NPORT-EX 2 JPMMIF.htm EDGAR HTML
JPMorgan Managed Income Fund
Schedule of Portfolio Investments as of November 30, 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 November 30, 2023  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — 48.1%
Automobiles — 1.0%
Hyundai Capital America
0.88%, 6/14/2024 (a)
8,485
8,252
3.40%, 6/20/2024 (a)
732
722
5.80%, 6/26/2025 (a)
7,113
7,111
6.00%, 7/11/2025 (a)
10,300
10,325
Volkswagen Group of America Finance LLC (Germany) (SOFR + 0.93%), 6.31%, 9/12/2025 (a) (b)
30,187
30,192
 
56,602
Banks — 19.1%
Australia & New Zealand Banking Group Ltd. (Australia) 4.83%, 2/3/2025 (a) (c)
13,170
13,092
Banco Santander SA (Spain)
3.89%, 5/24/2024
12,012
11,902
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 5.74%, 6/30/2024 (b)
47,200
47,131
Bank of America Corp.
4.13%, 1/22/2024
9,087
9,066
(SOFR + 0.41%), 5.78%, 6/14/2024 (b)
44,783
44,728
(3-MONTH CME TERM SOFR + 1.23%), 3.46%, 3/15/2025 (b)
14,402
14,290
(SOFR + 1.11%), 3.84%, 4/25/2025 (b)
29,078
28,817
Bank of Montreal (Canada)
2.15%, 3/8/2024
2,400
2,377
(SOFRINDX + 0.95%), 6.32%, 9/25/2025 (b)
14,815
14,821
Bank of Nova Scotia (The) (Canada)
5.45%, 6/12/2025
75,841
75,646
(SOFRINDX + 1.09%), 6.47%, 6/12/2025 (b)
11,700
11,733
4.75%, 2/2/2026
18,495
18,250
Banque Federative du Credit Mutuel SA (France)
4.94%, 1/26/2026 (a)
13,749
13,536
5.90%, 7/13/2026 (a)
18,150
18,264
BNP Paribas SA (France) 3.80%, 1/10/2024 (a)
18,311
18,273
BPCE SA (France)
5.03%, 1/15/2025 (a)
88,081
86,989
(SOFR + 0.96%), 6.33%, 9/25/2025 (a) (b)
7,598
7,606
Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024
13,588
13,473
Citigroup, Inc.
(SOFR + 0.67%), 0.98%, 5/1/2025 (b)
9,779
9,558
(SOFR + 1.37%), 4.14%, 5/24/2025 (b)
4,800
4,756
(SOFR + 1.37%), 6.70%, 5/24/2025 (b)
12,631
12,663
Citizens Bank NA (SOFR + 1.02%), 5.28%, 1/26/2026 (b)
44,492
42,452
Credit Agricole SA (France) 5.57%, 2/28/2025 (a)
50,273
50,016
Federation des Caisses Desjardins du Quebec (Canada)
(SOFR + 0.43%), 5.76%, 5/21/2024 (a) (b)
25,463
25,439
(SOFRINDX + 1.09%), 5.28%, 1/23/2026 (a) (b)
80,896
80,151
HSBC Holdings plc (United Kingdom) (SOFR + 0.71%), 0.98%, 5/24/2025 (b)
15,469
15,071
KeyBank NA (SOFRINDX + 0.32%), 5.70%, 6/14/2024 (b)
52,268
51,489
Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%), 3.87%,
7/9/2025 (b)
28,136
27,770
Mitsubishi UFJ Financial Group, Inc. (Japan)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 0.95%, 7/19/2025 (b)
27,190
26,331
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.06%, 9/12/2025 (b)
38,461
38,200
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.72%, 2/20/2026 (b)
10,407
10,402
Mizuho Financial Group, Inc. (Japan) (3-MONTH CME TERM SOFR + 1.24%), 2.84%, 7/16/2025 (b)
3,241
3,178
Morgan Stanley Bank NA 5.48%, 7/16/2025
16,850
16,887
National Bank of Canada (Canada)
5.25%, 1/17/2025
66,129
65,844
(SOFR + 1.01%), 3.75%, 6/9/2025 (b)
19,745
19,493
NatWest Markets plc (United Kingdom) 0.80%, 8/12/2024 (a)
6,592
6,371
Royal Bank of Canada (Canada) (SOFRINDX + 0.44%), 5.79%, 1/21/2025 (b)
19,252
19,244
Societe Generale SA (France) 3.88%, 3/28/2024 (a)
16,721
16,608
Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.88%), 1.21%,
3/23/2025 (a) (b)
5,998
5,897
Sumitomo Mitsui Financial Group, Inc. (Japan) 5.46%, 1/13/2026
11,188
11,179
Sumitomo Mitsui Trust Bank Ltd. (Japan)
(SOFR + 0.44%), 5.82%, 9/16/2024 (a) (b)
25,847
25,821
5.65%, 3/9/2026 (a)
8,335
8,368
Svenska Handelsbanken AB (Sweden) 5.25%, 6/15/2026 (a)
17,683
17,659
Toronto-Dominion Bank (The) (Canada) (SOFR + 0.36%), 5.74%, 3/4/2024 (b)
33,190
33,161
Wells Fargo & Co. 3.75%, 1/24/2024
8,077
8,053
Wells Fargo Bank NA 5.55%, 8/1/2025
29,418
29,507
 
1,131,562
Beverages — 0.1%
PepsiCo, Inc. (SOFRINDX + 0.40%), 5.74%, 11/12/2024 (b)
6,640
6,645
Biotechnology — 0.4%
Amgen, Inc.
3.63%, 5/22/2024
5,993
5,933
5.25%, 3/2/2025
19,803
19,728
 
25,661
Capital Markets — 5.0%
Goldman Sachs Group, Inc. (The)
4.00%, 3/3/2024
4,122
4,100
(SOFR + 1.39%), 6.77%, 3/15/2024 (b)
1,849
1,853
3.85%, 7/8/2024
3,134
3,097
(SOFR + 0.51%), 5.89%, 9/10/2024 (b)
30,516
30,429
(SOFR + 0.73%), 1.76%, 1/24/2025 (b)
27,474
27,291
(SOFR + 1.07%), 6.40%, 8/10/2026 (b)
16,354
16,306
Mizuho Markets Cayman LP (Japan) 5.83%, 1/17/2024 (a)
33,000
32,998
Morgan Stanley
(SOFR + 0.46%), 5.79%, 1/25/2024 (b)
2,240
2,240
(SOFR + 0.51%), 0.79%, 1/22/2025 (b)
24,109
23,900
(SOFR + 1.16%), 3.62%, 4/17/2025 (b)
5,575
5,523
(SOFR + 0.53%), 0.79%, 5/30/2025 (b)
8,371
8,135
(SOFR + 1.15%), 2.72%, 7/22/2025 (b)
2,793
2,735
(SOFR + 0.56%), 1.16%, 10/21/2025 (b)
4,823
4,604
State Street Corp. (SOFR + 0.94%), 2.35%, 11/1/2025 (b)
16,495
15,971
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Capital Markets — continued
UBS AG (Switzerland)
(SOFR + 0.36%), 5.70%, 2/9/2024 (a) (b)
18,116
18,113
(SOFR + 0.45%), 5.79%, 8/9/2024 (a) (b)
25,479
25,447
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
74,356
 
297,098
Consumer Finance — 4.0%
AerCap Ireland Capital DAC (Ireland)
1.65%, 10/29/2024
39,891
38,276
Series 3NC1, 1.75%, 10/29/2024
6,280
6,035
American Express Co. (SOFR + 0.93%), 6.32%, 3/4/2025 (b)
7,097
7,106
American Honda Finance Corp.
(SOFRINDX + 0.62%), 5.96%, 6/7/2024 (b)
14,460
14,469
(SOFRINDX + 0.70%), 6.03%, 11/22/2024 (b)
8,911
8,926
(SOFRINDX + 0.78%), 6.13%, 4/23/2025 (b)
3,600
3,608
5.00%, 5/23/2025
31,600
31,473
Avolon Holdings Funding Ltd. (Ireland)
5.25%, 5/15/2024 (a)
11,603
11,526
3.95%, 7/1/2024 (a)
2,746
2,699
Capital One Financial Corp.
3.90%, 1/29/2024
3,227
3,216
(SOFR + 0.69%), 6.07%, 12/6/2024 (b)
17,675
17,673
Caterpillar Financial Services Corp. (SOFR + 0.45%), 5.78%, 11/14/2024 (b)
28,664
28,755
Toyota Motor Credit Corp.
(SOFR + 0.52%), 5.84%, 8/22/2024 (b)
22,303
22,319
(SOFR + 0.55%), 5.88%, 10/16/2024 (b)
42,032
42,050
 
238,131
Consumer Staples Distribution & Retail — 0.9%
7-Eleven, Inc. 0.80%, 2/10/2024 (a)
36,944
36,581
Dollar General Corp. 4.25%, 9/20/2024
17,186
16,949
 
53,530
Diversified REITs — 0.1%
WP Carey, Inc. 4.60%, 4/1/2024
4,136
4,107
Diversified Telecommunication Services — 0.4%
Bell Canada (The) (Canada) Series US-3, 0.75%, 3/17/2024 (c)
8,690
8,566
British Telecommunications plc (United Kingdom) 4.50%, 12/4/2023
15,796
15,796
 
24,362
Electric Utilities — 2.0%
Duke Energy Corp. 3.75%, 4/15/2024
15,649
15,546
Entergy Louisiana LLC 0.95%, 10/1/2024
17,858
17,218
Eversource Energy
4.20%, 6/27/2024
15,896
15,744
Series L, 2.90%, 10/1/2024
18,435
17,977
Georgia Power Co. (SOFRINDX + 0.75%), 6.09%, 5/8/2025 (b)
21,224
21,253
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Electric Utilities — continued
NextEra Energy Capital Holdings, Inc. 5.75%, 9/1/2025
24,616
24,631
Tucson Electric Power Co. 3.05%, 3/15/2025
3,177
3,076
 
115,445
Entertainment — 0.0% ^
Take-Two Interactive Software, Inc. 3.30%, 3/28/2024
1,128
1,119
Financial Services — 1.5%
EDP Finance BV (Portugal) 3.63%, 7/15/2024 (a)
29,092
28,656
Fidelity National Information Services, Inc. 0.60%, 3/1/2024
4,656
4,595
Fiserv, Inc. 2.75%, 7/1/2024
34,436
33,827
LSEGA Financing plc (United Kingdom) 0.65%, 4/6/2024 (a) (c)
4,058
3,980
National Rural Utilities Cooperative Finance Corp. (SOFR + 0.70%), 6.04%, 5/7/2025 (b)
17,453
17,466
 
88,524
Food Products — 0.1%
General Mills, Inc. 3.65%, 2/15/2024
7,844
7,809
Gas Utilities — 0.2%
ONE Gas, Inc. 3.61%, 2/1/2024
8,040
8,010
Ground Transportation — 0.1%
Penske Truck Leasing Co. LP
3.90%, 2/1/2024 (a)
6,022
5,997
3.45%, 7/1/2024 (a)
1,347
1,327
 
7,324
Health Care Providers & Services — 0.7%
Cardinal Health, Inc.
3.08%, 6/15/2024
3,464
3,412
3.50%, 11/15/2024
18,300
17,917
Cigna Group (The) 3.50%, 6/15/2024
6,660
6,580
Elevance Health, Inc. 3.50%, 8/15/2024
12,704
12,500
 
40,409
Health Care REITs — 0.2%
Welltower OP LLC 3.63%, 3/15/2024
13,835
13,737
Insurance — 5.2%
Athene Global Funding
0.95%, 1/8/2024 (a)
16,109
16,026
1.00%, 4/16/2024 (a)
16,353
16,035
(SOFRINDX + 0.70%), 6.02%, 5/24/2024 (a) (b)
9,146
9,127
Brighthouse Financial Global Funding
1.20%, 12/15/2023 (a)
6,570
6,560
(SOFR + 0.76%), 6.12%, 4/12/2024 (a) (b)
9,930
9,902
Corebridge Global Funding
0.45%, 12/8/2023 (a)
1,267
1,266
(SOFR + 0.38%), 5.76%, 12/15/2023 (a) (b)
21,600
21,599
5.75%, 7/2/2026 (a)
9,329
9,318
(SOFR + 1.30%), 6.67%, 9/25/2026 (a) (b)
17,933
17,938
Equitable Financial Life Global Funding 0.80%, 8/12/2024 (a)
3,254
3,140
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Insurance — continued
F&G Global Funding 0.90%, 9/20/2024 (a)
1,501
1,434
Jackson National Life Global Funding
2.65%, 6/21/2024 (a)
7,776
7,626
(SOFR + 1.15%), 6.52%, 6/28/2024 (a) (b)
46,670
46,744
1.75%, 1/12/2025 (a)
4,980
4,727
MassMutual Global Funding II (SOFR + 0.98%), 6.34%, 7/10/2026 (a) (b)
35,006
35,094
Pacific Life Global Funding II (SOFRINDX + 1.05%), 6.39%, 7/28/2026 (a) (b)
25,542
25,551
Principal Life Global Funding II (SOFR + 0.90%), 6.22%, 8/28/2025 (a) (b)
30,547
30,589
Reliance Standard Life Global Funding II 5.24%, 2/2/2026 (a)
46,768
45,907
 
308,583
Machinery — 1.0%
Daimler Truck Finance North America LLC (Germany)
(SOFR + 1.00%), 6.36%, 4/5/2024 (a) (b)
32,163
32,198
5.20%, 1/17/2025 (a)
3,225
3,209
Parker-Hannifin Corp.
2.70%, 6/14/2024
3,934
3,869
3.65%, 6/15/2024
19,282
19,050
 
58,326
Media — 0.5%
Fox Corp. 4.03%, 1/25/2024
23,083
23,010
Omnicom Group, Inc. 3.65%, 11/1/2024
5,226
5,126
 
28,136
Metals & Mining — 0.1%
Glencore Funding LLC (Australia) 4.63%, 4/29/2024 (a)
7,716
7,669
Multi-Utilities — 0.9%
Berkshire Hathaway Energy Co. 3.50%, 2/1/2025
6,772
6,619
DTE Energy Co. 4.22%, 11/1/2024 (d)
29,400
28,944
WEC Energy Group, Inc. 0.80%, 3/15/2024
18,889
18,608
 
54,171
Oil, Gas & Consumable Fuels — 1.3%
Energy Transfer LP 4.25%, 4/1/2024
2,515
2,501
Marathon Petroleum Corp. 3.63%, 9/15/2024
11,656
11,452
ONEOK, Inc. 2.75%, 9/1/2024
15,643
15,283
Spectra Energy Partners LP 4.75%, 3/15/2024
5,718
5,700
TransCanada PipeLines Ltd. (Canada) 1.00%, 10/12/2024
11,274
10,815
Williams Cos., Inc. (The)
4.30%, 3/4/2024
17,674
17,599
4.55%, 6/24/2024
15,674
15,559
 
78,909
Retail REITs — 0.5%
Realty Income Corp. 4.60%, 2/6/2024
26,791
26,719
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Semiconductors & Semiconductor Equipment — 0.9%
Microchip Technology, Inc. 0.97%, 2/15/2024
21,437
21,223
NXP BV (China) 4.88%, 3/1/2024
28,931
28,809
 
50,032
Software — 0.1%
Oracle Corp. 3.40%, 7/8/2024
2,264
2,230
Roper Technologies, Inc. 2.35%, 9/15/2024
4,923
4,791
 
7,021
Specialized REITs — 0.3%
Public Storage Operating Co. (SOFRINDX + 0.60%), 5.95%, 7/25/2025 (b)
17,323
17,323
Technology Hardware, Storage & Peripherals — 0.9%
Dell International LLC 4.00%, 7/15/2024
16,724
16,532
Hewlett Packard Enterprise Co.
1.45%, 4/1/2024
8,212
8,092
5.90%, 10/1/2024
26,826
26,822
 
51,446
Tobacco — 0.5%
BAT Capital Corp. (United Kingdom)
3.22%, 8/15/2024
6,612
6,487
2.79%, 9/6/2024
25,207
24,624
 
31,111
Trading Companies & Distributors — 0.1%
Air Lease Corp. 0.70%, 2/15/2024
7,011
6,934
Total Corporate Bonds
(Cost $2,853,575)
2,846,455
Asset-Backed Securities — 6.4%
Ally Auto Receivables Trust Series 2022-3, Class A3, 5.07%, 4/15/2027
28,240
28,058
Bank of America Auto Trust Series 2023-2A, Class A2, 5.85%, 8/17/2026 (a)
16,610
16,661
BMW Vehicle Owner Trust Series 2023-A, Class A2A, 5.72%, 4/27/2026
12,156
12,161
Capital One Prime Auto Receivables Trust Series 2021-1, Class A3, 0.77%, 9/15/2026
2,987
2,877
CarMax Auto Owner Trust Series 2022-2, Class A2A, 2.81%, 5/15/2025
666
665
Carvana Auto Receivables Trust Series 2022-P1, Class A2, 2.57%, 5/12/2025
13
13
Chesapeake Funding LLC (Canada) Series 2023-2A, Class A1, 6.16%, 10/15/2035 (a)
13,984
14,041
Dell Equipment Finance Trust Series 2023-3, Class A2, 6.10%, 4/23/2029 (a)
10,003
10,028
DLLAA LLC Series 2023-1A, Class A2, 5.93%, 7/20/2026 (a)
22,548
22,580
Ford Credit Auto Lease Trust Series 2023-A, Class A2A, 5.19%, 6/15/2025
3,057
3,052
GM Financial Automobile Leasing Trust Series 2023-1, Class A2A, 5.27%, 6/20/2025
4,952
4,940
GM Financial Consumer Automobile Receivables Trust
Series 2023-3, Class A2A, 5.74%, 9/16/2026
10,828
10,832
Series 2022-1, Class A3, 1.26%, 11/16/2026
31,836
30,795
Honda Auto Receivables Owner Trust
Series 2023-1, Class A2, 5.22%, 10/21/2025
20,993
20,939
Series 2021-4, Class A3, 0.88%, 1/21/2026
8,206
7,942
Hyundai Auto Lease Securitization Trust Series 2023-A, Class A2A, 5.20%, 4/15/2025 (a)
8,351
8,328
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 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
8,903
8,871
Series 2021-C, Class A3, 0.74%, 5/15/2026
3,322
3,222
Series 2023-B, Class A2A, 5.77%, 5/15/2026
19,710
19,716
John Deere Owner Trust Series 2023-B, Class A2, 5.59%, 6/15/2026
21,454
21,438
Mercedes-Benz Auto Receivables Trust Series 2023-1, Class A2, 5.09%, 1/15/2026
8,221
8,199
Nissan Auto Receivables Owner Trust Series 2022-B, Class A2, 4.50%, 8/15/2025
5,927
5,906
Porsche Financial Auto Securitization Trust
Series 2023-2A, Class A2A, 5.88%, 11/23/2026 (a)
10,473
10,504
Series 2023-1A, Class A2, 5.42%, 12/22/2026 (a)
12,009
11,987
Santander Drive Auto Receivables Trust Series 2023-1, Class A2, 5.36%, 5/15/2026
2,394
2,391
Santander Retail Auto Lease Trust Series 2022-B, Class A2, 2.84%, 5/20/2025 (a)
4,200
4,187
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A, 2.56%, 11/25/2031 (a)
6,052
5,956
Toyota Auto Receivables Owner Trust
Series 2021-B, Class A3, 0.26%, 11/17/2025
2,934
2,864
Series 2023-A, Class A2, 5.05%, 1/15/2026
8,464
8,442
Series 2023-C, Class A2A, 5.60%, 8/17/2026
11,101
11,096
Series 2022-B, Class A3, 2.93%, 9/15/2026
4,829
4,714
Volkswagen Auto Loan Enhanced Trust
Series 2023-1, Class A2A, 5.50%, 12/21/2026
21,487
21,464
Series 2023-2, Class A2A, 5.72%, 3/22/2027
25,433
25,501
Westlake Automobile Receivables Trust Series 2021-3A, Class A3, 0.95%, 6/16/2025 (a)
3,913
3,906
Total Asset-Backed Securities
(Cost $373,922)
374,276
U.S. Treasury Obligations — 3.2%
U.S. Treasury Notes
0.38%, 7/15/2024 (Cost $191,555)
196,600
190,733
Foreign Government Securities — 0.3%
Province of Ontario 3.05%, 1/29/2024
(Cost $19,229)
19,286
19,211
U.S. Government Agency Securities — 0.3%
FHLB
DN, 5.00%, 2/6/2024 (e) (Cost $16,651)
16,800
16,637
Short-Term Investments — 41.4%
Certificates of Deposits — 18.1%
Bank of Montreal (Canada) , 5.85%, 7/12/2024
12,182
12,197
Barclays Bank plc (United Kingdom)
5.72%, 12/7/2023
20,614
20,614
6.00%, 8/8/2024
80,000
80,112
BNP Paribas SA (France)
5.32%, 2/6/2024
36,357
36,333
5.95%, 9/12/2024
38,348
38,423
Canadian Imperial Bank of Commerce (Canada)
5.60%, 3/7/2024
51,319
51,299
6.01%, 6/28/2024
31,173
31,222
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Short-Term Investments — continued
Certificates of Deposits — continued
Citibank NA
5.80%, 3/5/2024
25,232
25,240
5.84%, 4/30/2024
33,737
33,759
Cooperatieve Rabobank UA (Netherlands)
5.12%, 2/2/2024
73,500
73,438
5.41%, 2/20/2024
15,842
15,839
5.95%, 7/2/2024
12,176
12,202
5.95%, 9/12/2024
31,539
31,608
Credit Agricole Corporate and Investment Bank (France) , 5.30%, 1/11/2024
52,060
52,041
Kookmin Bank (South Korea)
(SOFR + 0.73%), 6.06%, 1/22/2024 (b)
35,392
35,419
(SOFR + 0.73%), 6.06%, 1/26/2024 (b)
1,342
1,343
(SOFR + 0.70%), 6.03%, 2/12/2024 (b)
30,635
30,665
Lloyds Bank Corporate Markets plc (United Kingdom)
5.31%, 1/18/2024
40,383
40,360
5.41%, 2/6/2024
9,650
9,644
National Australia Bank Ltd. (Australia) (SOFR + 0.52%), 5.85%, 10/16/2024 (b)
50,321
50,361
Nordea Bank Abp (Finland) , 5.17%, 1/31/2024
60,000
59,950
Norinchukin Bank (The) (Japan) , 5.71%, 1/17/2024
30,901
30,908
Standard Chartered Bank (United Kingdom)
5.44%, 1/12/2024
17,552
17,549
6.07%, 7/24/2024
26,686
26,740
Sumitomo Mitsui Banking Corp. (Japan)
(SOFR + 0.70%), 6.03%, 6/6/2024 (b)
51,742
51,825
(SOFR + 0.70%), 6.03%, 7/12/2024 (b)
16,304
16,327
(SOFR + 0.72%), 6.05%, 8/7/2024 (b)
8,206
8,219
Svenska Handelsbanken AB (Sweden) , 5.72%, 3/1/2024
52,396
52,409
Toronto-Dominion Bank (The) (Canada)
6.00%, 9/9/2024
33,500
33,592
6.00%, 9/20/2024
3,418
3,428
Wells Fargo Bank NA (SOFR + 0.60%), 5.93%, 8/2/2024 (b)
61,140
61,210
Westpac Banking Corp. (Australia)
5.18%, 2/1/2024
26,592
26,574
5.78%, 4/12/2024
1,700
1,701
Total Certificates of Deposit
(Cost $1,071,939)
1,072,551
Commercial Paper — 19.9%
3M Co. 5.50%, 2/5/2024 (e)
20,368
20,166
American Electric Power Co., Inc. 5.90%, 1/22/2024 (e)
24,310
24,109
AT&T, Inc.
5.68%, 12/20/2023 (e)
33,476
33,376
5.93%, 2/21/2024 (e)
8,400
8,292
Banco Santander SA (Spain) 5.63%, 2/22/2024 (e)
47,660
47,050
Bank of Montreal (Canada)
5.47%, 1/4/2024 (e)
12,937
12,869
(SOFR + 0.55%), 5.88%, 11/5/2024 (b)
38,900
38,906
BNP Paribas SA (France) 5.81%, 8/2/2024
10,788
10,387
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Short-Term Investments — continued
Commercial Paper — continued
Brighthouse Financial Short Term Funding LLC 5.94%, 5/29/2024 (e)
31,679
30,795
Canadian National Railway Co. (Canada) 5.84%, 3/4/2024 (e)
11,688
11,519
Citigroup Global Markets, Inc. 6.01%, 9/19/2024 (e)
14,073
13,450
Commonwealth Bank of Australia (Australia)
5.93%, 7/22/2024 (e)
37,436
36,130
5.91%, 9/16/2024 (e)
61,925
59,290
CRH America Finance, Inc. 5.76%, 2/13/2024 (e)
16,325
16,133
Duke Energy Corp. 5.90%, 2/22/2024 (e)
16,489
16,271
ERP Operating Ltd. 5.79%, 12/11/2023 (e)
3,900
3,894
General Motors Financial Co., Inc. 0.00%, 5/28/2024 (e)
21,492
20,872
Glencore Funding LLC (Australia) 6.01%, 2/20/2024 (e)
38,566
38,064
HSBC USA, Inc.
6.06%, 12/7/2023 (e)
11,233
11,221
6.07%, 12/8/2023 (e)
9,000
8,989
6.50%, 8/1/2024 (e)
20,087
19,302
6.51%, 9/27/2024 (e)
7,400
7,040
6.25%, 11/27/2024 (e)
24,000
22,594
ING US Funding LLC (Netherlands)
5.89%, 6/14/2024 (e)
23,797
23,091
5.91%, 7/19/2024 (e)
20,910
20,186
KEB Hana Bank (South Korea) 5.80%, 2/1/2024 (e)
14,000
13,867
L3Harris Technologies, Inc.
5.84%, 1/25/2024 (e)
18,314
18,154
6.32%, 8/27/2024 (e)
9,401
9,000
LVMH Moet Hennessy Louis Vuitton SE (France) 5.85%, 4/5/2024 (e)
24,015
23,561
LVMH Moet Hennessy Louis Vuitton, Inc. (France) 5.88%, 9/17/2024 (e)
18,602
17,808
Macquarie Bank Ltd. (Australia) 5.77%, 11/20/2024 (a)
6,000
5,681
Mizuho Bank Ltd. (Japan) 5.78%, 1/25/2024 (e)
25,000
24,790
National Bank of Canada (Canada) 5.79%, 4/16/2024 (e)
31,500
30,838
NatWest Markets plc (United Kingdom)
5.63%, 2/6/2024 (a) (e)
43,472
43,015
6.00%, 7/22/2024 (a)
10,738
10,346
NextEra Energy Capital Holdings Inc. 5.88%, 2/20/2024 (a)
18,625
18,385
Nordea Bank Abp (Finland)
5.79%, 4/4/2024 (a)
7,451
7,311
5.79%, 4/11/2024 (e)
21,700
21,268
Royal Bank of Canada (Canada)
5.53%, 12/8/2023 (e)
9,800
9,788
5.94%, 9/16/2024 (e)
8,100
7,748
Skandinaviska Enskilda Banken AB (Sweden)
5.79%, 4/1/2024 (e)
26,197
25,709
6.00%, 7/10/2024 (e)
40,421
39,063
Societe Generale SA (France)
5.46%, 2/9/2024 (e)
2,176
2,153
5.46%, 2/12/2024 (e)
21,273
21,034
Standard Chartered Bank (United Kingdom)
5.58%, 2/21/2024 (e)
31,894
31,497
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Short-Term Investments — continued
Commercial Paper — continued
6.05%, 8/13/2024 (e)
5,427
5,218
Svenska Handelsbanken AB (Sweden)
5.33%, 1/9/2024 (e)
57,612
57,274
6.00%, 8/22/2024 (e)
9,038
8,679
Telstra Group Ltd. (Australia)
5.86%, 2/28/2024 (e)
15,000
14,786
6.14%, 9/6/2024 (e)
7,750
7,409
Toronto-Dominion Bank (The) (Canada) 5.98%, 8/23/2024 (e)
54,683
52,526
TransCanada PipeLines Ltd. (Canada) 5.87%, 12/20/2023 (a)
13,345
13,304
VW Credit, Inc. (Germany)
5.86%, 2/8/2024 (e)
1,718
1,699
6.02%, 5/24/2024 (e)
10,000
9,720
5.98%, 5/29/2024 (e)
2,000
1,942
Westpac Banking Corp. (Australia)
5.11%, 1/26/2024 (e)
20,450
20,280
5.93%, 9/6/2024 (e)
16,106
15,432
5.91%, 9/13/2024 (e)
30,500
29,193
(SOFR + 0.55%), 5.88%, 11/1/2024 (a) (b)
2,300
2,301
Total Commercial Paper
(Cost $1,174,068)
1,174,775
 
SHARES
(000)
Investment Companies — 2.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.39% (f) (g)
(Cost $171,120)
171,076
171,179
Investment of Cash Collateral from Securities Loaned — 0.0% ^
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.52% (f) (g)
149
149
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.28% (f) (g)
899
899
Total Investment of Cash Collateral from Securities Loaned
(Cost $1,048)
1,048
 
PRINCIPAL
AMOUNT
($000)
Repurchase Agreements — 0.5%
Wells Fargo Securities LLC, 5.90%, dated 11/30/2023, due 12/14/2023, repurchase price $30,069, collateralized by
Asset-Backed Securities, 0.00% - 13.00%, due 3/15/2024 - 4/17/2054, with the value of $33,465.
(Cost $30,000)
30,000
30,000
Total Short-Term Investments
(Cost $2,448,175)
2,449,553
Total Investments — 99.7%
(Cost $5,903,107)
5,896,865
Other Assets Less Liabilities — 0.3%
17,439
NET ASSETS — 100.0%
5,914,304
 
Percentages indicated are based on net assets.
 
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
Abbreviations
 
CME
Chicago Mercantile Exchange
DN
Discount Notes
FHLB
Federal Home Loan Bank
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
 
^
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 November 30, 2023.
 
(c)
The security or a portion of this security is on loan at November 30, 2023. The total value of securities on loan at November 30, 2023 is
$1,017.
 
(d)
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of November 30, 2023.
 
(e)
The rate shown is the effective yield as of November 30, 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 November 30, 2023.
 
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 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.
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 November 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
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
$—
$374,276
$—
$374,276
Corporate Bonds
—
2,846,455
—
2,846,455
Foreign Government Securities
—
19,211
—
19,211
U.S. Government Agency Securities
—
16,637
—
16,637
U.S. Treasury Obligations
—
190,733
—
190,733
Short-Term Investments
Certificates of Deposits
—
1,072,551
—
1,072,551
Commercial Paper
—
1,174,775
—
1,174,775
Investment Companies
171,179
—
—
171,179
Investment of Cash Collateral from Securities Loaned
1,048
—
—
1,048
Repurchase Agreements
—
30,000
—
30,000
Total Short-Term Investments
172,227
2,277,326
—
2,449,553
Total Investments in Securities
$172,227
$5,724,638
$—
$5,896,865
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds 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 November 30, 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
November 30,
2023
Shares at
November 30,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 5.39%
 (a) (b)
$400,990
$7,221,201
$7,450,708
$(310
)
$6
$171,179
171,076
$13,460
$—
JPMorgan Securities Lending Money
Market Fund Agency SL Class Shares,
5.52%  (a) (b)
249
10,000
10,100
—
(c)
—
149
149
44
—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.28%  (a) (b)
1,086
24,727
24,914
—
—
899
899
36
—
Total
$402,325
$7,255,928
$7,485,722
$(310
)
$6
$172,227
$13,540
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of November 30, 2023.
(c)
Amount rounds to less than one thousand.