
|
Series 2020-HQA1, Class B2, 10.56%, 1/25/2050 (e) (l)
|
4,000
|
4,177
|
Series 2021-DNA1, Class M2, 7.14%, 1/25/2051 (e) (l)
|
1,508
|
1,523
|
Series 2021-DNA1, Class B2, 10.09%, 1/25/2051 (e) (l)
|
8,000
|
8,236
|
First Horizon Alternative Mortgage Securities Trust Series 2006-FA6, Class 3A1, 5.75%, 11/25/2021
|
10
|
6
|
FNMA, Connecticut Avenue Securities Series 2021-R02, Class 2B2, 11.54%, 11/25/2041 (e) (l)
|
5,142
|
5,369
|
GCAT Trust Series 2020-NQM1, Class B1, 3.64%, 1/25/2060 (e) (l)
|
3,000
|
2,362
|
GMACM Mortgage Loan Trust
|
|
|
Series 2004-AR2, Class 3A, 4.59%, 8/19/2034 (l)
|
190
|
167
|
Series 2005-AR1, Class 3A, 4.09%, 3/18/2035 (l)
|
50
|
42
|
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (e) (l)
|
1,199
|
172
|
GSR Mortgage Loan Trust
|
|
|
Series 2004-15F, Class 1A2, 5.50%, 12/25/2034
|
155
|
114
|
Series 2005-1F, Class 2A3, 6.00%, 2/25/2035
|
121
|
87
|
Series 2005-AR3, Class 6A1, 3.99%, 5/25/2035 (l)
|
55
|
44
|
Series 2005-AR4, Class 3A5, 4.82%, 7/25/2035 (l)
|
988
|
680
|
Series 2005-6F, Class 3A18, 5.50%, 7/25/2035
|
538
|
494
|
Series 2005-AR7, Class 6A1, 4.51%, 11/25/2035 (l)
|
396
|
343
|
Series 2006-1F, Class 2A16, 6.00%, 2/25/2036
|
502
|
242
|
Series 2006-1F, Class 2A9, 6.00%, 2/25/2036
|
813
|
392
|
Series 2006-9F, Class 3A1, 6.25%, 10/25/2036
|
378
|
337
|
Series 2007-1F, Class 3A13, 6.00%, 1/25/2037
|
206
|
126
|
HarborView Mortgage Loan Trust Series 2005-11, Class 2A1A, 6.07%, 8/19/2045 (l)
|
112
|
102
|
Impac CMB Trust
|
|
|
Series 2004-5, Class 1A1, 6.17%, 10/25/2034 (l)
|
165
|
162
|
Series 2004-5, Class 1M2, 6.32%, 10/25/2034 (l)
|
60
|
59
|
Series 2004-7, Class 1A2, 6.37%, 11/25/2034 (l)
|
194
|
190
|
Series 2004-10, Class 2A, 6.09%, 3/25/2035 (l)
|
320
|
289
|
Series 2005-1, Class 1A1, 5.97%, 4/25/2035 (l)
|
182
|
166
|
Series 2005-1, Class 1A2, 6.07%, 4/25/2035 (l)
|
222
|
202
|
Series 2005-2, Class 1A2, 6.07%, 4/25/2035 (l)
|
214
|
201
|
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A4, 3.75%, 8/25/2033
|
150
|
104
|
Impac Secured Assets Trust
|
|
|
Series 2007-3, Class A1B, 5.93%, 9/25/2037 (l)
|
1,376
|
1,157
|
Series 2007-3, Class A1C, 6.17%, 9/25/2037 (l)
|
2,306
|
1,914
|
IndyMac INDX Mortgage Loan Trust
|
|
|
Series 2005-AR3, Class 3A1, 3.67%, 4/25/2035 (l)
|
156
|
146
|
Series 2005-AR14, Class 2A1A, 6.05%, 7/25/2035 (l)
|
666
|
528
|
Series 2007-AR21, Class 6A1, 3.91%, 9/25/2037 (l)
|
4,069
|
2,736
|
JPMorgan Mortgage Trust
|
|
|
Series 2006-S3, Class 2A4, 5.50%, 8/25/2021
|
7
|
6
|
Series 2004-A6, Class 1A1, 3.79%, 12/25/2034 (l)
|
37
|
32
|
Series 2005-A3, Class 6A6, 4.45%, 6/25/2035 (l)
|
108
|
106
|
Series 2005-A6, Class 1A2, 5.48%, 9/25/2035 (l)
|
123
|
113
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Collateralized Mortgage Obligations — continued
|
||
United States — continued
|
||
Series 2005-A8, Class 1A1, 4.85%, 11/25/2035 (l)
|
72
|
58
|
Series 2005-A8, Class 4A1, 4.87%, 11/25/2035 (l)
|
1,124
|
952
|
Series 2006-A7, Class 2A4, 4.36%, 1/25/2037 (l)
|
324
|
257
|
Series 2007-S1, Class 2A17, 5.78%, 3/25/2037 (l)
|
3,597
|
1,040
|
Legacy Mortgage Asset Trust
|
|
|
Series 2021-GS3, Class A2, 3.25%, 7/25/2061 (e) (h)
|
2,800
|
2,611
|
Series 2021-GS1, Class A2, 6.84%, 10/25/2066 (e) (h)
|
2,000
|
2,000
|
Lehman Mortgage Trust
|
|
|
Series 2005-2, Class 2A5, 5.50%, 12/25/2035
|
603
|
353
|
Series 2007-7, Class 5A7, 6.50%, 8/25/2037
|
6,608
|
3,179
|
LHOME Mortgage Trust Series 2023-RTL3, Class A1, 8.00%, 8/25/2028 (e) (h)
|
2,550
|
2,565
|
MASTR Alternative Loan Trust
|
|
|
Series 2004-12, Class 3A1, 6.00%, 12/25/2034
|
411
|
398
|
Series 2005-3, Class 1A1, 5.50%, 4/25/2035
|
85
|
76
|
Series 2005-5, Class 3A1, 5.75%, 8/25/2035
|
201
|
101
|
Series 2005-6, Class 1A2, 5.50%, 12/25/2035
|
357
|
235
|
Merrill Lynch Mortgage Investors Trust
|
|
|
Series 2005-1, Class 2A2, 4.66%, 4/25/2035 (l)
|
106
|
93
|
Series 2006-1, Class 2A1, 5.21%, 2/25/2036 (l)
|
624
|
607
|
Series 2006-AF2, Class AF2, 6.25%, 10/25/2036
|
171
|
71
|
Metlife Securitization Trust Series 2017-1A, Class A, 3.00%, 4/25/2055 (e) (l)
|
2,029
|
1,906
|
MFA Trust Series 2022-RTL1, Class A1, 5.07%, 4/26/2027 (e) (h)
|
2,700
|
2,642
|
Morgan Stanley Mortgage Loan Trust
|
|
|
Series 2006-2, Class 1A, 5.25%, 2/25/2021
|
249
|
219
|
Series 2004-9, Class 1A, 5.29%, 11/25/2034 (l)
|
340
|
342
|
Series 2005-4, Class 1A, 5.00%, 8/25/2035
|
20
|
18
|
New Residential Mortgage Loan Trust
|
|
|
Series 2019-NQM4, Class B1, 3.74%, 9/25/2059 (e) (l)
|
2,500
|
2,081
|
Series 2019-NQM4, Class B2, 4.86%, 9/25/2059 (e) (l)
|
4,000
|
3,390
|
Series 2019-NQM5, Class B1, 4.04%, 11/25/2059 (e) (l)
|
2,041
|
1,720
|
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-WF1, Class 2A5, 5.66%, 3/25/2035 (h)
|
2
|
2
|
OBX Trust Series 2023-NQM3, Class A1, 5.95%, 2/25/2063 (e) (h)
|
383
|
383
|
PRPM 3.77%, 3/25/2026
|
4,987
|
4,911
|
PRPM LLC
|
|
|
Series 2020-4, Class A2, 8.19%, 10/25/2025 (e) (h)
|
7,175
|
7,172
|
Series 2020-6, Class A2, 7.70%, 11/25/2025 (e) (h)
|
2,390
|
2,328
|
RALI Trust
|
|
|
Series 2003-QS20, Class CB, 5.00%, 11/25/2018 ‡
|
—
|
—
|
Series 2005-QA5, Class A2, 4.71%, 4/25/2035 (l)
|
639
|
572
|
Series 2005-QS17, Class A3, 6.00%, 12/25/2035
|
489
|
424
|
Series 2006-QS3, Class 1A10, 6.00%, 3/25/2036
|
790
|
668
|
Series 2006-QS4, Class A2, 6.00%, 4/25/2036
|
937
|
735
|
Series 2006-QS17, Class A5, 6.00%, 12/25/2036
|
1,419
|
1,149
|
RCO Mortgage LLC Series 2024-1, Class A1, 7.02%, 1/25/2029 ‡ (e)
|
3,500
|
3,504
|
Residential Asset Securitization Trust
|
|
|
Series 2005-A8CB, Class A11, 6.00%, 7/25/2035
|
1,357
|
882
|
Series 2005-A14, Class A1, 5.50%, 12/25/2035
|
125
|
60
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Collateralized Mortgage Obligations — continued
|
||
United States — continued
|
||
Series 2006-A8, Class 3A1, 6.00%, 8/25/2036
|
2,559
|
1,206
|
RFMSI Trust
|
|
|
Series 2005-S7, Class A6, 5.50%, 11/25/2035
|
50
|
38
|
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036
|
1,101
|
822
|
Series 2006-SA4, Class 2A1, 5.55%, 11/25/2036 (l)
|
786
|
677
|
Seasoned Credit Risk Transfer Trust Series 2017-3, Class A, IO, 0.00%, 7/25/2056 (l)
|
181,819
|
117
|
Sequoia Mortgage Trust Series 2007-3, Class 1A1, 5.85%, 7/20/2036 (l)
|
252
|
217
|
Starwood Mortgage Residential Trust
|
|
|
Series 2020-1, Class B1, 3.73%, 2/25/2050 (e) (l)
|
5,410
|
4,404
|
Series 2020-INV1, Class B2, 4.26%, 11/25/2055 (e)
|
1,600
|
1,247
|
Structured Adjustable Rate Mortgage Loan Trust Series 2005-1, Class 1A1, 4.75%, 2/25/2035 (l)
|
178
|
166
|
Structured Asset Mortgage Investments II Trust
|
|
|
Series 2005-AR3, Class 1A1, 5.99%, 8/25/2035 (l)
|
1,826
|
1,595
|
Series 2007-AR7, Class 1A1, 6.30%, 5/25/2047 (l)
|
2,640
|
2,085
|
Verus Securitization Trust
|
|
|
Series 2019-INV2, Class B1, 4.45%, 7/25/2059 (e) (l)
|
2,000
|
1,843
|
Series 2019-INV3, Class B1, 3.73%, 11/25/2059 (e) (l)
|
5,000
|
4,334
|
Series 2020-1, Class A1, 3.42%, 1/25/2060 (e) (h)
|
2,589
|
2,471
|
Series 2021-R1, Class B1, 3.20%, 10/25/2063 (e) (l)
|
2,000
|
1,623
|
Series 2021-R1, Class B2, 4.20%, 10/25/2063 (e) (l)
|
1,322
|
1,013
|
Series 2021-R3, Class B1, 3.07%, 4/25/2064 (e) (l)
|
2,500
|
1,926
|
Series 2021-R3, Class B2, 4.07%, 4/25/2064 (e) (l)
|
1,776
|
1,255
|
Series 2020-5, Class B1, 3.71%, 5/25/2065 (e) (l)
|
2,400
|
2,064
|
Series 2020-5, Class B2, 4.71%, 5/25/2065 (e) (l)
|
1,400
|
1,216
|
Series 2021-4, Class M1, 2.19%, 7/25/2066 (e) (l)
|
1,121
|
727
|
Series 2021-5, Class B1, 3.04%, 9/25/2066 (e) (l)
|
3,826
|
2,519
|
Series 2021-5, Class B2, 3.94%, 9/25/2066 (e) (l)
|
3,750
|
2,528
|
Series 2023-4, Class A1, 5.81%, 5/25/2068 (e) (h)
|
442
|
443
|
Series 2023-INV2, Class A1, 6.44%, 8/25/2068 (e) (h)
|
3,915
|
3,965
|
Series 2023-6, Class B1, 7.84%, 9/25/2068 (e) (l)
|
3,500
|
3,514
|
WaMu Mortgage Pass-Through Certificates Trust
|
|
|
Series 2004-AR11, Class A, 5.97%, 10/25/2034 (l)
|
420
|
378
|
Series 2005-AR5, Class A6, 4.61%, 5/25/2035 (l)
|
987
|
945
|
Series 2005-AR14, Class 1A3, 4.89%, 12/25/2035 (l)
|
751
|
659
|
Series 2005-AR14, Class 1A4, 4.89%, 12/25/2035 (l)
|
501
|
440
|
Series 2005-AR16, Class 1A1, 4.90%, 12/25/2035 (l)
|
331
|
295
|
Series 2005-AR18, Class 1A3A, 5.03%, 1/25/2036 (l)
|
35
|
32
|
Series 2006-AR2, Class 1A1, 4.23%, 3/25/2036 (l)
|
136
|
121
|
Series 2004-AR10, Class A1B, 6.29%, 7/25/2044 (l)
|
388
|
357
|
Series 2005-AR15, Class A1A1, 5.97%, 11/25/2045 (l)
|
24
|
21
|
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
|
|
|
Series 2005-1, Class 1A3, 5.50%, 3/25/2035
|
414
|
374
|
Series 2005-4, Class CB7, 5.50%, 6/25/2035
|
290
|
248
|
Series 2005-10, Class 2A5, 5.75%, 11/25/2035
|
1,528
|
1,339
|
Series 2005-10, Class 4CB1, 5.75%, 12/25/2035
|
456
|
389
|
Series 2006-5, Class 2CB5, 6.50%, 7/25/2036
|
142
|
98
|
Series 2007-1, Class 1A7, 6.00%, 2/25/2037 (l)
|
2,309
|
1,654
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Collateralized Mortgage Obligations — continued
|
||
United States — continued
|
||
Wells Fargo Mortgage-Backed Securities Trust
|
|
|
Series 2006-AR19, Class A3, 6.36%, 12/25/2036 (l)
|
84
|
77
|
Series 2007-15, Class A1, 6.00%, 11/25/2037
|
93
|
77
|
|
|
343,232
|
Total Collateralized Mortgage Obligations
(Cost $382,494)
|
|
343,844
|
Commercial Mortgage-Backed Securities — 3.8%
|
||
United States — 3.8%
|
||
BANK
|
|
|
Series 2019-BN16, Class D, 3.00%, 2/15/2052 (e)
|
2,500
|
1,786
|
Series 2019-BN16, Class F, 3.85%, 2/15/2052 (e) (l)
|
2,000
|
874
|
Series 2019-BN21, Class F, 2.68%, 10/17/2052 (e)
|
2,000
|
904
|
Series 2019-BN23, Class D, 2.50%, 12/15/2052 (e)
|
4,000
|
2,547
|
Series 2021-BN31, Class E, 2.50%, 2/15/2054 (e) (l)
|
2,500
|
1,392
|
Series 2017-BNK5, Class D, 3.08%, 6/15/2060 (e) (l)
|
8,500
|
6,397
|
Series 2018-BN14, Class F, 3.94%, 9/15/2060 (e)
|
1,534
|
633
|
Series 2019-BN19, Class C, 4.16%, 8/15/2061 (l)
|
7,500
|
5,215
|
Series 2018-BN15, Class E, 3.00%, 11/15/2061 (e)
|
1,000
|
644
|
Series 2019-BN24, Class D, 2.50%, 11/15/2062 (e)
|
1,000
|
661
|
Series 2019-BN24, Class C, 3.63%, 11/15/2062 (l)
|
6,000
|
4,747
|
Series 2020-BN26, Class D, 2.50%, 3/15/2063 (e)
|
1,350
|
906
|
Series 2020-BN28, Class E, 2.50%, 3/15/2063 (e)
|
3,000
|
1,785
|
BBCMS Mortgage Trust Series 2017-C1, Class D, 3.71%, 2/15/2050 (e) (l)
|
2,887
|
2,087
|
Benchmark Mortgage Trust
|
|
|
Series 2018-B1, Class D, 2.75%, 1/15/2051 (e)
|
975
|
608
|
Series 2019-B9, Class F, 3.91%, 3/15/2052 (e) (l)
|
6,590
|
2,577
|
Series 2019-B11, Class D, 3.00%, 5/15/2052 (e)
|
4,000
|
2,520
|
Series 2019-B11, Class C, 3.75%, 5/15/2052 (l)
|
13,959
|
10,498
|
Series 2020-B21, Class E, 2.00%, 12/17/2053 (e)
|
2,500
|
1,255
|
Series 2019-B14, Class E, 2.50%, 12/15/2062 (e)
|
1,415
|
686
|
Series 2019-B15, Class E, 2.75%, 12/15/2072 (e)
|
4,391
|
1,888
|
BX Series 2021-MFM1, Class G, 9.35%, 1/15/2034 (e) (l)
|
575
|
557
|
CD Mortgage Trust
|
|
|
Series 2016-CD2, Class C, 4.11%, 11/10/2049 (l)
|
750
|
612
|
Series 2017-CD4, Class D, 3.30%, 5/10/2050 (e)
|
1,000
|
655
|
Series 2017-CD5, Class D, 3.35%, 8/15/2050 (e)
|
1,831
|
1,380
|
Series 2017-CD6, Class C, 4.37%, 11/13/2050 (l)
|
1,371
|
1,107
|
Series 2018-CD7, Class D, 3.25%, 8/15/2051 (e) (l)
|
2,000
|
1,353
|
CFCRE Commercial Mortgage Trust Series 2016-C6, Class D, 4.31%, 11/10/2049 (e) (l)
|
1,000
|
700
|
CGMS Commercial Mortgage Trust Series 2017-B1, Class E, 3.30%, 8/15/2050 (e) (l)
|
1,500
|
677
|
Citigroup Commercial Mortgage Trust
|
|
|
Series 2015-GC27, Class D, 4.57%, 2/10/2048 (e) (l)
|
3,756
|
3,325
|
Series 2015-GC29, Class C, 4.28%, 4/10/2048 (l)
|
2,000
|
1,839
|
Series 2015-P1, Class D, 3.23%, 9/15/2048 (e)
|
2,000
|
1,691
|
Series 2016-C1, Class D, 5.10%, 5/10/2049 (e) (l)
|
4,975
|
4,767
|
Series 2016-C2, Class D, 3.25%, 8/10/2049 (e) (l)
|
1,000
|
841
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Commercial Mortgage-Backed Securities — continued
|
||
United States — continued
|
||
Series 2016-P6, Class D, 3.25%, 12/10/2049 (e)
|
1,325
|
1,011
|
Series 2017-P7, Class B, 4.14%, 4/14/2050 (l)
|
910
|
825
|
Series 2017-P7, Class C, 4.54%, 4/14/2050 (l)
|
3,295
|
2,893
|
Series 2020-GC46, Class E, 2.60%, 2/15/2053 (e)
|
4,500
|
2,383
|
COLEM Mortgage Trust Series 2022-HLNE, Class A, 2.54%, 4/12/2042 (e) (l)
|
2,500
|
2,052
|
Commercial Mortgage Trust
|
|
|
Series 2020-CBM, Class F, 3.75%, 2/10/2037 (e) (l)
|
2,750
|
2,545
|
Series 2014-CR15, Class C, 4.62%, 2/10/2047 (l)
|
989
|
910
|
Series 2014-LC15, Class D, 4.64%, 4/10/2047 (e) (l)
|
1,500
|
1,333
|
Series 2014-CR19, Class D, 4.78%, 8/10/2047 (e) (l)
|
400
|
355
|
Series 2014-UBS5, Class D, 3.50%, 9/10/2047 (e)
|
5,100
|
3,582
|
Series 2014-LC17, Class D, 3.69%, 10/10/2047 (e)
|
3,250
|
2,918
|
Series 2015-CR22, Class E, 3.00%, 3/10/2048 (e)
|
2,500
|
1,822
|
Series 2015-CR22, Class D, 4.20%, 3/10/2048 (e) (l)
|
1,000
|
831
|
Series 2015-LC21, Class D, 4.47%, 7/10/2048 (l)
|
450
|
394
|
Series 2015-CR24, Class D, 3.46%, 8/10/2048 (l)
|
2,134
|
1,810
|
Series 2015-CR25, Class D, 3.92%, 8/10/2048 (l)
|
2,000
|
1,733
|
Series 2015-CR27, Class D, 3.60%, 10/10/2048 (e) (l)
|
500
|
435
|
Series 2015-CR26, Class D, 3.61%, 10/10/2048 (l)
|
2,500
|
1,906
|
Series 2015-LC23, Class D, 3.70%, 10/10/2048 (e) (l)
|
2,750
|
2,446
|
Series 2015-LC23, Class E, 3.70%, 10/10/2048 (e) (l)
|
1,500
|
1,229
|
Series 2016-CR28, Class D, 4.01%, 2/10/2049 (l)
|
1,350
|
1,069
|
Series 2016-CR28, Class C, 4.76%, 2/10/2049 (l)
|
2,000
|
1,792
|
Series 2018-COR3, Class D, 2.96%, 5/10/2051 (e) (l)
|
2,000
|
1,150
|
CSAIL Commercial Mortgage Trust
|
|
|
Series 2015-C4, Class C, 4.71%, 11/15/2048 (l)
|
2,500
|
2,363
|
Series 2015-C2, Class B, 4.21%, 6/15/2057 (l)
|
1,000
|
929
|
DBJPM Mortgage Trust
|
|
|
Series 2016-C3, Class D, 3.62%, 8/10/2049 (e) (l)
|
1,170
|
824
|
Series 2016-C3, Class E, 4.37%, 8/10/2049 (e) (l)
|
1,250
|
808
|
FHLMC Multiclass Certificates
|
|
|
Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029
|
17,110
|
1,402
|
Series 2020-RR14, Class X, IO, 2.13%, 3/27/2034 (l)
|
6,200
|
918
|
FHLMC, Multi-Family Structured Credit Risk
|
|
|
Series 2021-MN2, Class B1, 10.84%, 7/25/2041 (e) (l)
|
2,000
|
1,582
|
Series 2022-MN5, Class B1, 14.84%, 11/25/2042 (e) (l)
|
8,302
|
8,613
|
Series 2021-MN1, Class M1, 7.34%, 1/25/2051 (e) (l)
|
319
|
310
|
Series 2021-MN1, Class M2, 9.09%, 1/25/2051 (e) (l)
|
10,750
|
10,347
|
Series 2021-MN1, Class B1, 13.09%, 1/25/2051 (e) (l)
|
2,650
|
2,616
|
Series 2021-MN3, Class M1, 7.64%, 11/25/2051 (e) (l)
|
1,799
|
1,754
|
Series 2022-MN4, Class B1, 14.84%, 5/25/2052 (e) (l)
|
4,000
|
4,058
|
FHLMC, Multi-Family Structured Pass-Through Certificates
|
|
|
Series KC03, Class X1, IO, 0.63%, 11/25/2024 (l)
|
59,309
|
191
|
Series K734, Class X3, IO, 2.24%, 7/25/2026 (l)
|
11,615
|
495
|
Series KC04, Class X1, IO, 1.40%, 12/25/2026 (l)
|
14,714
|
239
|
Series K084, Class X3, IO, 2.31%, 11/25/2028 (l)
|
6,000
|
551
|
Series K090, Class X3, IO, 2.39%, 10/25/2029 (l)
|
1,750
|
182
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Commercial Mortgage-Backed Securities — continued
|
||
United States — continued
|
||
Series Q012, Class X, IO, 4.09%, 9/25/2035 (l)
|
21,476
|
3,764
|
Series K727, Class X3, IO, 2.10%, 10/25/2044 (l)
|
33,818
|
306
|
Series K060, Class X3, IO, 1.96%, 12/25/2044 (l)
|
1,000
|
47
|
Series K061, Class X3, IO, 2.05%, 12/25/2044 (l)
|
1,544
|
73
|
Series K728, Class X3, IO, 2.06%, 11/25/2045 (l)
|
4,645
|
62
|
Series K089, Class X3, IO, 2.38%, 1/25/2046 (l)
|
22,283
|
2,157
|
Series K087, Class X3, IO, 2.40%, 1/25/2046 (l)
|
18,300
|
1,684
|
Series K102, Class X3, IO, 1.96%, 12/25/2046 (l)
|
1,180
|
105
|
Series K088, Class X3, IO, 2.43%, 2/25/2047 (l)
|
10,130
|
995
|
Series K093, Class X3, IO, 2.28%, 5/25/2047 (l)
|
15,000
|
1,428
|
Series K116, Class X3, IO, 3.12%, 9/25/2047 (l)
|
10,500
|
1,612
|
Series K108, Class X3, IO, 3.61%, 4/25/2048 (l)
|
16,575
|
2,781
|
FNMA ACES
|
|
|
Series 2019-M21, Class X2, IO, 1.40%, 2/25/2031 (l)
|
5,392
|
275
|
Series 2020-M37, Class X, IO, 1.12%, 4/25/2032 (l)
|
25,149
|
1,178
|
Series 2016-M4, Class X2, IO, 2.71%, 1/25/2039 (l)
|
6,462
|
34
|
FREMF Mortgage Trust
|
|
|
Series 2017-KF31, Class B, 8.36%, 4/25/2024 (e) (l)
|
1,322
|
1,320
|
Series 2018-KF47, Class B, 7.46%, 5/25/2025 (e) (l)
|
1,348
|
1,316
|
Series 2019-KC03, Class B, 4.53%, 1/25/2026 (e) (l)
|
2,304
|
2,209
|
Series 2019-KF58, Class B, 7.61%, 1/25/2026 (e) (l)
|
906
|
859
|
Series 2019-KF62, Class B, 7.51%, 4/25/2026 (e) (l)
|
490
|
459
|
Series 2017-KL1E, Class BE, 4.04%, 2/25/2027 (e) (l)
|
186
|
164
|
Series 2017-KF33, Class B, 8.01%, 6/25/2027 (e) (l)
|
566
|
526
|
Series 2017-KF40, Class B, 8.16%, 11/25/2027 (e) (l)
|
978
|
907
|
Series 2018-KF43, Class B, 7.61%, 1/25/2028 (e) (l)
|
1,288
|
1,220
|
Series 21K-F116, Class CS, 11.74%, 6/25/2028 (e) (l)
|
6,709
|
6,649
|
Series 2018-KF50, Class B, 7.36%, 7/25/2028 (e) (l)
|
293
|
271
|
Series 2019-KG01, Class B, 4.31%, 4/25/2029 (e) (l)
|
4,765
|
4,152
|
Series 2019-KW09, Class X2A, IO, 0.10%, 5/25/2029 (e)
|
280,064
|
982
|
Series 2019-KW09, Class C, PO, 6/25/2029 (e)
|
24,011
|
15,248
|
Series 2019-KW09, Class X2B, IO, 0.10%, 6/25/2029 (e)
|
32,681
|
133
|
Series 2023-KF149, Class CS, 11.49%, 12/25/2032 (e) (l)
|
9,997
|
10,200
|
Series 2017-K724, Class D, PO, 12/25/2049 (e)
|
4,873
|
4,840
|
Series 2017-K724, Class X2B, IO, 0.10%, 12/25/2049 (e)
|
4,873
|
—
|
GNMA
|
|
|
Series 2012-89, IO, 0.10%, 12/16/2053 (l)
|
5,927
|
3
|
Series 2017-148, IO, 0.54%, 7/16/2059 (l)
|
8,018
|
249
|
Series 2019-53, Class IA, IO, 0.77%, 6/16/2061 (l)
|
5,925
|
292
|
Series 2021-153, Class SA, IF, IO, 0.00%, 8/16/2061 (l)
|
16,253
|
947
|
Series 2020-169, IO, 0.85%, 7/16/2062 (l)
|
16,892
|
1,032
|
Series 2020-145, IO, 0.73%, 3/16/2063 (l)
|
54,688
|
2,879
|
Series 2021-10, IO, 0.99%, 5/16/2063 (l)
|
5,104
|
349
|
GS Mortgage Securities Trust
|
|
|
Series 2012-GCJ9, Class D, 4.75%, 11/10/2045 (e) (l)
|
412
|
375
|
Series 2015-GC28, Class D, 4.45%, 2/10/2048 (e) (l)
|
2,500
|
2,309
|
Series 2016-GS2, Class D, 2.75%, 5/10/2049 (e)
|
2,750
|
2,332
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Commercial Mortgage-Backed Securities — continued
|
||
United States — continued
|
||
Series 2017-GS5, Class D, 3.51%, 3/10/2050 (e) (l)
|
2,900
|
1,394
|
Series 2017-GS6, Class D, 3.24%, 5/10/2050 (e)
|
1,750
|
965
|
Series 2015-GC30, Class D, 3.38%, 5/10/2050
|
1,250
|
926
|
Series 2019-GC40, Class D, 3.00%, 7/10/2052 (e)
|
3,800
|
2,707
|
Series 2019-GC40, Class E, 3.00%, 7/10/2052 (e)
|
2,250
|
1,292
|
Series 2020-GC45, Class D, 2.85%, 2/13/2053 (e) (l)
|
2,824
|
1,867
|
JPMBB Commercial Mortgage Securities Trust
|
|
|
Series 2013-C15, Class E, 3.50%, 11/15/2045 (e)
|
2,000
|
1,580
|
Series 2013-C17, Class D, 4.85%, 1/15/2047 (e) (l)
|
1,250
|
1,006
|
Series 2014-C26, Class D, 4.01%, 1/15/2048 (e) (l)
|
1,500
|
1,276
|
Series 2014-C26, Class C, 4.51%, 1/15/2048 (l)
|
1,926
|
1,781
|
Series 2015-C33, Class C, 4.79%, 12/15/2048 (l)
|
8,000
|
7,033
|
Series 2016-C1, Class D2, 4.36%, 3/17/2049 (e) (l)
|
1,464
|
1,192
|
Series 2016-C1, Class C, 4.86%, 3/17/2049 (l)
|
5,000
|
4,619
|
JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class D, 4.65%, 3/15/2050 (e) (l)
|
7,577
|
5,612
|
JPMDB Commercial Mortgage Securities Trust Series 2016-C4, Class D, 3.17%, 12/15/2049 (e) (l)
|
2,514
|
1,347
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP3, Class D, 3.56%, 8/15/2049 (e) (l)
|
4,500
|
2,989
|
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 (l)
|
3,405
|
1,300
|
Morgan Stanley Bank of America Merrill Lynch Trust
|
|
|
Series 2012-C5, Class G, 4.50%, 8/15/2045 (e)
|
1,500
|
1,245
|
Series 2014-C14, Class D, 5.18%, 2/15/2047 (e) (l)
|
3,750
|
3,544
|
Series 2014-C15, Class D, 4.97%, 4/15/2047 (e) (l)
|
365
|
362
|
Series 2014-C16, Class C, 4.94%, 6/15/2047 (l)
|
2,000
|
1,699
|
Series 2014-C19, Class D, 3.25%, 12/15/2047 (e)
|
2,585
|
2,244
|
Series 2015-C20, Class C, 4.60%, 2/15/2048 (l)
|
3,127
|
2,954
|
Series 2015-C24, Class D, 3.26%, 5/15/2048 (e)
|
6,000
|
5,220
|
Series 2015-C25, Class C, 4.67%, 10/15/2048 (l)
|
4,500
|
3,942
|
Series 2016-C31, Class C, 4.40%, 11/15/2049 (l)
|
1,440
|
1,203
|
Morgan Stanley Capital I Trust
|
|
|
Series 2018-MP, Class D, 4.42%, 7/11/2040 (e) (l)
|
730
|
495
|
Series 2018-L1, Class E, 3.00%, 10/15/2051 (e)
|
5,486
|
3,458
|
Series 2019-L2, Class D, 3.00%, 3/15/2052 (e)
|
7,075
|
5,069
|
Series 2019-L2, Class E, 3.00%, 3/15/2052 (e)
|
2,575
|
1,610
|
MRCD MARK Mortgage Trust
|
|
|
Series 2019-PARK, Class F, 2.72%, 12/15/2036 (e)
|
10,000
|
5,577
|
Series 2019-PARK, Class G, 2.72%, 12/15/2036 (e)
|
4,000
|
2,102
|
Series 2019-PARK, Class J, 4.25%, 12/15/2036 (e)
|
17,000
|
8,364
|
Multi-Family Connecticut Avenue Securities Trust
|
|
|
Series 2019-01, Class M10, 8.71%, 10/25/2049 (e) (l)
|
4,519
|
4,428
|
Series 2020-01, Class M10, 9.21%, 3/25/2050 (e) (l)
|
2,828
|
2,778
|
NYC Commercial Mortgage Trust Series 2021-909, Class E, 3.31%, 4/10/2043 (e) (l)
|
5,000
|
1,845
|
VASA Trust Series 2021-VASA, Class G, 10.45%, 7/15/2039 (e) (l)
|
1,360
|
618
|
Velocity Commercial Capital Loan Trust
|
|
|
Series 2018-2, Class A, 4.05%, 10/26/2048 (e) (l)
|
1,977
|
1,897
|
Series 2018-2, Class M2, 4.51%, 10/26/2048 (e) (l)
|
130
|
116
|
Series 2018-2, Class M3, 4.72%, 10/26/2048 (e) (l)
|
190
|
162
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Commercial Mortgage-Backed Securities — continued
|
||
United States — continued
|
||
Wells Fargo Commercial Mortgage Trust
|
|
|
Series 2021-SAVE, Class E, 9.10%, 2/15/2040 (e) (l)
|
1,600
|
1,427
|
Series 2015-NXS1, Class E, 2.88%, 5/15/2048 (e) (l)
|
1,500
|
1,171
|
Series 2015-C28, Class D, 4.22%, 5/15/2048 (l)
|
7,740
|
6,385
|
Series 2016-C35, Class D, 3.14%, 7/15/2048 (e)
|
5,000
|
3,942
|
Series 2018-C43, Class D, 3.00%, 3/15/2051 (e)
|
1,250
|
904
|
Series 2018-C44, Class D, 3.00%, 5/15/2051 (e)
|
1,517
|
1,071
|
Series 2019-C52, Class XA, IO, 1.75%, 8/15/2052 (l)
|
3,688
|
220
|
Series 2015-NXS3, Class D, 3.15%, 9/15/2057 (e)
|
1,000
|
928
|
WFRBS Commercial Mortgage Trust Series 2014-C22, Class D, 4.04%, 9/15/2057 (e) (l)
|
5,505
|
2,674
|
Total Commercial Mortgage-Backed Securities
(Cost $405,835)
|
|
342,983
|
Equity Linked Notes — 2.8%
|
||
Canada — 0.3%
|
||
Royal Bank of Canada, ELN, 10.00%, 2/9/2024 (e)
|
49
|
4,029
|
Royal Bank of Canada, ELN, 19.50%, 2/16/2024 (e)
|
10
|
4,081
|
Royal Bank of Canada, ELN, 20.60%, 2/16/2024 (e)
|
26
|
4,033
|
Royal Bank of Canada, ELN, 25.50%, 3/1/2024 (b)
|
24
|
14,549
|
Royal Bank of Canada, ELN, 9.10%, 2/9/2024 (e)
|
3
|
4,254
|
|
|
30,946
|
France — 0.0% ^
|
||
BNP Paribas, ELN, 22.70%, 2/9/2024 (e)
|
9
|
4,134
|
Japan — 0.5%
|
||
Mizuho Markets Cayman LP, ELN, 11.00%, 2/16/2024, (linked to Nasdaq Index) (e)
|
30
|
4,149
|
Mizuho Markets Cayman LP, ELN, 12.40%, 2/23/2024 (e)
|
11
|
6,405
|
Mizuho Markets Cayman LP, ELN, 13.10%, 2/23/2024 (e)
|
25
|
6,435
|
Mizuho Markets Cayman LP, ELN, 26.00%, 2/23/2024, (linked to Nasdaq Index) (e)
|
26
|
6,422
|
Mizuho Markets Cayman LP, ELN, 30.00%, 2/23/2024 (e)
|
55
|
5,777
|
Nomura America Finance LLC, ELN, 14.00%, 2/23/2024 (e)
|
50
|
6,275
|
Nomura America Finance LLC, ELN, 4.30%, 2/23/2024 (e)
|
75
|
6,464
|
|
|
41,927
|
Switzerland — 0.1%
|
||
UBS AG, ELN, 4.80%, 3/1/2024 (e)
|
138
|
7,981
|
United Kingdom — 0.1%
|
||
Barclays Bank PLC, ELN, 23.70%, 2/23/2024 (e)
|
30
|
6,447
|
United States — 1.8%
|
||
Barclays Bank PLC, ELN, 10.00%, 3/1/2024 (e)
|
118
|
6,460
|
Barclays Bank PLC, ELN, 30.00%, 3/1/2024 (e)
|
104
|
5,806
|
BNP Paribas, ELN, 12.00%, 3/1/2024 (e)
|
8
|
6,361
|
Citigroup Global Markets Holdings, Inc., ELN, 21.60%, 2/9/2024 (e)
|
83
|
3,758
|
Citigroup Global Markets Holdings, Inc., ELN, 21.90%, 2/23/2024, (linked to Nasdaq Global Select Market Index) (e)
|
55
|
9,303
|
Citigroup Global Markets Holdings, Inc., ELN, 31.50%, 2/16/2024, (linked to Nasdaq Global Select Market Index) (e)
|
15
|
4,023
|
Citigroup Global Markets Holdings, Inc., ELN, 7.20%, 2/9/2024 (e)
|
43
|
3,573
|
Goldman Sachs International, ELN, 14.00%, 2/16/2024 (e)
|
34
|
3,968
|
Goldman Sachs International, ELN, 15.60%, 2/9/2024 (e)
|
36
|
6,717
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Equity Linked Notes — continued
|
||
United States — continued
|
||
Goldman Sachs International, ELN, 17.00%, 2/9/2024 (e)
|
15
|
5,399
|
Goldman Sachs International, ELN, 7.70%, 2/16/2024 (e)
|
54
|
4,597
|
Morgan Stanley Finance LLC, ELN, 10.10%, 2/16/2024 (b)
|
14
|
4,787
|
Morgan Stanley Finance LLC, ELN, 17.50%, 3/1/2024 (b)
|
27
|
6,419
|
Morgan Stanley Finance LLC, ELN, 25.90%, 2/16/2024 (b)
|
68
|
4,314
|
Morgan Stanley Finance LLC, ELN, 5.00%, 2/16/2024 (b)
|
41
|
3,950
|
Morgan Stanley Finance LLC, ELN, 6.00%, 2/9/2024 (b)
|
16
|
4,596
|
Morgan Stanley Finance LLC, ELN, 8.00%, 2/23/2024 (b)
|
17
|
10,968
|
Morgan Stanley Finance LLC, ELN, 8.00%, 3/1/2024 (b)
|
134
|
6,310
|
Morgan Stanley Finance LLC, ELN, 9.00%, 2/16/2024 (b)
|
2
|
4,606
|
Morgan Stanley Finance LLC, ELN, 9.20%, 3/1/2024 (b)
|
17
|
6,779
|
Nomura America Finance LLC, ELN, 10.00%, 2/16/2024 (e)
|
28
|
5,027
|
Nomura America Finance LLC, ELN, 10.00%, 3/1/2024 (e)
|
24
|
6,914
|
Nomura America Finance LLC, ELN, 12.40%, 2/9/2024 (e)
|
169
|
3,680
|
Nomura America Finance LLC, ELN, 4.50%, 2/9/2024 (e)
|
17
|
3,755
|
Nomura America Finance LLC, ELN, 5.66%, 2/9/2024 (e)
|
12
|
4,002
|
Societe Genereale, ELN, 19.10%, 3/1/2024, (linked to New York Stock Exchange Index) (e)
|
121
|
7,945
|
Societe Genereale, ELN, 5.30%, 2/23/2024, (linked to Nasdaq Global Select Market Index) (e)
|
21
|
5,943
|
Societe Genereale, ELN, 6.30%, 2/23/2024, (linked to Nasdaq Global Select Market Index) (e)
|
24
|
6,781
|
|
|
156,741
|
Total Equity Linked Notes
(Cost $249,696)
|
|
248,176
|
Asset-Backed Securities — 2.4%
|
||
Cayman Islands — 0.6%
|
||
AIMCO CLO Series 2015-AA, Class BR2, 7.18%, 10/17/2034 (e) (l)
|
750
|
750
|
Apidos CLO Series 2016-24A, Class A1AL, 6.53%, 10/20/2030 (e) (l)
|
1,565
|
1,567
|
Ares CLO Ltd. Series 2016-39A, Class A1R2, 6.61%, 4/18/2031 (e) (l)
|
900
|
900
|
Bain Capital Credit CLO Series 2020-1A, Class A1, 6.75%, 4/18/2033 (e) (l)
|
1,450
|
1,452
|
Benefit Street Partners CLO Ltd. Series 2019-18A, Class A1R, 6.75%, 10/15/2034 (e) (l)
|
2,300
|
2,301
|
Carlyle Global Market Strategies CLO Ltd.
|
|
|
Series 2014-3RA, Class A1A, 6.63%, 7/27/2031 (e) (l)
|
641
|
642
|
Series 2015-4A, Class A1R, 6.92%, 7/20/2032 (e) (l)
|
1,400
|
1,402
|
Carlyle US CLO Ltd. Series 2018-1A, Class A1, 6.60%, 4/20/2031 (e) (l)
|
1,729
|
1,732
|
CIFC Funding Ltd.
|
|
|
Series 2018-1A, Class A, 6.56%, 4/18/2031 (e) (l)
|
1,544
|
1,546
|
Series 2018-4A, Class A1, 6.73%, 10/17/2031 (e) (l)
|
2,478
|
2,479
|
Dryden CLO Ltd.
|
|
|
Series 2018-64A, Class A, 6.53%, 4/18/2031 (e) (l)
|
1,366
|
1,367
|
Series 2019-68A, Class BR, 7.28%, 7/15/2035 (e) (l)
|
650
|
650
|
Dryden Senior Loan Fund
|
|
|
Series 2013-30A, Class AR, 6.46%, 11/15/2028 (e) (l)
|
358
|
358
|
Series 2013-26A, Class AR, 6.48%, 4/15/2029 (e) (l)
|
874
|
874
|
Series 2015-37A, Class AR, 6.68%, 1/15/2031 (e) (l)
|
1,270
|
1,271
|
Series 2015-41A, Class AR, 6.55%, 4/15/2031 (e) (l)
|
1,207
|
1,205
|
Elmwood CLO Ltd.
|
|
|
Series 2020-1A, Class A, 6.82%, 4/15/2033 (e) (l)
|
2,700
|
2,704
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Asset-Backed Securities — continued
|
||
Cayman Islands — continued
|
||
Series 2021-4A, Class B, 7.18%, 10/20/2034 (e) (l)
|
700
|
700
|
Flatiron CLO Ltd. Series 2019-1A, Class AR, 6.73%, 11/16/2034 (e) (l)
|
380
|
380
|
Galaxy CLO Ltd.
|
|
|
Series 2018-27A, Class A, 6.67%, 5/16/2031 (e) (l)
|
1,204
|
1,204
|
Series 2016-22A, Class ARR, 6.78%, 4/16/2034 (e) (l)
|
1,000
|
1,000
|
Goldentree Loan Management US CLO Ltd. Series 2017-2A, Class AR, 6.49%, 11/20/2030 (e) (l)
|
1,355
|
1,356
|
KKR CLO Trust Series 39A, Class B1, 7.28%, 10/15/2034 (e) (l)
|
1,450
|
1,452
|
Madison Park Funding Ltd.
|
|
|
Series 2018-32A, Class A1R, 6.58%, 1/22/2031 (e) (l)
|
1,200
|
1,199
|
Series 2019-34A, Class AR, 6.71%, 4/25/2032 (e) (l)
|
1,800
|
1,803
|
Series 2019-37A, Class AR, 6.65%, 7/15/2033 (e) (l)
|
1,000
|
1,001
|
Magnetite Ltd. Series 2015-15A, Class AR, 6.60%, 7/25/2031 (e) (l)
|
1,179
|
1,180
|
Neuberger Berman Loan Advisers CLO Ltd.
|
|
|
Series 2019-31A, Class AR, 6.62%, 4/20/2031 (e) (l)
|
2,000
|
2,002
|
Series 2020-36A, Class A1R, 6.83%, 4/20/2033 (e) (l)
|
2,300
|
2,306
|
Series 2019-34A, Class A1R, 6.56%, 1/20/2035 (e) (l)
|
2,160
|
2,154
|
OCP CLO Ltd.
|
|
|
Series 2020-8RA, Class A1, 6.80%, 1/17/2032 (e) (l)
|
680
|
680
|
Series 2020-18A, Class AR, 6.67%, 7/20/2032 (e) (l)
|
2,600
|
2,602
|
Octagon Investment Partners Ltd. Series 2013-1A, Class A1RR, 6.54%, 7/19/2030 (e) (l)
|
1,813
|
1,813
|
Octagon Investment Partners Ltd. Series 2018-1A, Class A1A, 6.64%, 1/20/2031 (e) (l)
|
1,151
|
1,151
|
Octagon Loan Funding Ltd. Series 2014-1A, Class ARR, 6.81%, 11/18/2031 (e) (l)
|
930
|
931
|
Palmer Square Loan Funding Ltd. Series 2022-4A, Class A2, 7.62%, 7/24/2031 (e) (l)
|
1,900
|
1,901
|
Symphony CLO Ltd.
|
|
|
Series 2018-19A, Class A, 6.54%, 4/16/2031 (e) (l)
|
1,195
|
1,196
|
Series 2018-19A, Class B, 6.93%, 4/16/2031 (e) (l)
|
1,400
|
1,396
|
Series 2014-15A, Class AR3, 6.66%, 1/17/2032 (e) (l)
|
800
|
799
|
Voya CLO Ltd. Series 2016-3A, Class CR, 8.81%, 10/18/2031 (e) (l)
|
550
|
513
|
|
|
53,919
|
United States — 1.8%
|
||
ABFC Trust
|
|
|
Series 2003-OPT1, Class A1A, 6.27%, 4/25/2033 (l)
|
98
|
98
|
Series 2004-OPT3, Class M1, 6.20%, 9/25/2033 (l)
|
138
|
137
|
Series 2004-HE1, Class M1, 6.35%, 3/25/2034 (l)
|
488
|
480
|
Accredited Mortgage Loan Trust Series 2004-4, Class M1, 5.20%, 1/25/2035 (l)
|
390
|
370
|
ACE Securities Corp. Home Equity Loan Trust
|
|
|
Series 2003-FM1, Class M1, 6.74%, 11/25/2032 (l)
|
355
|
365
|
Series 2004-OP1, Class M2, 7.03%, 4/25/2034 (l)
|
1,222
|
1,075
|
Affirm Asset Securitization Trust
|
|
|
Series 2022-A, Class 1E, 8.04%, 5/17/2027 (e)
|
1,060
|
1,034
|
Series 2023-B, Class A, 6.82%, 9/15/2028 (e)
|
1,077
|
1,100
|
American Credit Acceptance Receivables Trust
|
|
|
Series 2024-1, Class B, 5.60%, 11/12/2027 (e)
|
700
|
702
|
Series 2022-1, Class E, 3.64%, 3/13/2028 (e)
|
1,473
|
1,396
|
Series 2023-2, Class C, 5.96%, 8/13/2029 (e)
|
950
|
954
|
Series 2023-3, Class C, 6.44%, 10/12/2029 (e)
|
797
|
807
|
Series 2024-1, Class C, 5.63%, 1/14/2030 (e)
|
1,450
|
1,450
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Asset-Backed Securities — continued
|
||
United States — continued
|
||
Series 2024-1, Class D, 5.86%, 5/13/2030 (e)
|
1,400
|
1,400
|
Series 2023-4, Class D, 7.65%, 9/12/2030 (e)
|
1,400
|
1,455
|
AmeriCredit Automobile Receivables Trust Series 2022-2, Class C, 5.32%, 4/18/2028
|
1,650
|
1,660
|
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2002-AR1, Class M1, 3.61%, 9/25/2032 (l)
|
94
|
100
|
Asset-Backed Securities Corp. Home Equity Loan Trust
|
|
|
Series 2004-HE2, Class M2, 7.33%, 4/25/2034 (l)
|
375
|
384
|
Series 2004-HE7, Class M2, 7.03%, 10/25/2034 (l)
|
301
|
293
|
Bear Stearns Asset-Backed Securities Trust
|
|
|
Series 2003-SD1, Class M1, 6.73%, 12/25/2033 (l)
|
388
|
390
|
Series 2003-1, Class M1, 7.10%, 11/25/2042 (l)
|
6
|
10
|
Series 2004-SD4, Class A1, 6.35%, 8/25/2044 (l)
|
548
|
519
|
Carlyle Global Market Strategies CLO Ltd. Series 2012-3A, Class A1A2, 6.76%, 1/14/2032 (e) (l)
|
1,322
|
1,322
|
Centex Home Equity Loan Trust
|
|
|
Series 2004-C, Class M2, 4.53%, 6/25/2034 (l)
|
331
|
315
|
Series 2004-D, Class MF2, 6.06%, 9/25/2034 (h)
|
603
|
594
|
Series 2004-D, Class MV2, 6.49%, 9/25/2034 (l)
|
27
|
26
|
Chase Funding Trust
|
|
|
Series 2003-5, Class 1M2, 5.64%, 9/25/2032 (l)
|
111
|
95
|
Series 2004-1, Class 1M1, 4.73%, 5/25/2033
|
841
|
799
|
Series 2003-4, Class 1A5, 5.92%, 5/25/2033 (h)
|
518
|
501
|
Series 2004-1, Class 2M1, 6.20%, 9/25/2033 (l)
|
—
|
—
|
CHEC Loan Trust Series 2004-1, Class M1, 6.35%, 7/25/2034 (e) (l)
|
493
|
478
|
Citigroup Mortgage Loan Trust, Inc.
|
|
|
Series 2005-OPT1, Class M4, 6.50%, 2/25/2035 (l)
|
127
|
120
|
Series 2005-WF2, Class AF7, 5.75%, 8/25/2035 (h)
|
22
|
20
|
Conn's Receivables Funding LLC
|
|
|
Series 2022-A, Class B, 9.52%, 12/15/2026 (e)
|
388
|
389
|
Series 2023-A, Class B, 10.00%, 1/17/2028 (e)
|
102
|
103
|
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2020-9, Class PT, 8.74%, 4/15/2045 ‡ (e) (l)
|
279
|
266
|
Countrywide Asset-Backed Certificates
|
|
|
Series 2004-3, Class M1, 6.20%, 6/25/2034 (l)
|
414
|
410
|
Series 2004-3, Class M2, 6.28%, 6/25/2034 (l)
|
37
|
36
|
Series 2004-ECC2, Class M2, 6.43%, 12/25/2034 (l)
|
23
|
23
|
Countrywide Partnership Trust Series 2004-EC1, Class M2, 6.40%, 1/25/2035 (l)
|
46
|
48
|
Credit Acceptance Auto Loan Trust
|
|
|
Series 2022-3A, Class A, 6.57%, 10/15/2032 (e)
|
400
|
404
|
Series 2022-3A, Class D, 9.00%, 4/18/2033 (e)
|
1,000
|
1,019
|
Series 2023-3A, Class B, 7.09%, 10/17/2033 (e)
|
311
|
318
|
CWABS Asset-Backed Certificates Trust Series 2005-11, Class AF6, 5.05%, 2/25/2036 (l)
|
41
|
39
|
CWABS Asset-Backed Certificates Trust, Series 2004-BC4, Class M1, 6.50%, 11/25/2034 (l)
|
23
|
22
|
CWABS, Inc. Asset-Backed Certificates Series 2004-1, Class M2, 6.28%, 3/25/2034 (l)
|
238
|
240
|
CWABS, Inc., Asset-Backed Certificates Series 2004-1, Class M3, 6.43%, 2/25/2034 (l)
|
2
|
2
|
DT Auto Owner Trust
|
|
|
Series 2021-4A, Class D, 1.99%, 9/15/2027 (e)
|
963
|
905
|
Series 2022-3A, Class C, 7.69%, 7/17/2028 (e)
|
935
|
959
|
Series 2022-1A, Class E, 5.53%, 3/15/2029 (e)
|
500
|
481
|
Series 2023-3A, Class C, 6.40%, 5/15/2029 (e)
|
900
|
911
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Asset-Backed Securities — continued
|
||
United States — continued
|
||
Exeter Automobile Receivables Trust
|
|
|
Series 2020-3A, Class F, 5.56%, 6/15/2027 (e)
|
1,500
|
1,484
|
Series 2023-3A, Class C, 6.21%, 6/15/2028
|
690
|
697
|
Series 2021-2A, Class E, 2.90%, 7/17/2028 (e)
|
2,750
|
2,585
|
Series 2022-6A, Class D, 8.03%, 4/6/2029
|
804
|
846
|
Finance America Mortgage Loan Trust Series 2004-3, Class M2, 6.40%, 11/25/2034 (l)
|
139
|
119
|
First Franklin Mortgage Loan Asset-Backed Certificates Series 2004-FF3, Class M1, 6.28%, 5/25/2034 (l)
|
295
|
283
|
Flagship Credit Auto Trust Series 2019-3, Class E, 3.84%, 12/15/2026 (e)
|
1,250
|
1,213
|
FREED ABS Trust Series 2022-4FP, Class B, 7.58%, 12/18/2029 (e)
|
1,042
|
1,045
|
Fremont Home Loan Trust
|
|
|
Series 2002-1, Class M1, 6.70%, 8/25/2033 (l)
|
571
|
587
|
Series 2004-B, Class M2, 6.40%, 5/25/2034 (l)
|
276
|
266
|
Series 2004-C, Class M1, 6.43%, 8/25/2034 (l)
|
449
|
411
|
Series 2004-D, Class M2, 6.35%, 11/25/2034 (l)
|
174
|
166
|
GLS Auto Receivables Issuer Trust
|
|
|
Series 2021-3A, Class E, 3.20%, 10/16/2028 (e)
|
900
|
835
|
Series 2022-2A, Class E, 5.50%, 6/15/2029 (e)
|
1,250
|
1,166
|
GSAMP Trust
|
|
|
Series 2003-SEA, Class A1, 6.25%, 2/25/2033 (l)
|
296
|
286
|
Series 2003-HE1, Class M1, 6.70%, 6/20/2033 (l)
|
671
|
677
|
Hertz Vehicle Financing LLC
|
|
|
Series 2023-3A, Class A, 5.94%, 2/25/2028 (e)
|
420
|
428
|
Series 2023-2A, Class D, 9.40%, 9/25/2029 (e)
|
700
|
738
|
Home Equity Mortgage Loan Asset-Backed Trust
|
|
|
Series 2004-B, Class M2, 4.81%, 11/25/2034 (l)
|
244
|
227
|
Series 2004-C, Class M2, 4.52%, 3/25/2035 (l)
|
636
|
569
|
LendingClub Loan Certificate Issuer Trust
|
|
|
Series 2022-P3, Class CERT, 11.88%, 5/15/2037 ‡ (e)
|
125
|
1,396
|
Series 2022-NP3, Class CERT, HB, 25.22%, 5/15/2037 ‡ (e)
|
125
|
1,713
|
Series 2022-NP5, Class CERT, 0.00%, 6/15/2037 ‡ (e)
|
200
|
3,489
|
Series 2022-P4, Class CERT, 0.00%, 6/15/2037 ‡ (e)
|
200
|
2,602
|
Series 2022-NP6, Class CERT, HB, 25.46%, 7/15/2037 ‡ (e)
|
50
|
914
|
Lendmark Funding Trust
|
|
|
Series 2021-1A, Class B, 2.47%, 11/20/2031 (e)
|
1,200
|
1,044
|
Series 2021-2A, Class B, 2.37%, 4/20/2032 (e)
|
500
|
429
|
Long Beach Mortgage Loan Trust Series 2003-4, Class M1, 6.47%, 8/25/2033 (l)
|
13
|
13
|
Magnetite Ltd. Series 2023-39A, Class B, 7.53%, 10/25/2033 (e) (l)
|
1,200
|
1,200
|
MASTR Asset-Backed Securities Trust
|
|
|
Series 2004-OPT2, Class M2, 6.43%, 9/25/2034 (l)
|
554
|
560
|
Series 2005-NC1, Class M4, 6.59%, 12/25/2034 (l)
|
466
|
465
|
Merrill Lynch Mortgage Investors Trust
|
|
|
Series 2003-OPT1, Class M1, 6.43%, 7/25/2034 (l)
|
62
|
54
|
Series 2004-HE2, Class M1, 6.65%, 8/25/2035 (l)
|
45
|
44
|
Morgan Stanley ABS Capital I, Inc. Trust
|
|
|
Series 2003-NC10, Class M1, 6.47%, 10/25/2033 (l)
|
207
|
205
|
Series 2004-WMC2, Class M1, 6.37%, 7/25/2034 (l)
|
677
|
679
|
Series 2004-WMC2, Class M2, 7.25%, 7/25/2034 (l)
|
156
|
140
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Asset-Backed Securities — continued
|
||
United States — continued
|
||
Series 2004-HE6, Class M2, 6.35%, 8/25/2034 (l)
|
518
|
488
|
Series 2004-HE7, Class M2, 6.40%, 8/25/2034 (l)
|
112
|
108
|
Series 2004-HE6, Class M3, 6.43%, 8/25/2034 (l)
|
343
|
323
|
Series 2004-HE8, Class M2, 6.47%, 9/25/2034 (l)
|
200
|
199
|
Series 2004-NC8, Class M3, 6.56%, 9/25/2034 (l)
|
260
|
251
|
Series 2004-HE8, Class M3, 6.58%, 9/25/2034 (l)
|
352
|
351
|
Series 2005-HE1, Class M2, 6.16%, 12/25/2034 (l)
|
213
|
197
|
Series 2005-NC1, Class M3, 6.22%, 1/25/2035 (l)
|
263
|
251
|
Morgan Stanley Mortgage Loan Trust Series 2007-5AX, Class 2A2, 5.75%, 2/25/2037 (l)
|
2,725
|
564
|
New Century Home Equity Loan Trust
|
|
|
Series 2004-2, Class M2, 6.38%, 8/25/2034 (l)
|
86
|
86
|
Series 2004-3, Class M2, 6.43%, 11/25/2034 (l)
|
188
|
186
|
Series 2004-4, Class M2, 6.25%, 2/25/2035 (l)
|
159
|
160
|
NovaStar Mortgage Funding Trust Series 2003-2, Class M2, 8.23%, 9/25/2033 (l)
|
735
|
742
|
Oak Street Investment Grade Net Lease Fund
|
|
|
Series 2021-1A, Class A3, 2.80%, 1/20/2051 (e)
|
2,500
|
2,119
|
Series 2021-1A, Class B1, 4.23%, 1/20/2051 (e)
|
1,250
|
1,037
|
OneMain Financial Issuance Trust Series 2023-2A, Class A2, 6.85%, 9/15/2036 (e) (l)
|
2,396
|
2,407
|
Oportun Issuance Trust Series 2022-3, Class B, 8.53%, 1/8/2030 (e)
|
1,000
|
1,006
|
Option One Mortgage Accept Corp. Asset-Backed Certificates
|
|
|
Series 2003-5, Class A2, 6.09%, 8/25/2033 (l)
|
236
|
230
|
Series 2003-5, Class M2, 7.78%, 8/25/2033 (l)
|
4
|
7
|
Option One Mortgage Loan Trust Series 2004-3, Class M2, 6.31%, 11/25/2034 (l)
|
302
|
293
|
Pagaya AI Debt Selection Trust Series 2021-3, Class C, 3.27%, 5/15/2029 (e)
|
1,500
|
1,254
|
People's Choice Home Loan Securities Trust Series 2004-2, Class M3, 7.18%, 10/25/2034 (l)
|
1,910
|
1,700
|
PRET LLC
|
|
|
Series 2021-NPL3, Class A2, 3.72%, 7/25/2051 (e) (h)
|
3,333
|
2,929
|
Series 2021-NPL6, Class A2, 5.07%, 7/25/2051 (e) (h)
|
6,250
|
5,793
|
Series 2021-RN4, Class A2, 5.19%, 10/25/2051 (e) (l)
|
5,000
|
4,779
|
Pretium Mortgage Credit Partners LLC Series 2021-RN1, Class A2, 3.60%, 2/25/2061 (e) (h)
|
5,000
|
4,492
|
Progress Residential Trust
|
|
|
Series 2021-SFR8, Class G, 4.01%, 10/17/2038 (e)
|
6,080
|
5,369
|
Series 2022-SFR3, Class D, 4.45%, 4/17/2039 (e)
|
1,250
|
1,194
|
PRPM LLC
|
|
|
Series 2021-1, Class A2, 6.72%, 1/25/2026 (e) (l)
|
5,016
|
4,925
|
Series 2021-2, Class A1, 2.12%, 3/25/2026 (e) (l)
|
2,817
|
2,796
|
Series 2021-3, Class A2, 3.72%, 4/25/2026 (e) (h)
|
5,500
|
5,468
|
Series 2021-5, Class A2, 3.72%, 6/25/2026 (e) (h)
|
4,000
|
3,829
|
Series 2021-6, Class A2, 3.47%, 7/25/2026 (e) (h)
|
3,447
|
3,340
|
Series 2021-7, Class A2, 3.67%, 8/25/2026 (e) (h)
|
5,030
|
4,894
|
Series 2021-8, Class A2, 3.60%, 9/25/2026 (e) (l)
|
5,000
|
4,805
|
Series 2021-10, Class A2, 4.83%, 10/25/2026 (e) (h)
|
9,000
|
8,813
|
Series 2021-11, Class A1, 2.49%, 11/25/2026 (e) (h)
|
3,367
|
3,319
|
Series 2021-11, Class A2, 4.58%, 11/25/2026 (e) (h)
|
5,269
|
5,107
|
RAMP Trust Series 2002-RS2, Class AI5, 4.81%, 3/25/2032 (l)
|
150
|
147
|
Renaissance Home Equity Loan Trust
|
|
|
Series 2002-3, Class M1, 6.95%, 12/25/2032 (l)
|
277
|
253
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Asset-Backed Securities — continued
|
||
United States — continued
|
||
Series 2003-1, Class M1, 6.95%, 6/25/2033 (l)
|
155
|
142
|
Series 2003-4, Class M2F, 6.24%, 3/25/2034 (h)
|
581
|
505
|
Series 2003-4, Class M1, 6.73%, 3/25/2034 (l)
|
1,058
|
938
|
Santander Bank Auto Credit-Linked Notes
|
|
|
Series 2022-C, Class B, 6.45%, 12/15/2032 (e)
|
292
|
292
|
Series 2022-C, Class C, 6.99%, 12/15/2032 (e)
|
253
|
254
|
Series 2022-C, Class D, 8.20%, 12/15/2032 (e)
|
233
|
235
|
Series 2022-C, Class E, 11.37%, 12/15/2032 (e)
|
126
|
128
|
Santander Drive Auto Receivables Trust
|
|
|
Series 2024-1, Class B, 5.23%, 12/15/2028
|
300
|
302
|
Series 2024-1, Class C, 5.45%, 3/15/2030
|
160
|
161
|
Series 2022-6, Class D, 5.69%, 2/18/2031
|
5,100
|
5,114
|
Series 2023-6, Class C, 6.40%, 3/17/2031
|
502
|
522
|
SASCO Mortgage Loan Trust Series 2004-GEL3, Class M1, 4.89%, 8/25/2034 (l)
|
429
|
427
|
Saxon Asset Securities Trust Series 2004-2, Class MV2, 3.68%, 8/25/2035 (l)
|
99
|
101
|
SBA Small Business Investment Cos.
|
|
|
Series 2023-10A, Class 1, 5.17%, 3/10/2033
|
1,308
|
1,311
|
Series 2023-10B, Class 1, 5.69%, 9/10/2033
|
550
|
570
|
Securitized Asset-Backed Receivables LLC Trust Series 2005-OP1, Class M2, 6.13%, 1/25/2035 (l)
|
333
|
295
|
Stanwich Mortgage Loan Co. LLC Series 2021-NPB1, Class A2, 4.38%, 10/16/2026 (e) (h)
|
500
|
442
|
Structured Asset Securities Corp. Pass-Through Certificates Series 2002-AL1, Class A3, 3.45%, 2/25/2032
|
648
|
280
|
Theorem Funding Trust Series 2022-3A, Class A, 7.60%, 4/15/2029 (e)
|
441
|
444
|
Upstart Pass-Through Trust
|
|
|
Series 2022-PT3, Class A, 19.04%, 4/20/2030 ‡ (e) (l)
|
1,217
|
1,234
|
Series 2022-PT4, Class A, 18.57%, 5/20/2030 (e) (l)
|
2,238
|
2,238
|
Upstart Securitization Trust
|
|
|
Series 2021-5, Class C, 4.15%, 11/20/2031 (e)
|
1,200
|
1,110
|
Series 2022-1, Class C, 5.71%, 3/20/2032 (e)
|
1,200
|
1,069
|
Series 2022-4, Class A, 5.98%, 8/20/2032 (e)
|
255
|
255
|
Wells Fargo Home Equity Asset-Backed Securities Trust
|
|
|
Series 2004-2, Class M8B, 5.00%, 10/25/2034 (e) (l)
|
290
|
260
|
Series 2004-2, Class M1, 6.35%, 10/25/2034 (l)
|
138
|
138
|
Series 2004-2, Class M8A, 9.95%, 10/25/2034 (e) (l)
|
290
|
281
|
|
|
161,858
|
Total Asset-Backed Securities
(Cost $219,635)
|
|
215,777
|
Loan Assignments — 1.8% (d) (n)
|
||
France — 0.0% ^
|
||
Banijay Entertainment, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.20%, 3/1/2028
|
384
|
384
|
Numericable U.S. LLC, 1st Lien Term Loan B-14 (3-MONTH CME TERM SOFR + 5.50%), 10.81%, 8/15/2028
|
204
|
184
|
|
|
568
|
Germany — 0.0% ^
|
||
Thyssenkrupp Elevator, 1st Lien Term Loan B-1 (6-MONTH SOFR + 3.50%), 9.08%, 7/30/2027
|
345
|
345
|
Ireland — 0.0% ^
|
||
Flutter Entertainment plc, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.90%, 7/22/2028
|
172
|
172
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Loan Assignments — continued
|
||
Luxembourg — 0.1%
|
||
Formula One Group, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 7.60%, 1/15/2030
|
825
|
824
|
ICON, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 7.86%, 7/3/2028
|
330
|
330
|
Ineos US Finance LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.96%, 2/18/2030
|
522
|
515
|
Nestle Skin Health SA, Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 8.95%, 10/1/2026 (o)
|
6,854
|
6,853
|
|
|
8,522
|
Netherlands — 0.0% ^
|
||
CommScope, Inc., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 3.25%), 8.70%, 4/6/2026
|
838
|
731
|
United States — 1.7%
|
||
AAdvantage Loyality IP Ltd., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.75%), 10.33%, 4/20/2028
|
3,315
|
3,391
|
Adient US LLC, Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.72%, 4/10/2028
|
2,384
|
2,385
|
Advanced Drainage Systems, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.25%), 7.70%, 7/31/2026
|
301
|
302
|
Ahead DB Holdings LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 9.20%, 10/18/2027
|
496
|
492
|
AHP Health Partners, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.95%, 8/24/2028
|
420
|
420
|
Albany Molecular Research, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.75%), 9.16%, 8/30/2026
|
307
|
281
|
Alliance Laundry Systems LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 8.93%, 10/8/2027
|
784
|
782
|
Alliant Holdings Intermediate LLC, 1st Lien Term Loan B-6 (3-MONTH SOFR + 3.50%), 8.83%, 11/6/2030 (o)
|
224
|
225
|
Allied Universal Holdco LLC, 1st Lien Term Loan B
|
|
|
(1-MONTH CME TERM SOFR + 3.75%), 9.18%, 5/12/2028
|
507
|
501
|
(1-MONTH CME TERM SOFR + 4.75%), 10.08%, 5/12/2028
|
145
|
144
|
Altice Financing SA, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 5.00%), 10.31%, 10/28/2027
|
378
|
376
|
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR+ 3-MONTH CME TERM SOFR + 3.50%),
8.94%, 12/13/2029
|
731
|
731
|
Ancestry.com, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 12/6/2027
|
387
|
377
|
API Group DE, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.25%), 7.70%, 10/1/2026
|
487
|
487
|
AppleCaramel Buyer LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.08%, 10/19/2027
|
3,632
|
3,627
|
Asplundh Tree Expert LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 1.75%), 7.21%, 9/7/2027
|
247
|
247
|
Astoria Energy LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.97%, 12/10/2027
|
186
|
186
|
Asurion LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.70%, 7/31/2027
|
342
|
337
|
Asurion LLC, 1st Lien Term Loan B-11 (1-MONTH CME TERM SOFR + 4.25%), 9.68%, 8/19/2028
|
560
|
553
|
Asurion LLC, 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 5.25%), 10.70%, 1/31/2028
|
325
|
311
|
Asurion LLC, Term Loan B-10 (1-MONTH CME TERM SOFR + 4.00%), 9.43%, 8/19/2028
|
335
|
330
|
AthenaHealth, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.58%, 2/15/2029
|
497
|
490
|
Avantor Funding, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.25%), 7.68%, 11/8/2027
|
281
|
281
|
AZZ, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.08%, 5/13/2029
|
348
|
348
|
B&G Foods, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.83%, 10/10/2026
|
375
|
373
|
Bausch Health Cos., Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 5.25%), 10.69%, 2/1/2027
|
564
|
443
|
Birkenstock, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.89%, 4/28/2028
|
256
|
256
|
Brookfield WEC Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 8.22%, 8/1/2025
|
623
|
619
|
Brooks Automation, 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 3.10%), 7.95%, 2/1/2029
|
1,007
|
1,004
|
Brooks Automation, 2nd Lien Term Loan (12-MONTH CME TERM SOFR + 5.60%), 10.40%, 2/1/2030
|
169
|
167
|
Buckeye Partners LP, 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 2.25%), 7.68%, 11/1/2026
|
237
|
236
|
Buckeye Partners, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.83%, 11/22/2030 (o)
|
300
|
300
|
BWAY Intermediate Co., Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.00%), 9.35%, 8/14/2026
|
545
|
545
|
Cabinetworks, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.25%), 9.86%, 5/17/2028
|
3,072
|
2,649
|
Caesars Entertainment, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.66%, 2/6/2030
|
687
|
686
|
Caliber Collision, 1st Lien Term Loan B (3-MONTH SOFR + 3.75%), 3.75%, 1/30/2031 (o)
|
280
|
280
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Loan Assignments — continued
|
||
United States — continued
|
||
Calpine Construction Finance Co. LP, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.25%), 7.61%, 7/31/2030
|
413
|
411
|
Camelot Finance LP, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.47%, 10/30/2026
|
806
|
804
|
Carnival Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.34%, 8/9/2027
|
596
|
596
|
Carroll County Energy LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 8.95%, 2/13/2026
|
262
|
257
|
CenturyLink, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.25%), 7.70%, 3/15/2027
|
276
|
194
|
Chamberlain Group, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 11/3/2028
|
545
|
538
|
Charter Communications Operating LLC, 1st Lien Term Loan B-4 (3-MONTH SOFR + 2.00%), 7.33%, 12/7/2030 (o)
|
1,350
|
1,328
|
Ciena Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.00%), 7.34%, 10/24/2030
|
521
|
522
|
Cincinnati Bell, Inc., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 11/22/2028
|
343
|
338
|
Claire's Stores, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 6.50%), 11.93%, 12/18/2026 (p)
|
1,782
|
1,678
|
Clarios Global LP, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.33%, 5/6/2030
|
429
|
429
|
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 9.07%, 8/21/2026
|
3,032
|
2,996
|
Coherent Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.20%, 7/2/2029 (o)
|
496
|
493
|
Conair Holdings LLC, 1st Lien Term Loan B
|
|
|
(1-MONTH CME TERM SOFR + 3.75%), 9.20%, 5/17/2028 (o)
|
1,982
|
1,925
|
(3-MONTH CME TERM SOFR + 3.00%), 3.25%, 1/17/2031 (o)
|
100
|
99
|
Conservice, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.00%), 9.71%, 5/13/2027
|
560
|
561
|
Consilio, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.00%), 9.45%, 5/12/2028
|
518
|
515
|
CPM Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.50%), 9.85%, 9/28/2028
|
331
|
331
|
Creative Artists Agency LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.83%, 11/27/2028
|
448
|
448
|
CSC Holdings LLC, Term Loan B-6 (1-MONTH CME TERM SOFR + 4.50%), 9.83%, 1/18/2028
|
1,468
|
1,432
|
DaVita, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 1.75%), 7.20%, 8/12/2026
|
618
|
616
|
DexKo Global, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 9.36%, 10/4/2028
|
4,005
|
3,978
|
DigiCert, 1st Lien Term Loan
|
|
|
(1-MONTH CME TERM SOFR + 4.00%), 9.33%, 10/16/2026
|
222
|
220
|
(1-MONTH CME TERM SOFR + 7.00%), 12.33%, 2/19/2029
|
145
|
132
|
DirectV Financing LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 5.00%), 10.65%, 8/2/2027
|
2,419
|
2,416
|
Duff & Phelps Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 9.10%, 4/9/2027
|
363
|
356
|
DuPont Performance, 1st Lien Term Loan B-4 (3-MONTH CME TERM SOFR + 2.50%), 7.85%, 12/20/2029
|
469
|
469
|
E.W. Scripps Co., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 3.00%), 8.45%, 1/7/2028
|
479
|
474
|
Elanco Animal Health, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 1.75%), 7.20%, 8/1/2027
|
513
|
502
|
Emerson Climate Technologies, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 8.31%, 5/31/2030
|
594
|
594
|
Endo Pharmaceuticals, Inc., 1st Lien Term Loan B (1-MONTH PRIME + 6.00%), 14.50%, 3/27/2028
|
197
|
135
|
Ensemble RCM LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.75%), 9.23%, 8/3/2026
|
256
|
255
|
Entegris, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR+ 3-MONTH CME TERM SOFR + 2.50%), 7.85%, 7/6/2029 (o)
|
448
|
447
|
EPIC Crude Services LP, 1st Lien Term Loan B (3-MONTH SOFR + 5.00%), 10.93%, 3/2/2026 (o)
|
5,357
|
5,353
|
Exelon Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 8.15%, 12/15/2027
|
422
|
421
|
FGI Operating Co. LLC, 1st Lien Term Loan (3-MONTH SOFR + 11.00%), 12.00%, 5/16/2024 ‡ (i)
|
146
|
16
|
First Student Bidco, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 8.61%, 7/21/2028
|
2,003
|
1,976
|
First Student Bidco, Inc., 1st Lien Term Loan C (3-MONTH CME TERM SOFR + 3.00%), 8.61%, 7/21/2028
|
607
|
599
|
First Student Bidco, Inc., Term Loan B (3-MONTH CME TERM SOFR + 4.00%), 9.45%, 7/21/2028
|
4,245
|
4,232
|
Garda World Security Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.25%), 9.72%, 10/30/2026
|
400
|
400
|
Garda World Security, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.25%), 9.62%, 2/1/2029
|
245
|
245
|
Gates Global LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 7.93%, 3/31/2027
|
171
|
171
|
Gates Global LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.33%, 11/16/2029
|
173
|
173
|
Gemini HDPE LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 8.57%, 12/31/2027
|
416
|
413
|
Genesee & Wyoming, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.00%), 7.45%, 12/30/2026
|
545
|
544
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Loan Assignments — continued
|
||
United States — continued
|
||
Genesys Telecom Holdings US, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.00%), 9.45%, 12/1/2027
|
3,059
|
3,060
|
Getty Images, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.50%), 9.95%, 2/19/2026
|
365
|
364
|
Go Daddy Group, Inc.,1st Lien Term Loan B-5 (1-MONTH CME TERM SOFR + 2.50%), 7.34%, 11/9/2029
|
594
|
594
|
Graham Packaging Co., Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 8.45%, 8/4/2027
|
229
|
229
|
Gray Television, Inc., 1st Lien Term Loan D (1-MONTH CME TERM SOFR + 3.00%), 8.47%, 12/1/2028
|
210
|
208
|
Gray Television, Inc., 1st Lien Term Loan E (1-MONTH CME TERM SOFR + 2.50%), 7.97%, 1/2/2026
|
362
|
361
|
Griffon Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 7.75%, 1/24/2029
|
441
|
441
|
GTCR W Merger Sub LLC, 1st Lien Term Loan B (3-MONTH SOFR + 3.00%), 3.50%, 9/20/2030 (o)
|
390
|
390
|
Harsco Corp., Term Loan B-3 (1-MONTH CME TERM SOFR + 2.25%), 7.70%, 3/10/2028
|
603
|
595
|
Hercules Achievement, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 10.45%, 12/15/2026
|
470
|
467
|
Hertz Corp. (The), 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.70%, 6/30/2028
|
449
|
444
|
Hertz Corp. (The), 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.25%), 8.70%, 6/30/2028
|
87
|
86
|
Holley, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.20%, 11/17/2028
|
449
|
434
|
Hub International Ltd., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 9.59%, 6/20/2030
|
506
|
506
|
ICON, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 7.86%, 7/3/2028
|
82
|
82
|
iHeartCommunications, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 8.45%, 5/1/2026
|
2,987
|
2,613
|
iHeartCommunications, Inc., Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.70%, 5/1/2026
|
150
|
130
|
INEOS Enterprises, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.75%), 9.24%, 7/8/2030
|
524
|
522
|
Ingram Micro, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 8.61%, 6/30/2028
|
272
|
271
|
Insulet Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.72%, 5/4/2028
|
1,047
|
1,048
|
Interior Logic Group, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.93%, 4/3/2028
|
327
|
294
|
Intrado Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 8.83%, 1/31/2030
|
348
|
348
|
ION Corp., 1st Lien Term Loan B
|
|
|
(3-MONTH CME TERM SOFR + 3.75%), 9.25%, 3/11/2028
|
380
|
375
|
(3-MONTH SOFR + 3.75%), 9.07%, 7/18/2030 (o)
|
195
|
194
|
Iridium Communications, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.83%, 9/20/2030
|
585
|
583
|
Jazz Pharmaceuticals plc, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.97%, 5/5/2028
|
508
|
507
|
KBR, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 8.08%, 1/17/2031
|
473
|
471
|
KDC US Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 10.33%, 8/15/2028
|
620
|
617
|
LABL, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 10.43%, 10/29/2028
|
3,050
|
2,891
|
LegalShield, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 9.20%, 12/15/2028
|
324
|
322
|
Leslie's Poolmart, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.20%, 3/9/2028
|
516
|
510
|
Live Nation Entertainment, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 1.75%), 7.19%, 10/19/2026
|
407
|
407
|
Madison IAQ LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.70%, 6/21/2028
|
3,615
|
3,584
|
MED ParentCo, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.25%), 9.70%, 8/31/2026
|
402
|
396
|
Medallion Midland Acquisition LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.50%), 8.86%, 10/18/2028
|
615
|
616
|
Medline Borrower LP, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.45%, 10/23/2028
|
2,217
|
2,212
|
MH Sub I LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.25%), 9.58%, 5/3/2028
|
433
|
423
|
MI Windows & Doors, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.93%, 12/18/2027
|
297
|
296
|
Mirion Technologies, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 8.36%, 10/20/2028
|
409
|
409
|
Moran Foods LLC, 1st Lien Super Senior Delayed Term Loan (3-MONTH SOFR + 11.50%), 11.50%, 6/30/2026 ‡
|
2,563
|
2,563
|
Moran Foods LLC, 1st Lien Term Loan
|
|
|
(3-MONTH CME TERM SOFR + 2.00%), 12.70%, 6/30/2026 ‡
|
4,561
|
3,750
|
(3-MONTH CME TERM SOFR + 2.00%), 12.70%, 6/30/2026 ‡
|
1,839
|
1,159
|
NCR Atleos LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.75%), 10.16%, 3/27/2029
|
370
|
369
|
Netsmart Technologies, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.20%, 10/1/2027
|
443
|
443
|
Nexstar Broadcasting, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.95%, 9/18/2026
|
454
|
453
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Loan Assignments — continued
|
||
United States — continued
|
||
NGL Energy Operating LP, 1st Lien Term Loan B (3-MONTH SOFR + 4.50%), 4.50%, 2/3/2031 (o)
|
435
|
434
|
Nielsen Holdings plc, Term Loan B-3 (1-MONTH CME TERM SOFR + 3.75%), 9.08%, 3/6/2028
|
378
|
366
|
NorthRiver Midstream, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 8.33%, 8/16/2030
|
622
|
621
|
Nuvei Technologies Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%; 1-MONTH CME TERM SOFR + 5.46%), 8.42%,
12/19/2030 (o)
|
310
|
310
|
Option Care Health, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.20%, 10/27/2028
|
598
|
598
|
Osmose Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.70%, 6/23/2028
|
729
|
725
|
Pactiv Evergreen Group Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.70%, 9/24/2028
|
307
|
307
|
Parexel International Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.72%, 11/15/2028 (o)
|
1,960
|
1,954
|
Pathway Vet Alliance LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 9.20%, 3/31/2027
|
302
|
260
|
PCI Pharma, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.50%), 9.11%, 11/30/2027 (o)
|
516
|
514
|
Petco Health & Wellness Co., Inc., Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.86%, 3/3/2028
|
3,633
|
3,406
|
PetSmart LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.18%, 2/11/2028 (o)
|
529
|
526
|
Pike Corp., Delayed Draw Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.45%, 1/21/2028
|
756
|
756
|
PQ Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 7.91%, 6/9/2028
|
477
|
476
|
Prime Security Services Borrower LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 7.83%, 10/13/2030
|
565
|
565
|
PrimeSource, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.84%, 12/28/2027
|
1,405
|
1,363
|
Project Boost Purchaser LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.95%, 6/1/2026
|
464
|
463
|
Proofpoint, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.70%, 8/31/2028
|
421
|
418
|
Quest Software US Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.25%), 9.71%, 2/1/2029
|
255
|
200
|
Quikrete Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.20%, 3/19/2029
|
490
|
490
|
Radiology Partners, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.25%), 10.18%, 7/9/2025
|
547
|
485
|
RealPage, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.45%, 4/24/2028
|
278
|
272
|
Restaurant Brands International, Inc., 1st Lien Term Loan B-5 (3-MONTH SOFR + 2.25%), 7.61%, 9/20/2030
|
400
|
398
|
Reynolds Group Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.70%, 2/5/2026
|
249
|
250
|
Ring Container Technologies LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.95%, 8/12/2028
|
421
|
421
|
Shearer's Foods LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.50%), 8.95%, 9/23/2027
|
319
|
319
|
Shutterfly LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 6.00%), 11.33%, 10/1/2027 ‡
|
51
|
51
|
Shutterfly LLC, 2nd Lien Term Loan (3-MONTH CME TERM SOFR + 5.00%), 10.35%, 10/1/2027
|
3,162
|
2,326
|
Spirit Aerosystems, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.25%), 9.56%, 1/15/2027
|
212
|
212
|
SPX Flow, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.50%), 9.93%, 4/5/2029
|
2,062
|
2,060
|
SRS Distribution, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 6/2/2028
|
428
|
425
|
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 1.75%), 7.20%, 4/16/2025
|
7
|
7
|
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-4 (1-MONTH CME TERM SOFR + 1.75%), 7.20%, 4/16/2025
|
7
|
7
|
St. George's University Scholastic Services LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 2/10/2029
|
522
|
519
|
Staples, Inc., 1st Lien Term Loan (3-MONTH SOFR + 5.00%), 10.47%, 4/16/2026
|
970
|
915
|
Star Merger Sub, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.19%, 2/6/2026
|
505
|
505
|
Summer (BC) Holdco B SARL, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.50%), 10.11%, 12/4/2026
|
312
|
310
|
Summit Materials LLC, 1st Lien Term Loan B (3-MONTH SOFR + 2.50%), 7.83%, 1/12/2029
|
335
|
336
|
Sundyne, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.25%), 9.70%, 3/17/2027
|
599
|
599
|
Surgery Center Holdings, Inc., 1st Lien Term Loan B (3-MONTH SOFR + 3.50%), 8.83%, 12/19/2030 (o)
|
320
|
320
|
Synaptics, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 7.87%, 12/2/2028
|
457
|
454
|
Syneos Health,Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.00%), 9.35%, 9/27/2030
|
1,950
|
1,903
|
Tekni-Plex, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.00%), 9.61%, 9/15/2028
|
466
|
464
|
ThoughtWorks, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 7.95%, 3/24/2028
|
150
|
151
|
Topgolf Callaway, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.93%, 3/15/2030 (o)
|
239
|
239
|
Traeger Grills, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 6/29/2028
|
311
|
285
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Loan Assignments — continued
|
||
United States — continued
|
||
Trans Union LLC, Term Loan B-6 (1-MONTH CME TERM SOFR + 2.25%), 7.70%, 12/1/2028
|
311
|
310
|
TransDigm Group, Inc., 1st Lien Term Loan H (3-MONTH CME TERM SOFR + 3.25%), 8.60%, 2/22/2027
|
247
|
248
|
TransDigm Group, Inc., 1st Lien Term Loan I (3-MONTH CME TERM SOFR + 3.25%), 8.60%, 8/24/2028
|
297
|
297
|
Triton Water Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.86%, 3/31/2028
|
2,386
|
2,345
|
Tropicana, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 8.70%, 1/24/2029
|
310
|
293
|
Truck Hero, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.50%), 8.95%, 1/31/2028
|
284
|
279
|
UFC Holdings LLC, 1st Lien Term Loan B-3 (3-MONTH CME TERM SOFR + 2.75%), 8.34%, 4/29/2026
|
285
|
285
|
Ultimate Software Group, 1st Lien Term Loan
|
|
|
(3-MONTH CME TERM SOFR + 3.25%), 8.68%, 5/4/2026
|
711
|
710
|
(3-MONTH CME TERM SOFR + 3.75%), 9.16%, 5/4/2026
|
123
|
123
|
United Airlines, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 5.25%), 10.77%, 6/21/2027
|
420
|
432
|
United Natural Foods, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.70%, 10/22/2025
|
296
|
295
|
Univision Communications, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.70%, 3/15/2026
|
623
|
622
|
US Renal Care, 1st Lien Term Loan C (3-MONTH CME TERM SOFR + 2-MONTH SOFR + 5.00%), 10.47%, 6/20/2028
|
3,327
|
2,671
|
USI, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 8.35%, 11/22/2029
|
528
|
527
|
Utz Quality Foods LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.45%, 1/20/2028
|
274
|
274
|
Venator Materials Corp., 1st Lien Term Loan
|
|
|
(3-MONTH CME TERM SOFR + 10.00%), 15.31%, 1/16/2026
|
93
|
73
|
(3-MONTH CME TERM SOFR + 2.00%), 7.33%, 10/12/2028
|
257
|
256
|
(3-MONTH SOFR + 10.00%), 15.43%, 10/12/2028
|
8
|
8
|
Vertex Aerospace Services Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 12/6/2028
|
466
|
466
|
Vertiv Group Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.97%, 3/2/2027
|
502
|
502
|
Virtusa Corp., 1st Lien Term Loan B
|
|
|
(1-MONTH CME TERM SOFR + 3.75%), 9.20%, 2/11/2028
|
340
|
339
|
(1-MONTH CME TERM SOFR + 3.75%), 9.18%, 2/15/2029
|
179
|
179
|
VT Topco, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.25%), 9.58%, 8/9/2030
|
620
|
622
|
W. R. Grace, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 9.36%, 9/22/2028
|
294
|
294
|
Whataburger, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.47%, 8/3/2028
|
538
|
537
|
Wheel Pros, Inc., 1st Lien Term Loan (3-MONTH SOFR + 4.50%), 14.46%, 2/10/2028
|
77
|
82
|
Wheel Pros, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.50%), 10.09%, 5/11/2028
|
364
|
275
|
WhiteWater Whistler Holdings, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.75%), 8.13%, 2/15/2030
|
561
|
561
|
WMG Acquisition Corp., 1st Lien Term Loan G (1-MONTH CME TERM SOFR + 2.13%), 7.60%, 1/20/2028
|
534
|
533
|
Zekelman Industries, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.00%), 7.45%, 1/24/2027
|
229
|
229
|
|
|
146,883
|
Total Loan Assignments
(Cost $161,041)
|
|
157,221
|
Foreign Government Securities — 1.3%
|
||
Angola — 0.1%
|
||
Republic of Angola
|
|
|
9.50%, 11/12/2025 (b)
|
970
|
952
|
8.25%, 5/9/2028 (b)
|
300
|
270
|
8.00%, 11/26/2029 (e)
|
1,550
|
1,345
|
8.00%, 11/26/2029 (b)
|
780
|
677
|
9.13%, 11/26/2049 (b)
|
840
|
662
|
|
|
3,906
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Foreign Government Securities — continued
|
||
Argentina — 0.1%
|
||
Argentine Republic
|
|
|
1.00%, 7/9/2029
|
885
|
356
|
3.62%, 7/9/2035 (h)
|
5,116
|
1,711
|
4.25%, 1/9/2038 (h)
|
1,486
|
571
|
3.50%, 7/9/2041 (h)
|
3,395
|
1,127
|
3.62%, 7/9/2046 (h)
|
5,160
|
1,749
|
|
|
5,514
|
Bahrain — 0.1%
|
||
Kingdom of Bahrain
|
|
|
7.00%, 1/26/2026 (b)
|
770
|
778
|
7.00%, 10/12/2028 (b)
|
1,400
|
1,433
|
6.75%, 9/20/2029 (b)
|
200
|
201
|
5.45%, 9/16/2032 (e)
|
481
|
434
|
6.00%, 9/19/2044 (b)
|
1,500
|
1,196
|
7.50%, 9/20/2047 (b)
|
970
|
891
|
|
|
4,933
|
Brazil — 0.1%
|
||
Federative Republic of Brazil
|
|
|
4.50%, 5/30/2029
|
1,430
|
1,368
|
8.25%, 1/20/2034
|
785
|
897
|
5.63%, 1/7/2041
|
950
|
856
|
5.00%, 1/27/2045
|
1,230
|
973
|
7.13%, 5/13/2054
|
1,155
|
1,154
|
|
|
5,248
|
Colombia — 0.1%
|
||
Republic of Colombia
|
|
|
3.88%, 4/25/2027
|
990
|
937
|
4.50%, 3/15/2029
|
600
|
552
|
8.00%, 4/20/2033 (a)
|
950
|
1,007
|
7.50%, 2/2/2034
|
593
|
605
|
7.38%, 9/18/2037
|
1,000
|
994
|
6.13%, 1/18/2041
|
950
|
824
|
5.00%, 6/15/2045
|
1,370
|
997
|
5.20%, 5/15/2049
|
420
|
309
|
4.13%, 5/15/2051
|
1,000
|
625
|
8.75%, 11/14/2053
|
1,002
|
1,090
|
|
|
7,940
|
Costa Rica — 0.1%
|
||
Republic of Costa Rica
|
|
|
6.55%, 4/3/2034 (e)
|
1,490
|
1,524
|
7.00%, 4/4/2044 (b)
|
1,100
|
1,114
|
7.30%, 11/13/2054 (e)
|
819
|
856
|
|
|
3,494
|
Dominican Republic — 0.1%
|
||
Dominican Republic Government Bond
|
|
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Foreign Government Securities — continued
|
||
Dominican Republic—continued
|
||
6.88%, 1/29/2026 (b)
|
1,200
|
1,218
|
5.95%, 1/25/2027 (b)
|
1,420
|
1,421
|
4.50%, 1/30/2030 (e)
|
790
|
720
|
7.05%, 2/3/2031 (e)
|
1,330
|
1,382
|
4.88%, 9/23/2032 (e)
|
1,090
|
973
|
7.45%, 4/30/2044 (b)
|
1,580
|
1,647
|
6.85%, 1/27/2045 (b)
|
500
|
489
|
6.50%, 2/15/2048 (b)
|
1,950
|
1,841
|
5.88%, 1/30/2060 (e)
|
880
|
746
|
|
|
10,437
|
Ecuador — 0.0% ^
|
||
Republic of Ecuador
|
|
|
6.00%, 7/31/2030 (b) (h)
|
4,410
|
2,315
|
3.50%, 7/31/2035 (b) (h)
|
2,240
|
908
|
|
|
3,223
|
Egypt — 0.1%
|
||
Arab Republic of Egypt
|
|
|
5.75%, 5/29/2024 (b)
|
1,720
|
1,690
|
3.88%, 2/16/2026 (e)
|
665
|
538
|
3.88%, 2/16/2026 (b)
|
600
|
485
|
7.50%, 1/31/2027 (b)
|
2,670
|
2,184
|
7.60%, 3/1/2029 (b)
|
800
|
588
|
5.88%, 2/16/2031 (e)
|
482
|
314
|
7.05%, 1/15/2032 (e)
|
880
|
589
|
7.63%, 5/29/2032 (e)
|
750
|
508
|
8.70%, 3/1/2049 (e)
|
1,520
|
942
|
8.88%, 5/29/2050 (b)
|
250
|
157
|
8.15%, 11/20/2059 (e)
|
1,050
|
635
|
|
|
8,630
|
El Salvador — 0.0% ^
|
||
Republic of El Salvador
|
|
|
5.88%, 1/30/2025 (b)
|
405
|
384
|
6.38%, 1/18/2027 (b)
|
1,175
|
1,043
|
8.63%, 2/28/2029 (b)
|
250
|
225
|
7.12%, 1/20/2050 (b)
|
1,437
|
1,024
|
|
|
2,676
|
Gabon — 0.0% ^
|
||
Gabonese Republic 6.95%, 6/16/2025 (b)
|
1,050
|
1,006
|
Ghana — 0.0% ^
|
||
Republic of Ghana 10.75%, 10/14/2030 (b) (i)
|
520
|
335
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Foreign Government Securities — continued
|
||
Guatemala — 0.0% ^
|
||
Republic of Guatemala
|
|
|
5.38%, 4/24/2032 (b)
|
250
|
240
|
6.13%, 6/1/2050 (e)
|
720
|
654
|
|
|
894
|
Honduras — 0.0% ^
|
||
Republic of Honduras 6.25%, 1/19/2027 (b)
|
600
|
569
|
Iraq — 0.0% ^
|
||
Republic of Iraq 5.80%, 1/15/2028 (b)
|
1,837
|
1,711
|
Ivory Coast — 0.1%
|
||
Republic of Cote d'Ivoire
|
|
|
5.75%, 12/31/2032 (b) (h)
|
698
|
671
|
6.13%, 6/15/2033 (b)
|
3,830
|
3,437
|
8.25%, 1/30/2037 (e)
|
532
|
533
|
|
|
4,641
|
Jordan — 0.0% ^
|
||
Hashemite Kingdom of Jordan
|
|
|
5.85%, 7/7/2030 (b)
|
400
|
358
|
5.85%, 7/7/2030 (e)
|
1,810
|
1,619
|
|
|
1,977
|
Kenya — 0.0% ^
|
||
Republic of Kenya
|
|
|
6.88%, 6/24/2024 (b)
|
2,413
|
2,342
|
7.00%, 5/22/2027 (b)
|
400
|
367
|
6.30%, 1/23/2034 (e)
|
483
|
375
|
|
|
3,084
|
Lebanon — 0.0% ^
|
||
Lebanese Republic
|
|
|
6.65%, 4/22/2024 (b) (i)
|
625
|
36
|
6.85%, 3/23/2027 (b) (i)
|
2,639
|
150
|
6.65%, 11/3/2028 (b) (i)
|
3,415
|
195
|
|
|
381
|
Mongolia — 0.0% ^
|
||
State of Mongolia
|
|
|
5.13%, 4/7/2026 (b)
|
200
|
192
|
3.50%, 7/7/2027 (b)
|
200
|
178
|
8.65%, 1/19/2028 (e)
|
340
|
356
|
8.65%, 1/19/2028 (b)
|
400
|
418
|
4.45%, 7/7/2031 (b)
|
1,000
|
840
|
|
|
1,984
|
Morocco — 0.0% ^
|
||
Kingdom of Morocco
|
|
|
3.00%, 12/15/2032 (e)
|
690
|
556
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Foreign Government Securities — continued
|
||
Morocco—continued
|
||
6.50%, 9/8/2033 (e)
|
426
|
440
|
4.00%, 12/15/2050 (e)
|
650
|
443
|
|
|
1,439
|
Namibia — 0.0% ^
|
||
Republic of Namibia 5.25%, 10/29/2025 (b)
|
400
|
394
|
Nigeria — 0.1%
|
||
Federal Republic of Nigeria
|
|
|
7.63%, 11/21/2025 (b)
|
1,000
|
983
|
6.50%, 11/28/2027 (e)
|
1,220
|
1,105
|
6.50%, 11/28/2027 (b)
|
2,020
|
1,829
|
8.75%, 1/21/2031 (b)
|
780
|
722
|
7.88%, 2/16/2032 (b)
|
1,510
|
1,310
|
7.63%, 11/28/2047 (b)
|
600
|
455
|
7.63%, 11/28/2047 (e)
|
1,290
|
979
|
|
|
7,383
|
Oman — 0.0% ^
|
||
Sultanate of Oman Government Bond
|
|
|
6.50%, 3/8/2047 (b)
|
340
|
335
|
6.75%, 1/17/2048 (b)
|
1,170
|
1,179
|
7.00%, 1/25/2051 (b)
|
1,600
|
1,648
|
7.00%, 1/25/2051 (e)
|
301
|
310
|
|
|
3,472
|
Pakistan — 0.0% ^
|
||
Islamic Republic of Pakistan
|
|
|
8.25%, 4/15/2024 (b)
|
1,430
|
1,398
|
8.25%, 9/30/2025 (b)
|
550
|
476
|
6.00%, 4/8/2026 (b)
|
450
|
347
|
6.88%, 12/5/2027 (b)
|
400
|
287
|
7.38%, 4/8/2031 (e)
|
554
|
357
|
8.88%, 4/8/2051 (b)
|
767
|
474
|
|
|
3,339
|
Paraguay — 0.0% ^
|
||
Republic of Paraguay
|
|
|
4.70%, 3/27/2027 (b)
|
400
|
392
|
6.10%, 8/11/2044 (b)
|
1,730
|
1,647
|
5.60%, 3/13/2048 (b)
|
350
|
312
|
5.40%, 3/30/2050 (e)
|
950
|
818
|
|
|
3,169
|
Senegal — 0.0% ^
|
||
Republic of Senegal
|
|
|
6.25%, 5/23/2033 (b)
|
1,000
|
862
|
6.75%, 3/13/2048 (b)
|
650
|
484
|
6.75%, 3/13/2048 (e)
|
460
|
343
|
|
|
1,689
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Foreign Government Securities — continued
|
||
South Africa — 0.1%
|
||
Republic of South Africa
|
|
|
4.88%, 4/14/2026
|
220
|
214
|
4.30%, 10/12/2028
|
2,380
|
2,179
|
6.25%, 3/8/2041
|
2,500
|
2,117
|
5.00%, 10/12/2046
|
700
|
485
|
5.75%, 9/30/2049
|
1,550
|
1,149
|
7.30%, 4/20/2052
|
600
|
530
|
|
|
6,674
|
Sri Lanka — 0.0% ^
|
||
Democratic Socialist Republic of Sri Lanka 6.20%, 5/11/2027 (b) (i)
|
200
|
102
|
Trinidad And Tobago — 0.0% ^
|
||
Republic of Trinidad and Tobago 5.95%, 1/14/2031 (e)
|
380
|
385
|
Turkey — 0.2%
|
||
Istanbul Metropolitan Municipality 10.50%, 12/6/2028 (e)
|
1,546
|
1,631
|
Republic of Turkey
|
|
|
9.88%, 1/15/2028
|
4,376
|
4,757
|
5.13%, 2/17/2028
|
940
|
874
|
9.38%, 3/14/2029
|
1,500
|
1,612
|
5.25%, 3/13/2030
|
1,050
|
929
|
9.13%, 7/13/2030
|
900
|
958
|
9.38%, 1/19/2033
|
1,618
|
1,756
|
6.00%, 1/14/2041
|
1,040
|
826
|
4.88%, 4/16/2043
|
1,120
|
756
|
Turkiye Ihracat Kredi Bankasi A/S
|
|
|
9.38%, 1/31/2026 (e)
|
617
|
643
|
9.00%, 1/28/2027 (e)
|
312
|
324
|
|
|
15,066
|
Venezuela, Bolivarian Republic of — 0.0% ^
|
||
Bolivarian Republic of Venezuela
|
|
|
9.25%, 5/7/2028 (b) (i)
|
400
|
65
|
11.95%, 8/5/2031 (b) (i)
|
2,623
|
468
|
|
|
533
|
Zambia — 0.0% ^
|
||
Republic of Zambia
|
|
|
8.50%, 4/14/2024 (b) (i)
|
2,490
|
1,569
|
8.97%, 7/30/2027 (b) (i)
|
800
|
499
|
|
|
2,068
|
Total Foreign Government Securities
(Cost $135,069)
|
|
118,296
|
U.S. Treasury Obligations — 1.0%
|
||
United States — 1.0%
|
||
U.S. Treasury Bonds
|
|
|
3.63%, 2/15/2053
|
400
|
359
|
3.63%, 5/15/2053
|
400
|
360
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
U.S. Treasury Obligations — continued
|
||
United States — continued
|
||
U.S. Treasury Notes
|
|
|
4.13%, 1/31/2025 (q)
|
84,843
|
84,346
|
4.63%, 11/15/2026
|
400
|
406
|
3.50%, 2/15/2033
|
800
|
773
|
3.38%, 5/15/2033
|
1,100
|
1,051
|
Total U.S. Treasury Obligations
(Cost $87,366)
|
|
87,295
|
Convertible Bonds — 0.6%
|
||
Australia — 0.0% ^
|
||
DEXUS Finance Pty. Ltd. REIT, 2.30%, 6/19/2026 (b)
|
AUD1,200
|
781
|
Belgium — 0.0% ^
|
||
Groupe Bruxelles Lambert NV 2.13%, 11/29/2025 (b)
|
EUR300
|
315
|
Canada — 0.0% ^
|
||
Shopify, Inc. 0.13%, 11/1/2025
|
817
|
780
|
China — 0.0% ^
|
||
Meituan Zero Coupon, 4/27/2028 (b)
|
800
|
692
|
Pharmaron Beijing Co. Ltd. Zero Coupon, 6/18/2026 (b)
|
600
|
578
|
Xiaomi Best Time International Ltd. Zero Coupon, 12/17/2027 (b)
|
300
|
268
|
|
|
1,538
|
France — 0.1%
|
||
Accor SA 0.70%, 12/7/2027 (b)
|
EUR279
(r)
|
303
|
Safran SA Series SAF, Zero Coupon, 4/1/2028 (b)
|
EUR325
(r)
|
374
|
Selena SARL Series PUM, Zero Coupon, 6/25/2025 (b)
|
EUR600
|
608
|
Ubisoft Entertainment SA Series UBI, Zero Coupon, 9/24/2024 (b)
|
EUR561
(r)
|
587
|
Worldline SA Zero Coupon, 7/30/2026 (b)
|
EUR914
(r)
|
858
|
|
|
2,730
|
Germany — 0.0% ^
|
||
MTU Aero Engines AG Series MTX, 0.05%, 3/18/2027 (b)
|
EUR1,000
|
978
|
TUI AG 5.00%, 4/16/2028 (b)
|
EUR200
|
213
|
Zalando SE Series B, 0.63%, 8/6/2027 (b)
|
EUR600
|
551
|
|
|
1,742
|
Israel — 0.0% ^
|
||
Wix.com Ltd. Zero Coupon, 8/15/2025
|
1,275
|
1,167
|
Luxembourg — 0.0% ^
|
||
Lagfin SCA 3.50%, 6/8/2028 (b)
|
EUR200
|
209
|
Mexico — 0.0% ^
|
||
Fomento Economico Mexicano SAB de CV 2.63%, 2/24/2026 (b)
|
EUR300
|
323
|
New Zealand — 0.0% ^
|
||
Xero Investments Ltd. Zero Coupon, 12/2/2025 (b)
|
914
|
830
|
Singapore — 0.0% ^
|
||
Sea Ltd. 0.25%, 9/15/2026
|
867
|
729
|
South Africa — 0.0% ^
|
||
Sasol Financing USA LLC 4.50%, 11/8/2027 (b)
|
400
|
359
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Convertible Bonds — continued
|
||
South Korea — 0.0% ^
|
||
Delivery Hero SE Series A, 1.00%, 4/30/2026 (b)
|
EUR300
|
272
|
LG Chem Ltd. 1.25%, 7/18/2028 (b)
|
400
|
379
|
|
|
651
|
Spain — 0.0% ^
|
||
Cellnex Telecom SA 0.75%, 11/20/2031 (b)
|
EUR800
|
730
|
Switzerland — 0.0% ^
|
||
Dufry One BV 0.75%, 3/30/2026 (b)
|
CHF600
|
657
|
United Arab Emirates — 0.0% ^
|
||
Abu Dhabi National Oil Co. 0.70%, 6/4/2024 (b)
|
1,600
|
1,568
|
United Kingdom — 0.1%
|
||
Barclays Bank plc Series VUN, Zero Coupon, 2/18/2025
|
508
|
564
|
Cornwall Jersey Ltd. 0.75%, 4/16/2026 (b)
|
GBP500
|
378
|
International Consolidated Airlines Group SA Series IAG, 1.13%, 5/18/2028 (b)
|
EUR200
|
192
|
Just Eat Takeaway.com NV Series B, 0.63%, 2/9/2028 (b)
|
EUR400
|
329
|
Ocado Group plc 0.75%, 1/18/2027 (b)
|
GBP300
|
292
|
Shaftesbury Capital plc REIT, 2.00%, 3/30/2026
|
GBP500
|
588
|
Trainline plc 1.00%, 1/14/2026 (b)
|
GBP400
|
459
|
WH Smith plc 1.63%, 5/7/2026 (b)
|
GBP500
|
568
|
|
|
3,370
|
United States — 0.4%
|
||
Affirm Holdings, Inc. Zero Coupon, 11/15/2026
|
915
|
725
|
Airbnb, Inc. Zero Coupon, 3/15/2026
|
857
|
778
|
Alarm.com Holdings, Inc. Zero Coupon, 1/15/2026
|
339
|
301
|
American Water Capital Corp. 3.63%, 6/15/2026 (e)
|
409
|
402
|
BILL Holdings, Inc. Zero Coupon, 4/1/2027
|
691
|
579
|
Block, Inc. 0.25%, 11/1/2027
|
1,000
|
816
|
CenterPoint Energy, Inc. 4.25%, 8/15/2026 (e)
|
330
|
329
|
Cheesecake Factory, Inc. (The) 0.38%, 6/15/2026
|
528
|
453
|
Chegg, Inc. Zero Coupon, 9/1/2026
|
712
|
592
|
Citigroup Global Markets Holdings, Inc. Series 1299, Zero Coupon, 2/26/2026 (b)
|
HKD4,000
|
471
|
Cloudflare, Inc. Zero Coupon, 8/15/2026
|
766
|
683
|
Coinbase Global, Inc. 0.50%, 6/1/2026
|
429
|
372
|
Confluent, Inc. Zero Coupon, 1/15/2027
|
1,043
|
866
|
DISH Network Corp.
|
|
|
2.38%, 3/15/2024
|
3,935
|
3,844
|
3.38%, 8/15/2026
|
4,533
|
2,629
|
Dropbox, Inc. Zero Coupon, 3/1/2026
|
687
|
694
|
Enphase Energy, Inc. Zero Coupon, 3/1/2026
|
694
|
619
|
Etsy, Inc. 0.25%, 6/15/2028
|
688
|
541
|
Euronet Worldwide, Inc. 0.75%, 3/15/2049
|
561
|
532
|
Expedia Group, Inc. Zero Coupon, 2/15/2026
|
676
|
636
|
Gulfport Energy Corp. 10.00% (Cash), 3/8/2024 ‡ * (f) (g) (k)
|
—
|
2,892
|
Halozyme Therapeutics, Inc. 0.25%, 3/1/2027
|
330
|
282
|
Liberty Interactive LLC 3.75%, 2/15/2030
|
320
|
98
|
Lyft, Inc. 1.50%, 5/15/2025
|
320
|
303
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Convertible Bonds — continued
|
||
United States — continued
|
||
Match Group Financeco 2, Inc. 0.88%, 6/15/2026 (e)
|
1,250
|
1,140
|
New Mountain Finance Corp. 7.50%, 10/15/2025
|
221
|
225
|
Okta, Inc. 0.13%, 9/1/2025
|
671
|
616
|
QIAGEN NV Series QGEN, Zero Coupon, 12/17/2027 (b)
|
800
|
737
|
Repay Holdings Corp. Zero Coupon, 2/1/2026 (e)
|
636
|
538
|
RingCentral, Inc.
|
|
|
Zero Coupon, 3/1/2025
|
774
|
727
|
Zero Coupon, 3/15/2026
|
820
|
716
|
Schneider Electric SE Series SUFP, 1.97%, 11/27/2030 (b)
|
EUR600
|
701
|
Shift4 Payments, Inc. 0.50%, 8/1/2027
|
337
|
312
|
Snap, Inc. Zero Coupon, 5/1/2027
|
1,092
|
878
|
SolarEdge Technologies, Inc. Zero Coupon, 9/15/2025
|
495
|
445
|
Southern Co. (The) 3.88%, 12/15/2025 (e)
|
322
|
321
|
Spotify USA, Inc. Zero Coupon, 3/15/2026
|
1,154
|
1,031
|
Teladoc Health, Inc. 1.25%, 6/1/2027
|
919
|
771
|
TripAdvisor, Inc. 0.25%, 4/1/2026
|
465
|
409
|
Uber Technologies, Inc. Zero Coupon, 12/15/2025
|
887
|
918
|
Unity Software, Inc. Zero Coupon, 11/15/2026
|
384
|
319
|
|
|
31,241
|
Total Convertible Bonds
(Cost $51,185)
|
|
49,720
|
|
SHARES
(000)
|
|
Preferred Stocks — 0.5%
|
||
United States — 0.5%
|
||
Allstate Corp. (The) Series J, 7.38%, 7/15/2028 ($25 par value) (s)
|
76
|
2,069
|
Goodman Networks, Inc. ‡ *
|
64
|
—
|
Morgan Stanley,
|
|
|
Series I, 6.38%, 10/15/2024
($25 par value) (s)
|
72
|
1,800
|
Series K, 5.85%, 4/15/2027
($25 par value) (s)
|
295
|
7,290
|
Series P, 6.50%, 10/15/2027
($25 par value) (s)
|
167
|
4,454
|
MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡
|
2,316
|
1,355
|
SCE Trust VI 5.00%, 3/7/2024 ($25 par value) (s)
|
387
|
7,728
|
Southern Co. (The) Series 2020, 4.95%, 1/30/2080 ($25 par value)
|
122
|
2,867
|
State Street Corp. Series G, 5.35%, 3/15/2026 ($25 par value) (s)
|
43
|
1,043
|
Truist Financial Corp. Series R, 4.75%, 9/1/2025 ($25 par value) (s)
|
21
|
443
|
Wells Fargo & Co.,
|
|
|
Series Y, 5.63%, 3/15/2024
($25 par value) (s)
|
78
|
1,915
|
Series Z, 4.75%, 3/15/2025
($25 par value) (s)
|
707
|
14,691
|
Total Preferred Stocks
(Cost $50,300)
|
|
45,655
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Convertible Preferred Stocks — 0.1%
|
||
United States — 0.1%
|
||
AMG Capital Trust II 5.15%, 10/15/2037 ($50 par value)
|
13
|
673
|
Bank of America Corp. Series L, 7.25%, ($1,000 par value) (s)
|
2
|
1,969
|
Claire's Stores, Inc. ‡ *
|
4
|
7,225
|
NextEra Energy, Inc. 6.93%, 9/1/2025 ($49 par value)
|
26
|
980
|
Wells Fargo & Co. Series L, 7.50% ($1,000 par value) (s)
|
1
|
1,326
|
Total Convertible Preferred Stocks
(Cost $5,939)
|
|
12,173
|
|
PRINCIPAL
AMOUNT
($000)
|
|
Mortgage-Backed Securities — 0.0% ^
|
||
United States — 0.0% ^
|
||
FHLMC UMBS, 30 Year Pool # SD8238, 4.50%, 8/1/2052
|
95
|
92
|
FNMA UMBS, 20 Year Pool # CA1231, 3.50%, 2/1/2038
|
211
|
201
|
FNMA UMBS, 30 Year
|
|
|
Pool # MA4398, 2.00%, 8/1/2051
|
540
|
437
|
Pool # MA4465, 2.00%, 11/1/2051
|
48
|
39
|
Pool # MA4548, 2.50%, 2/1/2052
|
18
|
15
|
Pool # MA4563, 2.50%, 3/1/2052
|
54
|
45
|
Pool # MA4564, 3.00%, 3/1/2052
|
16
|
14
|
Pool # MA4733, 4.50%, 9/1/2052
|
92
|
89
|
Total Mortgage-Backed Securities
(Cost $1,075)
|
|
932
|
|
NO. OF
RIGHTS
(000)
|
|
Rights — 0.0% ^
|
||
Spain — 0.0% ^
|
||
ACS Actividades de Construccion y Servicios SA, expiring 2/2/2024*
|
68
|
31
|
United States — 0.0% ^
|
||
Vistra Corp., expiring 12/31/2049‡ *
|
487
|
689
|
Total Rights
(Cost $34)
|
|
720
|
|
NO. OF
WARRANTS
(000)
|
|
Warrants — 0.0% ^
|
||
United Kingdom — 0.0% ^
|
||
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD ‡ *
|
47
|
654
|
United States — 0.0% ^
|
||
Cineworld Group plc expiring 12/23/2025, price 4,149.00 GBP *
|
17
|
—
|
Total Warrants
(Cost $1)
|
|
654
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
Short-Term Investments — 4.1%
|
||
Certificates of Deposits — 0.0% ^
|
||
BNP Paribas SA, 5.34%, 10/8/2024
|
353
|
353
|
Sumitomo Mitsui Banking Corp., (SOFR + 0.70%), 6.01%, 6/6/2024 (d)
|
922
|
924
|
Total Certificates of Deposits
(Cost $1,275)
|
|
1,277
|
Commercial Paper — 0.2%
|
||
Banco Santander SA, 5.86%, 3/1/2024 (t)
|
600
|
597
|
Bank of Montreal, 5.95%, 9/4/2024 (t)
|
350
|
339
|
Bell Canada (The), 5.80%, 4/16/2024 (e) (t)
|
250
|
247
|
Brookfield Corp. Treasury Ltd., 5.88%, 3/26/2024 (e) (t)
|
300
|
297
|
Canadian National Railway Co., 5.84%, 3/4/2024 (t)
|
372
|
370
|
CDP Financial, Inc., 5.88%, 9/23/2024 (e) (t)
|
400
|
387
|
Citigroup Global Markets, Inc., 6.02%, 9/25/2024 (e)
|
450
|
435
|
Commonwealth Bank of Australia
|
|
|
5.92%, 9/9/2024 (e)
|
371
|
359
|
5.91%, 9/23/2024 (t)
|
400
|
386
|
Credit Agricole Corporate and Investment Bank, 5.77%, 3/21/2024 (t)
|
400
|
397
|
Credit Industriel et Commercial, 5.78%, 3/8/2024 (t)
|
400
|
398
|
CRH America Finance, Inc., 5.76%, 2/13/2024 (t)
|
300
|
300
|
DNB Bank ASA
|
|
|
5.74%, 3/25/2024 (t)
|
400
|
397
|
5.21%, 9/27/2024 (e) (t)
|
400
|
387
|
HSBC USA, Inc., 6.22%, 8/29/2024 (t)
|
700
|
678
|
ING US Funding LLC, 5.85%, 6/14/2024 (t)
|
400
|
392
|
National Bank of Canada, 5.78%, 3/15/2024 (e)
|
400
|
397
|
NatWest Markets plc, 6.00%, 7/22/2024 (e)
|
294
|
287
|
Pacific Life Short Term Funding LLC, 5.85%, 6/10/2024 (t)
|
357
|
350
|
Societe Generale SA, 5.90%, 6/21/2024 (t)
|
400
|
392
|
Standard Chartered Bank, 6.00%, 8/13/2024 (t)
|
400
|
389
|
Sumitomo Mitsui Trust Bank Ltd., 5.43%, 5/8/2024 (e) (t)
|
400
|
394
|
Svenska Handelsbanken AB, 5.87%, 6/3/2024 (t)
|
400
|
393
|
Telstra Group Ltd., 5.86%, 3/8/2024 (t)
|
400
|
398
|
VW Credit, Inc., 5.95%, 4/23/2024 (t)
|
300
|
296
|
Westpac Banking Corp.
|
|
|
5.83%, 6/18/2024 (t)
|
400
|
392
|
5.93%, 9/6/2024 (t)
|
507
|
491
|
Total Commercial Paper
(Cost $10,532)
|
|
10,545
|
|
SHARES
(000)
|
|
Investment Companies — 2.5%
|
||
JPMorgan Prime Money Market Fund Class IM Shares, 5.47% (m) (u)
|
13,358
|
13,367
|
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.38% (m) (u)
|
210,955
|
211,103
|
Total Investment Companies
(Cost $224,414)
|
|
224,470
|
Investment of Cash Collateral from Securities Loaned — 1.4%
|
||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.51% (m) (u)
|
109,938
|
109,982
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Investment of Cash Collateral from Securities Loaned — continued
|
||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (m) (u)
|
15,149
|
15,149
|
Total Investment of Cash Collateral from Securities Loaned
(Cost $125,121)
|
|
125,131
|
Total Short-Term Investments
(Cost $361,342)
|
|
361,423
|
Total Investments — 100.3%
(Cost $8,715,141)
|
|
8,948,327
|
Liabilities in Excess of Other Assets — (0.3)%
|
|
(24,003
)
|
NET ASSETS — 100.0%
|
|
8,924,324
|
Percentages indicated are based on net assets.
|
||
Amounts presented as a dash ("-") represent amounts that round to less than a thousand.
|
Abbreviations
|
|
ABS
|
Asset-Backed Securities
|
ACES
|
Alternative Credit Enhancement Securities
|
ADR
|
American Depositary Receipt
|
AUD
|
Australian Dollar
|
CHF
|
Swiss Franc
|
CIFC
|
Commercial Industrial Finance Corp.
|
CJSC
|
Closed Joint Stock Company
|
CLO
|
Collateralized Loan Obligations
|
CME
|
Chicago Mercantile Exchange
|
CSMC
|
Credit Suisse Mortgage Trust
|
CVA
|
Certificaten Van Aandelen (Dutch Certificate)
|
ELN
|
Equity-Linked Note
|
ETF
|
Exchange Traded Fund
|
EUR
|
Euro
|
EURIBOR
|
Euro Interbank Offered Rate
|
FHLMC
|
Federal Home Loan Mortgage Corp.
|
FNMA
|
Federal National Mortgage Association
|
GBP
|
British Pound
|
GDR
|
Global Depositary Receipt
|
GNMA
|
Government National Mortgage Association
|
HB
|
High Coupon Bonds (a.k.a. "IOettes") represent the right to receive interest payments on an underlying pool of mortgages with
similar features as those
associated with IO securities. Unlike IO's the owner also has a right to receive a very small portion of principal. The high
interest rates result from taking
interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small
principal of the HB class.
|
HKD
|
Hong Kong Dollar
|
ICE
|
Intercontinental Exchange
|
IF
|
Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a
specified index or have an interest
rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
The interest rate shown is the
rate in effect as of January 31, 2024. The rate may be subject to a cap and floor.
|
IO
|
Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal
amount shown
represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns
as a result of prepayment or
refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
|
JSC
|
Joint Stock Company
|
OYJ
|
Public Limited Company
|
PIK
|
Payment In Kind
|
PJSC
|
Public Joint Stock Company
|
PO
|
Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market
value of these securities is
extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities
increase, the yield on
these securities increases.
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
Preference
|
A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a
dividend preference. Preference
shares may also have liquidation preference.
|
PT
|
Limited liability company
|
REIT
|
Real Estate Investment Trust
|
REMIC
|
Real Estate Mortgage Investment Conduit
|
RTS
|
Russian Trading System
|
SCA
|
Limited partnership with share capital
|
SDR
|
Swedish Depositary Receipt
|
SGPS
|
Holding company
|
SOFR
|
Secured Overnight Financing Rate
|
SOFRINDX
|
Compounding index of the Secured Overnight Financing Rate
|
UMBS
|
Uniform Mortgage-Backed Securities
|
USD
|
United States Dollar
|
^
|
Amount rounds to less than 0.1% of net assets.
|
|
‡
|
Value determined using significant unobservable inputs.
|
|
*
|
Non-income producing security.
|
|
(a)
|
The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January
31, 2024 is
$118,958.
|
|
(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)
|
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 January 31, 2024 is $194,859 or 2.18% of the Fund’s net
assets as of January 31, 2024.
|
|
(d)
|
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of
January 31, 2024.
|
|
(e)
|
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
|
|
(f)
|
Security is an interest bearing note with preferred security characteristics.
|
|
(g)
|
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 January 31, 2024.
|
|
(h)
|
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future
contingent upon a
predetermined trigger. The interest rate shown is the current rate as of January 31, 2024.
|
|
(i)
|
Defaulted security.
|
|
(j)
|
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
|
|
(k)
|
Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
|
|
(l)
|
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 January 31, 2024.
|
|
(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)
|
Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
|
|
(o)
|
All or a portion of this security is unsettled as of January 31, 2024. Unless otherwise indicated, the coupon rate is undetermined.
The coupon
rate shown may not be accrued for the entire position.
|
|
(p)
|
Fund is subject to legal or contractual restrictions on the resale of the security.
|
|
(q)
|
All or a portion of this security is deposited with the broker as initial margin for futures contracts.
|
|
(r)
|
Amount represents Units.
|
|
(s)
|
The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this
security is based
on par value and is in effect as of January 31, 2024.
|
|
(t)
|
The rate shown is the effective yield as of January 31, 2024.
|
|
(u)
|
The rate shown is the current yield as of January 31, 2024.
|
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
Summary of Investments by Industry, January 31, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total
investments:
INDUSTRY
|
PERCENT OF
TOTAL
INVESTMENTS
|
Banks
|
9.9
%
|
U.S. Equity
|
8.8
|
Oil, Gas & Consumable Fuels
|
7.1
|
Collateralized Mortgage Obligations
|
3.8
|
Commercial Mortgage-Backed Securities
|
3.8
|
Media
|
3.3
|
Electric Utilities
|
3.2
|
Diversified Telecommunication Services
|
3.1
|
Capital Markets
|
2.8
|
Convertible Bonds
|
2.8
|
Pharmaceuticals
|
2.5
|
Asset-Backed Securities
|
2.4
|
Insurance
|
2.3
|
Semiconductors & Semiconductor Equipment
|
2.1
|
Hotels, Restaurants & Leisure
|
1.9
|
Health Care Providers & Services
|
1.7
|
Chemicals
|
1.5
|
Automobile Components
|
1.4
|
Specialty Retail
|
1.3
|
Foreign Government Securities
|
1.3
|
Metals & Mining
|
1.2
|
Food Products
|
1.2
|
Consumer Finance
|
1.2
|
Multi-Utilities
|
1.1
|
Consumer Staples Distribution & Retail
|
1.1
|
Wireless Telecommunication Services
|
1.1
|
Commercial Services & Supplies
|
1.1
|
Machinery
|
1.0
|
U.S. Treasury Notes
|
1.0
|
Others (each less than 1.0%)
|
19.0
|
Short-Term Investments
|
4.0
|
Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed
with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings
filed
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
Futures contracts outstanding as of January 31, 2024 (amounts in thousands, except number of contracts):
DESCRIPTION
|
NUMBER OF
CONTRACTS
|
EXPIRATION DATE
|
TRADING CURRENCY
|
NOTIONAL
AMOUNT ($)
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
Long Contracts
|
|
|
|
|
|
EURO STOXX 50 Index
|
5
|
03/15/2024
|
EUR
|
252
|
12
|
FTSE 100 Index
|
2
|
03/15/2024
|
GBP
|
193
|
5
|
NASDAQ 100 E-Mini Index
|
152
|
03/15/2024
|
USD
|
52,399
|
(923
)
|
S&P 500 E-Mini Index
|
290
|
03/15/2024
|
USD
|
70,601
|
(885
)
|
U.S. Treasury 10 Year Note
|
31,187
|
03/19/2024
|
USD
|
3,506,588
|
100,074
|
|
|
|
|
|
98,283
|
Short Contracts
|
|
|
|
|
|
EURO STOXX 50 Index
|
(2,578
)
|
03/15/2024
|
EUR
|
(129,607
)
|
(2,927
)
|
|
|
|
|
|
95,356
|
Abbreviations
|
|
EUR
|
Euro
|
FTSE
|
Financial Times and the London Stock Exchange
|
GBP
|
British Pound
|
USD
|
United States Dollar
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations
are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily
available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities
that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate
the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds 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 Funds. 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 NAV is calculated.
Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“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.
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 January 31, 2024.
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 Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily
an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):
|
|
|
||
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
Investments in Securities
|
|
|
|
|
Asset-Backed Securities
|
|
|
|
|
Cayman Islands
|
$—
|
$53,919
|
$—
|
$53,919
|
United States
|
—
|
150,244
|
11,614
|
161,858
|
Total Asset-Backed Securities
|
—
|
204,163
|
11,614
|
215,777
|
Collateralized Mortgage Obligations
|
|
|
|
|
Bermuda
|
—
|
612
|
—
|
612
|
United States
|
—
|
339,723
|
3,509
|
343,232
|
Total Collateralized Mortgage Obligations
|
—
|
340,335
|
3,509
|
343,844
|
Commercial Mortgage-Backed Securities
|
—
|
342,983
|
—
|
342,983
|
Common Stocks
|
|
|
|
|
Australia
|
—
|
66,338
|
—
|
66,338
|
Austria
|
—
|
8,118
|
—
|
8,118
|
Belgium
|
1,238
|
7,114
|
—
|
8,352
|
Brazil
|
24,730
|
805
|
—
|
25,535
|
Canada
|
138,210
|
—
|
—
|
138,210
|
Chile
|
3,972
|
—
|
—
|
3,972
|
China
|
17,342
|
120,846
|
—
|
138,188
|
Denmark
|
—
|
23,336
|
—
|
23,336
|
Finland
|
—
|
48,079
|
—
|
48,079
|
France
|
—
|
131,296
|
—
|
131,296
|
Germany
|
—
|
83,003
|
—
|
83,003
|
Hong Kong
|
—
|
33,322
|
—
|
33,322
|
India
|
18,067
|
27,838
|
—
|
45,905
|
Indonesia
|
—
|
23,283
|
—
|
23,283
|
Ireland
|
2,425
|
1,141
|
—
|
3,566
|
Israel
|
—
|
1,979
|
—
|
1,979
|
Italy
|
—
|
65,888
|
—
|
65,888
|
Japan
|
—
|
107,939
|
—
|
107,939
|
Luxembourg
|
—
|
—
|
7,571
|
7,571
|
Malta
|
—
|
1,045
|
—
|
1,045
|
Mexico
|
29,298
|
—
|
—
|
29,298
|
Netherlands
|
—
|
64,961
|
—
|
64,961
|
New Zealand
|
4,903
|
—
|
—
|
4,903
|
Norway
|
14,076
|
14,013
|
—
|
28,089
|
Poland
|
—
|
3,153
|
—
|
3,153
|
Portugal
|
493
|
2,127
|
—
|
2,620
|
Russia
|
—
|
—
|
106
|
106
|
Saudi Arabia
|
—
|
13,436
|
—
|
13,436
|
Singapore
|
2,957
|
28,547
|
—
|
31,504
|
South Africa
|
28,069
|
7,321
|
—
|
35,390
|
South Korea
|
—
|
55,365
|
—
|
55,365
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
|
|
|
||
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
Spain
|
$1,976
|
$64,710
|
$—
|
$66,686
|
Sweden
|
—
|
43,168
|
—
|
43,168
|
Switzerland
|
—
|
44,462
|
—
|
44,462
|
Taiwan
|
22,182
|
83,935
|
—
|
106,117
|
Thailand
|
—
|
8,388
|
—
|
8,388
|
United Kingdom
|
22,040
|
152,665
|
—
|
174,705
|
United States
|
1,289,762
|
88,910
|
9,125
|
1,387,797
|
Total Common Stocks
|
1,621,740
|
1,426,531
|
16,802
|
3,065,073
|
Convertible Bonds
|
|
|
|
|
Australia
|
—
|
781
|
—
|
781
|
Belgium
|
—
|
315
|
—
|
315
|
Canada
|
—
|
780
|
—
|
780
|
China
|
—
|
1,538
|
—
|
1,538
|
France
|
—
|
2,730
|
—
|
2,730
|
Germany
|
—
|
1,742
|
—
|
1,742
|
Israel
|
—
|
1,167
|
—
|
1,167
|
Luxembourg
|
—
|
209
|
—
|
209
|
Mexico
|
—
|
323
|
—
|
323
|
New Zealand
|
—
|
830
|
—
|
830
|
Singapore
|
—
|
729
|
—
|
729
|
South Africa
|
—
|
359
|
—
|
359
|
South Korea
|
—
|
651
|
—
|
651
|
Spain
|
—
|
730
|
—
|
730
|
Switzerland
|
—
|
657
|
—
|
657
|
United Arab Emirates
|
—
|
1,568
|
—
|
1,568
|
United Kingdom
|
—
|
3,370
|
—
|
3,370
|
United States
|
—
|
28,349
|
2,892
|
31,241
|
Total Convertible Bonds
|
—
|
46,828
|
2,892
|
49,720
|
Convertible Preferred Stocks
|
|
|
|
|
United States
|
4,275
|
673
|
7,225
|
12,173
|
Corporate Bonds
|
|
|
|
|
Australia
|
—
|
11,046
|
—
|
11,046
|
Austria
|
—
|
2,232
|
—
|
2,232
|
Azerbaijan
|
—
|
2,175
|
—
|
2,175
|
Bahrain
|
—
|
1,201
|
—
|
1,201
|
Belgium
|
—
|
203
|
—
|
203
|
Brazil
|
—
|
4,413
|
—
|
4,413
|
Canada
|
—
|
165,215
|
—
|
165,215
|
China
|
—
|
20,456
|
—
|
20,456
|
Colombia
|
—
|
3,043
|
—
|
3,043
|
Denmark
|
—
|
5,255
|
—
|
5,255
|
Finland
|
—
|
8,009
|
—
|
8,009
|
France
|
—
|
93,885
|
—
|
93,885
|
Germany
|
—
|
7,069
|
—
|
7,069
|
Guatemala
|
—
|
1,093
|
—
|
1,093
|
Hong Kong
|
—
|
15,553
|
—
|
15,553
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
|
|
|
||
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
India
|
$—
|
$31,538
|
$—
|
$31,538
|
Indonesia
|
—
|
14,795
|
—
|
14,795
|
Ireland
|
—
|
16,741
|
—
|
16,741
|
Israel
|
—
|
1,053
|
—
|
1,053
|
Italy
|
—
|
9,140
|
—
|
9,140
|
Japan
|
—
|
10,651
|
—
|
10,651
|
Kazakhstan
|
—
|
2,905
|
—
|
2,905
|
Luxembourg
|
—
|
22,566
|
—
|
22,566
|
Macau
|
—
|
14,300
|
—
|
14,300
|
Mexico
|
—
|
17,426
|
—
|
17,426
|
Morocco
|
—
|
2,462
|
—
|
2,462
|
Netherlands
|
—
|
39,115
|
—
|
39,115
|
Norway
|
—
|
8,471
|
—
|
8,471
|
Panama
|
—
|
806
|
—
|
806
|
Paraguay
|
—
|
262
|
—
|
262
|
Peru
|
—
|
1,395
|
—
|
1,395
|
Philippines
|
—
|
2,787
|
—
|
2,787
|
Singapore
|
—
|
1,164
|
—
|
1,164
|
South Africa
|
—
|
2,148
|
—
|
2,148
|
South Korea
|
—
|
1,973
|
—
|
1,973
|
Spain
|
—
|
46,477
|
—
|
46,477
|
Sweden
|
—
|
12,699
|
—
|
12,699
|
Switzerland
|
—
|
31,853
|
—
|
31,853
|
Thailand
|
—
|
3,606
|
—
|
3,606
|
United Kingdom
|
—
|
128,095
|
—
|
128,095
|
United States
|
—
|
2,292,571
|
3,982
|
2,296,553
|
Uzbekistan
|
—
|
1,129
|
—
|
1,129
|
Venezuela, Bolivarian Republic of
|
—
|
848
|
—
|
848
|
Total Corporate Bonds
|
—
|
3,059,824
|
3,982
|
3,063,806
|
Equity Linked Notes
|
—
|
248,176
|
—
|
248,176
|
Exchange-Traded Funds
|
834,579
|
—
|
—
|
834,579
|
Foreign Government Securities
|
—
|
118,296
|
—
|
118,296
|
Loan Assignments
|
|
|
|
|
France
|
—
|
568
|
—
|
568
|
Germany
|
—
|
345
|
—
|
345
|
Ireland
|
—
|
172
|
—
|
172
|
Luxembourg
|
—
|
8,522
|
—
|
8,522
|
Netherlands
|
—
|
731
|
—
|
731
|
United States
|
—
|
139,344
|
7,539
|
146,883
|
Total Loan Assignments
|
—
|
149,682
|
7,539
|
157,221
|
Mortgage-Backed Securities
|
—
|
932
|
—
|
932
|
Preferred Stocks
|
|
|
|
|
United States
|
44,300
|
—
|
1,355
|
45,655
|
Rights
|
|
|
|
|
Spain
|
31
|
—
|
—
|
31
|
United States
|
—
|
—
|
689
|
689
|
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
|
|
|
||
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
Total Rights
|
31
|
—
|
689
|
720
|
U.S. Treasury Obligations
|
$—
|
$87,295
|
$—
|
$87,295
|
Warrants
|
|
|
|
|
United Kingdom
|
—
|
—
|
654
|
654
|
United States
|
—
|
—
(a)
|
—
|
—
(a)
|
Total Warrants
|
—
|
—
(a)
|
654
|
654
|
Short-Term Investments
|
|
|
|
|
Certificates of Deposits
|
—
|
1,277
|
—
|
1,277
|
Commercial Paper
|
—
|
10,545
|
—
|
10,545
|
Investment Companies
|
224,470
|
—
|
—
|
224,470
|
Investment of Cash Collateral from Securities Loaned
|
125,131
|
—
|
—
|
125,131
|
Total Short-Term Investments
|
349,601
|
11,822
|
—
|
361,423
|
Total Investments in Securities
|
$2,854,526
|
$6,037,540
|
$56,261
|
$8,948,327
|
Appreciation in Other Financial Instruments
|
|
|
|
|
Futures Contracts
|
$100,091
|
$—
|
$—
|
$100,091
|
Depreciation in Other Financial Instruments
|
|
|
|
|
Futures Contracts
|
(4,735
)
|
—
|
—
|
(4,735
)
|
Total Net Appreciation/ Depreciation in Other
Financial Instruments
|
$95,356
|
$—
|
$—
|
$95,356
|
|
|
(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
October 31,
2023
|
Realized
gain (loss)
|
Change in net
unrealized
appreciation
(depreciation)
|
Net
accretion
(amortization)
|
Purchases1
|
Sales2
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance as of
January 31,
2024
|
Investments in Securities:
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities
|
$13,369
|
$—
|
$9
|
$—
(a)
|
$—
|
$(1,764
)
|
$—
|
$—
|
$11,614
|
Collateralized Mortgage
Obligations
|
2
|
—
|
9
|
—
(a)
|
3,500
|
(2
)
|
—
|
—
|
3,509
|
Common Stocks
|
13,439
|
317
|
719
|
—
|
2,644
|
(317
)
|
—
|
—
|
16,802
|
Convertible Bonds
|
2,817
|
—
|
75
|
—
|
—
|
—
|
—
|
—
|
2,892
|
Convertible Preferred Stocks
|
7,518
|
—
|
(293
)
|
—
|
—
|
—
|
—
|
—
|
7,225
|
Corporate Bonds
|
1,302
|
(282
)
|
(252
)
|
(4
)
|
—
|
(3
)
|
3,221
|
—
|
3,982
|
Loan Assignments
|
7,303
|
—
|
(133
)
|
118
|
4,695
|
(4,444
)
|
—
|
—
|
7,539
|
Preferred Stocks
|
1,517
|
—
|
(162
)
|
—
|
—
|
—
|
—
|
—
|
1,355
|
Rights
|
622
|
530
|
67
|
—
|
—
|
(530
)
|
—
|
—
|
689
|
Warrants
|
772
|
—
|
(118
)
|
—
|
—
|
—
|
—
|
—
|
654
|
Total
|
$48,661
|
$565
|
$(79
)
|
$114
|
$10,839
|
$(7,060
)
|
$3,221
|
$—
|
$56,261
|
|
|||||||||
1
|
Purchases include all purchases of securities and securities received in corporate actions.
|
||||||||
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 January 31, 2024, which were
valued using significant unobservable inputs (level 3) amounted to $(504).
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
There were no significant transfers into or out of level 3 for the period ended January 31, 2024.
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
January 31, 2024
|
Valuation
Technique(s)
|
Unobservable
Input
|
Range (Weighted
Average) (a)
|
|
$177
|
Terms of Restructuring
|
Expected Recovery
|
$0.01 ($0.01)
|
|
-(b
)
|
Market Comparable Companies
|
EBITDA Multiple (c)
|
5.0x(5.0x)
|
|
|
|
Liquidity Discount
|
30.00% (30.00%)
|
|
|
|
|
|
Common Stocks
|
177
|
|
|
|
|
-(b
)
|
Market Comparable Companies
|
EBITDA Multiple (c)
|
5.0x(5.0x)
|
|
|
|
Liquidity Discount
|
30.00% (30.00%)
|
|
|
|
|
|
Preferred Stocks
|
-(b
)
|
|
|
|
|
1,499
|
Discounted Cash Flow
|
Constant Prepayment Rate
|
5.00% - 18.00% (7.30%)
|
|
|
|
Constant Default Rate
|
5.00% - 12.00% (10.76%)
|
|
|
|
Yield (Discount Rate of Cash Flows)
|
7.03% - 9.95% (7.55%)
|
Asset-Backed
Securities
|
1,499
|
|
|
|
|
2,892
|
Term of Restructuring
|
Liquidation Preference
|
71.43x (71.43x)
|
|
|
|
|
|
Convertible Bonds
|
2,892
|
|
|
|
|
2,579
|
Terms of Restructuring
|
Expected Recovery
|
10.90% - 100.00% (99.45%)
|
|
4,969
|
Discounted Cash Flow
|
Yield (Discount Rate of Cash Flows)
|
20.94% - 33.39% (23.89%)
|
|
|
|
|
|
Loan Assignments
|
7,548
|
|
|
|
Total
|
$12,116
|
|
|
|
#
|
The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At January 31,
2024, the value of
these investments was $44,145. 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)
|
Amount rounds to less than one thousand.
|
(c)
|
Represents amounts used when the reporting entity has determined that market participants would take into account such multiples
when
pricing the investments.
|
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds and ETFs advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below
to be affiliated
JPMorgan Income Builder Fund
AS OF January 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
issuers. Underlying Funds’ and ETFs’ distributions may be reinvested into the Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the table below.
|
|||||||||
For the period ended January 31, 2024
|
|||||||||
Security Description
|
Value at
October 31,
2023
|
Purchases at
Cost
|
Proceeds from
Sales
|
Net Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation/
(Depreciation)
|
Value at
January 31,
2024
|
Shares at
January 31,
2024
|
Dividend
Income
|
Capital Gain
Distributions
|
JPMorgan Equity Premium Income ETF (a)
|
$551,824
|
$—
|
$—
|
$—
|
$35,026
|
$586,850
|
10,487
|
$12,343
|
$—
|
JPMorgan Income ETF (a)
|
42,640
|
—
|
—
|
—
|
1,716
|
44,356
|
967
|
699
|
—
|
JPMorgan Nasdaq Equity Premium Income
ETF (a)
|
182,533
|
—
|
—
|
—
|
20,840
|
203,373
|
3,954
|
4,873
|
—
|
JPMorgan Prime Money Market Fund
Class IM Shares, 5.47% (a) (b)
|
39,996
|
55,903
|
82,538
|
10
|
(4
)
|
13,367
|
13,358
|
327
|
—
|
JPMorgan Prime Money Market Fund
Class Institutional Shares, 5.38% (a) (b)
|
219,469
|
1,141,784
|
1,150,186
|
18
|
18
|
211,103
|
210,955
|
2,430
|
—
|
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 5.51%
(a) (b)
|
121,961
|
82,000
|
94,000
|
10
|
11
|
109,982
|
109,938
|
1,440
|
—
|
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.26% (a) (b)
|
16,720
|
83,702
|
85,273
|
—
|
—
|
15,149
|
15,149
|
197
|
—
|
Total
|
$1,175,143
|
$1,363,389
|
$1,411,997
|
$38
|
$57,607
|
$1,184,180
|
|
$22,309
|
$—
|
|
|
(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 January 31, 2024.
|