NPORT-EX 2 JPMManIncFund.htm
JPMorgan Managed Income Fund
Schedule of Portfolio Investments as of May 31, 2022
(Unaudited)
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2022.
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited) (continued)
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
    
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited) (continued)
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 $5,302.  
(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2022.  
(d) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.  
(e) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2022.  
(f) The rate shown is the effective yield as of May 31, 2022.  
(g) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.  
(h) The rate shown is the current yield as of May 31, 2022.  
Futures contracts outstanding as of May 31, 2022 (amounts in thousands, except number of contracts):
DESCRIPTION NUMBER OF
CONTRACTS 		EXPIRATION DATE TRADING CURRENCY NOTIONAL
AMOUNT ($) 		VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Short Contracts          
U.S. Treasury 2 Year Note (1,196) 09/30/2022 USD (252,459) 250
    
Abbreviations  
USD United States Dollar
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (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        
Asset-Backed Securities $— $716,703 $— $716,703
Certificates of Deposits — 213,620 — 213,620
Corporate Bonds — 6,548,291 — 6,548,291
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2022  (Unaudited) (continued)
(Dollar values in thousands)
               
  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
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 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.