NPORT-EX 2 JPM_MIF.htm EDGAR HTML
JPMorgan Managed Income Fund
Schedule of Portfolio Investments as of May 31, 2023
(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., 2023.
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited)
 
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)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
(SOFR + 0.87%), 0.85%, 9/8/2024 (b)
8,168
8,049
National Bank of Canada (Canada) 5.25%, 1/17/2025 (c)
73,729
73,001
Nordea Bank Abp (Finland)
1.00%, 6/9/2023 (a)
8,183
8,174
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
Skandinaviska Enskilda Banken AB (Sweden) 0.55%, 9/1/2023 (a)
6,237
6,150
Societe Generale SA (France)
4.25%, 9/14/2023 (a)
26,329
26,098
3.88%, 3/28/2024 (a)
16,721
16,376
Sumitomo Mitsui Financial Group, Inc. (Japan) 5.46%, 1/13/2026
11,188
11,231
Sumitomo Mitsui Trust Bank Ltd. (Japan)
0.80%, 9/12/2023 (a)
14,389
14,198
(SOFR + 0.44%), 5.55%, 9/16/2024 (a) (b)
25,847
25,712
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
Beverages — 0.0% ^
Beam Suntory, Inc. (Japan) 3.25%, 6/15/2023
2,000
1,998
Biotechnology — 0.3%
Amgen, Inc. 5.25%, 3/2/2025
19,803
19,858
Building Products — 0.0% ^
Carlisle Cos., Inc. 0.55%, 9/1/2023
2,027
2,000
Capital Markets — 3.5%
Goldman Sachs Group, Inc. (The)
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% ^
Air Liquide Finance SA (France) 2.25%, 9/27/2023 (a)
2,200
2,173
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Construction Materials — 0.3%
Martin Marietta Materials, Inc. 0.65%, 7/15/2023
16,857
16,758
Consumer Finance — 1.7%
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
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.
 
Futures contracts outstanding as of May 31, 2023 (amounts in thousands, except number of contracts):
 
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
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (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.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of Investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations. 
This oversight by the AVC 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. 
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"): 
 
 
 
 
 
 
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
)
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. The 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, 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.