|
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.
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JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
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J.P. Morgan Distribution Services, Inc., member FINRA.
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© J.P. Morgan Chase & Co., 2023.
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INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — 33.2%
|
||
|
Aerospace & Defense — 0.2%
|
||
|
Northrop Grumman Corp. 3.25%, 8/1/2023
|
11,530
|
11,491
|
|
Automobiles — 0.3%
|
||
|
Hyundai Capital America 1.25%, 9/18/2023 (a)
|
8,030
|
7,917
|
|
Volkswagen Group of America Finance LLC (Germany) 0.88%, 11/22/2023 (a)
|
12,135
|
11,862
|
|
|
|
19,779
|
|
Banks — 18.3%
|
||
|
ASB Bank Ltd. (New Zealand) 3.75%, 6/14/2023 (a)
|
8,042
|
8,038
|
|
Australia & New Zealand Banking Group Ltd. (Australia) 4.83%, 2/3/2025 (a)
|
13,170
|
13,135
|
|
Banco Santander SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 0.70%, 6/30/2024 (b)
|
47,200
|
46,969
|
|
Bank of America Corp.
|
|
|
|
4.13%, 1/22/2024
|
24,087
|
23,852
|
|
(SOFR + 0.41%), 0.52%, 6/14/2024 (b)
|
44,783
|
44,689
|
|
(SOFR + 1.11%), 3.84%, 4/25/2025 (b)
|
29,078
|
28,581
|
|
Bank of Montreal (Canada) 2.15%, 3/8/2024 (c)
|
2,400
|
2,336
|
|
Bank of Nova Scotia (The) (Canada)
|
|
|
|
0.80%, 6/15/2023
|
19,996
|
19,936
|
|
0.40%, 9/15/2023
|
1,353
|
1,333
|
|
(SOFR + 0.26%), 5.37%, 9/15/2023 (b)
|
19,569
|
19,556
|
|
(SOFRINDX + 0.55%), 5.66%, 9/15/2023 (b)
|
76,548
|
76,594
|
|
4.75%, 2/2/2026
|
28,495
|
28,307
|
|
Banque Federative du Credit Mutuel SA (France)
|
|
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|
3.75%, 7/20/2023 (a) (c)
|
8,740
|
8,712
|
|
(ICE LIBOR USD 3 Month + 0.96%), 6.21%, 7/20/2023 (a) (b)
|
12,474
|
12,483
|
|
4.94%, 1/26/2026 (a)
|
13,749
|
13,645
|
|
BNP Paribas SA (France) 3.80%, 1/10/2024 (a)
|
18,311
|
18,077
|
|
BPCE SA (France)
|
|
|
|
4.00%, 9/12/2023 (a)
|
14,724
|
14,630
|
|
5.03%, 1/15/2025 (a)
|
88,081
|
86,691
|
|
Canadian Imperial Bank of Commerce (Canada)
|
|
|
|
(SOFRINDX + 0.40%), 5.51%, 12/14/2023 (b)
|
37,574
|
37,542
|
|
3.10%, 4/2/2024
|
13,588
|
13,319
|
|
Citizens Bank NA (SOFR + 1.02%), 5.28%, 1/26/2026 (b)
|
82,189
|
77,027
|
|
Credit Agricole SA (France) 5.57%, 2/28/2025 (a)
|
50,273
|
50,069
|
|
Federation des Caisses Desjardins du Quebec (Canada)
|
|
|
|
(SOFR + 0.43%), 5.50%, 5/21/2024 (a) (b)
|
25,463
|
25,375
|
|
(SOFRINDX + 1.09%), 5.28%, 1/23/2026 (a) (b)
|
80,896
|
79,810
|
|
HSBC Holdings plc (United Kingdom)
|
|
|
|
(SOFR + 0.53%), 0.73%, 8/17/2024 (b)
|
34,788
|
34,365
|
|
(SOFR + 0.58%), 5.65%, 11/22/2024 (b)
|
4,286
|
4,241
|
|
ING Groep NV (Netherlands) 4.10%, 10/2/2023
|
2,951
|
2,930
|
|
KeyBank NA (SOFRINDX + 0.32%), 0.43%, 6/14/2024 (b)
|
58,259
|
56,366
|
|
Mitsubishi UFJ Financial Group, Inc. (Japan)
|
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 0.85%, 9/15/2024 (b)
|
76,361
|
75,173
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.72%, 2/20/2026 (b)
|
10,407
|
10,400
|
|
Mizuho Financial Group, Inc. (Japan)
|
|
|
|
(SOFR + 1.25%), 1.24%, 7/10/2024 (b)
|
37,653
|
37,461
|
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INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Banks — continued
|
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|
(SOFR + 0.87%), 0.85%, 9/8/2024 (b)
|
8,168
|
8,049
|
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National Bank of Canada (Canada) 5.25%, 1/17/2025 (c)
|
73,729
|
73,001
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Nordea Bank Abp (Finland)
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|
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1.00%, 6/9/2023 (a)
|
8,183
|
8,174
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|
3.75%, 8/30/2023 (a)
|
2,168
|
2,157
|
|
(ICE LIBOR USD 3 Month + 0.94%), 6.40%, 8/30/2023 (a) (b)
|
9,568
|
9,577
|
|
Royal Bank of Canada (Canada) (SOFRINDX + 0.45%), 5.53%, 10/26/2023 (b)
|
33,079
|
33,077
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Skandinaviska Enskilda Banken AB (Sweden) 0.55%, 9/1/2023 (a)
|
6,237
|
6,150
|
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Societe Generale SA (France)
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|
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|
4.25%, 9/14/2023 (a)
|
26,329
|
26,098
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|
3.88%, 3/28/2024 (a)
|
16,721
|
16,376
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|
Sumitomo Mitsui Financial Group, Inc. (Japan) 5.46%, 1/13/2026
|
11,188
|
11,231
|
|
Sumitomo Mitsui Trust Bank Ltd. (Japan)
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|
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|
0.80%, 9/12/2023 (a)
|
14,389
|
14,198
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(SOFR + 0.44%), 5.55%, 9/16/2024 (a) (b)
|
25,847
|
25,712
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|
5.65%, 3/9/2026 (a)
|
8,335
|
8,429
|
|
Toronto-Dominion Bank (The) (Canada) (SOFR + 0.36%), 5.47%, 3/4/2024 (b)
|
33,190
|
33,118
|
|
|
|
1,246,989
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Beverages — 0.0% ^
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|
Beam Suntory, Inc. (Japan) 3.25%, 6/15/2023
|
2,000
|
1,998
|
|
Biotechnology — 0.3%
|
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|
Amgen, Inc. 5.25%, 3/2/2025
|
19,803
|
19,858
|
|
Building Products — 0.0% ^
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Carlisle Cos., Inc. 0.55%, 9/1/2023
|
2,027
|
2,000
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Capital Markets — 3.5%
|
||
|
Goldman Sachs Group, Inc. (The)
|
|
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|
4.00%, 3/3/2024
|
15,597
|
15,393
|
|
(SOFR + 1.39%), 6.50%, 3/15/2024 (b)
|
1,849
|
1,859
|
|
(SOFR + 0.51%), 0.66%, 9/10/2024 (b)
|
30,516
|
30,050
|
|
(SOFR + 0.73%), 1.76%, 1/24/2025 (b)
|
27,474
|
26,697
|
|
Morgan Stanley
|
|
|
|
(SOFR + 0.46%), 5.54%, 1/25/2024 (b)
|
5,240
|
5,235
|
|
(SOFR + 0.51%), 0.79%, 1/22/2025 (b)
|
24,109
|
23,329
|
|
(SOFR + 0.53%), 0.79%, 5/30/2025 (b)
|
8,371
|
7,934
|
|
(SOFR + 0.56%), 1.16%, 10/21/2025 (b)
|
4,823
|
4,504
|
|
UBS AG (Switzerland)
|
|
|
|
0.38%, 6/1/2023 (a)
|
4,630
|
4,630
|
|
(SOFR + 0.36%), 5.44%, 2/9/2024 (a) (b)
|
18,116
|
18,075
|
|
(SOFR + 0.45%), 5.53%, 8/9/2024 (a) (b)
|
28,626
|
28,485
|
|
UBS Group AG (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 4.49%,
8/5/2025 (a) (b)
|
75,273
|
73,580
|
|
|
|
239,771
|
|
Chemicals — 0.0% ^
|
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|
Air Liquide Finance SA (France) 2.25%, 9/27/2023 (a)
|
2,200
|
2,173
|
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INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Construction Materials — 0.3%
|
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|
Martin Marietta Materials, Inc. 0.65%, 7/15/2023
|
16,857
|
16,758
|
|
Consumer Finance — 1.7%
|
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|
AerCap Ireland Capital DAC (Ireland) 1.15%, 10/29/2023
|
43,830
|
42,973
|
|
American Express Co. 3.70%, 8/3/2023
|
21,143
|
21,070
|
|
American Honda Finance Corp. 5.00%, 5/23/2025
|
31,600
|
31,555
|
|
Capital One Financial Corp. (SOFR + 0.69%), 5.81%, 12/6/2024 (b)
|
17,675
|
17,283
|
|
John Deere Capital Corp. (ICE LIBOR USD 3 Month + 0.55%), 5.53%, 6/7/2023 (b) (c)
|
550
|
550
|
|
|
|
113,431
|
|
Consumer Staples Distribution & Retail — 0.0% ^
|
||
|
7-Eleven, Inc. 0.80%, 2/10/2024 (a)
|
2,951
|
2,846
|
|
Diversified Telecommunication Services — 0.5%
|
||
|
Bell Telephone Co. of Canada or Bell Canada (The) (Canada) Series US-3, 0.75%, 3/17/2024
|
8,690
|
8,366
|
|
British Telecommunications plc (United Kingdom) 4.50%, 12/4/2023
|
7,019
|
6,981
|
|
Deutsche Telekom International Finance BV (Germany) 2.49%, 9/19/2023 (a)
|
15,428
|
15,278
|
|
|
|
30,625
|
|
Electric Utilities — 0.7%
|
||
|
Duke Energy Corp. 3.75%, 4/15/2024
|
15,649
|
15,399
|
|
Entergy Louisiana LLC
|
|
|
|
0.62%, 11/17/2023
|
7,702
|
7,524
|
|
0.95%, 10/1/2024
|
17,858
|
16,876
|
|
Eversource Energy Series T, (SOFRINDX + 0.25%), 5.32%, 8/15/2023 (b)
|
6,699
|
6,694
|
|
Tucson Electric Power Co. 3.05%, 3/15/2025
|
3,177
|
3,058
|
|
|
|
49,551
|
|
Entertainment — 0.4%
|
||
|
Take-Two Interactive Software, Inc. 3.30%, 3/28/2024
|
29,149
|
28,557
|
|
Food Products — 0.2%
|
||
|
Danone SA (France) 2.59%, 11/2/2023 (a)
|
14,776
|
14,599
|
|
Gas Utilities — 0.1%
|
||
|
ONE Gas, Inc. 3.61%, 2/1/2024
|
8,040
|
7,924
|
|
Ground Transportation — 0.3%
|
||
|
Central Japan Railway Co. (Japan) 3.40%, 9/6/2023 (d)
|
16,732
|
16,626
|
|
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (a)
|
3,814
|
3,803
|
|
|
|
20,429
|
|
Health Care Providers & Services — 0.7%
|
||
|
Cardinal Health, Inc. 3.50%, 11/15/2024
|
18,300
|
17,762
|
|
Cigna Group (The)
|
|
|
|
3.75%, 7/15/2023
|
2,994
|
2,986
|
|
(ICE LIBOR USD 3 Month + 0.89%), 6.15%, 7/15/2023 (b)
|
16,955
|
16,958
|
|
Elevance Health, Inc. 3.50%, 8/15/2024
|
7,299
|
7,137
|
|
|
|
44,843
|
|
Insurance — 2.4%
|
||
|
Athene Global Funding
|
|
|
|
1.20%, 10/13/2023 (a)
|
5,033
|
4,930
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Insurance — continued
|
||
|
0.95%, 1/8/2024 (a)
|
16,109
|
15,535
|
|
1.00%, 4/16/2024 (a)
|
16,353
|
15,536
|
|
(SOFRINDX + 0.70%), 5.76%, 5/24/2024 (a) (b)
|
9,146
|
9,041
|
|
Brighthouse Financial Global Funding
|
|
|
|
0.60%, 6/28/2023 (a)
|
13,515
|
13,433
|
|
1.20%, 12/15/2023 (a)
|
6,570
|
6,403
|
|
(SOFR + 0.76%), 5.85%, 4/12/2024 (a) (b)
|
9,930
|
9,827
|
|
Corebridge Global Funding
|
|
|
|
0.80%, 7/7/2023 (a)
|
8,857
|
8,801
|
|
(SOFR + 0.38%), 5.49%, 12/15/2023 (a) (b) (c)
|
21,600
|
21,581
|
|
Jackson National Life Global Funding
|
|
|
|
(SOFR + 1.15%), 6.25%, 6/28/2024 (a) (b)
|
1,850
|
1,850
|
|
1.75%, 1/12/2025 (a)
|
4,980
|
4,644
|
|
MassMutual Global Funding II 0.48%, 8/28/2023 (a) (c)
|
244
|
241
|
|
Reliance Standard Life Global Funding II
|
|
|
|
3.85%, 9/19/2023 (a)
|
4,461
|
4,432
|
|
5.24%, 2/2/2026 (a)
|
46,768
|
46,174
|
|
|
|
162,428
|
|
Life Sciences Tools & Services — 0.0% ^
|
||
|
Thermo Fisher Scientific, Inc. 0.80%, 10/18/2023
|
754
|
740
|
|
Machinery — 0.5%
|
||
|
Daimler Truck Finance North America LLC (Germany)
|
|
|
|
(SOFR + 1.00%), 6.10%, 4/5/2024 (a) (b)
|
32,163
|
32,168
|
|
5.20%, 1/17/2025 (a)
|
3,225
|
3,214
|
|
|
|
35,382
|
|
Media — 0.2%
|
||
|
Fox Corp. 4.03%, 1/25/2024
|
14,996
|
14,831
|
|
Metals & Mining — 0.1%
|
||
|
Glencore Funding LLC (Australia) 4.63%, 4/29/2024 (a)
|
7,716
|
7,638
|
|
Multi-Utilities — 0.3%
|
||
|
WEC Energy Group, Inc. 0.80%, 3/15/2024
|
18,889
|
18,196
|
|
Oil, Gas & Consumable Fuels — 0.3%
|
||
|
Spectra Energy Partners LP 4.75%, 3/15/2024
|
3,013
|
2,986
|
|
Williams Cos., Inc. (The) 4.30%, 3/4/2024
|
17,674
|
17,483
|
|
|
|
20,469
|
|
Pharmaceuticals — 0.4%
|
||
|
Pfizer Investment Enterprises Pte. Ltd. 4.65%, 5/19/2025
|
17,436
|
17,395
|
|
Takeda Pharmaceutical Co. Ltd. (Japan) 4.40%, 11/26/2023
|
7,340
|
7,291
|
|
|
|
24,686
|
|
Semiconductors & Semiconductor Equipment — 0.5%
|
||
|
Microchip Technology, Inc. 0.97%, 2/15/2024
|
9,611
|
9,281
|
|
NXP BV (China) 4.88%, 3/1/2024
|
23,582
|
23,307
|
|
|
|
32,588
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Corporate Bonds — continued
|
||
|
Technology Hardware, Storage & Peripherals — 0.5%
|
||
|
Hewlett Packard Enterprise Co.
|
|
|
|
1.45%, 4/1/2024
|
8,212
|
7,940
|
|
5.90%, 10/1/2024
|
26,826
|
26,894
|
|
|
|
34,834
|
|
Tobacco — 0.5%
|
||
|
BAT Capital Corp. (United Kingdom) 2.79%, 9/6/2024
|
25,207
|
24,289
|
|
Reynolds American, Inc. (United Kingdom) 4.85%, 9/15/2023
|
8,012
|
7,988
|
|
|
|
32,277
|
|
Trading Companies & Distributors — 0.0% ^
|
||
|
Air Lease Corp. 3.00%, 9/15/2023
|
1,428
|
1,417
|
|
Total Corporate Bonds
(Cost $2,280,020)
|
|
2,259,108
|
|
U.S. Treasury Obligations — 8.0%
|
||
|
U.S. Treasury Notes
|
|
|
|
0.38%, 7/15/2024
|
196,600
|
186,662
|
|
0.38%, 1/31/2026
|
66,300
|
60,095
|
|
4.63%, 3/15/2026
|
147,800
|
149,901
|
|
3.63%, 5/15/2026
|
152,000
|
150,231
|
|
Total U.S. Treasury Obligations
(Cost $549,343)
|
|
546,889
|
|
Asset-Backed Securities — 3.9%
|
||
|
AmeriCredit Automobile Receivables Trust Series 2021-1, Class A3, 0.37%, 8/18/2025
|
1,697
|
1,676
|
|
Capital One Prime Auto Receivables Trust Series 2020-1, Class A3, 1.60%, 11/15/2024
|
1,980
|
1,972
|
|
CarMax Auto Owner Trust
|
|
|
|
Series 2022-1, Class A2, 0.91%, 2/18/2025
|
481
|
478
|
|
Series 2020-3, Class A3, 0.62%, 3/17/2025
|
2,857
|
2,825
|
|
Series 2022-2, Class A2A, 2.81%, 5/15/2025
|
8,317
|
8,252
|
|
Carvana Auto Receivables Trust
|
|
|
|
Series 2021-P3, Class A2, 0.38%, 1/10/2025
|
739
|
737
|
|
Series 2021-P4, Class A2, 0.82%, 4/10/2025
|
2,798
|
2,788
|
|
Series 2022-P1, Class A2, 2.57%, 5/12/2025
|
14,075
|
13,979
|
|
Dell Equipment Finance Trust Series 2021-2, Class A2, 0.33%, 12/22/2026 (a)
|
300
|
299
|
|
Ford Credit Auto Lease Trust
|
|
|
|
Series 2022-A, Class A2A, 2.78%, 10/15/2024
|
10,568
|
10,514
|
|
Series 2023-A, Class A2A, 5.19%, 6/15/2025
|
4,582
|
4,561
|
|
GM Financial Automobile Leasing Trust
|
|
|
|
Series 2022-2, Class A2, 2.93%, 10/21/2024
|
9,992
|
9,900
|
|
Series 2023-1, Class A2A, 5.27%, 6/20/2025
|
7,447
|
7,417
|
|
GM Financial Consumer Automobile Receivables Trust
|
|
|
|
Series 2020-1, Class A3, 1.84%, 9/16/2024
|
34
|
33
|
|
Series 2022-1, Class A2, 0.76%, 2/18/2025
|
3,622
|
3,596
|
|
Honda Auto Receivables Owner Trust
|
|
|
|
Series 2023-1, Class A2, 5.22%, 10/21/2025
|
24,332
|
24,231
|
|
Series 2021-4, Class A3, 0.88%, 1/21/2026
|
10,972
|
10,493
|
|
Hyundai Auto Lease Securitization Trust Series 2023-A, Class A2A, 5.20%, 4/15/2025 (a)
|
11,915
|
11,862
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Asset-Backed Securities — continued
|
||
|
Hyundai Auto Receivables Trust
|
|
|
|
Series 2022-B, Class A2A, 3.64%, 5/15/2025
|
21,213
|
21,002
|
|
Series 2021-C, Class A3, 0.74%, 5/15/2026
|
4,469
|
4,279
|
|
Mercedes-Benz Auto Receivables Trust Series 2023-1, Class A2, 5.09%, 1/15/2026
|
12,171
|
12,118
|
|
Nissan Auto Receivables Owner Trust Series 2022-B, Class A2, 4.50%, 8/15/2025
|
10,546
|
10,464
|
|
Porsche Financial Auto Securitization Trust Series 2023-1A, Class A2, 5.42%, 12/22/2026 (a)
|
13,411
|
13,365
|
|
Santander Drive Auto Receivables Trust Series 2023-1, Class A2, 5.36%, 5/15/2026
|
5,779
|
5,759
|
|
Santander Retail Auto Lease Trust Series 2022-B, Class A2, 2.84%, 5/20/2025 (a)
|
19,179
|
18,899
|
|
Tesla Auto Lease Trust
|
|
|
|
Series 2021-A, Class A4, 0.66%, 3/20/2025 (a)
|
6,700
|
6,535
|
|
Series 2021-B, Class A2, 0.36%, 9/22/2025 (a)
|
335
|
332
|
|
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A, 2.56%, 11/25/2031 (a)
|
6,052
|
5,873
|
|
Toyota Auto Receivables Owner Trust
|
|
|
|
Series 2021-B, Class A3, 0.26%, 11/17/2025
|
4,858
|
4,685
|
|
Series 2023-A, Class A2, 5.05%, 1/15/2026
|
11,171
|
11,120
|
|
Westlake Automobile Receivables Trust Series 2021-3A, Class A3, 0.95%, 6/16/2025 (a)
|
36,639
|
36,125
|
|
Total Asset-Backed Securities
(Cost $267,237)
|
|
266,169
|
|
U.S. Government Agency Securities — 3.2%
|
||
|
Federal Farm Credit Discount Notes
DN, 4.91%, 12/1/2023 (e)
|
75,430
|
73,536
|
|
FHLB
|
|
|
|
DN, 4.91%, 9/29/2023 (e)
|
4,000
|
3,933
|
|
DN, 4.91%, 12/5/2023 (e)
|
93,403
|
91,007
|
|
DN, 5.00%, 2/6/2024 (e)
|
16,800
|
16,237
|
|
DN, 5.28%, 2/27/2024 (e)
|
34,803
|
33,561
|
|
Total U.S. Government Agency Securities
(Cost $218,439)
|
|
218,274
|
|
Foreign Government Securities — 0.3%
|
||
|
Province of Ontario 3.05%, 1/29/2024
(Cost $19,051)
|
19,286
|
19,006
|
|
Short-Term Investments — 50.9%
|
||
|
Certificates of Deposits — 20.3%
|
||
|
Bank of Montreal (Canada)
|
|
|
|
3.87%, 7/21/2023
|
11,500
|
11,474
|
|
5.00%, 10/6/2023
|
75,000
|
74,814
|
|
Bank of Nova Scotia (The) (Canada) (SOFR + 0.64%), 5.69%, 5/31/2024 (b)
|
8,259
|
8,259
|
|
Barclays Bank plc (United Kingdom)
|
|
|
|
4.00%, 7/13/2023
|
9,699
|
9,682
|
|
5.72%, 12/7/2023
|
100,125
|
100,041
|
|
BNP Paribas SA (France) , 5.32%, 2/6/2024
|
36,357
|
36,240
|
|
Canadian Imperial Bank of Commerce (Canada) , 5.60%, 3/7/2024
|
51,319
|
51,230
|
|
Citibank NA
|
|
|
|
3.85%, 7/28/2023
|
77,000
|
76,805
|
|
4.10%, 8/25/2023
|
27,400
|
27,301
|
|
5.80%, 3/5/2024
|
43,032
|
43,035
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Short-Term Investments — continued
|
||
|
Certificates of Deposits — continued
|
||
|
Cooperatieve Rabobank UA (Netherlands)
|
|
|
|
(SOFR + 0.67%), 5.72%, 11/7/2023 (b)
|
11,480
|
11,494
|
|
5.12%, 2/2/2024
|
73,500
|
73,179
|
|
5.41%, 2/20/2024
|
15,842
|
15,809
|
|
Credit Agricole Corporate and Investment Bank (France) , 5.30%, 1/11/2024
|
52,060
|
51,902
|
|
Credit Industriel et Commercial (France) , 5.60%, 11/27/2023
|
28,783
|
28,777
|
|
HSBC Bank USA NA , 4.01%, 8/10/2023
|
3,259
|
3,250
|
|
Kookmin Bank (South Korea)
|
|
|
|
5.70%, 11/24/2023
|
14,881
|
14,882
|
|
(SOFR + 0.73%), 5.78%, 1/22/2024 (b)
|
35,392
|
35,427
|
|
(SOFR + 0.73%), 5.78%, 1/26/2024 (b)
|
1,342
|
1,343
|
|
(SOFR + 0.70%), 5.75%, 2/12/2024 (b)
|
30,635
|
30,651
|
|
Lloyds Bank Corporate Markets plc (United Kingdom)
|
|
|
|
5.49%, 12/14/2023
|
44,310
|
44,253
|
|
5.31%, 1/18/2024
|
40,383
|
40,267
|
|
5.41%, 2/6/2024
|
9,650
|
9,623
|
|
Nordea Bank Abp (Finland)
|
|
|
|
4.14%, 9/5/2023
|
51,821
|
51,634
|
|
5.17%, 1/31/2024
|
60,000
|
59,738
|
|
Norinchukin Bank (Japan) , 3.95%, 8/15/2023
|
79,932
|
79,658
|
|
Royal Bank of Canada (Canada) , 4.87%, 9/22/2023
|
109,301
|
109,006
|
|
Standard Chartered Bank (United Kingdom)
|
|
|
|
4.02%, 8/11/2023
|
79,400
|
79,175
|
|
5.44%, 1/12/2024
|
17,552
|
17,506
|
|
Sumitomo Mitsui Banking Corp. (Japan)
|
|
|
|
3.05%, 6/7/2023
|
21,992
|
21,983
|
|
5.00%, 10/6/2023
|
17,980
|
17,938
|
|
Toronto-Dominion Bank (The) (Canada)
|
|
|
|
5.38%, 8/1/2023
|
38,600
|
38,606
|
|
4.35%, 9/12/2023
|
82,803
|
82,492
|
|
Westpac Banking Corp. (Australia) , 5.18%, 2/1/2024
|
26,592
|
26,489
|
|
Total Certificates of Deposit
(Cost $1,387,196)
|
|
1,383,963
|
|
Commercial Paper — 27.5%
|
||
|
3M Co.
|
|
|
|
5.55%, 9/7/2023 (e)
|
38,712
|
38,160
|
|
5.50%, 2/5/2024 (e)
|
20,368
|
19,610
|
|
Alimentation Couche-Tard, Inc. (Canada) 5.57%, 7/14/2023 (e)
|
15,136
|
15,034
|
|
American Electric Power Co., Inc. 5.42%, 6/28/2023 (e)
|
37,221
|
37,065
|
|
American Honda Finance Corp.
|
|
|
|
5.51%, 7/6/2023 (e)
|
18,400
|
18,300
|
|
5.32%, 7/13/2023 (e)
|
48,500
|
48,187
|
|
AT&T, Inc.
|
|
|
|
5.68%, 12/20/2023 (e)
|
33,476
|
32,375
|
|
5.93%, 2/21/2024 (e)
|
8,400
|
8,031
|
|
Australia & New Zealand Banking Group Ltd. (Australia)
|
|
|
|
5.39%, 9/12/2023 (e)
|
33,618
|
33,101
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Short-Term Investments — continued
|
||
|
Commercial Paper — continued
|
||
|
5.52%, 11/22/2023 (e)
|
46,774
|
45,535
|
|
5.39%, 12/15/2023 (e)
|
93,123
|
90,322
|
|
Banco Santander SA (Spain)
|
|
|
|
5.32%, 11/7/2023 (e)
|
13,150
|
12,821
|
|
5.63%, 2/22/2024 (e)
|
47,660
|
45,716
|
|
Bank of Montreal (Canada)
|
|
|
|
5.55%, 11/6/2023 (e)
|
12,422
|
12,121
|
|
5.47%, 1/4/2024 (e)
|
12,937
|
12,507
|
|
BAT International Finance plc (United Kingdom)
|
|
|
|
6.09%, 6/29/2023 (e)
|
31,500
|
31,363
|
|
5.28%, 7/14/2023 (e)
|
500
|
497
|
|
5.34%, 7/20/2023 (e)
|
8,750
|
8,683
|
|
BNP Paribas SA (France) 5.29%, 10/2/2023 (e)
|
108,651
|
106,651
|
|
Centrica plc (United Kingdom) 5.46%, 6/9/2023 (e)
|
11,781
|
11,766
|
|
Cooperatieve Rabobank UA (Netherlands) 5.19%, 10/31/2023 (e)
|
67,897
|
66,319
|
|
Credit Industriel et Commercial (France) 5.38%, 11/10/2023 (e)
|
38,855
|
37,901
|
|
Danske Bank A/S (Denmark) 5.06%, 8/3/2023 (e)
|
8,000
|
7,926
|
|
DNB Bank ASA (Norway)
|
|
|
|
5.47%, 11/17/2023 (e)
|
95,875
|
93,424
|
|
5.51%, 11/22/2023 (e)
|
50,450
|
49,121
|
|
5.38%, 12/19/2023 (e)
|
21,538
|
20,880
|
|
EIDP, Inc. 5.58%, 9/26/2023 (e)
|
7,820
|
7,678
|
|
Enel Finance America LLC (Italy) 5.92%, 7/17/2023 (e)
|
31,750
|
31,513
|
|
Fidelity National Information Services, Inc. 5.46%, 7/26/2023 (e)
|
42,800
|
42,438
|
|
Glencore Funding LLC (Australia) 5.87%, 11/10/2023 (e)
|
48,452
|
47,206
|
|
HSBC USA, Inc.
|
|
|
|
4.18%, 8/1/2023 (e)
|
64,300
|
63,713
|
|
6.06%, 12/7/2023 (e)
|
11,233
|
10,898
|
|
6.07%, 12/8/2023 (e)
|
9,000
|
8,730
|
|
ING US Funding LLC (Netherlands) 5.27%, 9/21/2023 (e)
|
92,000
|
90,431
|
|
Macquarie Bank Ltd. (Australia)
|
|
|
|
5.49%, 11/15/2023 (e)
|
87,210
|
84,959
|
|
5.58%, 12/1/2023 (e)
|
17,850
|
17,344
|
|
NatWest Markets plc (United Kingdom) 5.63%, 2/6/2024 (a) (e)
|
43,472
|
41,740
|
|
Nordea Bank Abp (Finland) 5.44%, 11/16/2023 (e)
|
54,609
|
53,220
|
|
Reckitt Benckiser Treasury Services plc (United Kingdom) 5.27%, 6/20/2023 (e)
|
31,800
|
31,709
|
|
Royal Bank of Canada (Canada)
|
|
|
|
5.63%, 11/22/2023 (e)
|
24,874
|
24,214
|
|
5.53%, 12/8/2023 (e)
|
9,800
|
9,515
|
|
5.51%, 12/12/2023 (e)
|
25,934
|
25,162
|
|
Skandinaviska Enskilda Banken AB (Sweden) 5.39%, 11/17/2023 (e)
|
20,923
|
20,386
|
|
Societe Generale SA (France)
|
|
|
|
5.44%, 12/15/2023 (e)
|
57,834
|
56,094
|
|
5.46%, 2/9/2024 (e)
|
2,176
|
2,091
|
|
5.46%, 2/12/2024 (e)
|
21,273
|
20,432
|
|
Standard Chartered Bank (United Kingdom) 5.58%, 2/21/2024 (e)
|
31,894
|
30,585
|
|
Suncor Energy, Inc. (Canada) 5.69%, 7/5/2023 (e)
|
35,000
|
34,816
|
|
INVESTMENTS
|
PRINCIPAL
AMOUNT
($000)
|
VALUE
($000)
|
|
Short-Term Investments — continued
|
||
|
Commercial Paper — continued
|
||
|
Suncorp-Metway Ltd. (Australia) 5.35%, 8/3/2023 (e)
|
17,000
|
16,834
|
|
Svenska Handelsbanken AB (Sweden)
|
|
|
|
5.36%, 10/10/2023 (e)
|
14,895
|
14,603
|
|
5.33%, 1/9/2024 (e)
|
61,812
|
59,711
|
|
Tampa Electric Co. 5.47%, 6/1/2023 (e)
|
7,950
|
7,949
|
|
Telstra Group Ltd. (Australia) 5.48%, 6/22/2023 (e)
|
52,800
|
52,635
|
|
TELUS Corp. (Canada)
|
|
|
|
5.60%, 8/28/2023 (e)
|
18,000
|
17,748
|
|
5.74%, 10/5/2023 (e)
|
18,354
|
17,983
|
|
TransCanada PipeLines Ltd. (Canada) 5.55%, 8/11/2023 (e)
|
6,972
|
6,894
|
|
Westpac Banking Corp. (Australia) 5.11%, 1/26/2024 (e)
|
20,450
|
19,708
|
|
Total Commercial Paper
(Cost $1,874,707)
|
|
1,872,355
|
|
|
SHARES
(000)
|
|
|
Investment Companies — 1.6%
|
||
|
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.12% (f) (g)
(Cost $112,374)
|
112,405
|
112,428
|
|
Investment of Cash Collateral from Securities Loaned — 0.0% ^
|
||
|
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.26% (f) (g)
|
249
|
249
|
|
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.06% (f) (g)
|
1,033
|
1,033
|
|
Total Investment of Cash Collateral from Securities Loaned
(Cost $1,282)
|
|
1,282
|
|
|
PRINCIPAL
AMOUNT
($000)
|
|
|
Repurchase Agreements — 1.5%
|
||
|
Wells Fargo Securities LLC, 5.40%, dated 5/31/2023, due 6/21/2023, repurchase price $100,315, collateralized by
Asset-Backed Securities, 0.00% - 12.77%, due 11/20/2023 - 3/25/2068, with the value of $111,485.
(Cost $100,000)
|
100,000
|
100,000
|
|
Total Short-Term Investments
(Cost $3,475,559)
|
|
3,470,028
|
|
Total Investments — 99.5%
(Cost $6,809,649)
|
|
6,779,474
|
|
Other Assets Less Liabilities — 0.5%
|
|
31,431
|
|
NET ASSETS — 100.0%
|
|
6,810,905
|
|
Percentages indicated are based on net assets.
|
|
Abbreviations
|
|
|
DN
|
Discount Notes
|
|
FHLB
|
Federal Home Loan Bank
|
|
ICE
|
Intercontinental Exchange
|
|
LIBOR
|
London Interbank Offered Rate
|
|
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)
|
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of
May 31, 2023.
|
|
|
(c)
|
The security or a portion of this security is on loan at May 31, 2023. The total value of securities on loan at May 31, 2023
is $1,243.
|
|
|
(d)
|
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies
to securities
offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as
such may have
restrictions on resale.
|
|
|
(e)
|
The rate shown is the effective yield as of May 31, 2023.
|
|
|
(f)
|
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised
by J.P. Morgan
Investment Management Inc.
|
|
|
(g)
|
The rate shown is the current yield as of May 31, 2023.
|
|
|
DESCRIPTION
|
NUMBER OF
CONTRACTS
|
EXPIRATION DATE
|
TRADING CURRENCY
|
NOTIONAL
AMOUNT ($)
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
|
Long Contracts
|
|
|
|
|
|
|
U.S. Treasury 2 Year Note
|
1,830
|
09/29/2023
|
USD
|
376,623
|
(224
)
|
|
Abbreviations
|
|
|
USD
|
United States Dollar
|
|
|
|
|
|
|
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
Asset-Backed Securities
|
$—
|
$266,169
|
$—
|
$266,169
|
|
Corporate Bonds
|
—
|
2,259,108
|
—
|
2,259,108
|
|
Foreign Government Securities
|
—
|
19,006
|
—
|
19,006
|
|
U.S. Government Agency Securities
|
—
|
218,274
|
—
|
218,274
|
|
U.S. Treasury Obligations
|
—
|
546,889
|
—
|
546,889
|
|
Short-Term Investments
|
|
|
|
|
|
Certificates of Deposits
|
—
|
1,383,963
|
—
|
1,383,963
|
|
Commercial Paper
|
—
|
1,872,355
|
—
|
1,872,355
|
|
Investment Companies
|
112,428
|
—
|
—
|
112,428
|
|
Investment of Cash Collateral from Securities Loaned
|
1,282
|
—
|
—
|
1,282
|
|
Repurchase Agreements
|
—
|
100,000
|
—
|
100,000
|
|
Total Short-Term Investments
|
113,710
|
3,356,318
|
—
|
3,470,028
|
|
Total Investments in Securities
|
$113,710
|
$6,665,764
|
$—
|
$6,779,474
|
|
Depreciation in Other Financial Instruments
|
|
|
|
|
|
Futures Contracts
|
$(224
)
|
$—
|
$—
|
$(224
)
|
|
|
|||||||||
|
For the period ended May 31, 2023
|
|||||||||
|
Security Description
|
Value at
February 28,
2023
|
Purchases at
Cost
|
Proceeds from
Sales
|
Net Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation/
(Depreciation)
|
Value at
May 31,
2023
|
Shares at
May 31,
2023
|
Dividend
Income
|
Capital Gain
Distributions
|
|
JPMorgan Prime Money Market Fund
Class Institutional Shares, 5.12% (a) (b)
|
$400,990
|
$3,006,854
|
$3,295,058
|
$(359
)
|
$1
|
$112,428
|
112,405
|
$7,377
|
$—
|
|
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 5.26% (a) (b)
|
249
|
7,000
|
7,000
|
—
(c)
|
—
(c)
|
249
|
249
|
21
|
—
|
|
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.06% (a) (b)
|
1,086
|
14,036
|
14,089
|
—
|
—
|
1,033
|
1,033
|
18
|
—
|
|
Total
|
$402,325
|
$3,027,890
|
$3,316,147
|
$(359
)
|
$1
|
$113,710
|
|
$7,416
|
$—
|
|
|
|
|
(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, 2023.
|
|
(c)
|
Amount rounds to less than one thousand.
|