NPORT-EX 2 JPMMIF.htm EDGAR HTML
JPMorgan Managed Income Fund
Schedule of Portfolio Investments as of November 30, 2024
(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., 2024.
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — 56.1%
Aerospace & Defense — 0.1%
L3Harris Technologies, Inc. 3.83%, 4/27/2025
6,807
6,779
Automobiles — 3.3%
BMW US Capital LLC (Germany)
(SOFRINDX + 0.55%), 5.16%, 4/2/2026 (a) (b)
20,281
20,313
4.60%, 8/13/2027 (a)
7,218
7,209
General Motors Co. 6.13%, 10/1/2025
18,749
18,903
Hyundai Capital America
5.80%, 6/26/2025 (a)
8,214
8,253
6.00%, 7/11/2025 (a)
10,300
10,370
6.25%, 11/3/2025 (a)
5,048
5,104
5.50%, 3/30/2026 (a)
6,663
6,713
5.45%, 6/24/2026 (a)
17,511
17,658
4.30%, 9/24/2027 (a)
10,031
9,908
Kia Corp. (South Korea)
2.38%, 2/14/2025 (a)
22,506
22,386
3.25%, 4/21/2026 (a)
4,416
4,320
Mercedes-Benz Finance North America LLC (Germany)
4.90%, 1/9/2026 (a) (c)
23,032
23,083
4.88%, 7/31/2026 (a)
10,340
10,382
Volkswagen Group of America Finance LLC (Germany) (SOFR + 0.93%), 5.55%, 9/12/2025 (a) (b)
30,187
30,263
 
194,865
Banks — 25.9%
ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%,
9/18/2027 (a) (b)
18,100
18,545
Australia & New Zealand Banking Group Ltd. (Australia)
4.83%, 2/3/2025 (a)
13,170
13,168
(SOFR + 0.56%), 5.17%, 3/18/2026 (a) (b)
27,909
27,990
Banco Bilbao Vizcaya Argentaria SA (Spain)
1.13%, 9/18/2025
4,600
4,473
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.86%, 9/14/2026 (b)
45,440
45,681
Banco Santander SA (Spain)
2.75%, 5/28/2025
5,540
5,479
5.15%, 8/18/2025
1,394
1,396
Bank of America Corp.
(3-MONTH CME TERM SOFR + 0.90%), 2.02%, 2/13/2026 (b) (c)
5,000
4,970
(SOFR + 1.33%), 3.38%, 4/2/2026 (b)
8,500
8,456
(SOFR + 1.15%), 1.32%, 6/19/2026 (b)
22,536
22,109
(SOFR + 1.01%), 1.20%, 10/24/2026 (b)
17,533
16,997
Bank of Montreal (Canada)
(SOFRINDX + 0.95%), 5.56%, 9/25/2025 (b)
14,815
14,889
(SOFRINDX + 1.16%), 5.78%, 12/11/2026 (b)
16,665
16,853
Series f2f, (SOFR + 0.88%), 4.57%, 9/10/2027 (b)
20,852
20,811
Bank of New Zealand (New Zealand) 1.00%, 3/3/2026 (a) (c)
46,036
43,980
Bank of Nova Scotia (The) (Canada)
3.45%, 4/11/2025
2,160
2,149
1.30%, 6/11/2025
1,317
1,293
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
5.45%, 6/12/2025
30,841
30,970
(SOFRINDX + 1.09%), 5.71%, 6/12/2025 (b)
11,700
11,742
4.75%, 2/2/2026
18,495
18,523
5.35%, 12/7/2026
44,371
45,026
Banque Federative du Credit Mutuel SA (France)
4.52%, 7/13/2025 (a)
3,224
3,219
4.94%, 1/26/2026 (a)
13,749
13,773
5.90%, 7/13/2026 (a)
18,150
18,477
Barclays plc (United Kingdom)
3.65%, 3/16/2025
5,600
5,578
4.38%, 1/12/2026
14,247
14,175
(SOFR + 2.71%), 2.85%, 5/7/2026 (b)
47,624
47,169
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.30%, 8/9/2026 (b)
6,000
6,010
BNP Paribas SA (France) 3.38%, 1/9/2025 (a)
11,071
11,052
BPCE SA (France)
5.03%, 1/15/2025 (a) (c)
88,081
88,087
(SOFR + 0.96%), 5.57%, 9/25/2025 (a) (b)
7,598
7,632
(SOFR + 1.52%), 1.65%, 10/6/2026 (a) (b)
1,300
1,263
5.20%, 1/18/2027 (a) (c)
4,670
4,717
Canadian Imperial Bank of Commerce (Canada)
3.30%, 4/7/2025
3,846
3,827
5.14%, 4/28/2025
12,224
12,236
5.24%, 6/28/2027
15,175
15,392
(SOFR + 0.93%), 4.51%, 9/11/2027 (b)
22,861
22,778
Capital One NA (SOFR + 0.91%), 2.28%, 1/28/2026 (b)
12,513
12,455
Citibank NA
(SOFRINDX + 0.59%), 5.18%, 4/30/2026 (b)
10,921
10,947
4.93%, 8/6/2026
3,365
3,383
(SOFR + 0.71%), 4.88%, 11/19/2027 (b)
21,435
21,474
Citigroup, Inc.
(SOFR + 1.53%), 3.29%, 3/17/2026 (b)
8,113
8,073
(SOFR + 2.84%), 3.11%, 4/8/2026 (b)
3,921
3,897
(3-MONTH CME TERM SOFR + 1.51%), 6.10%, 7/1/2026 (b)
13,912
13,993
(SOFR + 1.55%), 5.61%, 9/29/2026 (b)
11,835
11,906
Citizens Bank NA (SOFR + 1.02%), 5.28%, 1/26/2026 (b)
17,073
17,063
Commonwealth Bank of Australia (Australia) (SOFR + 0.40%), 5.01%, 7/7/2025 (a) (b)
3,188
3,191
Cooperatieve Rabobank UA (Netherlands)
1.38%, 1/10/2025
9,500
9,463
5.00%, 1/13/2025
12,335
12,337
Credit Agricole SA (France) 5.57%, 2/28/2025 (a)
50,273
50,347
Federation des Caisses Desjardins du Quebec (Canada) (SOFRINDX + 1.09%), 5.28%, 1/23/2026 (a) (b) (c)
80,896
80,904
Fifth Third Bank NA 3.95%, 7/28/2025
3,081
3,066
HSBC Holdings plc (United Kingdom)
(SOFR + 1.54%), 1.65%, 4/18/2026 (b)
7,028
6,940
(SOFR + 1.93%), 2.10%, 6/4/2026 (b)
7,450
7,343
(3-MONTH CME TERM SOFR + 1.61%), 4.29%, 9/12/2026 (b)
2,211
2,200
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
ING Groep NV (Netherlands)
(SOFR + 1.64%), 3.87%, 3/28/2026 (b)
21,606
21,523
(SOFR + 1.56%), 6.08%, 9/11/2027 (b)
1,797
1,833
KeyBank NA
3.30%, 6/1/2025
3,828
3,793
4.15%, 8/8/2025
8,582
8,532
Kreditanstalt fuer Wiederaufbau (Germany) 5.13%, 9/29/2025
36,015
36,203
Lloyds Bank plc (United Kingdom) 3.50%, 5/14/2025
1,939
1,928
Lloyds Banking Group plc (United Kingdom)
4.45%, 5/8/2025
15,827
15,796
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026 (b)
4,600
4,579
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.19%, 2/25/2025
3,071
3,052
1.41%, 7/17/2025
21,109
20,677
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.72%, 2/20/2026 (b)
10,407
10,424
Mizuho Financial Group, Inc. (Japan) (3-MONTH CME TERM SOFR + 1.09%), 2.23%, 5/25/2026 (b)
6,439
6,355
Morgan Stanley Bank NA 5.48%, 7/16/2025
1,738
1,746
National Australia Bank Ltd. (Australia)
4.75%, 12/10/2025
7,125
7,138
(SOFR + 0.65%), 5.28%, 12/10/2025 (a) (b)
16,094
16,149
(SOFR + 0.55%), 5.15%, 1/29/2026 (a) (b)
11,891
11,921
National Bank of Canada (Canada)
5.25%, 1/17/2025
20,274
20,278
(SOFRINDX + 0.90%), 5.51%, 3/25/2027 (b)
24,102
24,160
NatWest Markets plc (United Kingdom)
3.48%, 3/22/2025 (a)
7,370
7,340
(SOFR + 1.45%), 6.07%, 3/22/2025 (a) (b)
4,101
4,116
1.60%, 9/29/2026 (a) (c)
792
749
PNC Bank NA (SOFR + 0.50%), 4.78%, 1/15/2027 (b)
32,560
32,571
Royal Bank of Canada (Canada) 1.15%, 6/10/2025
5,031
4,942
Santander Holdings USA, Inc. 3.45%, 6/2/2025
15,772
15,638
Santander UK Group Holdings plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%),
1.53%, 8/21/2026 (b)
50,420
49,160
Societe Generale SA (France)
2.63%, 1/22/2025 (a)
24,330
24,248
4.35%, 6/13/2025 (a)
5,461
5,448
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.23%, 1/21/2026 (a) (b)
11,124
11,073
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.45%, 1/12/2027 (a) (b)
2,000
2,026
Standard Chartered Bank (United Kingdom) 4.85%, 12/3/2027
8,583
8,613
Standard Chartered plc (United Kingdom) 4.05%, 4/12/2026 (a) (c)
5,269
5,210
Sumitomo Mitsui Financial Group, Inc. (Japan)
1.47%, 7/8/2025
700
687
5.46%, 1/13/2026
11,188
11,273
Sumitomo Mitsui Trust Bank Ltd. (Japan)
5.65%, 3/9/2026 (a)
8,335
8,434
4.45%, 9/10/2027 (a)
12,666
12,602
Svenska Handelsbanken AB (Sweden) 5.25%, 6/15/2026 (a) (c)
6,666
6,738
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
Toronto-Dominion Bank (The) (Canada) (SOFR + 0.48%), 5.08%, 10/10/2025 (b)
5,372
5,392
Truist Financial Corp.
4.00%, 5/1/2025
12,699
12,652
3.70%, 6/5/2025
25,609
25,465
1.20%, 8/5/2025
5,000
4,885
(SOFR + 0.61%), 1.27%, 3/2/2027 (b)
8,300
7,943
US Bancorp (SOFR + 1.43%), 5.73%, 10/21/2026 (b)
7,467
7,523
US Bank NA (SOFR + 0.69%), 4.51%, 10/22/2027 (b)
27,710
27,579
Wells Fargo & Co. (3-MONTH CME TERM SOFR + 1.01%), 2.16%, 2/11/2026 (b)
12,626
12,558
Wells Fargo Bank NA
4.81%, 1/15/2026
18,810
18,866
(SOFR + 1.07%), 5.69%, 12/11/2026 (b)
6,976
7,049
Westpac Banking Corp. (Australia) (SOFR + 0.55%), 5.15%, 1/29/2026 (a) (b)
35,079
35,086
 
1,521,820
Beverages — 0.1%
Pernod Ricard SA (France) 3.25%, 6/8/2026 (a)
7,855
7,691
Biotechnology — 0.6%
AbbVie, Inc. 3.60%, 5/14/2025
12,059
12,008
Amgen, Inc. 5.25%, 3/2/2025
23,270
23,287
Gilead Sciences, Inc. 3.50%, 2/1/2025
2,904
2,897
 
38,192
Capital Markets — 5.3%
Ameriprise Financial, Inc. 3.00%, 4/2/2025
6,474
6,436
Bank of New York Mellon (The) (SOFR + 0.45%), 5.07%, 3/13/2026 (b)
9,649
9,652
Bank of New York Mellon Corp. (The) (SOFR + 0.62%), 5.21%, 4/25/2025 (b)
2,098
2,100
Goldman Sachs Bank USA
(SOFR + 0.77%), 5.38%, 3/18/2027 (b)
11,724
11,741
(SOFR + 0.75%), 5.41%, 5/21/2027 (b)
17,189
17,332
Goldman Sachs Group, Inc. (The)
3.50%, 4/1/2025
5,964
5,938
(SOFR + 1.07%), 5.66%, 8/10/2026 (b)
7,548
7,575
(SOFR + 1.08%), 5.80%, 8/10/2026 (b)
13,400
13,487
(SOFR + 0.79%), 1.09%, 12/9/2026 (b)
4,176
4,021
Jefferies Financial Group, Inc. 5.15%, 9/15/2025
23,417
23,417
Macquarie Bank Ltd. (Australia) 5.27%, 7/2/2027 (a)
15,460
15,761
Macquarie Group Ltd. (Australia) (SOFR + 2.21%), 5.11%, 8/9/2026 (a) (b)
14,433
14,437
Mizuho Markets Cayman LP (Japan) 5.47%, 2/14/2025 (a)
15,094
15,121
Morgan Stanley
(SOFR + 0.51%), 5.10%, 1/22/2025 (b)
19,109
19,112
4.00%, 7/23/2025
3,101
3,087
(SOFR + 0.94%), 2.63%, 2/18/2026 (b)
2,475
2,463
(SOFR + 1.99%), 2.19%, 4/28/2026 (b)
20,628
20,405
(SOFR + 0.72%), 0.99%, 12/10/2026 (b)
1,203
1,156
Nomura Holdings, Inc. (Japan)
2.65%, 1/16/2025
12,511
12,473
5.10%, 7/3/2025
4,293
4,295
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Capital Markets — continued
1.85%, 7/16/2025
27,023
26,503
State Street Corp. (SOFR + 2.60%), 2.90%, 3/30/2026 (b)
18,863
18,739
UBS AG (Switzerland) 3.70%, 2/21/2025
1,301
1,297
UBS Group AG (Switzerland)
4.13%, 9/24/2025 (a)
11,246
11,188
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (b)
36,567
36,041
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027 (a) (b)
1,439
1,380
(SOFRINDX + 0.98%), 1.31%, 2/2/2027 (a) (b)
8,506
8,146
 
313,303
Chemicals — 0.3%
Chevron Phillips Chemical Co. LLC 5.13%, 4/1/2025 (a)
1,481
1,482
Eastman Chemical Co. 3.80%, 3/15/2025
223
222
LYB International Finance III LLC 1.25%, 10/1/2025
9,698
9,421
Nutrien Ltd. (Canada) 5.95%, 11/7/2025
5,492
5,552
 
16,677
Commercial Services & Supplies — 0.3%
Element Fleet Management Corp. (Canada)
3.85%, 6/15/2025 (a)
13,841
13,765
5.64%, 3/13/2027 (a)
1,982
2,016
Republic Services, Inc. 3.20%, 3/15/2025
1,288
1,282
 
17,063
Construction Materials — 0.0% ^
CRH America, Inc. 3.88%, 5/18/2025 (a)
2,749
2,734
Consumer Finance — 2.9%
AerCap Ireland Capital DAC (Ireland)
3.50%, 1/15/2025
14,759
14,732
6.50%, 7/15/2025
8,528
8,594
4.45%, 10/1/2025
3,895
3,883
American Express Co.
3.95%, 8/1/2025
3,497
3,480
(SOFR + 1.00%), 4.99%, 5/1/2026 (b)
13,616
13,625
American Honda Finance Corp.
(SOFRINDX + 0.78%), 5.37%, 4/23/2025 (b)
3,600
3,607
5.00%, 5/23/2025
31,600
31,635
(SOFR + 0.45%), 5.07%, 6/13/2025 (b)
2,500
2,501
(SOFR + 0.60%), 5.18%, 8/14/2025 (b)
14,600
14,628
(SOFR + 0.50%), 5.10%, 10/10/2025 (b)
6,648
6,659
Capital One Financial Corp. 4.25%, 4/30/2025
6,111
6,100
Caterpillar Financial Services Corp. 4.45%, 10/16/2026
11,665
11,671
General Motors Financial Co., Inc. 6.05%, 10/10/2025
4,250
4,292
Toyota Motor Credit Corp.
3.40%, 4/14/2025
3,508
3,491
(SOFRINDX + 0.45%), 5.05%, 4/10/2026 (b)
30,364
30,372
(SOFR + 0.77%), 5.35%, 8/7/2026 (b)
12,598
12,677
 
171,947
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Containers & Packaging — 0.1%
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025 (a)
6,576
6,527
Diversified Telecommunication Services — 0.3%
NBN Co. Ltd. (Australia) 4.00%, 10/1/2027 (a)
9,275
9,132
Telstra Corp. Ltd. (Australia) 3.13%, 4/7/2025 (a)
9,049
8,990
 
18,122
Electric Utilities — 2.7%
DTE Electric Co. 3.38%, 3/1/2025
6,493
6,468
Entergy Corp. 0.90%, 9/15/2025
7,870
7,628
Eversource Energy Series H, 3.15%, 1/15/2025
5,352
5,340
Exelon Corp. 3.95%, 6/15/2025
31,416
31,244
Georgia Power Co. (SOFRINDX + 0.75%), 5.33%, 5/8/2025 (b)
15,728
15,769
Interstate Power and Light Co. 3.40%, 8/15/2025
9,895
9,791
NextEra Energy Capital Holdings, Inc.
6.05%, 3/1/2025
2,194
2,200
5.75%, 9/1/2025
24,616
24,773
4.95%, 1/29/2026
16,599
16,658
Trans-Allegheny Interstate Line Co. 3.85%, 6/1/2025 (a)
11,750
11,677
Tucson Electric Power Co. 3.05%, 3/15/2025
3,177
3,174
Virginia Power Fuel Securitization LLC Series A-1, 5.09%, 5/1/2027
10,542
10,586
Wisconsin Public Service Corp. 5.35%, 11/10/2025
1,895
1,907
Xcel Energy, Inc. 3.30%, 6/1/2025
9,678
9,592
 
156,807
Financial Services — 0.6%
Corebridge Financial, Inc. 3.50%, 4/4/2025
12,844
12,780
National Rural Utilities Cooperative Finance Corp. 4.12%, 9/16/2027
11,421
11,301
Nationwide Building Society (United Kingdom) 3.90%, 7/21/2025 (a)
8,966
8,926
 
33,007
Food Products — 0.1%
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025
6,356
6,214
Ground Transportation — 0.8%
Canadian Pacific Railway Co. (Canada) 2.90%, 2/1/2025
9,855
9,820
ERAC USA Finance LLC 3.80%, 11/1/2025 (a)
8,987
8,907
Penske Truck Leasing Co. LP
3.95%, 3/10/2025 (a)
6,258
6,238
4.00%, 7/15/2025 (a)
380
378
3.40%, 11/15/2026 (a)
9,634
9,363
Ryder System, Inc. 4.63%, 6/1/2025
10,616
10,594
 
45,300
Health Care Equipment & Supplies — 0.1%
Zimmer Biomet Holdings, Inc. 3.55%, 4/1/2025
3,536
3,519
Health Care Providers & Services — 1.7%
Cardinal Health, Inc.
3.75%, 9/15/2025
14,832
14,714
4.70%, 11/15/2026
7,238
7,231
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
Cencora, Inc. 3.25%, 3/1/2025
19,939
19,842
CVS Health Corp.
5.00%, 12/1/2024
3,360
3,360
3.88%, 7/20/2025
8,002
7,947
Elevance Health, Inc. 2.38%, 1/15/2025
15,100
15,052
Humana, Inc. 4.50%, 4/1/2025
3,943
3,938
Laboratory Corp. of America Holdings 3.60%, 2/1/2025
25,500
25,422
 
97,506
Health Care REITs — 0.8%
Alexandria Real Estate Equities, Inc. 3.45%, 4/30/2025
7,698
7,655
Ventas Realty LP
2.65%, 1/15/2025
15,818
15,770
3.50%, 2/1/2025
22,562
22,490
 
45,915
Hotels, Restaurants & Leisure — 0.0% ^
Marriott International, Inc. Series EE, 5.75%, 5/1/2025
2,801
2,808
Independent Power and Renewable Electricity Producers — 0.2%
Constellation Energy Generation LLC 3.25%, 6/1/2025
9,714
9,626
Insurance — 3.4%
Athene Global Funding
1.45%, 1/8/2026 (a)
7,319
7,045
4.86%, 8/27/2026 (a)
35,429
35,357
1.73%, 10/2/2026 (a)
14,797
13,980
Chubb INA Holdings LLC 3.15%, 3/15/2025
7,085
7,050
Corebridge Global Funding
5.35%, 6/24/2026 (a) (c)
23,483
23,710
5.75%, 7/2/2026 (a)
9,329
9,474
4.65%, 8/20/2027 (a)
27,367
27,345
Equitable Financial Life Global Funding 5.50%, 12/2/2025 (a)
3,308
3,333
Jackson National Life Global Funding
1.75%, 1/12/2025 (a)
4,980
4,961
5.60%, 4/10/2026 (a)
12,996
13,098
5.55%, 7/2/2027 (a)
12,358
12,558
MassMutual Global Funding II (SOFR + 0.98%), 5.58%, 7/10/2026 (a) (b)
4,000
4,028
Met Tower Global Funding 4.00%, 10/1/2027 (a)
5,033
4,969
New York Life Global Funding (SOFR + 0.67%), 5.28%, 4/2/2027 (a) (b)
473
474
Principal Life Global Funding II
1.38%, 1/10/2025 (a)
3,583
3,569
5.00%, 1/16/2027 (a)
3,712
3,745
4.60%, 8/19/2027 (a)
4,292
4,297
Reliance Standard Life Global Funding II
2.75%, 5/7/2025 (a)
18,423
18,238
5.24%, 2/2/2026 (a)
1,933
1,935
 
199,166
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
IT Services — 0.1%
Accenture Capital, Inc. 3.90%, 10/4/2027
6,038
5,968
Machinery — 0.6%
Daimler Truck Finance North America LLC (Germany)
1.63%, 12/13/2024 (a)
6,230
6,224
5.20%, 1/17/2025 (a)
3,225
3,226
Otis Worldwide Corp. 2.06%, 4/5/2025
26,069
25,811
 
35,261
Media — 0.1%
Fox Corp. 3.05%, 4/7/2025
4,359
4,331
Metals & Mining — 0.1%
Newmont Corp. 5.30%, 3/15/2026
7,839
7,890
Multi-Utilities — 0.4%
Berkshire Hathaway Energy Co. 3.50%, 2/1/2025
6,772
6,753
Dominion Energy, Inc. 3.90%, 10/1/2025
18,548
18,410
 
25,163
Oil, Gas & Consumable Fuels — 1.7%
Columbia Pipeline Group, Inc. 4.50%, 6/1/2025
5,774
5,753
Enbridge, Inc. (Canada) 2.50%, 1/15/2025
12,939
12,898
Energy Transfer LP 4.75%, 1/15/2026
2,274
2,271
Enterprise Products Operating LLC 4.60%, 1/11/2027
15,042
15,077
Marathon Petroleum Corp. 4.70%, 5/1/2025
12,229
12,215
MPLX LP
4.88%, 6/1/2025
2,547
2,547
1.75%, 3/1/2026
15,379
14,803
ONEOK, Inc. 3.20%, 3/15/2025
2,750
2,732
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025
10,336
10,343
Williams Cos., Inc. (The)
3.90%, 1/15/2025
13,572
13,553
4.00%, 9/15/2025
6,989
6,944
 
99,136
Pharmaceuticals — 0.4%
Bristol-Myers Squibb Co.
4.95%, 2/20/2026
5,189
5,221
(SOFR + 0.49%), 5.07%, 2/20/2026 (b)
8,711
8,726
EMD Finance LLC (Germany) 3.25%, 3/19/2025 (a)
9,178
9,133
 
23,080
Retail REITs — 0.3%
Kimco Realty OP LLC 3.30%, 2/1/2025
15,989
15,936
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (a)
626
616
 
16,552
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Semiconductors & Semiconductor Equipment — 0.5%
Microchip Technology, Inc. 4.25%, 9/1/2025
26,453
26,333
NXP BV (China) 2.70%, 5/1/2025
1,654
1,636
 
27,969
Software — 0.5%
Oracle Corp. 2.50%, 4/1/2025
29,418
29,180
Specialized REITs — 0.2%
Equinix, Inc. 1.00%, 9/15/2025
11,524
11,190
Specialty Retail — 0.6%
AutoZone, Inc. 3.63%, 4/15/2025
16,567
16,483
Home Depot, Inc. (The) 5.10%, 12/24/2025
19,126
19,263
Lowe's Cos., Inc. 4.00%, 4/15/2025
1,818
1,813
 
37,559
Technology Hardware, Storage & Peripherals — 0.3%
Hewlett Packard Enterprise Co. 4.45%, 9/25/2026
9,011
8,972
HP, Inc. 2.20%, 6/17/2025
7,330
7,220
 
16,192
Tobacco — 0.3%
Philip Morris International, Inc. 1.50%, 5/1/2025
13,303
13,128
Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025
3,568
3,561
 
16,689
Wireless Telecommunication Services — 0.4%
T-Mobile USA, Inc.
3.50%, 4/15/2025
21,635
21,521
2.25%, 2/15/2026
5,084
4,930
 
26,451
Total Corporate Bonds
(Cost $3,291,843)
3,298,199
Asset-Backed Securities — 14.3%
Ally Auto Receivables Trust
Series 2022-1, Class A3, 3.31%, 11/15/2026
670
666
Series 2024-1, Class A2, 5.32%, 1/15/2027
12,257
12,271
Series 2022-3, Class A3, 5.07%, 4/15/2027
18,493
18,526
American Express Credit Account Master Trust
Series 2022-2, Class A, 3.39%, 5/15/2027
48,844
48,570
Series 2022-3, Class A, 3.75%, 8/15/2027
28,816
28,652
AmeriCredit Automobile Receivables Trust Series 2022-2, Class A3, 4.38%, 4/18/2028
1,569
1,567
Amur Equipment Finance Receivables LLC Series 2022-1A, Class A2, 1.64%, 10/20/2027 (a)
2,096
2,079
BA Credit Card Trust Series 2022-A1, Class A1, 3.53%, 11/15/2027
2,922
2,905
Bank of America Auto Trust Series 2023-2A, Class A2, 5.85%, 8/17/2026 (a)
8,816
8,844
BMW Vehicle Lease Trust
Series 2023-2, Class A3, 5.99%, 9/25/2026
17,533
17,658
Series 2024-2, Class A2A, 4.29%, 1/25/2027
23,847
23,785
BMW Vehicle Owner Trust Series 2023-A, Class A2A, 5.72%, 4/27/2026
2,710
2,714
BofA Auto Trust Series 2024-1A, Class A2, 5.57%, 12/15/2026 (a)
16,375
16,433
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Capital One Multi-Asset Execution Trust Series 2022-A1, Class A1, 2.80%, 3/15/2027
5,880
5,848
Capital One Prime Auto Receivables Trust
Series 2021-1, Class A3, 0.77%, 9/15/2026
1,764
1,744
Series 2022-2, Class A3, 3.66%, 5/17/2027
3,318
3,296
Chesapeake Funding LLC (Canada) Series 2023-2A, Class A1, 6.16%, 10/15/2035 (a)
10,197
10,338
Citibank Credit Card Issuance Trust Series 2023-A2, Class A2, 5.22%, 12/8/2027 (d)
11,413
11,437
CNH Equipment Trust
Series 2022-A, Class A3, 2.94%, 7/15/2027
1,200
1,187
Series 2024-A, Class A2, 5.19%, 7/15/2027
6,765
6,777
Series 2022-B, Class A3, 3.89%, 8/16/2027
15,317
15,219
Dell Equipment Finance Trust
Series 2023-1, Class A3, 5.65%, 9/22/2028 (a)
6,051
6,073
Series 2023-3, Class A2, 6.10%, 4/23/2029 (a)
5,370
5,390
Series 2024-1, Class A2, 5.58%, 3/22/2030 (a)
39,699
39,845
Discover Card Execution Note Trust Series 2022-A3, Class A3, 3.56%, 7/15/2027
3,826
3,802
DLLAA LLC Series 2023-1A, Class A2, 5.93%, 7/20/2026 (a)
11,505
11,550
Dllad LLC Series 2024-1A, Class A2, 5.50%, 8/20/2027 (a)
3,433
3,452
Enterprise Fleet Financing LLC
Series 2024-4, Class A2, 4.69%, 7/20/2027 (a)
9,718
9,718
Series 2023-2, Class A2, 5.56%, 4/22/2030 (a)
2,775
2,796
Enterprise Fleet Funding LLC Series 2021-1, Class A3, 0.70%, 12/21/2026 (a)
78
77
Ford Credit Auto Lease Trust
Series 2023-B, Class A3, 5.91%, 10/15/2026
36,374
36,583
Series 2024-B, Class A2A, 5.18%, 2/15/2027
25,362
25,450
Ford Credit Auto Owner Trust
Series 2023-B, Class A2A, 5.57%, 6/15/2026
578
579
Series 2020-C, Class A4, 0.51%, 8/15/2026
1,563
1,555
Series 2022-D, Class A3, 5.27%, 5/17/2027
12,940
12,988
Series 2024-C, Class A2A, 4.32%, 8/15/2027
24,052
24,002
GM Financial Automobile Leasing Trust Series 2024-2, Class A2A, 5.43%, 9/21/2026
16,449
16,527
GM Financial Consumer Automobile Receivables Trust
Series 2023-3, Class A2A, 5.74%, 9/16/2026
3,393
3,400
Series 2022-1, Class A3, 1.26%, 11/16/2026
11,204
11,083
Series 2022-2, Class A3, 3.10%, 2/16/2027
2,206
2,190
Series 2024-1, Class A2A, 5.12%, 2/16/2027
5,981
5,992
Series 2024-2, Class A2A, 5.33%, 3/16/2027
5,336
5,352
Series 2023-1, Class A3, 4.66%, 2/16/2028
5,182
5,183
Honda Auto Receivables Owner Trust
Series 2023-1, Class A2, 5.22%, 10/21/2025
454
454
Series 2021-4, Class A3, 0.88%, 1/21/2026
2,125
2,104
Series 2022-2, Class A3, 3.73%, 7/20/2026
6,611
6,582
Series 2024-1, Class A2, 5.36%, 9/15/2026
39,447
39,552
Hpefs Equipment Trust Series 2022-2A, Class A3, 3.76%, 9/20/2029 (a)
357
357
HPEFS Equipment Trust Series 2023-2A, Class A3, 5.99%, 1/21/2031 (a)
1,650
1,664
Hyundai Auto Receivables Trust
Series 2021-C, Class A3, 0.74%, 5/15/2026
2,289
2,275
Series 2023-B, Class A2A, 5.77%, 5/15/2026
6,204
6,217
Series 2022-B, Class A3, 3.72%, 11/16/2026
2,994
2,981
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2023-C, Class A2A, 5.80%, 1/15/2027
1,433
1,439
Series 2024-A, Class A2A, 5.29%, 4/15/2027
6,382
6,401
Series 2024-B, Class A2A, 5.15%, 6/15/2027
50,000
50,164
Series 2024-C, Class A2A, 4.53%, 9/15/2027
17,814
17,809
Series 2022-A, Class A4, 2.35%, 4/17/2028
2,459
2,400
John Deere Owner Trust
Series 2023-B, Class A2, 5.59%, 6/15/2026
6,914
6,924
Series 2024-A, Class A2A, 5.19%, 2/16/2027
11,466
11,496
Series 2022-C, Class A3, 5.09%, 6/15/2027
6,803
6,818
Mercedes-Benz Auto Lease Trust Series 2023-A, Class A3, 4.74%, 1/15/2027
5,690
5,692
Nissan Auto Receivables Owner Trust Series 2023-A, Class A3, 4.91%, 11/15/2027
21,085
21,130
Porsche Financial Auto Securitization Trust
Series 2023-2A, Class A2A, 5.88%, 11/23/2026 (a)
2,666
2,672
Series 2023-1A, Class A2, 5.42%, 12/22/2026 (a)
552
553
Santander Drive Auto Receivables Trust
Series 2024-3, Class A2, 5.91%, 6/15/2027
20,232
20,315
Series 2023-2, Class A3, 5.21%, 7/15/2027
1,680
1,682
Series 2023-3, Class A3, 5.61%, 10/15/2027
4,091
4,102
SBNA Auto Lease Trust
Series 2024-C, Class A2, 4.94%, 11/20/2026 (a)
5,248
5,253
Series 2024-B, Class A2, 5.67%, 11/20/2026 (a)
7,522
7,551
Series 2023-A, Class A3, 6.51%, 4/20/2027 (a)
22,914
23,226
SCF Equipment Leasing LLC Series 2024-1A, Class A2, 5.88%, 11/20/2029 (a)
7,209
7,268
Tesla Auto Lease Trust
Series 2023-A, Class A2, 5.86%, 8/20/2025 (a)
3,240
3,241
Series 2024-A, Class A2A, 5.37%, 6/22/2026 (a)
6,837
6,849
Toyota Auto Receivables Owner Trust
Series 2023-A, Class A2, 5.05%, 1/15/2026
94
94
Series 2023-C, Class A2A, 5.60%, 8/17/2026
4,267
4,278
Series 2022-B, Class A3, 2.93%, 9/15/2026
2,170
2,154
Series 2022-C, Class A3, 3.76%, 4/15/2027
8,620
8,575
Series 2023-A, Class A3, 4.63%, 9/15/2027
8,027
8,026
USAA Auto Owner Trust Series 2024-A, Class A2, 5.25%, 3/15/2027 (a)
5,000
5,018
Verizon Master Trust
Series 2022-2, Class A, 1.53%, 7/20/2028
2,400
2,389
Series 2024-1, Class A1A, 5.00%, 12/20/2028
13,122
13,181
Volkswagen Auto Lease Trust Series 2023-A, Class A3, 5.81%, 10/20/2026
10,503
10,595
Volkswagen Auto Loan Enhanced Trust
Series 2023-1, Class A2A, 5.50%, 12/21/2026
7,057
7,074
Series 2023-2, Class A2A, 5.72%, 3/22/2027
15,915
15,997
Wheels Fleet Lease Funding LLC Series 2024-3A, Class A1, 4.80%, 9/19/2039 (a)
3,646
3,641
World Omni Auto Receivables Trust
Series 2024-A, Class A2A, 5.05%, 4/15/2027
7,679
7,688
Series 2022-D, Class A3, 5.61%, 2/15/2028
4,572
4,601
Total Asset-Backed Securities
(Cost $839,492)
842,585
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Treasury Obligations — 7.4%
U.S. Treasury Notes
4.88%, 4/30/2026
61,900
62,396
4.38%, 8/15/2026
57,500
57,639
3.75%, 8/31/2026
56,600
56,142
3.50%, 9/30/2026
62,200
61,425
4.13%, 10/31/2026
58,200
58,118
4.63%, 11/15/2026
52,500
52,910
3.38%, 9/15/2027
86,200
84,530
Total U.S. Treasury Obligations
(Cost $434,305)
433,160
Short-Term Investments — 22.3%
Certificates of Deposits — 8.7%
BNP Paribas SA (France) , 4.20%, 10/3/2025
59,921
59,718
Cooperatieve Rabobank UA (Netherlands) , 5.39%, 4/8/2025
25,909
25,969
Credit Agricole Corporate and Investment Bank (France) , 4.40%, 10/7/2025
30,914
30,867
Credit Industriel et Commercial (France)
5.60%, 4/29/2025
22,919
23,002
5.42%, 6/5/2025
1,000
1,004
Deutsche Bank AG (Germany) , 5.80%, 12/12/2024
15,000
15,005
KEB Hana Bank (South Korea)
5.47%, 1/10/2025
16,930
16,944
5.34%, 2/7/2025
32,920
32,956
Kookmin Bank (South Korea)
(SOFR + 0.52%), 5.11%, 4/23/2025 (b)
13,430
13,442
5.47%, 5/14/2025
17,617
17,661
(SOFR + 0.55%), 5.14%, 6/9/2025 (b)
6,292
6,298
4.67%, 7/24/2025
9,986
9,977
Mitsubishi UFJ Trust & Banking Corp. (Japan) (SOFR + 0.39%), 4.98%, 4/3/2025 (b)
5,511
5,515
Mizuho Bank Ltd. (Japan) , 4.60%, 11/20/2025
8,898
8,897
Norinchukin Bank (The) (Japan) , 4.51%, 10/9/2025
28,781
28,748
Shinhan Bank (South Korea)
(SOFR + 0.52%), 5.11%, 4/28/2025 (b)
8,117
8,124
(SOFR + 0.55%), 5.14%, 6/9/2025 (b)
13,376
13,385
Skandinaviska Enskilda Banken AB (Sweden) , 5.38%, 3/19/2025
20,216
20,253
Standard Chartered Bank (United Kingdom)
5.20%, 1/16/2025
2,610
2,611
4.50%, 10/9/2025
22,558
22,532
4.68%, 11/12/2025
31,300
31,315
Svenska Handelsbanken AB (Sweden)
(SOFR + 0.28%), 4.87%, 2/26/2025 (b)
717
717
5.39%, 3/19/2025
20,310
20,348
Toronto-Dominion Bank (The) (Canada)
5.33%, 3/18/2025
17,611
17,640
4.50%, 10/1/2025
66,253
66,206
Westpac Banking Corp. (Australia) , 5.40%, 4/9/2025
11,328
11,353
Total Certificates of Deposit
(Cost $510,456)
510,487
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Short-Term Investments — continued
Commercial Paper — 11.2%
Australia & New Zealand Banking Group Ltd. (Australia) 4.59%, 11/25/2025 (a)
69,037
66,021
Bank of Montreal (Canada) 4.64%, 11/21/2025
11,308
10,817
Bank of New York Mellon (The) (SOFR + 0.35%), 4.94%, 5/9/2025 (b)
453
453
BofA Securities, Inc. 5.56%, 5/29/2025
22,354
21,844
Citigroup Global Markets, Inc.
5.50%, 6/3/2025 (a)
11,053
10,797
4.62%, 11/7/2025 (a)
4,300
4,119
Credit Industriel et Commercial (France) 5.17%, 2/6/2025 (a)
14,629
14,501
DNB Bank ASA (Norway)
5.14%, 2/7/2025 (a)
39,400
39,055
5.49%, 5/29/2025 (a)
39,367
38,487
4.58%, 11/25/2025 (a)
7,169
6,860
EIDP, Inc. 5.72%, 12/13/2024 (a)
7,298
7,285
First Abu Dhabi Bank PJSC (United Arab Emirates)
5.56%, 2/28/2025 (a)
3,200
3,163
4.60%, 11/13/2025 (a)
58,393
55,900
Glencore Funding LLC (Australia) 5.68%, 2/28/2025 (a)
39,144
38,670
HSBC USA, Inc.
5.92%, 5/20/2025 (a)
12,473
12,197
5.94%, 6/3/2025 (a)
7,500
7,320
4.75%, 10/3/2025 (a)
8,000
7,686
4.86%, 10/10/2025 (a)
24,000
23,038
ING US Funding LLC (Netherlands) 4.49%, 10/7/2025 (a)
34,765
33,442
Lloyds Bank plc (United Kingdom) 5.34%, 2/12/2025 (a)
36,157
35,814
LVMH Moet Hennessy Louis Vuitton SE (France)
5.42%, 1/3/2025 (a)
4,931
4,909
5.41%, 1/21/2025 (a)
11,155
11,080
5.38%, 3/17/2025 (a)
8,989
8,866
LVMH Moet Hennessy Louis Vuitton, Inc. (France) 4.68%, 1/2/2025 (a)
5,500
5,476
Macquarie Bank Ltd. (Australia) 4.62%, 11/20/2025 (a)
33,083
31,633
Mizuho Bank Ltd. (Japan) 4.62%, 11/18/2025 (a)
17,583
16,823
National Australia Bank Ltd. (Australia) (SOFR + 0.35%), 4.94%, 4/9/2025 (a) (b)
16,402
16,412
NatWest Markets plc (United Kingdom)
Series G, 5.28%, 4/16/2025 (a)
4,939
4,854
4.60%, 11/18/2025 (a)
13,586
13,007
Penske Truck Leasing Co. LP 4.85%, 1/22/2025
8,651
8,589
Podium Funding Trust (Canada) (SOFR + 0.26%), 4.85%, 12/6/2024 (b)
15,000
15,001
Procter & Gamble Co. (The) 4.91%, 4/21/2025 (a)
6,111
6,003
Skandinaviska Enskilda Banken AB (Sweden) 5.53%, 4/23/2025 (a)
7,908
7,766
Societe Generale SA (France)
5.21%, 2/7/2025 (a)
11,754
11,649
5.44%, 3/21/2025 (e)
4,000
3,939
5.54%, 5/29/2025 (a)
13,705
13,399
4.68%, 11/21/2025 (a)
3,000
2,870
Svenska Handelsbanken AB (Sweden) 4.59%, 11/18/2025 (a)
24,056
23,028
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Short-Term Investments — continued
Commercial Paper — continued
TELUS Corp. (Canada) 5.62%, 12/13/2024 (a)
4,292
4,284
Walt Disney Co. (The) 5.61%, 1/21/2025 (a)
7,450
7,400
Total Commercial Paper
(Cost $653,918)
654,457
 
SHARES
(000)
Investment Companies — 1.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.60% (f) (g)
(Cost $72,067)
72,072
72,101
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.62% (f) (g)
(Cost $11,915)
11,915
11,915
 
PRINCIPAL
AMOUNT
($000)
Repurchase Agreements — 1.0%
Wells Fargo Securities LLC, 5.14%, dated 11/30/2024, due 3/05/2025, repurchase price $60,814, collateralized by
Collateralized Mortgage Obligations, 0.99% - 11.22%, due 5/28/2029 - 7/25/2069, with the value of $66,466.
(Cost $60,000)
60,000
60,000
Total Short-Term Investments
(Cost $1,308,356)
1,308,960
Total Investments — 100.1%
(Cost $5,873,996)
5,882,904
Liabilities in Excess of Other Assets — (0.1)%
(5,979
)
NET ASSETS — 100.0%
5,876,925
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CME
Chicago Mercantile Exchange
PJSC
Public Joint Stock Company
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, 2024.
 
(c)
The security or a portion of this security is on loan at November 30, 2024. The total value of securities on loan at November 30, 2024 is
$12,019.
 
(d)
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 November 30, 2024.
 
(e)
The rate shown is the effective yield as of November 30, 2024.
 
(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, 2024.
 
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (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 Securities and Exchange Commission 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, 2024 (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
$—
$842,585
$—
$842,585
Corporate Bonds
—
3,298,199
—
3,298,199
U.S. Treasury Obligations
—
433,160
—
433,160
Short-Term Investments
Certificates of Deposits
—
510,487
—
510,487
Commercial Paper
—
654,457
—
654,457
Investment Companies
72,101
—
—
72,101
Investment of Cash Collateral from Securities Loaned
11,915
—
—
11,915
Repurchase Agreements
—
60,000
—
60,000
Total Short-Term Investments
84,016
1,224,944
—
1,308,960
Total Investments in Securities
$84,016
$5,798,888
$—
$5,882,904
B. Investment Transactions with Affiliates— The Fund invested in Underlying Fund 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, 2024
Security Description
Value at
February 29,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
November 30,
2024
Shares at
November 30,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 4.60%  (a) (b)
$40,000
$6,100,309
$6,068,100
$(109
)
$1
$72,101
72,072
$6,972
$—
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 4.62%
 (a) (b)
2,000
63,072
53,158
1
—
11,915
11,915
151
—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 4.58%  (a) (b)
390
37,290
37,680
—
—
—
—
33
—
Total
$42,390
$6,200,671
$6,158,938
$(108
)
$1
$84,016
$7,156
$—
 
 
(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, 2024.