| THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. |
| JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. |
| J.P. Morgan Distribution Services, Inc., member FINRA. |
| © J.P. Morgan Chase & Co., 2022. |
| INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
| Corporate Bonds — 56.5% | ||
| Automobiles — 2.3% | ||
| BMW US Capital LLC (Germany) 3.80%, 4/6/2023 (a) | 22,369 | 22,570 |
| Daimler Finance North America LLC (Germany) | ||
| 2.55%, 8/15/2022 (a) | 15,000 | 15,018 |
| 3.35%, 2/22/2023 (a) | 2,723 | 2,736 |
| 1.75%, 3/10/2023 (a) | 9,351 | 9,270 |
| Hyundai Capital America | ||
| 2.85%, 11/1/2022 (a) | 5,639 | 5,634 |
| 1.15%, 11/10/2022 (a) | 50,331 | 49,950 |
| 2.38%, 2/10/2023 (a) | 16,800 | 16,686 |
| 0.80%, 4/3/2023 (a) | 40,000 | 39,211 |
| 5.75%, 4/6/2023 (a) | 2,667 | 2,716 |
| Kia Corp. (South Korea) 3.00%, 4/25/2023 (a) (b) | 3,400 | 3,399 |
| Volkswagen Group of America Finance LLC (Germany) | ||
| 2.70%, 9/26/2022 (a) | 15,599 | 15,608 |
| 0.75%, 11/23/2022 (a) | 55,444 | 54,963 |
| 3.13%, 5/12/2023 (a) | 15,738 | 15,757 |
| 0.88%, 11/22/2023 (a) | 12,135 | 11,727 |
| 265,245 | ||
| Banks — 22.0% | ||
| ASB Bank Ltd. (New Zealand) 3.75%, 6/14/2023 (a) | 8,042 | 8,132 |
| Australia & New Zealand Banking Group Ltd. (Australia) | ||
| 2.63%, 11/9/2022 | 10,000 | 10,027 |
| 2.05%, 11/21/2022 | 8,500 | 8,498 |
| Banco Santander SA (Spain) | ||
| 3.13%, 2/23/2023 | 42,504 | 42,548 |
| 3.85%, 4/12/2023 | 47,200 | 47,399 |
| (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 0.70%, 6/30/2024 (c) | 47,200 | 45,817 |
| Bank of America Corp. | ||
| (ICE LIBOR USD 3 Month + 0.93%), 2.82%, 7/21/2023 (c) | 24,487 | 24,489 |
| (ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (c) | 55,933 | 55,919 |
| (SOFR + 0.41%), 0.52%, 6/14/2024 (c) | 35,575 | 34,554 |
| (SOFR + 1.11%), 3.84%, 4/25/2025 (c) | 29,078 | 29,203 |
| Bank of Montreal (Canada) | ||
| 2.05%, 11/1/2022 (b) | 4,900 | 4,898 |
| (SOFRINDX + 0.68%), 1.46%, 3/10/2023 (c) | 29,046 | 29,052 |
| (SOFRINDX + 0.27%), 1.05%, 4/14/2023 (c) | 88,888 | 88,594 |
| 0.40%, 9/15/2023 | 7,746 | 7,517 |
| Bank of Nova Scotia (The) (Canada) | ||
| 2.45%, 9/19/2022 | 2,925 | 2,930 |
| 2.00%, 11/15/2022 | 27,411 | 27,436 |
| 1.95%, 2/1/2023 | 2,425 | 2,417 |
| 1.63%, 5/1/2023 (b) | 29,963 | 29,703 |
| 0.80%, 6/15/2023 | 19,996 | 19,600 |
| (SOFR + 0.28%), 1.06%, 6/23/2023 (c) | 52,664 | 52,551 |
| 0.40%, 9/15/2023 | 1,353 | 1,311 |
| Banque Federative du Credit Mutuel SA (France) | ||
| 2.70%, 7/20/2022 (a) (b) | 5,000 | 5,006 |
| INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
| Corporate Bonds — continued | ||
| Banks — continued | ||
| 2.13%, 11/21/2022 (a) | 52,546 | 52,532 |
| (ICE LIBOR USD 3 Month + 0.96%), 2.02%, 7/20/2023 (a) (c) | 12,474 | 12,539 |
| BNP Paribas SA (France) | ||
| 3.50%, 3/1/2023 (a) | 118,828 | 119,415 |
| 3.80%, 1/10/2024 (a) | 12,222 | 12,264 |
| BNZ International Funding Ltd. (New Zealand) 2.65%, 11/3/2022 (a) | 33,987 | 34,071 |
| Canadian Imperial Bank of Commerce (Canada) | ||
| 2.55%, 6/16/2022 (b) | 170 | 170 |
| (SOFR + 0.80%), 1.58%, 3/17/2023 (c) | 11,361 | 11,375 |
| 0.45%, 6/22/2023 | 49,236 | 48,123 |
| 0.95%, 6/23/2023 | 74,286 | 72,779 |
| (ICE LIBOR USD 3 Month + 0.79%), 2.61%, 7/22/2023 (c) | 15,000 | 14,998 |
| (SOFRINDX + 0.40%), 1.18%, 12/14/2023 (c) | 37,574 | 37,352 |
| Capital One Bank USA NA 3.38%, 2/15/2023 | 29,940 | 30,094 |
| Capital One NA 2.15%, 9/6/2022 | 27,508 | 27,513 |
| Citigroup, Inc. | ||
| 2.70%, 10/27/2022 | 2,758 | 2,765 |
| (ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023 (c) | 91,835 | 91,858 |
| Citizens Bank NA 3.70%, 3/29/2023 | 6,865 | 6,910 |
| Commonwealth Bank of Australia (Australia) 2.50%, 9/18/2022 (a) | 6,248 | 6,257 |
| Cooperatieve Rabobank UA (Netherlands) | ||
| 2.75%, 1/10/2023 | 10,831 | 10,850 |
| 3.88%, 9/26/2023 (a) | 13,887 | 14,016 |
| 3.88%, 9/26/2023 (d) | 2,000 | 2,019 |
| Credit Agricole SA (France) | ||
| (ICE LIBOR USD 3 Month + 1.02%), 2.20%, 4/24/2023 (a) (c) | 12,730 | 12,782 |
| 3.75%, 4/24/2023 (a) | 85,025 | 85,520 |
| Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 3.80%, 9/15/2022 | 49,098 | 49,304 |
| DNB Bank ASA (Norway) 2.15%, 12/2/2022 (a) | 49,333 | 49,294 |
| Federation des Caisses Desjardins du Quebec (Canada) (SOFR + 0.43%), 1.21%, 5/21/2024 (a) (c) | 25,463 | 25,253 |
| HSBC Holdings plc (United Kingdom) | ||
| 3.60%, 5/25/2023 | 36,976 | 37,294 |
| (ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (c) | 26,034 | 26,052 |
| (SOFR + 0.53%), 0.73%, 8/17/2024 (c) | 11,700 | 11,295 |
| Huntington National Bank (The) 2.50%, 8/7/2022 | 2,565 | 2,567 |
| ING Groep NV (Netherlands) 4.10%, 10/2/2023 | 2,951 | 2,992 |
| Intesa Sanpaolo SpA (Italy) 3.13%, 7/14/2022 (a) | 74,382 | 74,462 |
| KeyBank NA | ||
| 2.30%, 9/14/2022 | 730 | 731 |
| (SOFR + 0.34%), 1.12%, 1/3/2024 (c) | 10,875 | 10,804 |
| (SOFR + 0.32%), 0.43%, 6/14/2024 (c) | 58,259 | 56,797 |
| Lloyds Bank plc (United Kingdom) 2.25%, 8/14/2022 (b) | 2,408 | 2,409 |
| Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.33%, 6/15/2023 (c) | 23,381 | 23,380 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | ||
| 2.62%, 7/18/2022 | 115,515 | 115,653 |
| 2.67%, 7/25/2022 | 53,382 | 53,474 |
| INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
| Corporate Bonds — continued | ||
| Banks — continued | ||
| 3.46%, 3/2/2023 | 7,000 | 7,046 |
| (ICE LIBOR USD 3 Month + 0.86%), 2.07%, 7/26/2023 (c) | 1,208 | 1,213 |
| Mizuho Bank Ltd. (Japan) 2.95%, 10/17/2022 (a) | 11,505 | 11,537 |
| Mizuho Financial Group, Inc. (Japan) | ||
| (ICE LIBOR USD 3 Month + 0.88%), 1.63%, 9/11/2022 (c) | 5,785 | 5,796 |
| 2.60%, 9/11/2022 | 40,080 | 40,154 |
| (ICE LIBOR USD 3 Month + 0.79%), 1.37%, 3/5/2023 (c) | 9,938 | 9,960 |
| 3.55%, 3/5/2023 | 23,635 | 23,774 |
| (ICE LIBOR USD 3 Month + 0.84%), 1.88%, 7/16/2023 (c) | 13,822 | 13,825 |
| (ICE LIBOR USD 3 Month + 0.84%), 2.72%, 7/16/2023 (c) | 38,604 | 38,611 |
| National Australia Bank Ltd. (Australia) 1.88%, 12/13/2022 | 4,120 | 4,111 |
| National Bank of Canada (Canada) | ||
| 2.15%, 10/7/2022 (a) | 73,760 | 73,739 |
| 2.10%, 2/1/2023 | 25,916 | 25,813 |
| (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.77%), 0.90%, 8/15/2023 (c) | 20,078 | 20,000 |
| NatWest Markets plc (United Kingdom) 2.38%, 5/21/2023 (a) | 47,876 | 47,453 |
| Nordea Bank Abp (Finland) | ||
| 1.00%, 6/9/2023 (a) | 8,183 | 8,046 |
| (ICE LIBOR USD 3 Month + 0.94%), 2.54%, 8/30/2023 (a) (c) | 9,568 | 9,623 |
| PNC Bank NA 2.45%, 7/28/2022 | 2,500 | 2,502 |
| Royal Bank of Canada (Canada) | ||
| 1.90%, 9/23/2022 (a) (b) | 44,750 | 44,761 |
| 1.95%, 1/17/2023 | 3,650 | 3,640 |
| (SOFRINDX + 0.45%), 1.23%, 10/26/2023 (c) | 33,079 | 33,028 |
| Societe Generale SA (France) | ||
| 4.25%, 9/14/2023 (a) | 17,400 | 17,550 |
| 3.88%, 3/28/2024 (a) | 16,721 | 16,729 |
| Standard Chartered plc (United Kingdom) | ||
| (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023 (a) (c) | 43,385 | 43,053 |
| (SOFR + 1.25%), 2.03%, 10/14/2023 (a) (c) | 3,672 | 3,678 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | ||
| 2.78%, 10/18/2022 | 700 | 703 |
| (ICE LIBOR USD 3 Month + 0.74%), 1.78%, 1/17/2023 (c) | 11,617 | 11,644 |
| 3.10%, 1/17/2023 | 20,340 | 20,440 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) | ||
| 0.80%, 9/12/2023 (a) | 39,389 | 38,296 |
| (SOFR + 0.44%), 1.22%, 9/16/2024 (a) (c) | 25,847 | 25,669 |
| Toronto-Dominion Bank (The) (Canada) | ||
| (SOFR + 0.48%), 1.26%, 1/27/2023 (c) | 10,000 | 10,000 |
| 0.30%, 6/2/2023 (b) | 44,810 | 43,827 |
| Truist Bank (SOFR + 0.20%), 0.98%, 1/17/2024 (c) | 58,660 | 58,138 |
| Westpac Banking Corp. (Australia) | ||
| 2.50%, 6/28/2022 | 8,930 | 8,937 |
| 2.00%, 1/13/2023 | 2,626 | 2,622 |
| 2,551,482 | ||
| Beverages — 1.0% | ||
| Beam Suntory, Inc. (Japan) 3.25%, 6/15/2023 | 2,000 | 2,009 |
| INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
| Corporate Bonds — continued | ||
| Beverages — continued | ||
| Coca-Cola Europacific Partners plc (United Kingdom) 0.50%, 5/5/2023 (a) | 47,359 | 46,188 |
| Heineken NV (Netherlands) 2.75%, 4/1/2023 (a) | 9,513 | 9,521 |
| PepsiCo, Inc. 2.75%, 3/1/2023 | 2,744 | 2,760 |
| Pernod Ricard SA (France) 4.25%, 7/15/2022 (a) | 20,065 | 20,127 |
| Suntory Holdings Ltd. (Japan) 2.55%, 6/28/2022 (a) | 35,976 | 35,983 |
| 116,588 | ||
| Biotechnology — 1.4% | ||
| AbbVie, Inc. | ||
| 3.25%, 10/1/2022 | 3,962 | 3,966 |
| 2.90%, 11/6/2022 | 24,439 | 24,488 |
| 2.30%, 11/21/2022 | 59,087 | 59,054 |
| 2.85%, 5/14/2023 | 14,634 | 14,675 |
| Biogen, Inc. 3.63%, 9/15/2022 | 36,844 | 36,988 |
| Gilead Sciences, Inc. 3.25%, 9/1/2022 | 20,382 | 20,412 |
| 159,583 | ||
| Building Products — 0.0% ^ | ||
| Carlisle Cos., Inc. 0.55%, 9/1/2023 | 2,027 | 1,966 |
| Capital Markets — 6.4% | ||
| Credit Suisse AG (Switzerland) | ||
| 1.00%, 5/5/2023 | 50,805 | 49,877 |
| Series FXD, 0.52%, 8/9/2023 | 41,195 | 40,003 |
| (SOFRINDX + 0.39%), 1.17%, 2/2/2024 (c) | 24,506 | 24,326 |
| Goldman Sachs Group, Inc. (The) | ||
| 0.52%, 3/8/2023 | 28,071 | 27,636 |
| (ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (c) | 55,938 | 55,943 |
| Series VAR, (SOFR + 0.54%), 0.63%, 11/17/2023 (c) | 30,940 | 30,579 |
| (SOFR + 0.57%), 0.67%, 3/8/2024 (c) | 36,100 | 35,374 |
| Macquarie Bank Ltd. (Australia) | ||
| 2.10%, 10/17/2022 (a) | 5,326 | 5,326 |
| 0.44%, 12/16/2022 (a) | 114,770 | 113,494 |
| (SOFR + 0.30%), 1.08%, 4/6/2023 (a) (c) | 44,324 | 44,095 |
| Macquarie Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023 (a) (c) | 13,621 | 13,620 |
| Morgan Stanley | ||
| 3.13%, 1/23/2023 | 18,200 | 18,309 |
| (SOFR + 0.47%), 0.56%, 11/10/2023 (c) | 18,781 | 18,586 |
| (SOFR + 0.46%), 0.53%, 1/25/2024 (c) | 112,339 | 110,439 |
| (SOFR + 0.62%), 0.73%, 4/5/2024 (c) | 29,923 | 29,307 |
| UBS AG (Switzerland) | ||
| 0.38%, 6/1/2023 (a) | 23,727 | 23,171 |
| (SOFR + 0.36%), 1.14%, 2/9/2024 (a) (c) | 29,727 | 29,597 |
| (SOFR + 0.45%), 1.23%, 8/9/2024 (a) (c) | 28,626 | 28,452 |
| UBS Group AG (Switzerland) | ||
| (ICE LIBOR USD 3 Month + 0.95%), 2.36%, 8/15/2023 (a) (c) | 470 | 470 |
| (ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (a) (c) | 38,439 | 38,437 |
| 737,041 | ||
| INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
| Corporate Bonds — continued | ||
| Chemicals — 0.0% ^ | ||
| Air Liquide Finance SA (France) 2.25%, 9/27/2023 (a) | 2,200 | 2,185 |
| Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023 (a) | 231 | 232 |
| 2,417 | ||
| Construction Materials — 0.1% | ||
| Martin Marietta Materials, Inc. 0.65%, 7/15/2023 | 16,857 | 16,438 |
| Consumer Finance — 3.1% | ||
| AerCap Ireland Capital DAC (Ireland) 1.15%, 10/29/2023 | 43,830 | 42,095 |
| American Express Co. | ||
| 2.50%, 8/1/2022 | 9,360 | 9,368 |
| 2.65%, 12/2/2022 | 4,312 | 4,323 |
| 3.70%, 8/3/2023 | 21,143 | 21,405 |
| American Honda Finance Corp. | ||
| 0.40%, 10/21/2022 | 2,397 | 2,385 |
| (ICE LIBOR USD 3 Month + 0.15%), 1.65%, 2/22/2023 (c) | 78,501 | 78,367 |
| 0.35%, 4/20/2023 (b) | 3,820 | 3,747 |
| Capital One Financial Corp. | ||
| 3.20%, 1/30/2023 | 2,794 | 2,809 |
| 2.60%, 5/11/2023 | 69,963 | 69,979 |
| Caterpillar Financial Services Corp. 2.85%, 6/1/2022 | 1,000 | 1,000 |
| Hyundai Capital Services, Inc. (South Korea) 3.00%, 8/29/2022 (a) | 300 | 300 |
| John Deere Capital Corp. | ||
| 1.95%, 6/13/2022 | 2,020 | 2,021 |
| (ICE LIBOR USD 3 Month + 0.55%), 1.13%, 6/7/2023 (c) | 550 | 551 |
| Toyota Motor Credit Corp. | ||
| 0.45%, 7/22/2022 | 5,392 | 5,383 |
| (SOFR + 0.15%), 0.93%, 8/15/2022 (c) | 3,000 | 2,998 |
| 0.35%, 10/14/2022 | 1,278 | 1,270 |
| (SOFR + 0.20%), 0.98%, 2/13/2023 (c) | 64,884 | 64,870 |
| (SOFR + 0.32%), 1.10%, 4/6/2023 (c) | 29,450 | 29,404 |
| (SOFRINDX + 0.33%), 1.11%, 1/11/2024 (c) | 12,873 | 12,814 |
| 355,089 | ||
| Diversified Financial Services — 2.2% | ||
| AIG Global Funding | ||
| 0.80%, 7/7/2023 (a) | 8,857 | 8,671 |
| (SOFR + 0.38%), 1.16%, 12/15/2023 (a) (c) | 87,384 | 86,844 |
| Citigroup Global Markets Holdings, Inc. 0.75%, 6/7/2024 | 66,574 | 62,860 |
| National Rural Utilities Cooperative Finance Corp. | ||
| 2.70%, 2/15/2023 | 14,661 | 14,680 |
| Series D, (ICE LIBOR USD 3 Month + 0.07%), 1.48%, 2/16/2023 (c) | 41,285 | 41,214 |
| (SOFR + 0.40%), 1.18%, 8/7/2023 (c) | 11,259 | 11,253 |
| NTT Finance Corp. (Japan) 0.37%, 3/3/2023 (a) | 28,846 | 28,376 |
| 253,898 | ||
| Electric Utilities — 1.7% | ||
| Duke Energy Corp. 2.40%, 8/15/2022 | 27,491 | 27,507 |
| INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
| Corporate Bonds — continued | ||
| Electric Utilities — continued | ||
| Entergy Louisiana LLC | ||
| 0.62%, 11/17/2023 | 7,702 | 7,422 |
| 0.95%, 10/1/2024 | 17,858 | 16,919 |
| Eversource Energy 2.80%, 5/1/2023 | 4,206 | 4,197 |
| Florida Power & Light Co. (SOFRINDX + 0.38%), 1.16%, 1/12/2024 (c) | 16,540 | 16,417 |
| NextEra Energy Capital Holdings, Inc. | ||
| (ICE LIBOR USD 3 Month + 0.27%), 1.77%, 2/22/2023 (c) | 70,324 | 70,132 |
| 0.65%, 3/1/2023 | 29,411 | 28,952 |
| (SOFRINDX + 0.54%), 1.32%, 3/1/2023 (c) | 6,553 | 6,540 |
| Niagara Mohawk Power Corp. 2.72%, 11/28/2022 (a) | 9,994 | 9,999 |
| Oklahoma Gas and Electric Co. 0.55%, 5/26/2023 | 1,182 | 1,157 |
| PPL Electric Utilities Corp. 2.50%, 9/1/2022 | 719 | 719 |
| Public Service Co. of Colorado 2.50%, 3/15/2023 | 1,527 | 1,527 |
| 191,488 | ||
| Electrical Equipment — 0.5% | ||
| Eaton Corp. 2.75%, 11/2/2022 | 61,482 | 61,642 |
| Schneider Electric SE 2.95%, 9/27/2022 (a) | 165 | 165 |
| 61,807 | ||
| Energy Equipment & Services — 0.0% ^ | ||
| Schlumberger Finance Canada Ltd. 2.65%, 11/20/2022 (a) | 219 | 219 |
| Entertainment — 0.4% | ||
| Take-Two Interactive Software, Inc. 3.30%, 3/28/2024 | 29,149 | 29,109 |
| TWDC Enterprises 18 Corp. 2.35%, 12/1/2022 | 2,993 | 3,000 |
| Walt Disney Co. (The) 1.65%, 9/1/2022 | 8,366 | 8,358 |
| 40,467 | ||
| Food & Staples Retailing — 0.7% | ||
| 7-Eleven, Inc. 0.63%, 2/10/2023 (a) | 72,570 | 71,561 |
| Kroger Co. (The) 2.80%, 8/1/2022 | 4,664 | 4,668 |
| 76,229 | ||
| Food Products — 0.4% | ||
| Bunge Ltd. Finance Corp. 3.00%, 9/25/2022 | 8,185 | 8,205 |
| Campbell Soup Co. 3.65%, 3/15/2023 | 34,401 | 34,648 |
| 42,853 | ||
| Gas Utilities — 2.4% | ||
| Atmos Energy Corp. | ||
| 0.63%, 3/9/2023 | 33,345 | 32,928 |
| (ICE LIBOR USD 3 Month + 0.38%), 1.02%, 3/9/2023 (c) | 86,188 | 86,134 |
| CenterPoint Energy Resources Corp. (ICE LIBOR USD 3 Month + 0.50%), 1.00%, 3/2/2023 (c) | 31,552 | 31,470 |
| ONE Gas, Inc. | ||
| 0.85%, 3/11/2023 | 99,943 | 98,456 |
| (ICE LIBOR USD 3 Month + 0.61%), 1.36%, 3/11/2023 (c) | 23,570 | 23,517 |
| Southern Natural Gas Co. LLC 0.63%, 4/28/2023 (a) | 4,967 | 4,934 |
| 277,439 | ||
| INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
| Corporate Bonds — continued | ||
| Health Care Providers & Services — 1.3% | ||
| Aetna, Inc. 2.75%, 11/15/2022 | 58,041 | 58,127 |
| AmerisourceBergen Corp. 0.74%, 3/15/2023 | 45,500 | 44,868 |
| Cigna Corp. 3.05%, 11/30/2022 | 33,961 | 34,050 |
| CVS Health Corp. 4.75%, 12/1/2022 (b) | 4,828 | 4,858 |
| McKesson Corp. 2.70%, 12/15/2022 | 8,100 | 8,111 |
| 150,014 | ||
| Household Products — 0.1% | ||
| Church & Dwight Co., Inc. 2.45%, 8/1/2022 | 267 | 267 |
| Clorox Co. (The) 3.05%, 9/15/2022 | 7,003 | 7,004 |
| Reckitt Benckiser Treasury Services plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.56%), 1.51%, 6/24/2022 (a) (c) | 4,492 | 4,492 |
| 11,763 | ||
| Industrial Conglomerates — 0.0% ^ | ||
| Honeywell International, Inc. 0.48%, 8/19/2022 (b) | 1,483 | 1,480 |
| Insurance — 2.7% | ||
| Athene Global Funding | ||
| (ICE LIBOR USD 3 Month + 1.23%), 2.19%, 7/1/2022 (a) (c) | 10,143 | 10,146 |
| 3.00%, 7/1/2022 (a) | 13,815 | 13,834 |
| 2.80%, 5/26/2023 (a) | 12,174 | 12,160 |
| 1.20%, 10/13/2023 (a) | 5,033 | 4,880 |
| 0.95%, 1/8/2024 (a) | 16,109 | 15,401 |
| 1.00%, 4/16/2024 (a) | 16,353 | 15,529 |
| (SOFRINDX + 0.70%), 1.48%, 5/24/2024 (a) (c) | 9,146 | 8,880 |
| Brighthouse Financial Global Funding | ||
| 0.60%, 6/28/2023 (a) | 13,515 | 13,172 |
| 1.20%, 12/15/2023 (a) | 12,713 | 12,340 |
| (SOFR + 0.76%), 1.54%, 4/12/2024 (a) (c) | 9,930 | 9,945 |
| Chubb INA Holdings, Inc. 2.88%, 11/3/2022 | 1,938 | 1,944 |
| Equitable Financial Life Global Funding (SOFR + 0.39%), 1.17%, 4/6/2023 (a) (c) | 58,202 | 58,097 |
| Fidelity National Financial, Inc. 5.50%, 9/1/2022 | 450 | 454 |
| Globe Life, Inc. 3.80%, 9/15/2022 | 5,687 | 5,708 |
| Jackson National Life Global Funding | ||
| 2.50%, 6/27/2022 (a) | 7,681 | 7,685 |
| 2.38%, 9/15/2022 (a) | 3,898 | 3,900 |
| Marsh & McLennan Cos., Inc. 3.30%, 3/14/2023 | 16,907 | 16,991 |
| Metropolitan Life Global Funding I | ||
| 3.00%, 1/10/2023 (a) | 140 | 140 |
| 1.95%, 1/13/2023 (a) | 1,670 | 1,664 |
| New York Life Global Funding 1.10%, 5/5/2023 (a) | 5,820 | 5,737 |
| Principal Financial Group, Inc. 3.30%, 9/15/2022 | 24,480 | 24,561 |
| Protective Life Global Funding 0.33%, 12/9/2022 (a) | 34,092 | 33,759 |
| Reliance Standard Life Global Funding II | ||
| 2.63%, 7/22/2022 (a) | 18,876 | 18,893 |
| 2.15%, 1/21/2023 (a) | 16,602 | 16,530 |
| 3.85%, 9/19/2023 (a) | 4,461 | 4,503 |
| 316,853 | ||
| INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
| Corporate Bonds — continued | ||
| IT Services — 0.4% | ||
| Fidelity National Information Services, Inc. 0.38%, 3/1/2023 (b) | 32,387 | 31,845 |
| Fiserv, Inc. 3.80%, 10/1/2023 | 14,612 | 14,769 |
| 46,614 | ||
| Life Sciences Tools & Services — 0.9% | ||
| Thermo Fisher Scientific, Inc. (SOFRINDX + 0.35%), 1.13%, 4/18/2023 (c) | 104,480 | 104,270 |
| Machinery — 0.3% | ||
| Daimler Trucks Finance North America LLC (Germany) (SOFR + 1.00%), 1.78%, 4/5/2024 (a) (c) | 32,163 | 32,227 |
| Deere & Co. 2.60%, 6/8/2022 | 2,600 | 2,601 |
| 34,828 | ||
| Media — 0.2% | ||
| Sky Ltd. (United Kingdom) 3.13%, 11/26/2022 (a) | 23,603 | 23,669 |
| Metals & Mining — 0.2% | ||
| Glencore Funding LLC (Australia) | ||
| 3.00%, 10/27/2022 (a) | 5,002 | 4,999 |
| 4.13%, 5/30/2023 (a) | 903 | 911 |
| Nucor Corp. 4.13%, 9/15/2022 | 22,382 | 22,409 |
| 28,319 | ||
| Multi-Utilities — 0.5% | ||
| Dominion Energy, Inc. Series B, 2.75%, 9/15/2022 | 462 | 462 |
| DTE Energy Co. | ||
| Series H, 0.55%, 11/1/2022 (b) | 25,587 | 25,377 |
| 2.25%, 11/1/2022 | 29,523 | 29,489 |
| Engie SA (France) 2.88%, 10/10/2022 (a) | 3,137 | 3,138 |
| 58,466 | ||
| Oil, Gas & Consumable Fuels — 0.9% | ||
| Enbridge, Inc. (Canada) | ||
| 2.90%, 7/15/2022 | 1,733 | 1,734 |
| (SOFR + 0.40%), 1.18%, 2/17/2023 (c) | 13,243 | 13,214 |
| Enterprise Products Operating LLC 3.35%, 3/15/2023 | 28,309 | 28,421 |
| Equinor ASA (Norway) 2.45%, 1/17/2023 | 1,733 | 1,733 |
| Exxon Mobil Corp. 1.57%, 4/15/2023 | 3,532 | 3,518 |
| TransCanada PipeLines Ltd. (Canada) 2.50%, 8/1/2022 | 55,734 | 55,743 |
| 104,363 | ||
| Pharmaceuticals — 1.2% | ||
| AstraZeneca plc (United Kingdom) | ||
| 2.38%, 6/12/2022 | 21,386 | 21,389 |
| 0.30%, 5/26/2023 (b) | 62,628 | 61,477 |
| Bristol-Myers Squibb Co. | ||
| 3.25%, 8/15/2022 | 6,683 | 6,706 |
| 3.55%, 8/15/2022 | 10,977 | 11,018 |
| 2.75%, 2/15/2023 | 550 | 552 |
| Merck & Co., Inc. 2.40%, 9/15/2022 | 1,141 | 1,142 |
| INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
| Corporate Bonds — continued | ||
| Pharmaceuticals — continued | ||
| Takeda Pharmaceutical Co. Ltd. (Japan) 4.40%, 11/26/2023 | 21,956 | 22,340 |
| Viatris, Inc. 1.13%, 6/22/2022 | 18,826 | 18,821 |
| 143,445 | ||
| Road & Rail — 0.8% | ||
| Central Japan Railway Co. (Japan) 3.40%, 9/6/2023 (d) | 16,732 | 16,772 |
| Penske Truck Leasing Co. LP | ||
| 4.88%, 7/11/2022 (a) | 18,708 | 18,762 |
| 4.25%, 1/17/2023 (a) | 7,700 | 7,761 |
| 2.70%, 3/14/2023 (a) | 33,092 | 33,008 |
| Ryder System, Inc. | ||
| 2.88%, 6/1/2022 | 10,270 | 10,270 |
| 2.50%, 9/1/2022 | 314 | 314 |
| Union Pacific Corp. 2.95%, 1/15/2023 | 1,978 | 1,986 |
| 88,873 | ||
| Software — 0.6% | ||
| Microsoft Corp. 2.65%, 11/3/2022 | 1,204 | 1,208 |
| Oracle Corp. | ||
| 2.50%, 10/15/2022 | 42,714 | 42,686 |
| 2.63%, 2/15/2023 | 18,946 | 18,929 |
| Roper Technologies, Inc. | ||
| 0.45%, 8/15/2022 | 5,554 | 5,537 |
| 3.13%, 11/15/2022 | 5,688 | 5,701 |
| 74,061 | ||
| Specialty Retail — 0.0% ^ | ||
| AutoZone, Inc. 2.88%, 1/15/2023 | 2,246 | 2,250 |
| Thrifts & Mortgage Finance — 0.6% | ||
| BPCE SA (France) | ||
| 2.75%, 1/11/2023 (a) | 30,351 | 30,339 |
| 4.00%, 9/12/2023 (a) | 14,724 | 14,802 |
| Nationwide Building Society (United Kingdom) 2.00%, 1/27/2023 (a) | 22,727 | 22,635 |
| 67,776 | ||
| Tobacco — 1.1% | ||
| BAT Capital Corp. (United Kingdom) | ||
| (ICE LIBOR USD 3 Month + 0.88%), 2.29%, 8/15/2022 (c) | 22,073 | 22,079 |
| 2.76%, 8/15/2022 | 61,205 | 61,268 |
| BAT International Finance plc (United Kingdom) 3.25%, 6/7/2022 (a) | 2,655 | 2,656 |
| Philip Morris International, Inc. | ||
| 2.38%, 8/17/2022 | 11,680 | 11,689 |
| 2.50%, 8/22/2022 | 14,245 | 14,274 |
| 2.50%, 11/2/2022 | 4,975 | 4,983 |
| Reynolds American, Inc. (United Kingdom) 4.85%, 9/15/2023 | 8,012 | 8,190 |
| 125,139 | ||
| INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
| Corporate Bonds — continued | ||
| Trading Companies & Distributors — 0.1% | ||
| Air Lease Corp. | ||
| (ICE LIBOR USD 3 Month + 0.35%), 1.18%, 12/15/2022 (c) | 10,078 | 10,072 |
| 3.00%, 9/15/2023 | 1,428 | 1,416 |
| 11,488 | ||
| Transportation Infrastructure — 0.0% ^ | ||
| HPHT Finance 17 Ltd. (Hong Kong) 2.75%, 9/11/2022 (d) | 4,375 | 4,371 |
| Total Corporate Bonds (Cost $6,618,073) | 6,548,291 | |
| Asset-Backed Securities — 6.2% | ||
| Ally Auto Receivables Trust | ||
| Series 2019-2, Class A3, 2.23%, 1/16/2024 | 538 | 539 |
| Series 2019-1, Class A4, 3.02%, 4/15/2024 | 1,788 | 1,793 |
| AmeriCredit Automobile Receivables Trust | ||
| Series 2019-3, Class A3, 2.06%, 4/18/2024 | 449 | 449 |
| Series 2021-1, Class A2, 0.28%, 6/18/2024 | 122 | 122 |
| Series 2021-2, Class A2, 0.26%, 11/18/2024 | 35,109 | 34,901 |
| Series 2021-3, Class A2, 0.41%, 2/18/2025 | 43,024 | 42,675 |
| BMW Vehicle Lease Trust | ||
| Series 2021-2, Class A2, 0.19%, 11/27/2023 | 26,593 | 26,468 |
| Series 2022-1, Class A2, 0.67%, 5/28/2024 | 14,624 | 14,495 |
| Capital One Prime Auto Receivables Trust Series 2020-1, Class A3, 1.60%, 11/15/2024 | 13,728 | 13,683 |
| Carmax Auto Owner Trust Series 2019-2, Class A4, 2.77%, 12/16/2024 | 4,404 | 4,407 |
| CarMax Auto Owner Trust | ||
| Series 2020-4, Class A2, 0.31%, 1/16/2024 | 2,589 | 2,587 |
| Series 2021-2, Class A2A, 0.27%, 6/17/2024 | 11,579 | 11,535 |
| Series 2021-4, Class A2A, 0.24%, 11/15/2024 | 10,303 | 10,212 |
| Series 2020-3, Class A3, 0.62%, 3/17/2025 | 141 | 139 |
| Series 2022-2, Class A2A, 2.81%, 5/15/2025 | 20,534 | 20,516 |
| Carvana Auto Receivables Trust | ||
| Series 2021-P2, Class A2, 0.30%, 7/10/2024 | 11,422 | 11,383 |
| Series 2021-P3, Class A2, 0.38%, 1/10/2025 | 29,187 | 28,900 |
| Series 2021-P4, Class A2, 0.82%, 4/10/2025 | 21,507 | 21,340 |
| Series 2022-P1, Class A2, 2.57%, 5/12/2025 | 39,660 | 39,472 |
| Cloud Pass-Through Trust Series 2019-1A, Class CLOU, 3.55%, 12/5/2022 (a) (e) | 271 | 270 |
| Dell Equipment Finance Trust Series 2021-2, Class A2, 0.33%, 12/22/2026 (a) | 9,372 | 9,264 |
| Drive Auto Receivables Trust | ||
| Series 2021-2, Class A2, 0.36%, 5/15/2024 | 9,332 | 9,319 |
| Series 2021-3, Class A3, 0.79%, 10/15/2025 | 758 | 742 |
| Exeter Automobile Receivables Trust | ||
| Series 2021-2A, Class A3, 0.30%, 10/15/2024 | 4,849 | 4,839 |
| Series 2021-3A, Class A3, 0.35%, 2/18/2025 | 20,086 | 20,004 |
| Ford Credit Auto Lease Trust | ||
| Series 2021-A, Class A2, 0.19%, 7/15/2023 | 2,534 | 2,532 |
| Series 2022-A, Class A2A, 2.78%, 10/15/2024 | 24,750 | 24,761 |
| Ford Credit Auto Owner Trust | ||
| Series 2020-C, Class A2, 0.25%, 9/15/2023 | 4,319 | 4,314 |
| INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
| Asset-Backed Securities — continued | ||
| Series 2019-A, Class A3, 2.78%, 9/15/2023 | 193 | 193 |
| GM Financial Automobile Leasing Trust Series 2022-2, Class A2, 2.93%, 10/21/2024 | 18,097 | 18,064 |
| GM Financial Consumer Automobile Receivables Trust | ||
| Series 2019-1, Class A3, 2.97%, 11/16/2023 | 5 | 5 |
| Series 2020-1, Class A3, 1.84%, 9/16/2024 | 2,777 | 2,772 |
| Series 2022-1, Class A2, 0.76%, 2/18/2025 | 15,927 | 15,816 |
| Honda Auto Receivables Owner Trust Series 2019-1, Class A3, 2.83%, 3/20/2023 | 25 | 25 |
| Hyundai Auto Lease Securitization Trust Series 2021-A, Class A3, 0.33%, 1/16/2024 (a) | 852 | 844 |
| Santander Drive Auto Receivables Trust | ||
| Series 2021-3, Class A2, 0.29%, 5/15/2024 | 3,728 | 3,724 |
| Series 2021-2, Class A3, 0.34%, 2/18/2025 | 7,365 | 7,345 |
| Series 2021-3, Class A3, 0.33%, 3/17/2025 | 42,765 | 42,585 |
| Series 2022-2, Class A2, 2.12%, 10/15/2026 | 2,291 | 2,280 |
| Santander Retail Auto Lease Trust Series 2022-B, Class A2, 2.84%, 5/20/2025 (a) | 44,288 | 44,180 |
| Tesla Auto Lease Trust | ||
| Series 2020-A, Class A3, 0.68%, 12/20/2023 (a) | 11,707 | 11,590 |
| Series 2021-A, Class A2, 0.36%, 3/20/2025 (a) | 43,973 | 43,381 |
| Series 2021-B, Class A2, 0.36%, 9/22/2025 (a) | 1,011 | 990 |
| Toyota Lease Owner Trust Series 2021-B, Class A2, 0.25%, 3/20/2024 (a) | 37,872 | 37,408 |
| Westlake Automobile Receivables Trust Series 2021-3A, Class A2, 0.57%, 9/16/2024 (a) | 120,041 | 118,869 |
| World Omni Select Auto Trust Series 2021-A, Class A2, 0.29%, 2/18/2025 | 5,000 | 4,971 |
| Total Asset-Backed Securities (Cost $721,314) | 716,703 | |
| Certificates of Deposits — 1.9% | ||
| Bayerische Landesbank (Germany) 0.90%, 6/27/2023 | 66,500 | 65,594 |
| Skandinaviska Enskilda Banken AB (Sweden) 2.85%, 6/1/2023 | 75,412 | 75,412 |
| Toronto-Dominion Bank (The) (Canada) 2.90%, 6/1/2023 | 72,614 | 72,614 |
| Total Certificates of Deposits (Cost $214,526) | 213,620 | |
| Foreign Government Securities — 0.0% ^ | ||
| Export Development Canada, 1.38%, 2/24/2023 | 300 | 299 |
| Japan Bank for International Cooperation, 1.75%, 1/23/2023 | 480 | 479 |
| Total Foreign Government Securities (Cost $782) | 778 | |
| Short Term Investments — 36.7% | ||
| Certificates of Deposits — 10.7% | ||
| Bank of Montreal (Canada) | ||
| 0.20%, 8/19/2022 | 32,238 | 32,157 |
| 0.40%, 11/18/2022 | 20,500 | 20,345 |
| Bank of Nova Scotia (The) (Canada) (SOFR + 1.38), 1.36%, 3/24/2023 (c) | 104,314 | 104,383 |
| Barclays Bank plc (United Kingdom) , 2.37%, 3/30/2023 | 130,000 | 129,685 |
| Cooperatieve Rabobank UA (Netherlands) , 0.97%, 2/3/2023 | 76,484 | 75,731 |
| Credit Suisse AG (Switzerland) , 1.10%, 2/3/2023 | 40,300 | 39,930 |
| DNB Bank ASA (Norway) , 1.10%, 9/7/2022 | 45,109 | 45,058 |
| First Abu Dhabi Bank PJSC , 1.46%, 9/26/2022 (a) | 69,944 | 69,880 |
| HSBC Bank USA NA (SOFR + 1.30), 1.28%, 4/20/2023 (c) | 42,717 | 42,698 |
| KEB Hana Bank (South Korea) , 0.80%, 8/15/2022 | 37,595 | 37,543 |
| INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
| Short Term Investments — continued | ||
| Certificates of Deposits — continued | ||
| Lloyds Bank Corporate Markets plc (United Kingdom) | ||
| 0.22%, 8/3/2022 | 5,253 | 5,244 |
| (SOFR + 1.47%), 1.45%, 3/22/2023 (c) | 45,608 | 45,662 |
| Natixis SA (France) | ||
| 0.62%, 1/4/2023 | 95,602 | 94,620 |
| (SOFR + 1.40%), 1.38%, 3/24/2023 (c) | 35,043 | 35,072 |
| Nordea Bank Abp (Finland) (SOFR + 1.33), 1.31%, 12/23/2022 (c) | 118,457 | 118,519 |
| Royal Bank of Canada (Canada) | ||
| 0.20%, 8/16/2022 | 80,050 | 79,839 |
| 2.00%, 3/21/2023 | 4,103 | 4,084 |
| Shinhan Bank (South Korea) , 0.80%, 8/12/2022 | 30,433 | 30,399 |
| Standard Chartered Bank (United Kingdom) , 2.22%, 11/30/2022 | 11,577 | 11,577 |
| Sumitomo Mitsui Banking Corp. (Japan) | ||
| (SOFR + 0.97%), 0.96%, 8/2/2022 (c) | 64,949 | 64,935 |
| 2.70%, 4/25/2023 | 540 | 540 |
| 2.70%, 4/28/2023 | 66,382 | 66,327 |
| Toronto-Dominion Bank (The) (Canada) , 0.73%, 1/13/2023 | 26,600 | 26,339 |
| UBS AG (Switzerland) , 0.46%, 12/2/2022 | 46,669 | 46,455 |
| Woori Bank (South Korea) , 0.26%, 8/12/2022 (a) | 9,000 | 8,979 |
| Total Certificates of Deposit (Cost $1,239,470) | 1,236,001 | |
| Commercial Paper — 20.0% | ||
| AT&T, Inc. | ||
| 0.54%, 6/14/2022 (a) (f) | 60,224 | 60,198 |
| 0.47%, 6/21/2022 (a) (f) | 3,500 | 3,498 |
| Australia & New Zealand Banking Group Ltd. (Australia) | ||
| 2.23%, 12/15/2022 (a) (f) | 59,700 | 58,981 |
| 2.70%, 5/1/2023 (a) (f) | 25,177 | 24,551 |
| Banco Santander SA (Spain) | ||
| 1.62%, 10/3/2022 (a) (f) | 20,000 | 19,881 |
| Bank of Montreal (Canada) | ||
| 0.67%, 1/5/2023 (f) | 17,100 | 16,869 |
| Barclays Bank plc (United Kingdom) | ||
| 0.24%, 7/14/2022 (a) (f) | 4,300 | 4,294 |
| BNZ International Funding Ltd. (New Zealand) | ||
| 0.52%, 12/1/2022 (a) (f) | 96,736 | 95,703 |
| Canadian Imperial Holdings, Inc. (Canada) | ||
| 0.40%, 11/17/2022 (a) (f) | 29,000 | 28,727 |
| CDP Financial, Inc. (Canada) | ||
| 0.61%, 8/1/2022 (a) (f) | 12,319 | 12,294 |
| Charles Schwab Corp. (The) | ||
| 0.70%, 8/9/2022 (a) (f) | 73,591 | 73,407 |
| Cooperatieve Rabobank UA (Netherlands) | ||
| 1.01%, 9/2/2022 (f) | 40,279 | 40,128 |
| DNB Bank ASA (Norway) | ||
| 1.36%, 9/21/2022 (a) (f) | 91,554 | 91,101 |
| 0.56%, 12/30/2022 (f) | 17,894 | 17,663 |
| INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
| Short Term Investments — continued | ||
| Commercial Paper — continued | ||
| Enbridge US, Inc. | ||
| 1.25%, 6/14/2022 (a) (f) | 1,050 | 1,050 |
| 1.96%, 9/14/2022 (a) (f) | 24,055 | 23,925 |
| Enel Finance America LLC | ||
| 0.37%, 6/27/2022 (a) (f) | 8,600 | 8,592 |
| 0.40%, 9/27/2022 (a) (f) | 36,675 | 36,395 |
| 0.40%, 9/29/2022 (a) (f) | 8,876 | 8,807 |
| 0.40%, 10/3/2022 (a) (f) | 9,012 | 8,938 |
| 1.01%, 1/20/2023 (a) (f) | 10,591 | 10,415 |
| 1.01%, 1/24/2023 (a) (f) | 32,759 | 32,203 |
| Entergy Corp. | ||
| 0.95%, 6/8/2022 (a) (f) | 25,000 | 24,995 |
| First Abu Dhabi Bank PJSC (United Arab Emirates) | ||
| 0.47%, 9/30/2022 (a) (f) | 48,088 | 47,819 |
| Goldman Sachs International | ||
| 1.60%, 10/11/2022 (a) (f) | 10,500 | 10,432 |
| HSBC USA, Inc. | ||
| 0.32%, 8/5/2022 (a) (f) | 31,300 | 31,221 |
| ING US Funding LLC (Netherlands) | ||
| 1.38%, 9/21/2022 (f) | 74,884 | 74,492 |
| 1.01%, 11/7/2022 (f) | 15,575 | 15,438 |
| International Flavors and Fragrances, Inc. | ||
| 1.71%, 6/10/2022 (a) (f) | 32,500 | 32,491 |
| Kookmin Bank (South Korea) | ||
| 2.20%, 11/23/2022 (a) (f) | 34,832 | 34,474 |
| LMA-Americas LLC | ||
| 1.17%, 7/19/2022 (a) (f) | 65,000 | 64,899 |
| National Australia Bank Ltd. (Australia) | ||
| 1.01%, 9/6/2022 (a) (f) | 42,469 | 42,292 |
| 1.40%, 9/26/2022 (a) (f) | 92,500 | 91,995 |
| NatWest Markets plc (United Kingdom) | ||
| 0.30%, 6/21/2022 (a) (f) | 14,000 | 13,991 |
| Royal Bank of Canada (Canada) | ||
| 0.25%, 10/11/2022 (a) (f) | 71,402 | 70,906 |
| Skandinaviska Enskilda Banken AB (Sweden) | ||
| 1.41%, 9/21/2022 (a) (f) | 34,413 | 34,232 |
| 1.41%, 9/26/2022 (a) (f) | 47,788 | 47,518 |
| Societe Generale SA (France) | ||
| 0.63%, 1/4/2023 (a) (f) | 65,700 | 64,809 |
| Standard Chartered Bank (United Kingdom) | ||
| 0.27%, 10/14/2022 (a) (f) | 79,915 | 79,402 |
| Sumitomo Mitsui Banking Corp. (Japan) | ||
| 1.26%, 9/8/2022 (a) (f) | 21,923 | 21,835 |
| Svenska Handelsbanken AB (Sweden) | ||
| 1.26%, 8/18/2022 (a) (f) | 17,469 | 17,422 |
| 0.25%, 10/7/2022 (a) (f) | 112,300 | 111,637 |
| 0.40%, 11/21/2022 (a) (f) | 42,300 | 41,869 |
| INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
| Short Term Investments — continued | ||
| Commercial Paper — continued | ||
| 0.81%, 1/18/2023 (a) (f) | 80,850 | 79,632 |
| Toronto-Dominion Bank (The) (Canada) | ||
| 0.37%, 11/15/2022 (a) (f) | 20,000 | 19,824 |
| 0.56%, 1/3/2023 (a) (f) | 132,400 | 130,624 |
| TransCanada PipeLines Ltd. (Canada) | ||
| 0.54%, 6/13/2022 (a) (f) | 39,600 | 39,585 |
| Volvo Group Treasury US, Inc. | ||
| 1.36%, 9/1/2022 (a) (f) | 76,239 | 75,917 |
| Waste Management, Inc. | ||
| 0.30%, 9/6/2022 (a) (f) | 9,617 | 9,574 |
| 0.31%, 9/8/2022 (a) (f) | 18,667 | 18,581 |
| 0.31%, 10/6/2022 (a) (f) | 33,158 | 32,945 |
| 0.41%, 11/9/2022 (a) (f) | 7,300 | 7,233 |
| Westpac Securities NZ Ltd. (New Zealand) | ||
| 0.69%, 8/8/2022 (a) (f) | 4,100 | 4,090 |
| 0.25%, 10/7/2022 (a) (f) | 113,142 | 112,471 |
| 0.52%, 11/25/2022 (a) (f) | 135,600 | 134,247 |
| Total Commercial Paper (Cost $2,326,207) | 2,316,512 | |
| SHARES (000) | ||
| Investment Companies — 5.1% | ||
| JPMorgan Prime Money Market Fund Class Institutional Shares, 0.78% (g) (h) (Cost $593,632) | 593,521 | 593,699 |
| Investment of Cash Collateral from Securities Loaned — 0.0% ^ | ||
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.80% (g) (h) | 1,494 | 1,493 |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.80% (g) (h) | 4,152 | 4,152 |
| Total Investment of Cash Collateral from Securities Loaned (Cost $5,645) | 5,645 | |
| PRINCIPAL AMOUNT ($000) | ||
| Repurchase Agreements — 0.9% | ||
| Wells Fargo Securities LLC, 0.66%, dated 5/31/2022, due 6/21/2022, repurchase price $100,039,
collateralized by Asset-Backed Securities, 0.00% - 9.66%, due 1/15/2025 - 4/17/2054, with the value of $110,365. (Cost $100,000) | 100,000 | 100,000 |
| Total Short Term Investments (Cost $4,264,954) | 4,251,857 | |
| Total Investments — 101.3% (Cost $11,819,649) | 11,731,249 | |
| Liabilities in Excess of Other Assets — (1.3)% | (147,137) | |
| NET ASSETS — 100.0% | 11,584,112 | |
Percentages indicated are based on net assets. |
| Abbreviations | |
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| PJSC | Public Joint Stock Company |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| USD | United States Dollar |
| ^ | Amount rounds to less than 0.1% of net assets. | |
| (a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
| (b) | The security or a portion of this security is on loan at May 31, 2022. The total value of securities on loan at May 31, 2022 is $5,302. | |
| (c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2022. | |
| (d) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
| (e) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2022. | |
| (f) | The rate shown is the effective yield as of May 31, 2022. | |
| (g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| (h) | The rate shown is the current yield as of May 31, 2022. | |
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
| Short Contracts | |||||
| U.S. Treasury 2 Year Note | (1,196) | 09/30/2022 | USD | (252,459) | 250 |
| Abbreviations | |
| USD | United States Dollar |
| • | 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). |
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
| Investments in Securities | ||||
| Asset-Backed Securities | $— | $716,703 | $— | $716,703 |
| Certificates of Deposits | — | 213,620 | — | 213,620 |
| Corporate Bonds | — | 6,548,291 | — | 6,548,291 |
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | ||||
| Foreign Government Securities | $— | $778 | $— | $778 | |||
| Short-Term Investments | |||||||
| Certificates of Deposits | — | 1,236,001 | — | 1,236,001 | |||
| Commercial Paper | — | 2,316,512 | — | 2,316,512 | |||
| Investment Companies | 593,699 | — | — | 593,699 | |||
| Investment of Cash Collateral from Securities Loaned | 5,645 | — | — | 5,645 | |||
| Repurchase Agreements | — | 100,000 | — | 100,000 | |||
| Total Short-Term Investments | 599,344 | 3,652,513 | — | 4,251,857 | |||
| Total Investments in Securities | $599,344 | $11,131,905 | $— | $11,731,249 | |||
| Depreciation in Other Financial Instruments | |||||||
| Futures Contracts | $250 | $— | $— | $250 |
| For the period ended May 31, 2022 | |||||||||||||||
| Security Description | Value at February 28, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at May 31, 2022 | Shares at May 31, 2022 | Dividend Income | Capital Gain Distributions | ||||||
| JPMorgan Prime Money Market Fund Class Institutional Shares, 0.78% (a) (b) | $1,208,019 | $3,523,289 | $4,137,723 | $85 | $29 | $593,699 | 593,521 | $605 | $— | ||||||
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.80% (a) (b) | 8,496 | 6,000 | 13,000 | (4) | 1 | 1,493 | 1,494 | 3 | — | ||||||
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.80% (a) (b) | 1,010 | 16,652 | 13,510 | — | — | 4,152 | 4,152 | 2 | — | ||||||
| Total | $1,217,525 | $3,545,941 | $4,164,233 | $81 | $30 | $599,344 | $610 | $— | |||||||
| (a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (b) | The rate shown is the current yield as of May 31, 2022. |