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JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)

 

Investments

    Principal
Amount
($000)		      Value
($000)		  

LOAN ASSIGNMENTS — 84.9%(a)

 

Aerospace & Defense — 1.4%

 

Spirit Aerosystems, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.25%, 1/15/2025(b)

      1,509        1,507  

TransDigm Group, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.25%), 2.34%, 12/9/2025(b)

      3,309        3,238  

Ultra Resources, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 11/17/2028(b)(c)

      2,685        2,675  

Vertex Aerospace, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 10/27/2028(b)(c)

      2,127        2,112  
     

 

 

  
        9,532  
     

 

 

  

Airlines — 0.4%

 

WestJet Airlines Ltd., 1st Lien Term Loan (Canada) (ICE LIBOR USD 3 Month + 3.00%), 4.00%, 12/11/2026(b)

      2,609        2,514  
     

 

 

  

Auto Components — 2.3%

 

Adient US LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.59%, 4/10/2028(b)

      2,729        2,720  

Dexko Global Inc., Delay Draw Term Loan B-1 (3-MONTH UNFND + 0.00%), 4.25%, 10/4/2028(b)(c)

      286        283  

Dexko Global, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 10/4/2028(b)

      2,312        2,289  

Tenneco, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 10/1/2025(b)

      3,422        3,355  

Truck Hero, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 4.00%, 1/31/2028(b)

      3,759        3,726  

Wheel Pros, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 5.25%, 5/11/2028(b)

      2,937        2,916  
     

 

 

  
        15,289  
     

 

 

  

Automobiles — 0.2%

 

Holley, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 11/17/2028(b)(c)

      1,333        1,325  
     

 

 

  

Beverages — 0.6%

 

Triton Water Holdings, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 3/31/2028(b)(c)

      4,119        4,097  
     

 

 

  

Building Products — 0.9%

 

Advanced Drainage Systems, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.38%, 7/31/2026(b)

      1,213        1,208  

Quikrete Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 2.75%, 2/21/2028(b)(c)

      2,975        2,952  

Summit Materials LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.09%, 11/21/2024(b)

      1,818        1,813  
     

 

 

  
        5,973  
     

 

 

  

Capital Markets — 0.4%

      

Duff & Phelps Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 4/9/2027(b)

      2,614        2,609  
     

 

 

  

Chemicals — 4.2%

      

Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 1.88%, 6/1/2024(b)

      1,589        1,581  

Gates Global LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 3.25%, 3/31/2027(b)

      4,732        4,688  

Gemini HDPE LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 12/31/2027(b)

      2,802        2,785  

INEOS Enterprises Holdings Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 8/28/2026(b)

      2,255        2,252  

INEOS US Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.00%, 11/8/2028(b)(c)

      2,350        2,335  

INEOS US Petrochem LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 1/29/2026(b)

      1,496        1,491  

Momentive Performance Materials, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.35%, 5/15/2024(b)

      2,108        2,098  

Pelican Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 5/1/2025(b)

     2,379        2,379  

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value
($000)		  

Pelican Products, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 7.75%), 8.75%, 5/1/2026(b)

      2,205        2,194  

PQ Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.25%, 6/9/2028(b)

      2,584        2,575  

Solenis International, L.P., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 11/9/2028(b)

      2,177        2,157  

Trinseo Materials Operating SCA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.09%, 9/6/2024(b)

      1,234        1,220  
     

 

 

  
        27,755  
     

 

 

  

Commercial Services & Supplies — 2.8%

 

Allied Universal Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 5/12/2028(b)

      3,714        3,679  

Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.35%, 10/30/2026(b)

      2,000        1,995  

Harsco Corp., Term Loan B-3 (ICE LIBOR USD 1 Month + 2.25%), 2.75%, 3/10/2028(b)

      2,051        2,027  

Madison IAQ LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 6/21/2028(b)

      3,904        3,868  

Nielsen Holdings plc, Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.09%, 3/6/2028(b)

      2,129        2,121  

Prime Security Services Borrower LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 3.50%, 9/23/2026(b)

      4,723        4,696  
     

 

 

  
        18,386  
     

 

 

  

Communications Equipment — 1.2%

 

API Group DE, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 2.59%, 10/1/2026(b)

      3,175        3,161  

CommScope, Inc., 1st Lien Term Loan B-2 (Netherlands) (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 4/6/2026(b)(c)

      5,009        4,875  
     

 

 

  
        8,036  
     

 

 

  

Construction & Engineering — 1.3%

      

Osmose Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 6/23/2028(b)

      3,260        3,230  

Pike Corp., Delayed Draw Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.10%, 1/21/2028(b)

      3,383        3,358  

Zekelman Industries, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.09%, 1/24/2027(b)

      1,802        1,782  
     

 

 

  
        8,370  
     

 

 

  

Containers & Packaging — 3.7%

      

Altium Packaging LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 2/3/2028(b)

      2,726        2,676  

Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.35%, 4/3/2024(b)

      4,547        4,452  

Graham Packaging, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 8/4/2027(b)

      4,354        4,317  

LABL, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 5.50%, 10/29/2028(b)

      2,996        2,978  

Pactiv Evergreen Group Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%; ICE LIBOR USD 3 Month + 3.50%), 4.00%, 9/24/2028(b)

      2,803        2,785  

Reynolds Group Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 2/5/2026(b)

      3,295        3,260  

Ring Container Technologies Group, LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 8/12/2028(b)

      1,890        1,881  

Tekni-Plex, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 9/15/2028(b)(c)

      2,057        2,051  

Tekni-Plex, Inc., Delayed Draw Term Loan B (3-MONTH UNFND + 2.00%), 4.50%, 9/15/2028(b)(c)

      102        102  
     

 

 

  
        24,502  
     

 

 

  

Diversified Consumer Services — 2.2%

      

Conservice LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.38%, 5/13/2027(b)

      3,188        3,168  

Ensemble RCM LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 3.88%, 8/3/2026(b)

      1,558        1,552  

Interior Logic Group, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 4/3/2028(b)

     3,022        2,944  

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value
($000)		  

Spin Holdco, Inc., Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 3/4/2028(b)

      3,085        3,081  

St. George’s University Scholastic Services LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.35%, 7/17/2025(b)

      4,140        4,115  
     

 

 

  
        14,860  
     

 

 

  

Diversified Financial Services — 0.9%

 

Quidditch Acquisition, Inc., 1st Lien Cov-Lite Term Loan (ICE LIBOR USD 1 Month + 7.00%), 8.00%, 3/21/2025(b)

      1,563        1,525  

Sabre Holdings Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 12/17/2027(b)

      2,594        2,553  

Trans Union LLC, Term Loan B6 (ICE LIBOR USD 3 Month + 2.25%), 2.75%, 11/17/2028(b)(c)

      2,101        2,087  
     

 

 

  
        6,165  
     

 

 

  

Diversified Telecommunication Services — 2.8%

 

CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.34%, 3/15/2027(b)

      2,656        2,601  

Cincinnati Bell Inc., 1st Lien Term Loan B2 (ICE LIBOR USD 3 Month + 3.25%),
3.75%, 11/22/2028(b)(c)

      2,234        2,222  

Intelsat Jackson Holdings SA, 1st Lien Term Loan (Luxembourg) (1-MONTH PRIME + 4.75%), 8.00%, 11/27/2023(b)

      9,050        9,065  

MetroNet Systems Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 6/2/2028(b)

      2,010        2,004  

Numericable US LLC, 1st Lien Term Loan B (France) (ICE LIBOR USD 3 Month + 3.69%), 3.81%, 1/31/2026(b)

      2,660        2,631  
     

 

 

  
        18,523  
     

 

 

  

Electric Utilities — 2.0%

 

Astoria Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 12/10/2027(b)

      3,854        3,841  

Carroll County Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 3.63%, 2/16/2026(b)

      2,722        2,654  

Exelon Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 3.50%, 12/15/2027(b)

     3,980        3,975  

PG&E Corp., Exit Term Loan (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 6/23/2025(b)

      3,150        3,110  
     

 

 

  
        13,580  
     

 

 

  

Electrical Equipment — 1.6%

 

Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 8/1/2025(b)

      6,010        5,925  

Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 3/2/2027(b)

      4,423        4,381  
     

 

 

  
        10,306  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.6%

 

Ingram Micro, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.00%, 6/30/2028(b)

      2,993        2,985  

Mirion Technologies, Inc., 1st Lien Term Loan (ICE LIBOR USD 2 Month + 2.75%), 1.63%, 10/20/2028(b)(c)

      964        957  
     

 

 

  
        3,942  
     

 

 

  

Energy Equipment & Services — 0.3%

 

Medallion Midland Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 10/18/2028(b)

      1,967        1,954  
     

 

 

  

Entertainment — 1.8%

 

Banijay Entertainment, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.84%, 3/1/2025(b)

      2,624        2,604  

Cineworld Finance US, Inc., 1st Lien Term Loan B (United Kingdom) (ICE LIBOR USD 3 Month + 2.50%), 3.50%, 2/28/2025(b)

      1,626        1,307  

Cineworld Finance US, Inc., 1st Lien Term Loan B (3-MONTH FIXED LIBOR + 7.00%), 15.25%, 5/23/2024(b)

      203        241  

Delta 2 (Lux) SARL, 1st Lien Term Loan B (United Kingdom) (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 2/1/2024(b)

      2,466        2,449  

NAI Entertainment Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 5/8/2025(b)

      1,383        1,355  

WMG Acquisition Corp., 1st Lien Term Loan G (ICE LIBOR USD 1 Month + 2.13%), 2.22%, 1/20/2028(b)

      4,250        4,201  
     

 

 

  
        12,157  
     

 

 

  

Food & Staples Retailing — 1.3%

 

Moran Foods LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 7.00%), 7.00%, 12/31/2038(b)

      242        246  

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value
($000)		  

Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 6.00%), 8.00%, 4/1/2024‡(b)

      1,802        1,838  

Moran Foods LLC, Tranche A Second Lien Term Loan (ICE LIBOR USD 2 Month + 10.75%), 11.75%, 10/1/2024(b)

      3,882        3,339  

United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 10/22/2025(b)

      1,467        1,463  

Utz Quality Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 1/20/2028(b)

      1,762        1,750  
     

 

 

  
        8,636  
     

 

 

  

Food Products — 1.8%

 

Atkins Nutritionals, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/7/2024(b)

      1,648        1,648  

B&G Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.59%, 10/10/2026(b)

      2,170        2,163  

Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.69%), 3.78%, 5/23/2025(b)

      1,645        1,632  

Hostess Brands LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%; ICE LIBOR USD 2 Month + 2.25%; ICE LIBOR USD 3 Month + 2.25%), 3.00%, 8/3/2025(b)

      2,976        2,955  

JBS USA LUX SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.09%, 5/1/2026(b)

      2,034        2,022  

Shearer’s Foods LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 9/23/2027(b)

      1,594        1,581  
     

 

 

  
        12,001  
     

 

 

  

Health Care Equipment & Supplies — 1.7%

 

Chamberlain Group, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 11/3/2028(b)

      2,881        2,861  

Insulet, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 5/4/2028(b)

      4,146        4,138  

Medline, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 10/23/2028(b)(c)

      4,045        4,030  
     

 

 

  
        11,029  
     

 

 

  

Health Care Providers & Services — 6.0%

 

Air Medical Group Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 10/2/2025(b)

      2,174        2,157  

CVS Holdings I LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.34%, 8/31/2026(b)

      2,598        2,583  

Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 3.84%, 10/10/2025(b)

      3,181        2,391  

ICON Luxembourg SARL, 1st Lien Term Loan B (Luxembourg) (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 7/3/2028(b)

      2,535        2,526  

ICON Luxembourg SARL, 1st Lien Term Loan B (Ireland) (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 7/3/2028(b)

      632        629  

LifePoint Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.84%, 11/16/2025(b)(c)

      2,569        2,545  

Option Care Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.25%, 10/27/2028(b)(c)

      1,930        1,922  

Pathway Vet Alliance LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 3.84%, 3/31/2027(b)

      3,224        3,202  

PCI Pharma Services, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 11/30/2027(b)(c)

      4,136        4,120  

Pearl Intermediate Parent LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 2/14/2025(b)

      1,998        1,967  

Pearl Intermediate Parent LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 2/14/2025(b)

      3,338        3,329  

PetVet Care Centers LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 2/14/2025(b)

      748        740  

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value
($000)		  

Sound Inpatient Physicians Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 6/27/2025(b)

      1,488        1,476  

Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 2/6/2024(b)

      1,937        1,832  

U.S. Renal Care, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 5.09%, 6/26/2026(b)

      2,186        2,121  

WIRB-Copernicus Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 4.00%), 5.00%, 1/8/2027(b)

      6,380        6,377  
     

 

 

  
        39,917  
     

 

 

  

Hotels, Restaurants & Leisure — 4.3%

 

1011778 BC ULC, 1st Lien Term Loan B (Canada) (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 11/19/2026(b)

      2,071        2,022  

Caesars Resort Collection LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 12/23/2024(b)

      3,845        3,803  

CCM Merger, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 11/4/2025(b)

      1,813        1,807  

Enterprise Development Authority (The), 1st lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.00%, 2/28/2028(b)

      2,608        2,611  

Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 3.25%, 10/4/2023(b)

      1,948        1,930  

IRB Holding Corp., 1st Lien Term Loan B

      

(ICE LIBOR USD 3 Month + 2.75%), 3.75%, 2/5/2025(b)

      2,867        2,845  

(ICE LIBOR USD 3 Month + 3.25%), 4.25%, 12/15/2027(b)

      1,810        1,801  

Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 8/14/2024(b)

      4,590        4,551  

UFC Holdings LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 3 Month + 2.75%), 3.50%, 4/29/2026(b)

      3,997        3,935  

Whataburger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 8/3/2028(b)

      3,100        3,078  
     

 

 

  
        28,383  
     

 

 

  

Household Durables — 0.9%

 

Cabinetworks, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 4.75%, 5/17/2028(b)

      1,756        1,731  

MI Windows and Doors, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 12/18/2027(b)

      2,114        2,107  

Traeger Grills, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 6/29/2028(b)

      2,123        2,105  
     

 

 

  
        5,943  
     

 

 

  

Independent Power and Renewable Electricity Producers — 0.5%

 

Calpine Construction Finance Co. LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.09%, 1/15/2025(b)

      2,316        2,286  

Invenergy LLC, Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 8/28/2025(b)

      1,248        1,228  
     

 

 

  
        3,514  
     

 

 

  

Insurance — 1.6%

 

Asurion LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 7/31/2027(b)(c)

      2,175        2,143  

Asurion LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 5.25%), 5.34%, 1/31/2028(b)

      750        743  

Asurion LLC, Term Loan B-6 (ICE LIBOR USD 1 Month + 3.13%), 3.22%, 11/3/2023(b)

      340        338  

Asurion LLC, Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 11/3/2024(b)

      2,797        2,769  

HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 2.87%, 4/25/2025(b)

      2,782        2,727  

USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 3.13%, 5/16/2024(b)

      1,810        1,791  
     

 

 

  
        10,511  
     

 

 

  

Internet & Direct Marketing Retail — 1.4%

 

Getty Images, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 4.63%, 2/19/2026(b)

      2,775        2,762  

GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.84%, 10/10/2025(b)(c)

      4,583        4,549  

Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 5.75%, 9/25/2026(b)(c)

      2,100        2,029  
     

 

 

  
        9,340  
     

 

 

  

IT Services — 1.8%

 

Ancestry.com, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 12/6/2027(b)

      4,473        4,427  

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value
($000)		  

Go Daddy Group, Inc. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 2/15/2024(b)

      1,471        1,454  

MH Sub I LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 1/1/2028(b)(c)

      2,070        2,060  

Virtusa Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 2/11/2028(b)

      627        625  

Zayo Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 3/9/2027(b)(c)

      3,235        3,161  
     

 

 

  
        11,727  
     

 

 

  

Leisure Products — 0.3%

 

Bombardier Recreational Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.09%, 5/24/2027(b)

      1,707        1,680  

FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022‡(b)(d)

      4,050        440  

FGI Operating Co. LLC, 1st Lien Term Loan B 12/31/2100(d)

      21,516        —   (e) 

Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 2/14/2025(b)

      142        141  
     

 

 

  
        2,261  
     

 

 

  

Life Sciences Tools & Services — 2.6%

 

Albany Molecular Research, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 8/30/2026(b)

      4,611        4,599  

Avantor Funding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.75%, 11/8/2027(b)

      4,844        4,817  

PAREXEL International Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 11/15/2028(b)(c)

      4,616        4,594  

PPD, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.50%, 1/13/2028(b)

      3,010        3,001  
     

 

 

  
        17,011  
     

 

 

  

Machinery — 2.3%

 

Alliance Laundry Systems LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 10/8/2027(b)

      3,893        3,889  

Club Car, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 6/1/2028(b)

      2,236        2,226  

Sundyne, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 3/17/2027(b)

      3,040        3,027  

Thyssenkrupp Elevators, 1st Lien Term Loan B1 (ICE LIBOR USD 6 Month + 3.50%), 4.00%, 7/30/2027(b)(c)

      3,152        3,139  

Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.17%, 3/28/2025(b)

      3,140        3,058  
     

 

 

  
        15,339  
     

 

 

  

Media — 6.7%

 

Altice Financing SA, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.75%), 2.87%, 7/15/2025(b)

      1,942        1,902  

CBS Radio, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.59%, 11/18/2024(b)

      1,348        1,328  

Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.50%; ICE LIBOR USD 3 Month + 3.50%), 3.63%, 8/21/2026(b)

      8,643        8,447  

CSC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 2.34%, 7/17/2025(b)

      5,359        5,251  

CSC Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.34%, 1/15/2026(b)

      2,106        2,061  

Diamond Sports Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.35%, 8/24/2026(b)

      1,757        734  

Directv Financing LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 5.75%, 8/2/2027(b)

      2,763        2,756  

E.W. Scripps Co. (The), 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 3.00%), 3.75%, 1/7/2028(b)

      1,822        1,817  

Gray Television, Inc., 1st Lien Term Loan B

      

(ICE LIBOR USD 1 Month + 2.25%), 2.35%, 2/7/2024(b)

      1,120        1,110  

(ICE LIBOR USD 1 Month + 2.50%), 2.60%, 1/2/2026(b)

      1,713        1,692  

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value
($000)		  

Gray Television, Inc., 1st Lien Term Loan D (ICE LIBOR USD 3 Month + 3.00%), 3.00%, 10/27/2028(b)(c)

      945        939  

iHeartCommunications, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 5/1/2026(b)

      3,717        3,668  

iHeartCommunications, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 5/1/2026(b)

      813        807  

Meredith Corp., 1st Lien Term Loan B

      

(3-MONTH PRIME + 1.50%), 4.75%, 1/31/2025(b)

      1,232        1,230  

(ICE LIBOR USD 3 Month + 4.25%), 5.25%, 1/31/2025(b)

      1,837        1,872  

Nexstar Broadcasting, Inc., 1st Lien Term Loan B

      

(ICE LIBOR USD 1 Month + 2.25%), 2.34%, 1/17/2024(b)

      1,056        1,050  

(ICE LIBOR USD 1 Month + 2.50%), 2.60%, 9/18/2026(b)

      2,527        2,507  

Red Ventures LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.59%, 11/8/2024(b)

      1,704        1,685  

Summer BC Holdco B SARL, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.50%), 5.25%, 12/4/2026(b)(c)

      2,128        2,120  

Univision Communications Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.00%, 3/15/2026(b)(c)

      2,250        2,243  
     

 

 

  
        45,219  
     

 

 

  

Oil, Gas & Consumable Fuels — 1.3%

 

Buckeye Partners LP, 1st Lien Term Loan B1 (ICE LIBOR USD 1 Month + 2.25%), 2.35%, 11/1/2026(b)(c)

      2,458        2,442  

CITGO Holding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 8/1/2023(b)

      1,428        1,413  

Grizzly Acquisitions, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 3.38%, 10/1/2025(b)

      1,410        1,406  

Navitas Midstream Midland Basin LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/13/2024(b)

      3,153        3,140  
     

 

 

  
        8,401  
     

 

 

  

Paper & Forest Products — 0.1%

 

Asplundh Tree Expert LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 9/7/2027(b)

      687        682  
     

 

 

  

Personal Products — 1.5%

 

Conair Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 5/17/2028(b)

      3,910        3,899  

Nestle Skin Health, Term Loan B (Luxembourg) (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 10/1/2026(b)

      6,273        6,245  
     

 

 

  
        10,144  
     

 

 

  

Pharmaceuticals — 1.8%

 

Endo Pharmaceutical, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 5.75%, 3/27/2028(b)

      633        614  

Jazz Pharmaceuticals plc, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 4.00%, 5/5/2028(b)

      3,768        3,758  

Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.09%, 6/2/2025(b)

      7,820        7,743  
     

 

 

  
        12,115  
     

 

 

  

Professional Services — 0.5%

 

Dun & Bradstreet Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.34%, 2/6/2026(b)

      3,138        3,104  
     

 

 

  

Road & Rail — 1.9%

 

First Student Bidco, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 7/21/2028(b)(c)

      3,034        3,003  

First Student Bidco, Inc., 1st Lien Term Loan C (ICE LIBOR USD 3 Month + 3.00%), 3.50%, 7/21/2028(b)

      998        988  

Genesee & Wyoming, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.00%), 2.13%, 12/30/2026(b)

      3,766        3,729  

Hertz Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 6/30/2028(b)(c)

      4,326        4,313  

Hertz Corp. (The), 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 6/30/2028(b)

      507        506  
     

 

 

  
        12,539  
     

 

 

  

Semiconductors & Semiconductor Equipment — 1.0%

 

Brooks Automation, 1st Lien Term Loan B

      

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value
($000)		  

(ICE LIBOR USD 3 Month + 3.75%), 4.25%, 11/17/2028(b)(c)

      2,640        2,622  

(ICE LIBOR USD 3 Month + 6.25%), 6.75%, 11/16/2029(b)(c)

      746        745  

Synaptics, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.25%), 2.75%, 10/20/2028(b)(c)

      3,182        3,166  
     

 

 

  
        6,533  
     

 

 

  

Software — 5.8%

 

Ascend Learning LLC, Term Loan B

      

(ICE LIBOR USD 1 Month + 3.00%), 4.00%, 7/12/2024(b)

      3,519        3,489  

(ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/12/2024(b)

      404        404  

Camelot Finance LP, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 10/30/2026(b)

      2,978        2,973  

DigiCert, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 7.00%), 7.09%, 2/19/2029(b)

      620        624  

Greeneden U.S. Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/1/2027(b)

      5,371        5,354  

Hyland Software, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 7/1/2024(b)

      1,851        1,846  

ION Corporates, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 3.92%, 3/11/2028(b)

      1,664        1,646  

LogMeIn, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.75%), 4.84%, 8/31/2027(b)

      3,072        3,051  

Netsmart Technologies, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 10/1/2027(b)

      2,177        2,173  

Project Boost Purchaser LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 3.59%, 6/1/2026(b)

      2,785        2,760  

Proofpoint, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 8/31/2028(b)(c)

      2,365        2,341  

Qlik Technologies, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.10%, 4/26/2024(b)

      1,780        1,771  

RealPage, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 4/24/2028(b)

      2,070        2,049  

SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 4/16/2025(b)

      875        862  

SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 1.75%), 1.84%, 4/16/2025(b)

      710        700  

ThoughtWorks, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.50%, 3/24/2028(b)

      1,323        1,316  

Ultimate Software Group, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 5/4/2026(b)(c)

      285        283  

Ultimate Software Group, Inc. (The), 1st Lien Term Loan

      

(ICE LIBOR USD 1 Month + 3.75%), 3.84%, 5/4/2026(b)

      2,357        2,344  

(ICE LIBOR USD 3 Month + 3.25%), 4.00%, 5/4/2026(b)

      2,582        2,566  
     

 

 

  
        38,552  
     

 

 

  

Specialty Retail — 3.9%

 

AppleCaramel Buyer LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.50%, 10/19/2027(b)(c)

      2,852        2,838  

Claire’s Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 6.59%, 12/18/2026(b)(f)

      2,671        2,642  

Consilio, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.50%, 5/12/2028(b)

      3,178        3,139  

DigiCert, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.09%, 10/16/2026(b)

      1,334        1,328  

Leslie’s Poolmart, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 3/9/2028(b)

      4,349        4,321  

Park River Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 12/28/2027(b)

      2,193        2,172  

Petco Health and Wellness Co., Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 3/3/2028(b)

      3,805        3,780  

Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 4.59%, 12/22/2025(b)

      3,618        3,497  

Serta Simmons Bedding LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 7.50%), 8.50%, 8/10/2023(b)

      1,025        956  

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value
($000)		  

Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 5.13%, 4/16/2026(b)

      1,020        978  
     

 

 

  
        25,651  
     

 

 

  

Technology Hardware, Storage & Peripherals — 1.3%

 

KDC US Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.84%, 12/22/2025(b)

      4,850        4,772  

Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.38%, 5/16/2025(b)

      2,878        2,871  

Quest Software US Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 8.25%), 8.38%, 5/18/2026(b)

      1,089        1,086  
     

 

 

  
        8,729  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.5%

 

Birkenstock, 1st Lien Term Loan B (ICE LIBOR USD 6 Month + 3.25%), 3.75%, 4/28/2028(b)(c)

      3,227        3,202  
     

 

 

  

Wireless Telecommunication Services — 0.5%

 

CCI Buyer, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 12/17/2027(b)

      3,025        3,016  
     

 

 

  

TOTAL LOAN ASSIGNMENTS

(Cost $571,251)

 

 

      563,374  
  

 

 

  

CORPORATE BONDS — 8.3%

 

Auto Components — 0.5%

 

American Axle & Manufacturing, Inc.

      

6.25%, 3/15/2026

      2,000        2,045  

6.50%, 4/1/2027

      1,000        1,037  
     

 

 

  
        3,082  
     

 

 

  

Chemicals — 0.2%

 

Trinseo Materials Operating SCA 5.38%, 9/1/2025(g)

      1,500        1,517  
     

 

 

  

Consumer Finance — 0.9%

 

Ford Motor Credit Co. LLC 4.13%, 8/17/2027

      5,750        6,066  
     

 

 

  

Diversified Telecommunication Services — 1.2%

 

CCO Holdings LLC

      

5.13%, 5/1/2027(g)

      6,000        6,176  

5.00%, 2/1/2028(g)

      1,900        1,957  
     

 

 

  
        8,133  
     

 

 

  

Electric Utilities — 0.0%(h)

 

Texas Competitive Electric Holdings Co. LLC 8.50%, 10/1/2022‡(d)

      75,000        113  
     

 

 

  

Electrical Equipment — 0.4%

 

Sensata Technologies BV 4.00%, 4/15/2029(g)

      2,500        2,535  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 0.3%

 

VICI Properties LP 3.75%, 2/15/2027(g)

      1,750        1,794  
     

 

 

  

Health Care Providers & Services — 2.1%

 

HCA, Inc.

      

5.38%, 9/1/2026

      4,750        5,300  

5.63%, 9/1/2028

      2,250        2,600  

Tenet Healthcare Corp.

      

7.50%, 4/1/2025(g)

      3,100        3,260  

5.13%, 11/1/2027(g)

      2,500        2,567  

4.63%, 6/15/2028(g)

      1,000        1,020  
     

 

 

  
        14,747  
     

 

 

  

Health Care Technology — 0.1%

 

IQVIA, Inc. 5.00%, 10/15/2026(g)

      700        716  
     

 

 

  

Hotels, Restaurants & Leisure — 0.2%

 

Six Flags Entertainment Corp. 4.88%, 7/31/2024(g)

      1,268        1,277  
     

 

 

  

Household Durables — 0.2%

 

Newell Brands, Inc. 4.70%, 4/1/2026(i)

      1,000        1,071  
     

 

 

  

Media — 0.8%

 

DISH DBS Corp. 5.88%, 11/15/2024

      2,000        2,023  

Sirius XM Radio, Inc. 3.13%, 9/1/2026(g)

      3,100        3,053  
     

 

 

  
        5,076  
     

 

 

  

Oil, Gas & Consumable Fuels — 0.6%

 

Antero Midstream Partners LP 7.88%, 5/15/2026(g)

      1,500        1,606  

NuStar Logistics LP 5.63%, 4/28/2027

      2,000        2,043  
     

 

 

  
        3,649  
     

 

 

  

Software — 0.2%

 

SS&C Technologies, Inc. 5.50%, 9/30/2027(g)

      1,000        1,039  
     

 

 

  

Specialty Retail — 0.4%

 

Staples, Inc. 7.50%, 4/15/2026(g)

      2,768        2,748  
     

 

 

  

Wireless Telecommunication Services — 0.2%

 

Sprint Corp. 7.88%, 9/15/2023

      1,050        1,154  
     

 

 

  

TOTAL CORPORATE BONDS

(Cost $54,235)

 

 

      54,717  
  

 

 

  

COMMON STOCKS — 1.0%

 

Food & Staples Retailing — 0.1%

 

Moran Foods Backstop Equity*‡

      167        667  
     

 

 

  

Media — 0.4%

 

Clear Channel Outdoor Holdings, Inc.*

      369        1,133  

iHeartMedia, Inc., Class A*

      62        1,214  
     

 

 

  
        2,347  
     

 

 

  

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Shares
(000)		      Value
($000)		  

Multiline Retail — 0.0%(h)

 

Neiman Marcus Group Restricted Equity*

      1        171  
     

 

 

  

Professional Services — 0.3%

 

NMG, Inc.*

      16        2,372  
     

 

 

  

Specialty Retail — 0.2%

 

Claire’s Stores, Inc.*‡

      3        1,144  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $6,516)

 

 

      6,701  
  

 

 

  

CONVERTIBLE PREFERRED STOCKS — 1.0%

 

Specialty Retail — 1.0%

 

Claire’s Stores, Inc.*‡(Cost $889)

      2        6,430  
     

 

 

  
     No. of
Warrants
(000)		         

WARRANTS — 0.0%(h)

 

Diversified Telecommunication Services — 0.0%(h)

 

Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD*‡

      7        99  
     

 

 

  

Entertainment — 0.0%(h)

 

Cineworld Group expiring 12/31/2049, price 4,149.00 GBP (United Kingdom)*

      63        5  
     

 

 

  

TOTAL WARRANTS

(Cost $ — )

 

 

      104  
  

 

 

  
     Shares
(000)		         

SHORT-TERM INVESTMENTS — 10.3%

 

INVESTMENT COMPANIES — 10.3%

 

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(j)(k)(Cost $68,478)

      68,478        68,478  
     

 

 

  

Total Investments — 105.5%

(Cost $701,369)

 

 

      699,804  

Liabilities in Excess of
Other Assets — (5.5)%

 

      (36,716 ) 
  

 

 

  

Net Assets — 100.0%

 

      663,088  
     

 

 

  

 

Percentages indicated are based on net assets.

 

   

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

 

Abbreviations
GBP    British Pound
ICE    Intercontinental Exchange
LIBOR    London Interbank Offered Rate
SCA    Limited partnership with share capital
USD    United States Dollar
(a)    Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(b)    Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2021.
(c)    All or a portion of this security is unsettled as of November 30, 2021. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(d)    Defaulted security.
(e)    Amount rounds to less than one thousand.
(f)    Fund is subject to legal or contractual restrictions on the resale of the security.
(g)    Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(h)    Amount rounds to less than 0.1% of net assets.
(i)    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 November 30, 2021.
(j)    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.
(k)    The rate shown is the current yield as of November 30, 2021.
*    Non-income producing security.
‡    Value determined using significant unobservable inputs.

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

 

A. Valuation of Investments – Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This 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 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.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2021.

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 Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

 

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

 

     Level 1
Quoted prices		      Level 2
Other significant observable
inputs 		     Level 3
Significant unobservable inputs		      Total  

Investments in Securities

            

Common Stocks

            

Food & Staples Retailing

    $ —        $ —        $ 667      $ 667  

Media

      2,347        —          —          2,347  

Multiline Retail

      171        —          —          171  

Professional Services

      —          2,372        —          2,372  

Specialty Retail

      —          —          1,144        1,144  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Common Stocks

      2,518        2,372        1,811        6,701  
  

 

 

     

 

 

     

 

 

     

 

 

  

Convertible Preferred Stocks

      —          —          6,430        6,430  

Corporate Bonds

            

Auto Components

      —          3,082        —          3,082  

Chemicals

      —          1,517        —          1,517  

Consumer Finance

      —          6,066        —          6,066  

Diversified Telecommunication Services

      —          8,133        —          8,133  

Electric Utilities

      —          —          113        113  

Electrical Equipment

      —          2,535        —          2,535  

Equity Real Estate Investment Trusts (REITs)

      —          1,794        —          1,794  

Health Care Providers & Services

      —          14,747        —          14,747  

Health Care Technology

      —          716        —          716  

Hotels, Restaurants & Leisure

      —          1,277        —          1,277  

Household Durables

      —          1,071        —          1,071  

Media

      —          5,076        —          5,076  

Oil, Gas & Consumable Fuels

      —          3,649        —          3,649  

Software

      —          1,039        —          1,039  

Specialty Retail

      —          2,748        —          2,748  

Wireless Telecommunication Services

      —          1,154        —          1,154  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Corporate Bonds

      —          54,604        113        54,717  
  

 

 

     

 

 

     

 

 

     

 

 

  

Loan Assignments

            

Aerospace & Defense

      —          9,532        —          9,532  

Airlines

      —          2,514        —          2,514  

Auto Components

      —          15,289        —          15,289  

Automobiles

      —          1,325        —          1,325  

Beverages

      —          4,097        —          4,097  

Building Products

      —          5,973        —          5,973  

Capital Markets

      —          2,608        —          2,608  

Chemicals

      —          27,755        —          27,755  

Commercial Services & Supplies

      —          18,386        —          18,386  

Communications Equipment

      —          8,036        —          8,036  

Construction & Engineering

      —          8,370        —          8,370  

Containers & Packaging

      —          24,502        —          24,502  

Diversified Consumer Services

      —          14,860        —          14,860  

Diversified Financial Services

      —          6,165        —          6,165  

Diversified Telecommunication Services

      —          18,523        —          18,523  

Electric Utilities

      —          13,580        —          13,580  

Electrical Equipment

      —          10,306        —          10,306  

Electronic Equipment, Instruments & Components

      —          3,942        —          3,942  

Energy Equipment & Services

      —          1,955        —          1,955  

Entertainment

      —          12,157        —          12,157  

Food & Staples Retailing

      —          6,798        1,838        8,636  

Food Products

      —          12,001        —          12,001  

Health Care Equipment & Supplies

      —          11,029        —          11,029  

Health Care Providers & Services

      —          39,918        —          39,918  

Hotels, Restaurants & Leisure

      —          28,383        —          28,383  

Household Durables

      —          5,944        —          5,944  

Independent Power and Renewable Electricity Producers

      —          3,514        —          3,514  

Insurance

      —          10,511        —          10,511  

Internet & Direct Marketing Retail

      —          9,340        —          9,340  

IT Services

      —          11,727        —          11,727  

Leisure Products

      —          1,821        440        2,261  

Life Sciences Tools & Services

      —          17,011        —          17,011  

Machinery

      —          15,339        —          15,339  

Media

      —          45,218        —          45,218  

Oil, Gas & Consumable Fuels

      —          8,401        —          8,401  

Paper & Forest Products

      —          681        —          681  

Personal Products

      —          10,144        —          10,144  

Pharmaceuticals

      —          12,115        —          12,115  

Professional Services

      —          3,104        —          3,104  

Road & Rail

      —          12,539        —          12,539  

Semiconductors & Semiconductor Equipment

      —          6,533        —          6,533  

Software

      —          38,552        —          38,552  

Specialty Retail

      —          25,651        —          25,651  

Technology Hardware, Storage & Peripherals

      —          8,729        —          8,729  

Textiles, Apparel & Luxury Goods

      —          3,202        —          3,202  

Wireless Telecommunication Services

      —          3,016        —          3,016  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Loan Assignments

      —          561,096        2,278        563,374  
  

 

 

     

 

 

     

 

 

     

 

 

  

Warrants

            

Diversified Telecommunication Services

      —          —          99        99  

Entertainment

      —          5        —          5  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Warrants

      —          5        99        104  
  

 

 

     

 

 

     

 

 

     

 

 

  

Short-Term Investments

            

Investment Companies

      68,478        —          —          68,478  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ 70,996      $ 618,077      $ 10,731      $ 699,804  
  

 

 

     

 

 

     

 

 

     

 

 

  

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

 

     Balance as of
February 28,
2021		     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
November 30,
2021		  

Investments in Securities:

 

Collateralized Mortgage Obligations

    $ —   (a)     $ (470)     $ 470     $ —        $ —        $ —       $  —        $  —        $ —    

Common Stocks

      1,679       (4,813)       4,945       —          —          —         —          —          1,811  

Convertible Preferred Stocks

      4,545       264       1,969       —          —          (348 )      —          —          6,430  

Corporate Bonds

      1,698       147       (116 )      —          —          (1,616 )      —          —          113  

Loan Assignments

      4,411       —         (1,130 )      30        6,064        (7,097 )      —          —          2,278  

Rights

      794       912       (794 )      —          —          (912 )      —          —          —    

Warrants

      91       —         8       —          —          —         —          —          99  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total

    $ 13,218     $ (3,960 )    $ 5,352     $ 30      $ 6,064      $ (9,973 )    $ —        $ —        $ 10,731  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

 

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)

Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2021, which were valued using significant unobservable inputs (level 3) amounted to $978.

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
November 30, 2021		      Valuation Technique(s)      Unobservable Input     Range (Weighted Average) (a)  
   $ 1,838        Term of Restructuring        Expected Recovery      
 100.00%   (100.00%)
  
  

 

 

          

Loan Assignments

      1,838          
  

 

 

          
     99        Market Comparable Companies        EBITDA Multiple (b)       5.3x (5.3x)  
  

 

 

          

Warrants

      99          
  

 

 

          

Total

    $ 1,937          
  

 

 

          

 

#

The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At November 30, 2021, the value of these investments was $8,794. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

 

(a)

Unobservable inputs were weighted by the relative fair value of the instruments.

(b)

Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund, which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amount in the table below.

 

For the period ended November 30, 2021

  

Security Description

    Value at
February 28,
2021		      Purchases at
Cost		      Proceeds
from Sales		      Net
Realized
Gain
(Loss)		      Change in
Unrealized
Appreciation/
(Depreciation)		      Value at
November 30,
2021		      Shares at
November 30,
2021		      Dividend
Income		      Capital Gain
Distributions		  

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(a)(b)

    $ 38,568      $ 249,901      $ 219,991      $ —        $ —        $ 68,478        68,478      $ 3      $ —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

(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 November 30, 2021.