JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2021 (Unaudited)
| Investments |
Principal Amount ($000) |
Value ($000) |
||||||
| CORPORATE BONDS — 68.4% |
| |||||||
| Automobiles — 2.7% |
| |||||||
| BMW US Capital LLC (Germany) |
| |||||||
| 2.95%, 4/14/2022(a) |
12,727 | 12,847 | ||||||
| 3.80%, 4/6/2023(a) |
6,973 | 7,257 | ||||||
| Daimler Finance North America LLC (Germany) |
||||||||
| 2.85%, 1/6/2022(a) |
26,432 | 26,486 | ||||||
| (ICE LIBOR USD 3 Month + 0.90%), 1.06%, 2/15/2022(a)(b) |
30,000 | 30,046 | ||||||
| (ICE LIBOR USD 3 Month + 0.88%), 1.04%, 2/22/2022(a)(b) |
2,850 | 2,855 | ||||||
| 3.40%, 2/22/2022(a) |
7,327 | 7,376 | ||||||
| 2.55%, 8/15/2022(a) |
15,000 | 15,206 | ||||||
| 3.35%, 2/22/2023(a) |
2,723 | 2,809 | ||||||
| Hyundai Capital America |
||||||||
| 3.95%, 2/1/2022(a) |
2,081 | 2,092 | ||||||
| 2.85%, 11/1/2022(a) |
5,639 | 5,745 | ||||||
| 1.15%, 11/10/2022(a) |
50,331 | 50,482 | ||||||
| 2.38%, 2/10/2023(a) |
16,800 | 17,078 | ||||||
| 0.80%, 4/3/2023(a) |
40,000 | 39,862 | ||||||
| Kia Corp. (South Korea) 3.00%, 4/25/2023(a) |
3,400 | 3,502 | ||||||
| Volkswagen Group of America Finance LLC (Germany) |
||||||||
| 2.90%, 5/13/2022(a) |
36,852 | 37,229 | ||||||
| 2.70%, 9/26/2022(a) |
14,340 | 14,572 | ||||||
| 0.75%, 11/23/2022(a) |
35,806 | 35,834 | ||||||
| 0.88%, 11/22/2023(a) |
48,407 | 48,192 | ||||||
|
|
|
|||||||
| 359,470 | ||||||||
|
|
|
|||||||
| Banks — 30.1% |
| |||||||
| ANZ New Zealand Int’l Ltd. (New Zealand) 2.88%, 1/25/2022(a)(c) |
14,064 | 14,118 | ||||||
| Australia & New Zealand Banking Group Ltd. (Australia) |
||||||||
| 2.63%, 5/19/2022 |
1,000 | 1,011 | ||||||
| 2.63%, 11/9/2022 |
10,000 | 10,203 | ||||||
| 2.05%, 11/21/2022 |
8,500 | 8,630 | ||||||
| Banco Santander SA (Spain) |
||||||||
| (ICE LIBOR USD 3 Month + 1.56%), 1.68%, 4/11/2022(b) |
1,400 | 1,407 | ||||||
| 3.50%, 4/11/2022 |
59,630 | 60,235 | ||||||
| 3.13%, 2/23/2023 |
29,365 | 30,145 | ||||||
| 3.85%, 4/12/2023 |
35,800 | 37,170 | ||||||
| (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 0.70%, 6/30/2024(b) |
47,200 | 46,935 | ||||||
| Bank of America Corp. |
||||||||
| (ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023(b) |
42,567 | 42,935 | ||||||
| (ICE LIBOR USD 3 Month + 0.93%), 2.82%, 7/21/2023(b) |
24,487 | 24,797 | ||||||
| (ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023(b) |
7,603 | 7,774 | ||||||
| (BSBY3M + 0.43%), 0.59%, 5/28/2024(b) |
116 | 116 | ||||||
| (SOFR + 0.41%), 0.52%, 6/14/2024(b) |
35,575 | 35,308 | ||||||
| Bank of Montreal (Canada) |
||||||||
| (ICE LIBOR USD 3 Month + 0.57%), 0.70%, 3/26/2022(b) |
17,204 | 17,234 | ||||||
| 2.90%, 3/26/2022 |
1,270 | 1,280 | ||||||
| 2.10%, 6/15/2022(a) |
25,162 | 25,403 | ||||||
| 2.05%, 11/1/2022 |
4,900 | 4,970 | ||||||
| (SOFR + 0.27%), 0.32%, 4/14/2023(b) |
88,888 | 88,975 | ||||||
| 0.40%, 9/15/2023(c) |
14,744 | 14,664 | ||||||
| Bank of Nova Scotia (The) (Canada) |
||||||||
| 2.70%, 3/7/2022 |
3,172 | 3,192 | ||||||
| 2.45%, 9/19/2022 |
2,925 | 2,973 | ||||||
| 2.00%, 11/15/2022 |
25,711 | 26,081 | ||||||
| 1.95%, 2/1/2023 |
2,425 | 2,461 | ||||||
| 1.63%, 5/1/2023 |
5,000 | 5,066 | ||||||
| 0.80%, 6/15/2023 |
19,996 | 20,022 | ||||||
| (SOFR + 0.28%), 0.33%, 6/23/2023(b) |
52,664 | 52,679 | ||||||
| 0.40%, 9/15/2023 |
20,843 | 20,689 | ||||||
| Banque Federative du Credit Mutuel SA (France) |
||||||||
| 2.70%, 7/20/2022(a)(c) |
5,000 | 5,070 | ||||||
| 2.13%, 11/21/2022(a) |
80,331 | 81,536 | ||||||
| (ICE LIBOR USD 3 Month + 0.96%), 1.09%, 7/20/2023(a)(b) |
12,474 | 12,636 | ||||||
| Barclays Bank plc (United Kingdom) 1.70%, 5/12/2022 |
21,784 | 21,878 | ||||||
| Barclays plc (United Kingdom) |
||||||||
| 3.68%, 1/10/2023 |
2,377 | 2,384 | ||||||
| (ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023(b) |
103,446 | 104,247 | ||||||
| BBVA USA 2.88%, 6/29/2022 |
54,891 | 55,551 | ||||||
| BNP Paribas SA (France) |
||||||||
| 2.95%, 5/23/2022(a) |
89,049 | 90,107 | ||||||
| 3.50%, 3/1/2023(a) |
81,017 | 83,728 | ||||||
| 3.80%, 1/10/2024(a) |
21,135 | 22,247 | ||||||
| BNZ International Funding Ltd. (New Zealand) |
||||||||
| 2.90%, 2/21/2022(a) |
6,666 | 6,704 | ||||||
| 2.65%, 11/3/2022(a) |
12,364 | 12,611 | ||||||
| Canadian Imperial Bank of Commerce (Canada) |
||||||||
| 2.55%, 6/16/2022 |
170 | 172 | ||||||
| 0.45%, 6/22/2023 |
34,058 | 33,846 | ||||||
| 0.95%, 6/23/2023 |
74,286 | 74,483 | ||||||
| (ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023(b) |
15,000 | 15,179 | ||||||
| (SOFR + 0.40%), 0.45%, 12/14/2023(b) |
37,574 | 37,628 | ||||||
| Capital One Bank USA NA 3.38%, 2/15/2023 |
29,940 | 30,817 | ||||||
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2021 (Unaudited) (continued)
| Investments |
Principal Amount ($000) |
Value ($000) |
||||||
| Capital One NA 2.15%, 9/6/2022 |
27,508 | 27,810 | ||||||
| Citigroup, Inc. |
||||||||
| 2.75%, 4/25/2022 |
37,244 | 37,520 | ||||||
| 2.70%, 10/27/2022 |
2,758 | 2,808 | ||||||
| (ICE LIBOR USD 3 Month + 0.72%), 3.14%, 1/24/2023(b) |
41,874 | 42,024 | ||||||
| (ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(b) |
91,835 | 93,077 | ||||||
| Citizens Bank NA |
||||||||
| (ICE LIBOR USD 3 Month + 0.72%), 0.88%, 2/14/2022(b) |
16,825 | 16,837 | ||||||
| 3.25%, 2/14/2022 |
26,190 | 26,280 | ||||||
| (ICE LIBOR USD 3 Month + 0.81%), 0.99%, 5/26/2022(b) |
22,956 | 23,027 | ||||||
| 2.65%, 5/26/2022 |
20,980 | 21,165 | ||||||
| Commonwealth Bank of Australia (Australia) |
||||||||
| (ICE LIBOR USD 3 Month + 0.70%), 0.82%, 3/10/2022(a)(b) |
200 | 200 | ||||||
| 2.75%, 3/10/2022(a) |
3,305 | 3,327 | ||||||
| 2.50%, 9/18/2022(a) |
6,248 | 6,347 | ||||||
| Cooperatieve Rabobank UA (Netherlands) |
||||||||
| (ICE LIBOR USD 3 Month + 0.83%), 0.95%, 1/10/2022(b) |
1,500 | 1,501 | ||||||
| 2.75%, 1/10/2022 |
8,590 | 8,613 | ||||||
| 3.88%, 9/26/2023(d) |
2,000 | 2,106 | ||||||
| Credit Agricole SA (France) |
||||||||
| (ICE LIBOR USD 3 Month + 1.43%), 1.55%, 1/10/2022(a)(b) |
3,669 | 3,675 | ||||||
| 3.38%, 1/10/2022(a) |
20,181 | 20,241 | ||||||
| (ICE LIBOR USD 3 Month + 1.02%), 1.14%, 4/24/2023(a)(b) |
6,180 | 6,244 | ||||||
| 3.75%, 4/24/2023(a) |
85,025 | 88,523 | ||||||
| Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 3.80%, 9/15/2022 |
36,298 | 37,191 | ||||||
| DBS Group Holdings Ltd. (Singapore) 2.85%, 4/16/2022(a)(c) |
3,595 | 3,624 | ||||||
| DNB Bank ASA (Norway) 2.15%, 12/2/2022(a) |
49,333 | 50,141 | ||||||
| Federation des Caisses Desjardins du Quebec (Canada) (SOFR + 0.43%), 0.48%, 5/21/2024(a)(b) |
25,463 | 25,444 | ||||||
| Fifth Third Bancorp |
||||||||
| 3.50%, 3/15/2022 |
23,974 | 24,122 | ||||||
| 2.60%, 6/15/2022 |
23,739 | 23,970 | ||||||
| Fifth Third Bank NA (ICE LIBOR USD 3 Month + 0.64%), 0.77%, 2/1/2022(b) |
9,070 | 9,074 | ||||||
| HSBC Holdings plc (United Kingdom) |
||||||||
| (ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023(b) |
98,849 | 99,543 | ||||||
| 3.60%, 5/25/2023 |
36,976 | 38,487 | ||||||
| (ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023(b) |
26,034 | 26,567 | ||||||
| (SOFR + 0.53%), 0.73%, 8/17/2024(b) |
11,700 | 11,617 | ||||||
| Huntington National Bank (The) |
||||||||
| 3.13%, 4/1/2022 |
25,063 | 25,233 | ||||||
| 2.50%, 8/7/2022 |
2,565 | 2,598 | ||||||
| ING Groep NV (Netherlands) |
||||||||
| (ICE LIBOR USD 3 Month + 1.15%), 1.28%, 3/29/2022(b) |
24,060 | 24,139 | ||||||
| 3.15%, 3/29/2022 |
75,378 | 76,040 | ||||||
| 4.10%, 10/2/2023 |
2,951 | 3,116 | ||||||
| Intesa Sanpaolo SpA (Italy) 3.13%, 7/14/2022(a) |
74,382 | 75,444 | ||||||
| KeyBank NA |
||||||||
| 3.30%, 2/1/2022 |
2,931 | 2,946 | ||||||
| (SOFR + 0.32%), 0.43%, 6/14/2024(b) |
58,259 | 57,898 | ||||||
| Lloyds Bank plc (United Kingdom) 2.25%, 8/14/2022 |
2,408 | 2,438 | ||||||
| Lloyds Banking Group plc (United Kingdom) |
||||||||
| 3.00%, 1/11/2022 |
19,860 | 19,915 | ||||||
| (ICE LIBOR USD 3 Month + 1.25%), 2.86%, 3/17/2023(b) |
90,175 | 90,726 | ||||||
| (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.33%, 6/15/2023(b) |
23,381 | 23,442 | ||||||
| Mitsubishi UFJ Financial Group, Inc. (Japan) |
||||||||
| (ICE LIBOR USD 3 Month + 0.92%), 1.08%, 2/22/2022(b) |
8,605 | 8,616 | ||||||
| 3.00%, 2/22/2022 |
17,770 | 17,875 | ||||||
| (ICE LIBOR USD 3 Month + 0.70%), 0.82%, 3/7/2022(b) |
16,196 | 16,223 | ||||||
| 3.22%, 3/7/2022 |
17,399 | 17,530 | ||||||
| 2.62%, 7/18/2022 |
115,515 | 117,069 | ||||||
| 2.67%, 7/25/2022 |
43,640 | 44,257 | ||||||
| (ICE LIBOR USD 3 Month + 0.86%), 0.98%, 7/26/2023(b) |
1,208 | 1,220 | ||||||
| Mizuho Bank Ltd. (Japan) 2.95%, 10/17/2022(a) |
11,505 | 11,747 | ||||||
| Mizuho Financial Group, Inc. (Japan) |
||||||||
| (ICE LIBOR USD 3 Month + 0.94%), 1.12%, 2/28/2022(b) |
45,969 | 46,061 | ||||||
| 2.95%, 2/28/2022 |
15,208 | 15,304 | ||||||
| (ICE LIBOR USD 3 Month + 0.88%), 0.99%, 9/11/2022(b) |
5,785 | 5,814 | ||||||
| 2.60%, 9/11/2022 |
40,080 | 40,748 | ||||||
| (ICE LIBOR USD 3 Month + 0.79%), 0.91%, 3/5/2023(b) |
9,738 | 9,806 | ||||||
| (ICE LIBOR USD 3 Month + 0.84%), 2.72%, 7/16/2023(b) |
38,604 | 39,073 | ||||||
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2021 (Unaudited) (continued)
| Investments |
Principal Amount ($000) |
Value ($000) |
||||||
| National Australia Bank Ltd. (Australia) |
||||||||
| 2.80%, 1/10/2022 |
3,108 | 3,116 | ||||||
| 2.50%, 5/22/2022 |
14,147 | 14,291 | ||||||
| 1.88%, 12/13/2022 |
19,897 | 20,187 | ||||||
| National Bank of Canada (Canada) |
||||||||
| 2.15%, 10/7/2022(a) |
73,760 | 74,782 | ||||||
| 2.10%, 2/1/2023 |
25,916 | 26,327 | ||||||
| (SOFR + 0.30%), 0.35%, 5/16/2023(b) |
62,150 | 62,180 | ||||||
| (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.77%), 0.90%, 8/15/2023(b) |
20,078 | 20,107 | ||||||
| NatWest Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023(b) |
113,093 | 114,436 | ||||||
| NatWest Markets plc (United Kingdom) 2.38%, 5/21/2023(a) |
43,371 | 44,335 | ||||||
| Nordea Bank Abp (Finland) |
||||||||
| 1.00%, 6/9/2023(a) |
8,183 | 8,219 | ||||||
| (ICE LIBOR USD 3 Month + 0.94%), 1.12%, 8/30/2023(a)(b)(c) |
4,812 | 4,862 | ||||||
| Oesterreichische Kontrollbank AG (Austria) 2.63%, 1/31/2022 |
6,000 | 6,024 | ||||||
| PNC Bank NA |
||||||||
| 2.45%, 7/28/2022 |
2,500 | 2,529 | ||||||
| (ICE LIBOR USD 3 Month + 0.42%), 2.03%, 12/9/2022(b) |
19,000 | 19,005 | ||||||
| Royal Bank of Canada (Canada) |
||||||||
| 2.75%, 2/1/2022(c) |
5,345 | 5,366 | ||||||
| 1.90%, 9/23/2022(a)(c) |
44,750 | 45,272 | ||||||
| 1.60%, 4/17/2023(c) |
12,265 | 12,423 | ||||||
| (SOFR + 0.45%), 0.50%, 10/26/2023(b) |
61,235 | 61,492 | ||||||
| Santander UK Group Holdings plc (United Kingdom) 3.57%, 1/10/2023 |
10,086 | 10,116 | ||||||
| Societe Generale SA (France) |
||||||||
| 3.25%, 1/12/2022(a) |
26,324 | 26,405 | ||||||
| 4.25%, 9/14/2023(a) |
17,400 | 18,393 | ||||||
| 3.88%, 3/28/2024(a) |
72,450 | 76,646 | ||||||
| Standard Chartered plc (United Kingdom) |
||||||||
| (ICE LIBOR USD 3 Month + 1.15%), 1.28%, 1/20/2023(a)(b) |
21,030 | 21,052 | ||||||
| (ICE LIBOR USD 3 Month + 1.15%), 4.25%, 1/20/2023(a)(b) |
19,223 | 19,312 | ||||||
| (SOFR + 1.25%), 1.30%, 10/14/2023(a)(b) |
3,672 | 3,699 | ||||||
| (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023(a)(b) |
37,438 | 37,523 | ||||||
| Sumitomo Mitsui Financial Group, Inc. (Japan) |
||||||||
| 2.85%, 1/11/2022 |
11,388 | 11,419 | ||||||
| 2.78%, 7/12/2022 |
66,905 | 67,853 | ||||||
| 2.78%, 10/18/2022 |
700 | 714 | ||||||
| (ICE LIBOR USD 3 Month + 0.74%), 0.86%, 1/17/2023(b) |
11,617 | 11,682 | ||||||
| Sumitomo Mitsui Trust Bank Ltd. (Japan) |
||||||||
| 0.80%, 9/12/2023(a) |
73,276 | 73,241 | ||||||
| (SOFR + 0.44%), 0.49%, 9/16/2024(a)(b) |
25,847 | 25,832 | ||||||
| Toronto-Dominion Bank (The) (Canada) |
||||||||
| 2.10%, 7/15/2022(a)(c) |
25,000 | 25,291 | ||||||
| 1.90%, 12/1/2022(c) |
2,969 | 3,012 | ||||||
| (SOFR + 0.48%), 0.53%, 1/27/2023(b) |
35,934 | 36,057 | ||||||
| 0.30%, 6/2/2023 |
44,810 | 44,576 | ||||||
| Truist Bank |
||||||||
| 2.80%, 5/17/2022 |
9,181 | 9,269 | ||||||
| (SOFR + 0.20%), 0.25%, 1/17/2024(b) |
41,213 | 41,192 | ||||||
| Truist Financial Corp. |
||||||||
| 2.70%, 1/27/2022 |
8,568 | 8,583 | ||||||
| 2.75%, 4/1/2022 |
6,420 | 6,457 | ||||||
| 3.05%, 6/20/2022 |
3,055 | 3,093 | ||||||
| UniCredit SpA (Italy) 3.75%, 4/12/2022(d) |
14,284 | 14,440 | ||||||
| US Bancorp |
||||||||
| (ICE LIBOR USD 3 Month + 0.64%), 0.76%, 1/24/2022(b) |
54 | 54 | ||||||
| Series V, 2.63%, 1/24/2022 |
143 | 143 | ||||||
| US Bank NA 2.65%, 5/23/2022 |
3,213 | 3,241 | ||||||
| Wells Fargo & Co. |
||||||||
| 3.50%, 3/8/2022(c) |
3,008 | 3,033 | ||||||
| 3.07%, 1/24/2023 |
29,800 | 29,902 | ||||||
| Westpac Banking Corp. (Australia) |
||||||||
| (ICE LIBOR USD 3 Month + 0.85%), 0.97%, 1/11/2022(b) |
105 | 105 | ||||||
| 2.80%, 1/11/2022 |
7,908 | 7,929 | ||||||
| 2.50%, 6/28/2022 |
8,930 | 9,039 | ||||||
| 2.00%, 1/13/2023 |
2,626 | 2,669 | ||||||
|
|
|
|||||||
| 4,070,605 | ||||||||
|
|
|
|||||||
| Beverages — 1.2% |
| |||||||
| Beam Suntory, Inc. (Japan) |
| |||||||
| 3.25%, 5/15/2022 |
8,241 | 8,286 | ||||||
| 3.25%, 6/15/2023 |
2,000 | 2,060 | ||||||
| Coca-Cola Europacific Partners plc (United Kingdom) 0.50%, 5/5/2023(a) |
47,359 | 47,094 | ||||||
| Diageo Investment Corp. (United Kingdom) 2.88%, 5/11/2022 |
200 | 202 | ||||||
| Heineken NV (Netherlands) |
||||||||
| 3.40%, 4/1/2022(a) |
47,759 | 48,213 | ||||||
| 2.75%, 4/1/2023(a) |
9,513 | 9,754 | ||||||
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2021 (Unaudited) (continued)
| Investments |
Principal Amount ($000) |
Value ($000) |
||||||
| PepsiCo, Inc. |
||||||||
| 2.75%, 3/5/2022 |
1,383 | 1,392 | ||||||
| 2.25%, 5/2/2022 |
1,215 | 1,223 | ||||||
| 2.75%, 3/1/2023 |
2,744 | 2,820 | ||||||
| Suntory Holdings Ltd. (Japan) 2.55%, 6/28/2022(a) |
35,976 | 36,314 | ||||||
|
|
|
|||||||
| 157,358 | ||||||||
|
|
|
|||||||
| Biotechnology — 1.6% |
| |||||||
| AbbVie, Inc. |
| |||||||
| 3.45%, 3/15/2022 |
21,015 | 21,088 | ||||||
| 3.25%, 10/1/2022 |
3,962 | 4,023 | ||||||
| 2.90%, 11/6/2022 |
24,439 | 24,930 | ||||||
| 2.30%, 11/21/2022 |
59,087 | 59,977 | ||||||
| 2.85%, 5/14/2023 |
14,634 | 15,011 | ||||||
| Amgen, Inc. |
||||||||
| 2.65%, 5/11/2022 |
22,961 | 23,139 | ||||||
| 3.63%, 5/15/2022 |
4,600 | 4,629 | ||||||
| Biogen, Inc. 3.63%, 9/15/2022 |
36,844 | 37,708 | ||||||
| Gilead Sciences, Inc. 3.25%, 9/1/2022 |
20,382 | 20,687 | ||||||
|
|
|
|||||||
| 211,192 | ||||||||
|
|
|
|||||||
| Building Products — 0.0%(e) |
| |||||||
| Carlisle Cos., Inc. 0.55%, 9/1/2023 |
2,027 | 2,015 | ||||||
|
|
|
|||||||
| Capital Markets — 6.3% |
| |||||||
| Bank of New York Mellon Corp. (The) (ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023(b) |
230 | 232 | ||||||
| Credit Suisse AG (Switzerland) |
||||||||
| 1.00%, 5/5/2023 |
50,805 | 50,961 | ||||||
| Series FXD, 0.52%, 8/9/2023 |
41,195 | 40,991 | ||||||
| (SOFR + 0.39%), 0.44%, 2/2/2024(b) |
24,506 | 24,463 | ||||||
| Daiwa Securities Group, Inc. (Japan) 3.13%, 4/19/2022(a) |
32,531 | 32,833 | ||||||
| Goldman Sachs Group, Inc. (The) |
||||||||
| (SOFR + 0.41%), 0.46%, 1/27/2023(b) |
8,607 | 8,609 | ||||||
| Series FXD, 0.48%, 1/27/2023 |
14,600 | 14,551 | ||||||
| 0.52%, 3/8/2023 |
28,071 | 27,980 | ||||||
| (ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023(b) |
55,938 | 56,531 | ||||||
| Series VAR, (SOFR + 0.54%), 0.63%, 11/17/2023(b) |
30,940 | 30,860 | ||||||
| (SOFR + 0.57%), 0.67%, 3/8/2024(b) |
36,100 | 35,966 | ||||||
| Macquarie Bank Ltd. (Australia) |
||||||||
| 2.10%, 10/17/2022(a) |
5,326 | 5,398 | ||||||
| 0.44%, 12/16/2022(a) |
114,770 | 114,606 | ||||||
| (SOFR + 0.30%), 0.35%, 4/6/2023(a)(b) |
44,324 | 44,318 | ||||||
| Macquarie Group Ltd. (Australia) |
||||||||
| (ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023(a)(b) |
13,621 | 13,942 | ||||||
| Morgan Stanley |
||||||||
| 3.13%, 1/23/2023 |
18,200 | 18,699 | ||||||
| (SOFR + 0.47%), 0.56%, 11/10/2023(b) |
18,781 | 18,724 | ||||||
| (SOFR + 0.46%), 0.53%, 1/25/2024(b) |
112,339 | 111,896 | ||||||
| (SOFR + 0.62%), 0.73%, 4/5/2024(b) |
29,923 | 29,846 | ||||||
| State Street Corp. |
||||||||
| (SOFR + 2.69%), 2.82%, 3/30/2023(b) |
9,223 | 9,290 | ||||||
| (ICE LIBOR USD 3 Month + 0.64%), 2.65%, 5/15/2023(b) |
7,486 | 7,557 | ||||||
| UBS AG (Switzerland) |
||||||||
| 0.38%, 6/1/2023(a) |
29,113 | 28,933 | ||||||
| (SOFR + 0.36%), 0.41%, 2/9/2024(a)(b) |
29,727 | 29,799 | ||||||
| (SOFR + 0.45%), 0.50%, 8/9/2024(a)(b) |
28,626 | 28,727 | ||||||
| UBS Group AG (Switzerland) |
||||||||
| 2.65%, 2/1/2022(a) |
3,723 | 3,737 | ||||||
| (ICE LIBOR USD 3 Month + 1.22%), 1.38%, 5/23/2023(a)(b) |
6,937 | 6,973 | ||||||
| 3.49%, 5/23/2023(a) |
16,790 | 17,010 | ||||||
| (ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023(a)(b) |
36,727 | 37,256 | ||||||
|
|
|
|||||||
| 850,688 | ||||||||
|
|
|
|||||||
| Chemicals — 0.0%(e) |
| |||||||
| Air Liquide Finance SA (France) 2.25%, 9/27/2023(a) |
2,200 | 2,251 | ||||||
| Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023(a) |
231 | 239 | ||||||
|
|
|
|||||||
| 2,490 | ||||||||
|
|
|
|||||||
| Construction Materials — 0.1% |
| |||||||
| Martin Marietta Materials, Inc. 0.65%, 7/15/2023 |
16,857 | 16,809 | ||||||
|
|
|
|||||||
| Consumer Finance — 4.0% |
| |||||||
| AerCap Ireland Capital DAC (Ireland) 1.15%, 10/29/2023 |
43,830 | 43,698 | ||||||
| American Express Co. |
||||||||
| 2.75%, 5/20/2022 |
17,785 | 17,947 | ||||||
| 2.50%, 8/1/2022 |
9,360 | 9,476 | ||||||
| 2.65%, 12/2/2022 |
4,312 | 4,405 | ||||||
| 3.70%, 8/3/2023 |
21,143 | 22,097 | ||||||
| American Express Credit Corp. |
||||||||
| (ICE LIBOR USD 3 Month + 0.70%), 0.82%, 3/3/2022(b) |
18,810 | 18,827 | ||||||
| 2.70%, 3/3/2022 |
1,127 | 1,131 | ||||||
| American Honda Finance Corp. |
||||||||
| 0.40%, 10/21/2022 |
2,397 | 2,395 | ||||||
| (ICE LIBOR USD 3 Month + 0.15%), 0.31%, 2/22/2023(b) |
82,500 | 82,499 | ||||||
| 0.35%, 4/20/2023(c) |
22,926 | 22,849 | ||||||
| 1.95%, 5/10/2023 |
27,800 | 28,261 | ||||||
| Capital One Financial Corp. |
||||||||
| (ICE LIBOR USD 3 Month + 0.95%), 1.07%, 3/9/2022(b) |
4,297 | 4,303 | ||||||
| 3.05%, 3/9/2022 |
2,155 | 2,166 | ||||||
| 3.20%, 1/30/2023 |
2,794 | 2,870 | ||||||
| 2.60%, 5/11/2023 |
69,963 | 71,707 | ||||||
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2021 (Unaudited) (continued)
| Investments |
Principal Amount ($000) |
Value ($000) |
||||||
| Caterpillar Financial Services Corp. 2.85%, 6/1/2022 |
1,000 | 1,013 | ||||||
| Hyundai Capital Services, Inc. (South Korea) |
||||||||
| 3.00%, 3/6/2022(a) |
1,517 | 1,525 | ||||||
| 3.00%, 8/29/2022(a) |
300 | 305 | ||||||
| John Deere Capital Corp. |
||||||||
| 3.20%, 1/10/2022 |
188 | 189 | ||||||
| 2.95%, 4/1/2022 |
5,377 | 5,422 | ||||||
| 1.95%, 6/13/2022 |
2,020 | 2,037 | ||||||
| Toyota Motor Credit Corp. 0.45%, 7/22/2022 |
5,392 | 5,389 | ||||||
| (ICE LIBOR USD 3 Month + 0.04%), 0.17%, 8/2/2022(b) |
34,800 | 34,804 | ||||||
| (SOFR + 0.15%), 0.20%, 8/15/2022(b) |
3,000 | 2,998 | ||||||
| 0.35%, 10/14/2022 |
1,278 | 1,277 | ||||||
| (SOFR + 0.20%), 0.25%, 2/13/2023(b) |
92,884 | 92,772 | ||||||
| (SOFR + 0.32%), 0.37%, 4/6/2023(b) |
39,450 | 39,438 | ||||||
| (SOFR + 0.33%), 0.38%, 1/11/2024(b) |
23,375 | 23,365 | ||||||
|
|
|
|||||||
| 545,165 | ||||||||
|
|
|
|||||||
| Diversified Financial Services — 2.3% |
| |||||||
| AIG Global Funding |
| |||||||
| 0.80%, 7/7/2023(a) |
8,857 | 8,861 | ||||||
| (SOFR + 0.38%), 0.43%, 12/15/2023(a)(b) |
87,384 | 87,438 | ||||||
| Citigroup Global Markets Holdings, Inc. 0.75%, 6/7/2024(c) |
66,574 | 65,836 | ||||||
| CK Hutchison International 17 Ltd. (United Kingdom) 2.88%, 4/5/2022(a) |
28,031 | 28,230 | ||||||
| Hutchison Whampoa International 11 Ltd. (United Kingdom) 4.63%, 1/13/2022(a) |
38,647 | 38,823 | ||||||
| National Rural Utilities Cooperative Finance Corp. |
||||||||
| 2.70%, 2/15/2023 |
1,503 | 1,532 | ||||||
| Series D, (ICE LIBOR USD 3 Month + 0.07%), 0.22%, 2/16/2023(b) |
49,364 | 49,295 | ||||||
| NTT Finance Corp. (Japan) 0.37%, 3/3/2023(a) |
28,846 | 28,762 | ||||||
|
|
|
|||||||
| 308,777 | ||||||||
|
|
|
|||||||
| Diversified Telecommunication Services — 0.4% |
| |||||||
| Verizon Communications, Inc. (ICE LIBOR USD 3 Month + 1.00%), 1.12%, 3/16/2022(b) |
50,632 | 50,772 | ||||||
|
|
|
|||||||
| Electric Utilities — 2.1% |
| |||||||
| American Electric Power Co., Inc. Series I, 3.65%, 12/1/2021 |
9,732 | 9,732 | ||||||
| Duke Energy Corp. |
||||||||
| 2.40%, 8/15/2022 |
17,059 | 17,257 | ||||||
| 3.05%, 8/15/2022 |
8,348 | 8,445 | ||||||
| Duke Energy Progress LLC |
||||||||
| Series A, (ICE LIBOR USD 3 Month + 0.18%), 0.34%, 2/18/2022(b) |
10,995 | 10,995 | ||||||
| Entergy Louisiana LLC |
||||||||
| 0.62%, 11/17/2023 |
37,533 | 37,273 | ||||||
| 0.95%, 10/1/2024 |
35,474 | 35,128 | ||||||
| Eversource Energy |
||||||||
| Series K, 2.75%, 3/15/2022 |
22,773 | 22,880 | ||||||
| 2.80%, 5/1/2023 |
4,206 | 4,296 | ||||||
| NextEra Energy Capital Holdings, Inc. |
||||||||
| (ICE LIBOR USD 3 Month + 0.72%), 0.90%, 2/25/2022(b) |
16,275 | 16,300 | ||||||
| 2.90%, 4/1/2022 |
5,283 | 5,324 | ||||||
| (ICE LIBOR USD 3 Month + 0.27%), 0.43%, 2/22/2023(b) |
70,324 | 70,210 | ||||||
| (SOFR + 0.54%), 0.59%, 3/1/2023(b) |
6,553 | 6,572 | ||||||
| 0.65%, 3/1/2023 |
29,411 | 29,373 | ||||||
| Niagara Mohawk Power Corp. 2.72%, 11/28/2022(a) |
9,994 | 10,158 | ||||||
| Oklahoma Gas and Electric Co. 0.55%, 5/26/2023 |
1,182 | 1,175 | ||||||
| PPL Electric Utilities Corp. 2.50%, 9/1/2022 |
719 | 726 | ||||||
| Public Service Co. of Colorado 2.50%, 3/15/2023 |
1,527 | 1,549 | ||||||
|
|
|
|||||||
| 287,393 | ||||||||
|
|
|
|||||||
| Electrical Equipment — 0.4% |
| |||||||
| ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022 |
6,055 | 6,117 | ||||||
| Eaton Corp. 2.75%, 11/2/2022 |
48,756 | 49,699 | ||||||
| Schneider Electric SE 2.95%, 9/27/2022(a) |
165 | 168 | ||||||
|
|
|
|||||||
| 55,984 | ||||||||
|
|
|
|||||||
| Energy Equipment & Services — 0.1% |
| |||||||
| Baker Hughes Holdings LLC 2.77%, 12/15/2022 |
11,281 | 11,516 | ||||||
| Schlumberger Finance Canada Ltd. 2.65%, 11/20/2022(a) |
219 | 223 | ||||||
|
|
|
|||||||
| 11,739 | ||||||||
|
|
|
|||||||
| Entertainment — 0.1% |
| |||||||
| TWDC Enterprises 18 Corp. 2.35%, 12/1/2022 |
2,993 | 3,043 | ||||||
| Walt Disney Co. (The) 1.65%, 9/1/2022 |
8,366 | 8,441 | ||||||
|
|
|
|||||||
| 11,484 | ||||||||
|
|
|
|||||||
| Food & Staples Retailing — 0.6% |
| |||||||
| 7-Eleven, Inc. 0.63%, 2/10/2023(a) |
71,080 | 70,862 | ||||||
| Kroger Co. (The) |
||||||||
| 3.40%, 4/15/2022 |
4,768 | 4,785 | ||||||
| 2.80%, 8/1/2022 |
4,664 | 4,725 | ||||||
|
|
|
|||||||
| 80,372 | ||||||||
|
|
|
|||||||
| Food Products — 0.5% |
| |||||||
| Bunge Ltd. Finance Corp. 3.00%, 9/25/2022 |
8,185 | 8,329 | ||||||
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2021 (Unaudited) (continued)
| Investments |
Principal Amount ($000) |
Value ($000) |
||||||
| Campbell Soup Co. |
||||||||
| 3.65%, 3/15/2023 |
34,401 | 35,565 | ||||||
| Cargill, Inc. 3.30%, 3/1/2022(a) |
335 | 335 | ||||||
| Mondelez International, Inc. 0.63%, 7/1/2022 |
17,862 | 17,879 | ||||||
|
|
|
|||||||
| 62,108 | ||||||||
|
|
|
|||||||
| Gas Utilities — 2.3% |
| |||||||
| Atmos Energy Corp. |
||||||||
| (ICE LIBOR USD 3 Month + 0.38%), 0.50%, 3/9/2023(b) |
85,900 | 85,906 | ||||||
| 0.63%, 3/9/2023 |
53,345 | 53,236 | ||||||
| CenterPoint Energy Resources Corp. (ICE LIBOR USD 3 Month + 0.50%), 0.62%, 3/2/2023(b) |
54,780 | 54,693 | ||||||
| ONE Gas, Inc. |
||||||||
| (ICE LIBOR USD 3 Month + 0.61%), 0.72%, 3/11/2023(b) |
23,570 | 23,570 | ||||||
| 0.85%, 3/11/2023 |
89,854 | 89,713 | ||||||
| Southern Natural Gas Co. LLC 0.63%, 4/28/2023(a) |
4,967 | 4,950 | ||||||
|
|
|
|||||||
| 312,068 | ||||||||
|
|
|
|||||||
| Health Care Providers & Services — 1.1% |
| |||||||
| Aetna, Inc. 2.75%, 11/15/2022 |
55,652 | 56,441 | ||||||
| AmerisourceBergen Corp. 0.74%, 3/15/2023 |
38,898 | 38,859 | ||||||
| Cigna Corp. 3.05%, 11/30/2022 |
33,961 | 34,732 | ||||||
| McKesson Corp. 2.70%, 12/15/2022 |
8,100 | 8,226 | ||||||
| UnitedHealth Group, Inc. 2.88%, 12/15/2021 |
4,877 | 4,881 | ||||||
|
|
|
|||||||
| 143,139 | ||||||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure — 0.0%(e) |
| |||||||
| Starbucks Corp. 1.30%, 5/7/2022 |
6,262 | 6,284 | ||||||
|
|
|
|||||||
| Household Products — 0.2% |
| |||||||
| Church & Dwight Co., Inc. 2.45%, 8/1/2022 |
267 | 270 | ||||||
| Clorox Co. (The) 3.05%, 9/15/2022 |
7,003 | 7,094 | ||||||
| Procter & Gamble Co. (The) 2.15%, 8/11/2022 |
4,470 | 4,526 | ||||||
| Reckitt Benckiser Treasury Services plc (United Kingdom) |
||||||||
| (ICE LIBOR USD 3 Month + 0.56%), 0.69%, 6/24/2022(a)(b) |
4,492 | 4,504 | ||||||
| 2.38%, 6/24/2022(a) |
8,031 | 8,104 | ||||||
|
|
|
|||||||
| 24,498 | ||||||||
|
|
|
|||||||
| Independent Power and Renewable Electricity Producers — 0.0%(e) |
| |||||||
| Exelon Generation Co. LLC |
| |||||||
| 3.40%, 3/15/2022 |
2,602 | 2,613 | ||||||
| 4.25%, 6/15/2022 |
2,204 | 2,227 | ||||||
|
|
|
|||||||
| 4,840 | ||||||||
|
|
|
|||||||
| Industrial Conglomerates — 0.1% |
| |||||||
| Honeywell International, Inc. 0.48%, 8/19/2022 |
1,483 | 1,483 | ||||||
| Roper Technologies, Inc. |
||||||||
| 0.45%, 8/15/2022 |
5,554 | 5,549 | ||||||
| 3.13%, 11/15/2022 |
5,688 | 5,787 | ||||||
|
|
|
|||||||
| 12,819 | ||||||||
|
|
|
|||||||
| Insurance — 4.1% |
| |||||||
| Athene Global Funding |
||||||||
| (ICE LIBOR USD 3 Month + 1.23%), 1.36%, 7/1/2022(a)(b) |
10,143 | 10,202 | ||||||
| 3.00%, 7/1/2022(a) |
9,325 | 9,456 | ||||||
| 2.80%, 5/26/2023(a)(c) |
14,749 | 15,148 | ||||||
| 1.20%, 10/13/2023(a) |
9,469 | 9,515 | ||||||
| 0.95%, 1/8/2024(a) |
55,505 | 55,322 | ||||||
| 1.00%, 4/16/2024(a) |
22,028 | 21,931 | ||||||
| (SOFR + 0.70%), 0.75%, 5/24/2024(a)(b) |
9,146 | 9,158 | ||||||
| Brighthouse Financial Global Funding |
||||||||
| 0.60%, 6/28/2023(a) |
13,515 | 13,469 | ||||||
| (SOFR + 0.76%), 0.81%, 4/12/2024(a)(b) |
9,930 | 10,006 | ||||||
| 1.00%, 4/12/2024(a) |
4,379 | 4,357 | ||||||
| Chubb INA Holdings, Inc. 2.88%, 11/3/2022 |
1,938 | 1,971 | ||||||
| Equitable Financial Life Global Funding (SOFR + 0.39%), 0.44%, 4/6/2023(a)(b) |
58,202 | 58,289 | ||||||
| Fidelity National Financial, Inc. 5.50%, 9/1/2022 |
450 | 466 | ||||||
| Globe Life, Inc. 3.80%, 9/15/2022 |
5,687 | 5,834 | ||||||
| Guardian Life Global Funding 2.50%, 5/8/2022(a) |
6,481 | 6,541 | ||||||
| Jackson National Life Global Funding |
||||||||
| 2.50%, 6/27/2022(a) |
4,008 | 4,052 | ||||||
| 2.38%, 9/15/2022(a) |
3,898 | 3,958 | ||||||
| (SOFR + 0.60%), 0.65%, 1/6/2023(a)(b) |
56,045 | 56,281 | ||||||
| MassMutual Global Funding II 2.50%, 4/13/2022(a) |
1,024 | 1,032 | ||||||
| Metropolitan Life Global Funding |
||||||||
| I 3.38%, 1/11/2022(a) |
1,886 | 1,892 | ||||||
| 3.88%, 4/11/2022(a) |
899 | 910 | ||||||
| 3.00%, 1/10/2023(a) |
140 | 144 | ||||||
| 1.95%, 1/13/2023(a) |
1,670 | 1,695 | ||||||
| New York Life Global Funding |
||||||||
| 1.10%, 5/5/2023(a) |
5,820 | 5,863 | ||||||
| (SOFR + 0.19%), 0.24%, 6/30/2023(a)(b) |
24,142 | 24,127 | ||||||
| Principal Financial Group, Inc. 3.30%, 9/15/2022 |
13,287 | 13,603 | ||||||
| Principal Life Global Funding II 1.25%, 5/11/2023(a)(c) |
37,520 | 37,848 | ||||||
| Protective Life Global Funding 0.33%, 12/9/2022(a) |
135,860 | 135,742 | ||||||
| Reliance Standard Life Global Funding II |
||||||||
| 2.63%, 7/22/2022(a) |
18,480 | 18,723 | ||||||
| 2.15%, 1/21/2023(a) |
13,150 | 13,354 | ||||||
| 3.85%, 9/19/2023(a) |
2,461 | 2,586 | ||||||
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2021 (Unaudited) (continued)
| Investments |
Principal Amount ($000) |
Value ($000) |
||||||
| Suncorp-Metway Ltd. (Australia) 2.80%, 5/4/2022(a) |
6,710 | 6,776 | ||||||
|
|
|
|||||||
| 560,251 | ||||||||
|
|
|
|||||||
| IT Services — 0.4% |
| |||||||
| Fidelity National Information Services, Inc. 0.38%, 3/1/2023 |
32,387 | 32,241 | ||||||
| Fiserv, Inc. 3.80%, 10/1/2023 |
14,612 | 15,348 | ||||||
|
|
|
|||||||
| 47,589 | ||||||||
|
|
|
|||||||
| Life Sciences Tools & Services — 0.7% |
| |||||||
| Thermo Fisher Scientific, Inc. (SOFR + 0.35%), 0.40%, 4/18/2023(b) |
100,480 | 100,534 | ||||||
|
|
|
|||||||
| Machinery — 0.0%(e) |
| |||||||
| Deere & Co. 2.60%, 6/8/2022 |
2,600 | 2,615 | ||||||
|
|
|
|||||||
| Media — 0.1% |
| |||||||
| Fox Corp. 3.67%, 1/25/2022 |
100 | 100 | ||||||
| Sky Ltd. (United Kingdom) 3.13%, 11/26/2022(a) |
17,034 | 17,469 | ||||||
|
|
|
|||||||
| 17,569 | ||||||||
|
|
|
|||||||
| Metals & Mining — 0.2% |
| |||||||
| BHP Billiton Finance USA Ltd. (Australia) 2.88%, 2/24/2022 |
6,747 | 6,786 | ||||||
| Glencore Funding LLC (Australia) 4.13%, 5/30/2023(a) |
903 | 943 | ||||||
| Nucor Corp. 4.13%, 9/15/2022 |
22,382 | 22,830 | ||||||
|
|
|
|||||||
| 30,559 | ||||||||
|
|
|
|||||||
| Multiline Retail — 0.0%(e) |
| |||||||
| Target Corp. 2.90%, 1/15/2022 |
149 | 149 | ||||||
|
|
|
|||||||
| Multi-Utilities — 0.5% |
| |||||||
| Dominion Energy, Inc. |
||||||||
| Series B, 2.75%, 1/15/2022 |
235 | 235 | ||||||
| Series B, 2.75%, 9/15/2022 |
462 | 468 | ||||||
| DTE Energy Co. Series H, 0.55%, 11/1/2022 |
25,587 | 25,544 | ||||||
| Engie SA (France) 2.88%, 10/10/2022(a) |
2,847 | 2,900 | ||||||
| Public Service Enterprise Group, Inc. 2.65%, 11/15/2022 |
43,546 | 44,307 | ||||||
|
|
|
|||||||
| 73,454 | ||||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels — 0.6% |
| |||||||
| Enbridge, Inc. (Canada) (SOFR + 0.40%), 0.45%, 2/17/2023(b) |
13,243 | 13,239 | ||||||
| Enterprise Products Operating LLC 3.35%, 3/15/2023 |
19,854 | 20,389 | ||||||
| Equinor ASA (Norway) 2.45%, 1/17/2023 |
1,733 | 1,767 | ||||||
| Exxon Mobil Corp. 1.57%, 4/15/2023 |
6,944 | 7,031 | ||||||
| Phillips 66 4.30%, 4/1/2022 |
38,504 | 38,968 | ||||||
| Saudi Arabian Oil Co. (Saudi Arabia) 2.75%, 4/16/2022(a) |
5,989 | 6,037 | ||||||
|
|
|
|||||||
| 87,431 | ||||||||
|
|
|
|||||||
| Pharmaceuticals — 1.3% |
| |||||||
| AstraZeneca plc (United Kingdom) |
| |||||||
| 2.38%, 6/12/2022 |
21,386 | 21,574 | ||||||
| 0.30%, 5/26/2023 |
62,628 | 62,300 | ||||||
| Bristol-Myers Squibb Co. |
||||||||
| 3.25%, 8/15/2022 |
6,683 | 6,822 | ||||||
| 3.55%, 8/15/2022 |
10,977 | 11,218 | ||||||
| 2.75%, 2/15/2023 |
550 | 563 | ||||||
| Eli Lilly & Co. 2.35%, 5/15/2022 |
250 | 252 | ||||||
| EMD Finance LLC (Germany) 2.95%, 3/19/2022(a) |
10,854 | 10,889 | ||||||
| GlaxoSmithKline Capital plc (United Kingdom) 2.85%, 5/8/2022 |
6,699 | 6,771 | ||||||
| GlaxoSmithKline Capital, Inc. (United Kingdom) 2.80%, 3/18/2023 |
5,968 | 6,126 | ||||||
| Johnson & Johnson 2.25%, 3/3/2022 |
334 | 335 | ||||||
| Merck & Co., Inc. |
||||||||
| 2.35%, 2/10/2022 |
133 | 134 | ||||||
| 2.40%, 9/15/2022 |
1,141 | 1,152 | ||||||
| Takeda Pharmaceutical Co. Ltd. (Japan) 4.40%, 11/26/2023 |
21,956 | 23,368 | ||||||
| Viatris, Inc. 1.13%, 6/22/2022 |
18,826 | 18,854 | ||||||
|
|
|
|||||||
| 170,358 | ||||||||
|
|
|
|||||||
| Road & Rail — 0.4% |
| |||||||
| Central Japan Railway Co. (Japan) 3.40%, 9/6/2023(d) |
16,732 | 17,441 | ||||||
| Penske Truck Leasing Co. LP |
||||||||
| 3.38%, 2/1/2022(a) |
34,314 | 34,314 | ||||||
| 4.88%, 7/11/2022(a) |
988 | 1,013 | ||||||
| Ryder System, Inc. 2.88%, 6/1/2022 |
1,270 | 1,282 | ||||||
| 2.50%, 9/1/2022 |
314 | 318 | ||||||
|
|
|
|||||||
| 54,368 | ||||||||
|
|
|
|||||||
| Software — 0.8% |
| |||||||
| Microsoft Corp. 2.65%, 11/3/2022 |
1,204 | 1,225 | ||||||
| Oracle Corp. |
||||||||
| 2.50%, 5/15/2022 |
46,581 | 46,859 | ||||||
| 2.50%, 10/15/2022 |
42,714 | 43,421 | ||||||
| 2.63%, 2/15/2023 |
18,946 | 19,342 | ||||||
|
|
|
|||||||
| 110,847 | ||||||||
|
|
|
|||||||
| Technology Hardware, Storage & Peripherals — 0.0%(e) |
| |||||||
| Apple, Inc. |
||||||||
| (ICE LIBOR USD 3 Month + 0.50%), 0.64%, 2/9/2022(b) |
150 | 150 | ||||||
| 2.70%, 5/13/2022(c) |
2,043 | 2,065 | ||||||
|
|
|
|||||||
| 2,215 | ||||||||
|
|
|
|||||||
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2021 (Unaudited) (continued)
| Investments |
Principal Amount ($000) |
Value ($000) |
||||||
| Textiles, Apparel & Luxury Goods — 0.1% |
| |||||||
| VF Corp. 2.05%, 4/23/2022 |
7,949 | 7,997 | ||||||
|
|
|
|||||||
| Thrifts & Mortgage Finance — 1.6% |
| |||||||
| BPCE SA (France) |
||||||||
| (ICE LIBOR USD 3 Month + 1.22%), 1.38%, 5/22/2022(a)(b) |
2,047 | 2,058 | ||||||
| 3.00%, 5/22/2022(a) |
49,141 | 49,719 | ||||||
| 2.75%, 1/11/2023(a) |
30,351 | 31,072 | ||||||
| 4.00%, 9/12/2023(a) |
14,724 | 15,497 | ||||||
| Nationwide Building Society (United Kingdom) |
||||||||
| 2.00%, 1/27/2023(a) |
22,727 | 23,096 | ||||||
| (ICE LIBOR USD 3 Month + 1.18%), 3.62%, 4/26/2023(a)(b) |
39,515 | 39,955 | ||||||
| 0.55%, 1/22/2024(a) |
59,302 | 58,572 | ||||||
|
|
|
|||||||
| 219,969 | ||||||||
|
|
|
|||||||
| Tobacco — 0.5% |
| |||||||
| BAT Capital Corp. (United Kingdom) |
||||||||
| (ICE LIBOR USD 3 Month + 0.88%), 1.04%, 8/15/2022(b) |
22,073 | 22,154 | ||||||
| 2.76%, 8/15/2022(c) |
7,000 | 7,094 | ||||||
| BAT International Finance plc (United Kingdom) |
||||||||
| 3.25%, 6/7/2022(a) |
2,655 | 2,690 | ||||||
| Philip Morris International, Inc. 2.38%, 8/17/2022 |
11,680 | 11,823 | ||||||
| 2.50%, 8/22/2022 |
14,245 | 14,467 | ||||||
| 2.50%, 11/2/2022 |
4,975 | 5,054 | ||||||
| Reynolds American, Inc. (United Kingdom) 4.85%, 9/15/2023 |
8,012 | 8,541 | ||||||
|
|
|
|||||||
| 71,823 | ||||||||
|
|
|
|||||||
| Trading Companies & Distributors — 0.5% |
| |||||||
| Air Lease Corp. |
||||||||
| (ICE LIBOR USD 3 Month + 0.35%), 0.47%, 12/15/2022(b) |
67,679 | 67,659 | ||||||
| 3.00%, 9/15/2023 |
1,428 | 1,468 | ||||||
|
|
|
|||||||
| 69,127 | ||||||||
|
|
|
|||||||
| Transportation Infrastructure — 0.0%(e) |
| |||||||
| HPHT Finance 17 Ltd. (Hong Kong) 2.75%, 9/11/2022(d) |
4,375 | 4,425 | ||||||
|
|
|
|||||||
| Wireless Telecommunication Services — 0.4% |
| |||||||
| America Movil SAB de CV (Mexico) 3.13%, 7/16/2022 |
19,194 | 19,420 | ||||||
| Rogers Communications, Inc. (Canada) (ICE LIBOR USD 3 Month + 0.60%), 0.73%, 3/22/2022(b) |
33,272 | 33,315 | ||||||
|
|
|
|||||||
| 52,735 | ||||||||
|
|
|
|||||||
| TOTAL CORPORATE BONDS (Cost $9,281,662) |
|
9,272,084 | ||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES —8.5% |
| |||||||
| Ally Auto Receivables Trust |
|
|||||||
| Series 2019-2, Class A3, 2.23%, 1/16/2024 |
1,389 | 1,399 | ||||||
| Series 2019-1, Class A4, 3.02%, 4/15/2024 |
1,788 | 1,820 | ||||||
| AmeriCredit Automobile Receivables Trust |
|
|||||||
| Series 2020-3, Class A2, 0.42%, 3/18/2024 |
3,918 | 3,919 | ||||||
| Series 2019-3, Class A3, 2.06%, 4/18/2024 |
6,022 | 6,047 | ||||||
| Series 2021-2, Class A2, 0.26%, 11/18/2024 |
76,156 | 76,110 | ||||||
| Series 2021-3, Class A2, 0.41%, 8/18/2027 |
59,389 | 59,346 | ||||||
| BMW Vehicle Lease Trust Series 2021-2, Class A2, 0.19%, 11/27/2023 |
40,889 | 40,843 | ||||||
| Capital One Multi-Asset Execution Trust Series 2019-A1, Class A1, 2.84%, 12/15/2024 |
156,400 | 157,244 | ||||||
| Capital One Prime Auto Receivables Trust |
|
|||||||
| Series 2020-1, Class A3, 1.60%, 11/15/2024 |
22,002 | 22,176 | ||||||
| CarMax Auto Owner Trust |
|
|||||||
| Series 2020-4, Class A2, 0.31%, 1/16/2024 |
19,019 | 19,018 | ||||||
| Series 2021-2, Class A2A, 0.27%, 6/17/2024 |
26,736 | 26,726 | ||||||
| Series 2021-4, Class A2A, 0.24%, 11/15/2024 |
14,014 | 13,971 | ||||||
| Carvana Auto Receivables Trust |
|
|||||||
| Series 2020-P1, Class A2, 0.28%, 11/8/2023 |
2,496 | 2,495 | ||||||
| Series 2021-P2, Class A2, 0.30%, 7/10/2024 |
28,565 | 28,564 | ||||||
| Series 2021-P3, Class A2, 0.38%, 1/10/2025 |
39,307 | 39,235 | ||||||
| Cloud Pass-Through Trust Series 2019-1A, Class CLOU, 3.55%, 12/5/2022(a)(f) |
1,140 | 1,144 | ||||||
| Dell Equipment Finance Trust Series 2021-2, Class A2, 0.33%, 12/22/2026(a) |
9,383 | 9,352 | ||||||
| Discover Card Execution Note Trust Series 2019-A1, Class A1, 3.04%, 7/15/2024 |
100,164 | 100,497 | ||||||
| Drive Auto Receivables Trust Series 2021-2, Class A2, 0.36%, 5/15/2024 |
60,735 | 60,707 | ||||||
| Exeter Automobile Receivables Trust |
|
|||||||
| Series 2021-2A, Class A2, 0.27%, 1/16/2024 |
11,230 | 11,227 | ||||||
| Series 2021-1A, Class A3, 0.34%, 3/15/2024 |
2,745 | 2,745 | ||||||
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2021 (Unaudited) (continued)
| Investments |
Principal Amount ($000) |
Value ($000) |
||||||
| Series 2021-2A, Class A3, 0.30%, 10/15/2024 |
9,006 | 8,988 | ||||||
| Series 2021-3A, Class A3, 0.35%, 2/18/2025 |
20,201 | 20,159 | ||||||
| Ford Credit Auto Lease Trust |
|
|||||||
| Series 2020-A, Class A3, 1.85%, 3/15/2023 |
4,812 | 4,823 | ||||||
| Series 2021-A, Class A2, 0.19%, 7/15/2023 |
29,572 | 29,566 | ||||||
| Ford Credit Auto Owner Trust |
|
|||||||
| Series 2019-A, Class A3, 2.78%, 9/15/2023 |
1,190 | 1,198 | ||||||
| Series 2020-C, Class A2, 0.25%, 10/15/2023 |
21,093 | 21,090 | ||||||
| Series 2017-1, Class A, 2.62%, 8/15/2028(a) |
15,225 | 15,295 | ||||||
| GM Financial Automobile Leasing Trust Series 2020-3, Class A2A, 0.35%, 11/21/2022 |
3,780 | 3,780 | ||||||
| GM Financial Consumer Automobile Receivables Trust |
|
|||||||
| Series 2020-4, Class A2, 0.26%, 11/16/2023 |
2,306 | 2,306 | ||||||
| Series 2019-1, Class A3, 2.97%, 11/16/2023 |
309 | 311 | ||||||
| Series 2020-1, Class A3, 1.84%, 9/16/2024 |
4,769 | 4,805 | ||||||
| Honda Auto Receivables Owner Trust |
|
|||||||
| Series 2020-3, Class A2, 0.27%, 2/21/2023 |
2,111 | 2,111 | ||||||
| Series 2019-1, Class A3, 2.83%, 3/20/2023 |
212 | 213 | ||||||
| Mercedes-Benz Auto Lease Trust |
|
|||||||
| Series 2020-B, Class A2, 0.31%, 2/15/2023 |
6,528 | 6,529 | ||||||
| Series 2021-A, Class A2, 0.18%, 3/15/2023 |
20,620 | 20,616 | ||||||
| Santander Drive Auto Receivables Trust |
|
|||||||
| Series 2021-1, Class A2, 0.29%, 11/15/2023 |
808 | 808 | ||||||
| Series 2021-2, Class A2, 0.28%, 4/15/2024 |
14,079 | 14,075 | ||||||
| Series 2021-3, Class A2, 0.29%, 5/15/2024 |
43,408 | 43,398 | ||||||
| Tesla Auto Lease Trust |
|
|||||||
| Series 2019-A, Class A2, 2.13%, 4/20/2022(a) |
106 | 106 | ||||||
| Series 2020-A, Class A3, 0.68%, 12/20/2023(a) |
11,952 | 11,971 | ||||||
| Series 2021-A, Class A2, 0.36%, 3/20/2025(a) |
60,561 | 60,499 | ||||||
| Toyota Auto Receivables Owner Trust Series 2018-C, Class A3, 3.02%, 12/15/2022 |
354 | 355 | ||||||
| Toyota Lease Owner Trust Series 2021-B, Class A2, 0.25%, 3/20/2024(a) |
52,434 | 52,332 | ||||||
| Westlake Automobile Receivables Trust Series 2021-3A, Class A2, 0.57%, 9/16/2024(a) |
135,181 | 135,131 | ||||||
| World Omni Select Auto Trust Series 2021-A, Class A2, 0.29%, 2/18/2025 |
8,792 | 8,782 | ||||||
|
|
|
|||||||
| TOTAL ASSET-BACKED SECURITIES (Cost $1,159,834) |
|
1,153,832 | ||||||
|
|
|
|||||||
| CERTIFICATES OF DEPOSIT — 0.8% |
| |||||||
| Bayerische Landesbank (Germany) 0.90%, 6/27/2023 |
66,500 | 66,995 | ||||||
| UBS AG (Switzerland) 0.46%, 12/2/2022 |
46,669 | 46,741 | ||||||
|
|
|
|||||||
| TOTAL CERTIFICATES OF DEPOSIT (Cost $113,174) |
|
113,736 | ||||||
|
|
|
|||||||
| FOREIGN GOVERNMENT SECURITIES — 0.5% |
| |||||||
| Svensk Exportkredit AB (Sweden) (SOFR + 1.00%), 1.05%, 5/25/2023(b)(Cost $61,585) |
60,917 | 61,720 | ||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENTS — 22.9% |
| |||||||
| CERTIFICATES OF DEPOSIT — 4.4% |
| |||||||
| Bank of Montreal (Canada) |
||||||||
| 0.20%, 8/19/2022 |
32,238 | 32,208 | ||||||
| 0.40%, 11/18/2022 |
20,500 | 20,499 | ||||||
| First Abu Dhabi Bank USA NV (ICE LIBOR USD 3 Month + 0.17%), 0.29%, 12/14/2021(b) |
22,600 | 22,601 | ||||||
| Kookmin Bank (South Korea) (ICE LIBOR USD 3 Month + 0.25%), 0.36%, 12/13/2021(b) |
79,128 | 79,134 | ||||||
| Lloyds Bank Corporate Markets plc (United Kingdom) 0.22%, 8/3/2022 |
5,253 | 5,250 | ||||||
| Norinchukin Bank (The) (Japan) |
||||||||
| 0.37%, 12/1/2021 |
143,842 | 143,842 | ||||||
| 0.37%, 12/3/2021 |
99,752 | 99,755 | ||||||
| Royal Bank of Canada (Canada) 0.20%, 8/16/2022 |
80,050 | 79,986 | ||||||
| Shinhan Bank (South Korea) 0.47%, 12/3/2021 |
21,883 | 21,884 | ||||||
| Sumitomo Mitsui Banking Corp. (Japan) (SOFR + 0.18%), 0.23%, 8/2/2022(b) |
70,300 | 70,266 | ||||||
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2021 (Unaudited) (continued)
| Investments |
Principal Amount ($000) |
Value ($000) | ||||||
| Woori Bank (South Korea) |
|
|||||||
| 0.25%), 0.38%, 1/31/2022(b) |
13,428 | 13,431 | ||||||
| 0.26%, 8/12/2022(a) |
9,000 | 8,992 | ||||||
|
|
|
|||||||
| TOTAL CERTIFICATES OF DEPOSIT (Cost $597,974) |
|
597,848 | ||||||
|
|
|
|||||||
| COMMERCIAL PAPER — 8.9% |
| |||||||
| AT&T, Inc. 0.40%, 12/14/2021(a) |
64,604 | 64,601 | ||||||
| Barclays Bank plc (United Kingdom) |
||||||||
| 0.30%, 2/9/2022(a)(g) |
25,445 | 25,437 | ||||||
| 0.30%, 2/10/2022(a)(g) |
28,038 | 28,029 | ||||||
| 0.24%, 7/14/2022(a)(g) |
4,300 | 4,291 | ||||||
| BP Capital Markets plc (United Kingdom) |
||||||||
| 0.30%, 1/11/2022(a)(g) |
14,786 | 14,784 | ||||||
| 0.29%, 1/28/2022(a)(g) |
4,600 | 4,599 | ||||||
| Canadian Imperial Holdings, Inc. (Canada) 0.40%, 11/17/2022(a) |
29,000 | 28,887 | ||||||
| Cigna Corporate Services LLC 0.30%, 2/15/2022(a)(g) |
18,750 | 18,741 | ||||||
| Cigna Holding Co. 0.28%, 2/16/2022(a)(g) |
50,000 | 49,975 | ||||||
| Enbridge US, Inc. 0.31%, 4/4/2022(a) |
52,075 | 52,026 | ||||||
| Enel Finance America LLC |
||||||||
| 0.40%, 4/4/2022(a)(g) |
33,500 | 33,466 | ||||||
| 0.37%, 6/27/2022(a)(g) |
8,600 | 8,581 | ||||||
| 0.40%, 9/27/2022(a) |
36,675 | 36,536 | ||||||
| 0.40%, 9/29/2022(a) |
8,876 | 8,842 | ||||||
| 0.40%, 10/3/2022(a) |
9,012 | 8,977 | ||||||
| Eni Finance USA, Inc. (Italy) |
||||||||
| 0.45%, 2/28/2022(a)(g) |
34,137 | 34,115 | ||||||
| 0.45%, 3/4/2022(a)(g) |
29,239 | 29,220 | ||||||
| 0.46%, 3/14/2022(a)(g) |
10,000 | 9,993 | ||||||
| Glencore Funding LLC (Australia) 0.30%, 1/11/2022(a)(g) |
69,500 | 69,476 | ||||||
| HSBC USA, Inc. 0.32%, 8/5/2022(a)(g) |
31,300 | 31,202 | ||||||
| International Flavors and Fragrances Inc. 0.30%, 12/15/2021(a) |
9,000 | 8,999 | ||||||
| International Flavors and Fragrances, Inc. 0.55%, 3/29/2022(a) |
30,000 | 29,973 | ||||||
| Mitsubishi HC Capital America, Inc. (Japan) 0.40%, 1/18/2022 |
16,267 | 16,262 | ||||||
| NatWest Markets plc (United Kingdom) 0.30%, 6/21/2022(a)(g) |
14,000 | 13,979 | ||||||
| Parker-Hannifin Corp. 0.35%, 1/27/2022(a) |
32,090 | 32,072 | ||||||
| Royal Bank of Canada (Canada) 0.25%, 10/11/2022(a) |
71,402 | 71,165 | ||||||
| Standard Chartered Bank (United Kingdom) 0.27%, 10/14/2022(a) |
79,915 | 79,633 | ||||||
| Svenska Handelsbanken AB (Sweden) |
||||||||
| 0.25%, 10/7/2022(a) |
112,300 | 111,948 | ||||||
| 0.40%, 11/21/2022(a) |
42,300 | 42,128 | ||||||
| Telstra Corp. Ltd. (Australia) 0.30%, 2/7/2022(a)(g) |
26,091 | 26,082 | ||||||
| Toronto-Dominion Bank (The) (Canada) 0.37%, 11/15/2022(a) |
20,000 | 19,925 | ||||||
| Waste Management, Inc. |
||||||||
| 0.34%, 4/21/2022(a)(g) |
5,000 | 4,995 | ||||||
| 0.30%, 9/6/2022(a) |
9,617 | 9,591 | ||||||
| 0.31%, 9/8/2022(a) |
18,667 | 18,616 | ||||||
| 0.31%, 10/6/2022(a) |
33,158 | 33,048 | ||||||
| 0.41%, 11/9/2022(a) |
7,300 | 7,272 | ||||||
| Westpac Securities NZ Ltd. (New Zealand) 0.25%, 10/7/2022(a) |
113,142 | 112,769 | ||||||
|
|
|
|||||||
| TOTAL COMMERCIAL PAPER (Cost $1,200,616) |
|
1,200,235 | ||||||
|
|
|
|||||||
| Shares (000) |
||||||||
| INVESTMENT COMPANIES — 8.8% |
| |||||||
| JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(h)(i)(Cost $1,201,707) |
1,201,295 | 1,201,776 | ||||||
|
|
|
|||||||
| INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.1% |
| |||||||
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.10%(h)(i) |
8,001 | 8,000 | ||||||
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(h)(i) |
1,096 | 1,096 | ||||||
|
|
|
|||||||
| TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED |
|
9,096 | ||||||
|
|
|
|||||||
| Principal Amount ($000) |
||||||||
| REPURCHASE AGREEMENTS — 0.7% |
| |||||||
| Wells Fargo Securities LLC, 0.60%, dated 11/30/2021, due 12/22/2021, repurchase price $100,037,
collateralized by Collateralized Mortgage Obligations, 0.28% - 5.59%, due 11/25/2025 - 11/18/2064, with the value of $108,324. |
100,000 | 100,000 | ||||||
|
|
|
|||||||
| TOTAL SHORT-TERM INVESTMENTS |
3,108,955 | |||||||
|
|
|
|||||||
| Total Investments — 101.1% (Cost $13,725,649) |
|
13,710,327 | ||||||
| Liabilities in Excess of Other Assets — (1.1)% |
|
(153,513 | ) | |||||
|
|
|
|||||||
| Net Assets — 100.0% |
|
13,556,814 | ||||||
|
|
|
|||||||
Percentages indicated are based on net assets.
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2021 (Unaudited) (continued)
Abbreviations
| BSBY |
Bloomberg Short Term Bank Yield Index | |
| ICE | Intercontinental Exchange | |
| LIBOR | London Interbank Offered Rate | |
| SOFR | Secured Overnight Financing Rate | |
| USD | United States Dollar | |
| (a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
| (b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2021. | |
| (c) | The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 is $8,866. | |
| (d) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
| (e) | Amount rounds to less than 0.1% of net assets. | |
| (f) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2021. | |
| (g) | The rate shown is the effective yield as of November 30, 2021. | |
| (h) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| (i) | The rate shown is the current yield as of November 30, 2021. |
Futures contracts outstanding as of November 30, 2021 (amounts in thousands, except number of contracts):
| Description |
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount ($) |
Value and Unrealized Appreciation (Depreciation) ($) |
|||||||||||||||
| Short Contracts |
| |||||||||||||||||||
| U.S. Treasury 2 Year Note |
(3,618 | ) | 03/2022 | USD | (790,929 | ) | 978 | |||||||||||||
|
|
|
|||||||||||||||||||
Abbreviations
| USD | United States Dollar | |
JPMorgan Managed 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.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Certain short term investments may be valued using the amortized cost method, provided it approximates the fair market value of the investment. The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the security. The market value of securities in the Fund can generally be expected to vary inversely with changes in prevailing interest rates.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.
| • | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
| • | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
| • | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments:
| Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total | |||||||||||||
| Investments in Securities |
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| Asset-Backed Securities |
$ | — | $ | 1,153,832 | $ | — | $ | 1,153,832 | ||||||||
| Certificates of Deposit |
— | 113,736 | — | 113,736 | ||||||||||||
| Corporate Bonds |
— | 9,272,084 | — | 9,272,084 | ||||||||||||
| Foreign Government Securities |
— | 61,720 | — | 61,720 | ||||||||||||
| Short-Term Investments |
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| Certificates of Deposit |
— | 597,848 | — | 597,848 | ||||||||||||
| Commercial Paper |
— | 1,200,235 | — | 1,200,235 | ||||||||||||
| Investment Companies |
1,201,776 | — | — | 1,201,776 | ||||||||||||
| Investment of Cash Collateral from Securities Loaned |
9,096 | — | — | 9,096 | ||||||||||||
| Repurchase Agreements |
— | 100,000 | — | 100,000 | ||||||||||||
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| Total Short-Term Investments |
1,210,872 | 1,898,083 | — | 3,108,955 | ||||||||||||
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| Total Investments in Securities |
$ | 1,210,872 | $ | 12,499,455 | $ | — | $ | 13,710,327 | ||||||||
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| Appreciation in Other Financial Instruments |
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| Futures Contracts |
$ | 978 | $ | — | $ | — | $ | 978 | ||||||||
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JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2021 (Unaudited) (continued)
(Dollar values in thousands)
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds, which are 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 issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
| For the period ended November 30, 2021 |
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| 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 |
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| JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(a)(b) |
$ | 596,089 | $ | 13,008,532 | $ | 12,402,759 | $ | (81 | ) | $ | (5 | ) | $ | 1,201,776 | 1,201,295 | $ | 311 | $ | — | |||||||||||||||||
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, |
2 | 101,000 | 93,000 | (1 | ) | (1 | ) | 8,000 | 8,001 | 12 | — | |||||||||||||||||||||||||
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b) |
7,482 | 75,405 | 81,791 | — | — | 1,096 | 1,096 | 1 | — | |||||||||||||||||||||||||||
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| Total |
$ | 603,573 | $ | 13,184,937 | $ | 12,577,550 | $ | (82 | ) | $ | (6 | ) | $ | 1,210,872 | $ | 324 | $ | — | ||||||||||||||||||
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| (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. |