NPORT-EX 2 JPMMIF.htm EDGAR HTML
JPMorgan Managed Income Fund
Schedule of Portfolio Investments as of May 31, 2025
(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., 2025.
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — 63.1%
Automobiles — 3.2%
BMW US Capital LLC (Germany)
4.65%, 8/13/2026 (a)
3,549
3,554
4.65%, 3/19/2027 (a)
7,095
7,111
General Motors Co. 6.13%, 10/1/2025
11,702
11,737
Hyundai Capital America
5.80%, 6/26/2025 (a)
8,214
8,218
6.00%, 7/11/2025 (a)
10,300
10,312
6.25%, 11/3/2025 (a)
5,048
5,074
5.50%, 3/30/2026 (a)
6,663
6,699
5.45%, 6/24/2026 (a)
17,511
17,598
1.65%, 9/17/2026 (a)
3,820
3,667
4.85%, 3/25/2027 (a)
12,802
12,785
4.30%, 9/24/2027 (a)
10,031
9,901
Kia Corp. (South Korea) 3.25%, 4/21/2026 (a) (b)
4,416
4,357
Mercedes-Benz Finance North America LLC (Germany)
4.90%, 1/9/2026 (a)
23,032
23,081
4.88%, 7/31/2026 (a)
10,340
10,367
Volkswagen Group of America Finance LLC (Germany)
(SOFR + 0.93%), 5.30%, 9/12/2025 (a) (c)
30,187
30,213
4.90%, 8/14/2026 (a)
1,686
1,686
4.95%, 3/25/2027 (a)
2,675
2,674
 
169,034
Banks — 27.7%
ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%,
9/18/2027 (a) (c)
32,423
33,036
Banco Bilbao Vizcaya Argentaria SA (Spain)
1.13%, 9/18/2025
4,600
4,552
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.86%, 9/14/2026 (c)
47,640
47,743
Banco Santander SA (Spain) 5.15%, 8/18/2025
194
194
Bank of America Corp.
(SOFR + 1.15%), 1.32%, 6/19/2026 (c)
22,536
22,492
(SOFR + 1.01%), 1.20%, 10/24/2026 (c)
17,533
17,286
Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (c)
1,690
1,651
(3-MONTH CME TERM SOFR + 1.32%), 3.56%, 4/23/2027 (c)
25,815
25,551
Bank of Montreal (Canada)
(SOFR + 0.43%), 4.59%, 12/11/2026 (c)
25,285
25,266
(SOFRINDX + 1.16%), 5.51%, 12/11/2026 (c)
16,665
16,815
Series f2f, (SOFR + 0.88%), 4.57%, 9/10/2027 (c)
20,852
20,835
Bank of New Zealand (New Zealand) 1.00%, 3/3/2026 (a) (b)
11,036
10,749
Bank of Nova Scotia (The) (Canada)
1.30%, 6/11/2025 (b)
1,317
1,316
5.45%, 6/12/2025
30,841
30,847
(SOFRINDX + 1.09%), 5.46%, 6/12/2025 (c)
11,700
11,704
4.75%, 2/2/2026
18,495
18,517
5.35%, 12/7/2026
44,371
44,919
Banque Federative du Credit Mutuel SA (France)
4.52%, 7/13/2025 (a)
3,224
3,223
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
4.94%, 1/26/2026 (a)
13,749
13,780
5.90%, 7/13/2026 (a)
18,150
18,401
Barclays plc (United Kingdom)
4.38%, 1/12/2026
14,247
14,213
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.30%, 8/9/2026 (c)
6,000
6,005
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.05%), 7.33%, 11/2/2026 (c)
2,200
2,223
BNP Paribas SA (France)
(SOFR + 1.00%), 1.32%, 1/13/2027 (a) (c)
8,971
8,784
(SOFR + 0.91%), 1.68%, 6/30/2027 (a) (c)
5,762
5,576
BPCE SA (France)
(SOFR + 1.52%), 1.65%, 10/6/2026 (a) (c)
9,833
9,716
5.20%, 1/18/2027 (a) (b)
4,670
4,719
Canadian Imperial Bank of Commerce (Canada)
5.24%, 6/28/2027
15,175
15,397
(SOFR + 0.93%), 4.51%, 9/11/2027 (c)
22,861
22,825
(SOFR + 0.72%), 4.86%, 1/13/2028 (c)
33,913
34,057
Capital One NA 3.45%, 7/27/2026
5,250
5,176
Citibank NA
4.93%, 8/6/2026
3,365
3,384
(SOFR + 0.71%), 4.88%, 11/19/2027 (c)
21,435
21,513
Citigroup, Inc.
(3-MONTH CME TERM SOFR + 1.51%), 5.81%, 7/1/2026 (c)
13,912
13,928
(SOFR + 1.55%), 5.61%, 9/29/2026 (c)
19,835
19,881
(SOFR + 0.77%), 1.12%, 1/28/2027 (c)
11,289
11,021
(SOFR + 1.14%), 4.64%, 5/7/2028 (c)
4,646
4,639
Commonwealth Bank of Australia (Australia)
(SOFR + 0.40%), 4.74%, 7/7/2025 (a) (c)
3,188
3,189
4.93%, 12/9/2025 (a)
13,594
13,624
Cooperatieve Rabobank UA (Netherlands)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.00%, 9/24/2026 (a) (c)
5,522
5,455
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 1.11%, 2/24/2027 (a) (c)
7,069
6,881
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.98%, 12/15/2027 (a) (c)
19,396
18,612
Credit Agricole SA (France)
2.02%, 1/11/2027 (a)
1,500
1,440
(SOFR + 0.89%), 1.25%, 1/26/2027 (a) (c)
7,619
7,443
Danske Bank A/S (Denmark)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 1.62%, 9/11/2026 (a) (c)
8,984
8,899
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.18%), 6.26%, 9/22/2026 (a) (c)
6,965
6,991
DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.13%, 9/16/2026 (a) (c)
3,176
3,142
Fifth Third Bank NA 3.95%, 7/28/2025
3,081
3,078
HSBC Holdings plc (United Kingdom)
(SOFR + 1.93%), 2.10%, 6/4/2026 (c)
7,450
7,449
(3-MONTH CME TERM SOFR + 1.61%), 4.29%, 9/12/2026 (c)
9,457
9,439
(SOFR + 1.29%), 1.59%, 5/24/2027 (c)
7,443
7,223
(SOFR + 1.10%), 2.25%, 11/22/2027 (c)
7,400
7,128
ING Groep NV (Netherlands)
4.63%, 1/6/2026 (a)
8,584
8,578
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.40%, 7/1/2026 (a) (c)
12,840
12,803
(SOFR + 1.01%), 1.73%, 4/1/2027 (c)
19,545
19,077
(SOFR + 1.56%), 6.08%, 9/11/2027 (c)
1,797
1,829
KeyBank NA
3.30%, 6/1/2025
3,828
3,828
4.15%, 8/8/2025
8,582
8,568
4.70%, 1/26/2026
18,018
18,004
Manufacturers & Traders Trust Co.
5.40%, 11/21/2025
4,015
4,024
4.65%, 1/27/2026
36,903
36,871
Mitsubishi UFJ Financial Group, Inc. (Japan)
1.41%, 7/17/2025
21,109
21,025
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (c)
12,800
12,361
Mizuho Financial Group, Inc. (Japan)
2.84%, 9/13/2026
3,375
3,307
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (c)
23,776
23,011
Morgan Stanley Bank NA 5.48%, 7/16/2025
1,738
1,739
National Australia Bank Ltd. (Australia) 4.75%, 12/10/2025
5,375
5,382
National Bank of Canada (Canada)
(SOFR + 0.56%), 4.70%, 3/5/2027 (c)
27,811
27,777
(SOFRINDX + 0.90%), 5.24%, 3/25/2027 (c)
24,102
24,115
(SOFR + 1.04%), 5.60%, 7/2/2027 (c)
9,774
9,865
(SOFR + 0.80%), 4.95%, 2/1/2028 (c)
3,186
3,200
NatWest Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%), 7.47%, 11/10/2026 (c)
23,899
24,174
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.85%, 3/2/2027 (c)
25,613
25,820
NatWest Markets plc (United Kingdom) 1.60%, 9/29/2026 (a)
792
762
PNC Bank NA (SOFR + 0.50%), 4.78%, 1/15/2027 (c)
32,560
32,581
PNC Financial Services Group, Inc. (The)
(SOFR + 1.32%), 5.81%, 6/12/2026 (c)
12,280
12,282
(SOFRINDX + 1.09%), 4.76%, 1/26/2027 (c)
26,380
26,395
Royal Bank of Canada (Canada)
(SOFRINDX + 0.46%), 4.78%, 8/3/2026 (c)
26,495
26,505
(SOFR + 0.79%), 5.07%, 7/23/2027 (c)
19,134
19,260
Santander Holdings USA, Inc. 3.45%, 6/2/2025
15,772
15,772
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 (c)
60,118
59,670
Societe Generale SA (France)
4.35%, 6/13/2025 (a)
5,461
5,460
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (a) (c)
36,330
35,648
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.45%, 1/12/2027 (a) (c)
2,000
2,017
(SOFR + 1.10%), 5.42%, 2/19/2027 (a) (c)
678
677
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (a) (c)
17,493
16,944
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.52%, 1/19/2028 (a) (c)
2,500
2,519
Standard Chartered Bank (United Kingdom)
(SOFR + 0.65%), 4.99%, 10/8/2026 (c)
800
801
4.85%, 12/3/2027
8,583
8,655
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
Standard Chartered plc (United Kingdom)
4.05%, 4/12/2026 (a)
5,269
5,237
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 6.17%, 1/9/2027 (a) (b) (c)
12,977
13,076
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.46%, 1/14/2027 (a) (c)
4,018
3,934
Sumitomo Mitsui Financial Group, Inc. (Japan)
1.47%, 7/8/2025
700
698
5.46%, 1/13/2026
11,188
11,240
5.88%, 7/13/2026
5,181
5,258
2.63%, 7/14/2026
21,043
20,619
Sumitomo Mitsui Trust Bank Ltd. (Japan)
5.65%, 3/9/2026 (a)
8,335
8,407
4.45%, 9/10/2027 (a)
12,666
12,663
Toronto-Dominion Bank (The) (Canada)
(SOFR + 0.48%), 4.84%, 10/10/2025 (c)
5,372
5,376
(SOFR + 0.59%), 4.94%, 9/10/2026 (c)
5,457
5,452
4.57%, 12/17/2026
15,473
15,492
Truist Bank (SOFR + 0.59%), 4.67%, 5/20/2027 (c)
4,904
4,907
Truist Financial Corp.
3.70%, 6/5/2025
25,609
25,606
1.20%, 8/5/2025
5,000
4,970
(SOFR + 1.46%), 4.26%, 7/28/2026 (c)
7,063
7,055
(SOFR + 0.61%), 1.27%, 3/2/2027 (c)
13,894
13,520
(SOFR + 2.05%), 6.05%, 6/8/2027 (c)
4,333
4,389
US Bancorp (SOFR + 1.43%), 5.73%, 10/21/2026 (c)
7,467
7,495
US Bank NA
(SOFR + 0.69%), 4.51%, 10/22/2027 (c)
27,710
27,677
(SOFR + 0.91%), 4.73%, 5/15/2028 (c)
14,266
14,280
Wells Fargo & Co. Series W, (SOFR + 0.78%), 4.90%, 1/24/2028 (c)
10,931
10,971
Wells Fargo Bank NA (SOFR + 1.07%), 5.42%, 12/11/2026 (c)
6,976
7,023
 
1,478,578
Beverages — 0.1%
Pernod Ricard SA (France) 3.25%, 6/8/2026 (a)
7,855
7,742
Capital Markets — 6.8%
Goldman Sachs Bank USA
(SOFR + 0.77%), 5.12%, 3/18/2027 (c)
11,724
11,731
(SOFR + 0.75%), 5.41%, 5/21/2027 (c)
17,189
17,310
Goldman Sachs Group, Inc. (The)
(SOFR + 1.07%), 5.38%, 8/10/2026 (c)
7,548
7,557
(SOFR + 1.08%), 5.80%, 8/10/2026 (c)
13,400
13,425
(SOFR + 0.79%), 1.09%, 12/9/2026 (c)
4,176
4,097
(SOFR + 0.80%), 1.43%, 3/9/2027 (c)
24,154
23,546
Jefferies Financial Group, Inc.
5.00%, 2/10/2026
3,699
3,699
5.03%, 3/16/2026
23,357
23,386
Macquarie Bank Ltd. (Australia) 5.27%, 7/2/2027 (a)
15,460
15,736
Macquarie Group Ltd. (Australia) (SOFR + 2.21%), 5.11%, 8/9/2026 (a) (c)
16,137
16,143
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Capital Markets — continued
Morgan Stanley
(SOFR + 0.72%), 0.99%, 12/10/2026 (c)
45,990
45,070
(SOFR + 0.88%), 1.59%, 5/4/2027 (c)
3,183
3,093
(SOFR + 0.86%), 1.51%, 7/20/2027 (c)
16,495
15,915
Nomura Holdings, Inc. (Japan)
5.10%, 7/3/2025
4,293
4,294
1.85%, 7/16/2025
31,200
31,087
5.71%, 1/9/2026
3,227
3,244
State Street Corp.
(SOFR + 1.35%), 5.75%, 11/4/2026 (c)
8,605
8,645
(SOFR + 0.95%), 4.54%, 4/24/2028 (c)
8,113
8,131
UBS Group AG (Switzerland)
4.13%, 9/24/2025 (a)
11,246
11,220
4.55%, 4/17/2026
15,515
15,509
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (c)
43,014
43,006
(SOFR + 3.34%), 6.37%, 7/15/2026 (a) (c)
17,946
17,971
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.71%, 1/12/2027 (a) (c)
8,333
8,376
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027 (a) (c)
1,439
1,407
(SOFRINDX + 0.98%), 1.31%, 2/2/2027 (a) (c)
10,300
10,062
 
363,660
Chemicals — 1.0%
Chevron Phillips Chemical Co. LLC 3.40%, 12/1/2026 (a)
740
728
DuPont de Nemours, Inc. 4.49%, 11/15/2025
7,707
7,701
Ecolab, Inc. 4.30%, 6/15/2028 (d)
2,985
2,994
EIDP, Inc. 4.50%, 5/15/2026
11,162
11,170
LYB International Finance III LLC 1.25%, 10/1/2025
9,698
9,580
Nutrien Ltd. (Canada)
5.95%, 11/7/2025
5,492
5,517
4.50%, 3/12/2027
17,592
17,574
 
55,264
Commercial Services & Supplies — 0.5%
Element Fleet Management Corp. (Canada)
3.85%, 6/15/2025 (a)
13,841
13,832
6.27%, 6/26/2026 (a)
11,988
12,164
5.64%, 3/13/2027 (a)
1,982
2,011
 
28,007
Consumer Finance — 3.0%
AerCap Ireland Capital DAC (Ireland)
6.50%, 7/15/2025
8,528
8,532
4.45%, 10/1/2025
8,442
8,431
4.88%, 4/1/2028
10,783
10,838
American Express Co.
3.95%, 8/1/2025
3,497
3,495
(SOFRINDX + 0.75%), 5.65%, 4/23/2027 (c)
9,997
10,087
American Honda Finance Corp.
(SOFR + 0.45%), 4.82%, 6/13/2025 (c)
2,500
2,500
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Consumer Finance — continued
(SOFR + 0.55%), 4.87%, 5/11/2026 (c)
4,157
4,154
(SOFR + 0.62%), 4.99%, 12/11/2026 (c)
12,944
12,942
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2026 (a)
1,713
1,713
2.13%, 2/21/2026 (a)
13,606
13,230
4.25%, 4/15/2026 (a)
13,578
13,408
Capital One Financial Corp. (SOFR + 2.16%), 4.99%, 7/24/2026 (c)
25,000
25,000
Caterpillar Financial Services Corp. 4.45%, 10/16/2026
11,665
11,697
General Motors Financial Co., Inc.
6.05%, 10/10/2025
4,250
4,266
1.25%, 1/8/2026
6,004
5,871
5.25%, 3/1/2026
5,888
5,895
Toyota Motor Credit Corp.
(SOFR + 0.77%), 5.11%, 8/7/2026 (c)
12,598
12,647
4.50%, 5/14/2027
7,356
7,379
 
162,085
Containers & Packaging — 0.2%
Amcor Finance USA, Inc. 3.63%, 4/28/2026
2,858
2,830
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025 (a)
6,576
6,555
 
9,385
Diversified REITs — 0.1%
WP Carey, Inc. 4.25%, 10/1/2026
2,767
2,750
Diversified Telecommunication Services — 0.6%
AT&T, Inc. 1.70%, 3/25/2026
21,328
20,829
NBN Co. Ltd. (Australia) 4.00%, 10/1/2027 (a)
9,275
9,170
 
29,999
Electric Utilities — 2.5%
Enel Finance International NV (Italy) 4.50%, 6/15/2025 (a) (e)
8,809
8,807
Entergy Corp. 0.90%, 9/15/2025
7,870
7,784
Exelon Corp. 3.95%, 6/15/2025
29,416
29,404
Interstate Power and Light Co. 3.40%, 8/15/2025
9,895
9,865
NextEra Energy Capital Holdings, Inc.
5.75%, 9/1/2025
24,616
24,680
4.95%, 1/29/2026
16,599
16,641
Oncor Electric Delivery Co. LLC 4.50%, 3/20/2027 (a)
5,609
5,620
Trans-Allegheny Interstate Line Co. 3.85%, 6/1/2025 (a)
11,750
11,750
Virginia Power Fuel Securitization LLC Series A-1, 5.09%, 5/1/2027
8,277
8,314
Wisconsin Public Service Corp. 5.35%, 11/10/2025
1,895
1,901
Xcel Energy, Inc. 3.30%, 6/1/2025
9,678
9,678
 
134,444
Electronic Equipment, Instruments & Components — 0.1%
Teledyne Technologies, Inc. 1.60%, 4/1/2026
3,445
3,360
Financial Services — 0.8%
Fiserv, Inc. 3.20%, 7/1/2026
13,316
13,123
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Financial Services — continued
LSEGA Financing plc (United Kingdom) 1.38%, 4/6/2026 (a)
4,732
4,608
National Rural Utilities Cooperative Finance Corp. (SOFR + 0.58%), 4.93%, 11/22/2026 (c)
17,928
17,936
Nationwide Building Society (United Kingdom) 3.90%, 7/21/2025 (a)
8,966
8,956
 
44,623
Food Products — 0.1%
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025
6,356
6,313
Ground Transportation — 0.9%
ERAC USA Finance LLC 3.80%, 11/1/2025 (a)
8,987
8,954
Penske Truck Leasing Co. LP
4.00%, 7/15/2025 (a)
380
380
1.20%, 11/15/2025 (a)
12,062
11,850
5.75%, 5/24/2026 (a)
5,342
5,387
3.40%, 11/15/2026 (a)
9,634
9,448
Ryder System, Inc. 4.63%, 6/1/2025
10,616
10,616
 
46,635
Health Care Equipment & Supplies — 0.2%
Zimmer Biomet Holdings, Inc. 4.70%, 2/19/2027
12,792
12,815
Health Care Providers & Services — 0.6%
Cardinal Health, Inc.
3.75%, 9/15/2025
14,832
14,801
4.70%, 11/15/2026
7,238
7,251
HCA, Inc. 5.88%, 2/15/2026
3,260
3,267
Laboratory Corp. of America Holdings 1.55%, 6/1/2026
8,672
8,425
 
33,744
Health Care REITs — 0.4%
Alexandria Real Estate Equities, Inc.
4.30%, 1/15/2026
10,838
10,810
3.80%, 4/15/2026
8,433
8,368
Ventas Realty LP 4.13%, 1/15/2026
3,659
3,641
 
22,819
Hotels, Restaurants & Leisure — 0.5%
Expedia Group, Inc. 5.00%, 2/15/2026
22,284
22,309
Marriott International, Inc. 5.45%, 9/15/2026
1,864
1,883
 
24,192
Independent Power and Renewable Electricity Producers — 0.2%
Constellation Energy Generation LLC 3.25%, 6/1/2025
9,714
9,714
Insurance — 5.4%
Athene Global Funding
1.45%, 1/8/2026 (a) (b)
7,319
7,176
4.86%, 8/27/2026 (a)
35,429
35,511
1.73%, 10/2/2026 (a)
14,797
14,223
4.95%, 1/7/2027 (a)
21,517
21,573
Corebridge Global Funding
5.35%, 6/24/2026 (a)
23,483
23,684
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Insurance — continued
5.75%, 7/2/2026 (a)
9,329
9,447
4.65%, 8/20/2027 (a)
20,717
20,766
Equitable Financial Life Global Funding
5.50%, 12/2/2025 (a)
3,308
3,321
4.60%, 4/1/2027 (a)
41,748
41,732
Jackson National Life Global Funding
5.60%, 4/10/2026 (a)
12,996
13,103
4.90%, 1/13/2027 (a)
19,836
19,911
5.55%, 7/2/2027 (a)
12,358
12,564
Marsh & McLennan Cos., Inc. 3.75%, 3/14/2026
8,949
8,904
MassMutual Global Funding II (SOFR + 0.98%), 5.34%, 7/10/2026 (a) (c)
4,000
4,029
Met Tower Global Funding 4.00%, 10/1/2027 (a)
2,283
2,260
New York Life Global Funding
(SOFR + 0.67%), 5.03%, 4/2/2027 (a) (c)
473
474
4.40%, 4/25/2028 (a)
22,015
22,056
Pacific Life Global Funding II (SOFR + 0.48%), 4.80%, 2/4/2027 (a) (c)
15,459
15,442
Principal Life Global Funding II
5.00%, 1/16/2027 (a)
3,712
3,740
4.60%, 8/19/2027 (a)
4,292
4,300
Reliance Standard Life Global Funding II 5.24%, 2/2/2026 (a)
1,933
1,939
 
286,155
IT Services — 0.2%
CGI, Inc. (Canada) 1.45%, 9/14/2026
11,292
10,846
Machinery — 0.5%
CNH Industrial Capital LLC 1.88%, 1/15/2026
10,169
9,995
Daimler Truck Finance North America LLC (Germany) 4.95%, 1/13/2028 (a)
15,014
15,104
 
25,099
Media — 0.0% ^
Omnicom Group, Inc. 3.60%, 4/15/2026
2,433
2,409
Metals & Mining — 0.1%
Glencore Funding LLC (Australia) (SOFRINDX + 0.75%), 5.09%, 10/1/2026 (a) (c)
2,331
2,332
Rio Tinto Finance USA plc (Australia) 4.38%, 3/12/2027
1,783
1,788
 
4,120
Multi-Utilities — 0.8%
Dominion Energy, Inc.
3.90%, 10/1/2025
18,548
18,507
Series A, 1.45%, 4/15/2026
8,400
8,174
WEC Energy Group, Inc. 4.75%, 1/9/2026
18,085
18,097
 
44,778
Oil, Gas & Consumable Fuels — 1.1%
Energy Transfer LP 4.75%, 1/15/2026
2,274
2,271
Enterprise Products Operating LLC 4.60%, 1/11/2027
15,042
15,114
MPLX LP 1.75%, 3/1/2026
15,379
15,033
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
TransCanada PipeLines Ltd. (Canada) 4.88%, 1/15/2026
16,706
16,714
Williams Cos., Inc. (The) 4.00%, 9/15/2025
6,989
6,974
 
56,106
Residential REITs — 0.3%
Essex Portfolio LP 3.38%, 4/15/2026
15,490
15,319
Retail REITs — 1.0%
Brixmor Operating Partnership LP 4.13%, 6/15/2026
29,519
29,353
Federal Realty OP LP 1.25%, 2/15/2026
18,178
17,731
NNN REIT, Inc. 4.00%, 11/15/2025
7,972
7,946
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (a)
626
621
 
55,651
Semiconductors & Semiconductor Equipment — 1.3%
Advanced Micro Devices, Inc. 4.21%, 9/24/2026
8,013
8,017
Broadcom, Inc. 4.80%, 4/15/2028
34,651
35,052
Microchip Technology, Inc. 4.25%, 9/1/2025
26,453
26,413
 
69,482
Specialized REITs — 0.7%
Equinix, Inc.
1.00%, 9/15/2025
11,524
11,403
1.45%, 5/15/2026
8,927
8,656
Extra Space Storage LP 3.50%, 7/1/2026
19,297
19,085
 
39,144
Specialty Retail — 0.2%
AutoZone, Inc. 3.13%, 4/21/2026
2,834
2,803
Lowe's Cos., Inc. 4.80%, 4/1/2026
5,132
5,142
 
7,945
Technology Hardware, Storage & Peripherals — 0.4%
Hewlett Packard Enterprise Co. 4.45%, 9/25/2026
16,023
16,000
HP, Inc. 2.20%, 6/17/2025
7,330
7,323
 
23,323
Tobacco — 0.6%
BAT Capital Corp. (United Kingdom) 3.22%, 9/6/2026
10,000
9,830
BAT International Finance plc (United Kingdom) 1.67%, 3/25/2026
17,304
16,894
Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025
3,568
3,568
 
30,292
Trading Companies & Distributors — 0.1%
Aviation Capital Group LLC
1.95%, 1/30/2026 (a)
2,268
2,223
4.75%, 4/14/2027 (a)
2,642
2,632
 
4,855
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Wireless Telecommunication Services — 0.9%
T-Mobile USA, Inc.
2.25%, 2/15/2026
35,201
34,596
2.63%, 4/15/2026
13,034
12,832
 
47,428
Total Corporate Bonds
(Cost $3,361,378)
3,368,115
Asset-Backed Securities — 12.6%
Ally Auto Receivables Trust
Series 2022-1, Class A3, 3.31%, 11/15/2026
244
244
Series 2024-1, Class A2, 5.32%, 1/15/2027
3,221
3,223
Series 2022-3, Class A3, 5.07%, 4/15/2027
9,850
9,861
American Express Credit Account Master Trust Series 2022-3, Class A, 3.75%, 8/15/2027
28,816
28,770
AmeriCredit Automobile Receivables Trust Series 2022-2, Class A3, 4.38%, 4/18/2028
479
478
Amur Equipment Finance Receivables LLC
Series 2022-1A, Class A2, 1.64%, 10/20/2027 (a)
230
230
Series 2024-2A, Class A2, 5.19%, 7/21/2031 (a)
43,915
44,213
BA Credit Card Trust Series 2022-A1, Class A1, 3.53%, 11/15/2027
2,922
2,921
Bank of America Auto Trust Series 2023-2A, Class A2, 5.85%, 8/17/2026 (a)
1,358
1,359
BMW Vehicle Lease Trust
Series 2023-2, Class A3, 5.99%, 9/25/2026
7,245
7,274
Series 2024-2, Class A2A, 4.29%, 1/25/2027
19,878
19,835
Series 2024-1, Class A3, 4.98%, 3/25/2027
3,563
3,576
BofA Auto Trust Series 2024-1A, Class A2, 5.57%, 12/15/2026 (a)
6,501
6,512
Capital One Prime Auto Receivables Trust
Series 2021-1, Class A3, 0.77%, 9/15/2026
292
291
Series 2022-2, Class A3, 3.66%, 5/17/2027
1,941
1,933
Carmax Auto Owner Trust Series 2022-2, Class A3, 3.49%, 2/16/2027
1,273
1,269
CarMax Auto Owner Trust Series 2023-4, Class A2A, 6.08%, 12/15/2026
1,245
1,247
CCG Receivables Trust Series 2024-1, Class A2, 4.99%, 3/15/2032 (a)
31,041
31,162
Chesapeake Funding LLC (Canada) Series 2023-2A, Class A1, 6.16%, 10/15/2035 (a)
7,672
7,765
Citibank Credit Card Issuance Trust Series 2023-A2, Class A2, 4.97%, 12/8/2027 (f)
11,413
11,421
CNH Equipment Trust
Series 2022-A, Class A3, 2.94%, 7/15/2027
650
644
Series 2024-A, Class A2, 5.19%, 7/15/2027
1,951
1,953
Series 2022-B, Class A3, 3.89%, 11/15/2027
10,213
10,171
Dell Equipment Finance Trust
Series 2025-1, Class A2, 4.68%, 7/22/2027 (a)
8,090
8,106
Series 2023-1, Class A3, 5.65%, 9/22/2028 (a)
2,726
2,732
Series 2024-1, Class A2, 5.58%, 3/22/2030 (a)
17,550
17,591
Discover Card Execution Note Trust Series 2022-A3, Class A3, 3.56%, 7/15/2027
3,826
3,821
DLLAA LLC Series 2023-1A, Class A2, 5.93%, 7/20/2026 (a)
2,917
2,922
Dllad LLC Series 2024-1A, Class A2, 5.50%, 8/20/2027 (a)
2,582
2,593
Enterprise Fleet Financing LLC
Series 2024-4, Class A2, 4.69%, 7/20/2027 (a)
9,718
9,722
Series 2023-2, Class A2, 5.56%, 4/22/2030 (a)
1,966
1,977
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Ford Credit Auto Lease Trust
Series 2023-B, Class A3, 5.91%, 10/15/2026
17,664
17,703
Series 2024-B, Class A2A, 5.18%, 2/15/2027
16,577
16,608
Ford Credit Auto Owner Trust
Series 2022-D, Class A3, 5.27%, 5/17/2027
7,806
7,829
Series 2024-C, Class A2A, 4.32%, 8/15/2027
22,317
22,290
GM Financial Automobile Leasing Trust Series 2024-2, Class A2A, 5.43%, 9/21/2026
9,588
9,610
GM Financial Consumer Automobile Receivables Trust
Series 2022-1, Class A3, 1.26%, 11/16/2026
2,423
2,416
Series 2022-2, Class A3, 3.10%, 2/16/2027
1,062
1,058
Series 2024-1, Class A2A, 5.12%, 2/16/2027
2,277
2,279
Series 2024-2, Class A2A, 5.33%, 3/16/2027
2,400
2,403
Series 2025-1, Class A2A, 4.44%, 1/18/2028
10,901
10,891
Series 2023-1, Class A3, 4.66%, 2/16/2028
3,615
3,616
Honda Auto Receivables Owner Trust
Series 2022-2, Class A3, 3.73%, 7/20/2026
2,797
2,792
Series 2024-1, Class A2, 5.36%, 9/15/2026
14,731
14,750
Series 2025-1, Class A2, 4.53%, 8/23/2027
28,279
28,298
HPEFS Equipment Trust Series 2023-2A, Class A3, 5.99%, 1/21/2031 (a)
1,650
1,654
Hyundai Auto Lease Securitization Trust Series 2025-B, Class A2A, 4.58%, 9/15/2027 (a)
6,290
6,299
Hyundai Auto Receivables Trust
Series 2022-B, Class A3, 3.72%, 11/16/2026
1,232
1,229
Series 2023-C, Class A2A, 5.80%, 1/15/2027
495
496
Series 2024-A, Class A2A, 5.29%, 4/15/2027
3,314
3,320
Series 2024-B, Class A2A, 5.15%, 6/15/2027
34,495
34,575
Series 2024-C, Class A2A, 4.53%, 9/15/2027
16,494
16,491
Series 2022-A, Class A4, 2.35%, 4/17/2028
2,459
2,432
John Deere Owner Trust
Series 2024-A, Class A2A, 5.19%, 2/16/2027
5,749
5,757
Series 2022-C, Class A3, 5.09%, 6/15/2027
4,155
4,165
Mercedes-Benz Auto Lease Trust
Series 2023-A, Class A3, 4.74%, 1/15/2027
2,821
2,821
Series 2025-A, Class A2A, 4.57%, 4/17/2028
8,020
8,035
Nissan Auto Receivables Owner Trust Series 2023-A, Class A3, 4.91%, 11/15/2027
16,238
16,264
Porsche Innovative Lease Owner Trust Series 2025-1A, Class A2A, 4.60%, 12/20/2027 (a)
4,600
4,604
Santander Drive Auto Receivables Trust
Series 2024-3, Class A2, 5.91%, 6/15/2027
4,673
4,677
Series 2023-2, Class A3, 5.21%, 7/15/2027
119
119
Series 2023-3, Class A3, 5.61%, 10/15/2027
1,464
1,466
SBNA Auto Lease Trust
Series 2024-C, Class A2, 4.94%, 11/20/2026 (a)
2,498
2,499
Series 2024-A, Class A3, 5.39%, 11/20/2026 (a)
2,954
2,960
Series 2024-B, Class A2, 5.67%, 11/20/2026 (a)
3,316
3,321
Series 2025-A, Class A2, 4.68%, 4/20/2027 (a)
20,190
20,177
Series 2023-A, Class A3, 6.51%, 4/20/2027 (a)
19,691
19,792
Series 2024-C, Class A3, 4.56%, 2/22/2028 (a)
5,638
5,633
SCF Equipment Leasing LLC Series 2024-1A, Class A2, 5.88%, 11/20/2029 (a)
5,553
5,589
SCF Equipment Trust LLC Series 2025-1A, Class A2, 4.82%, 7/22/2030 (a)
2,473
2,476
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Tesla Auto Lease Trust Series 2024-A, Class A2A, 5.37%, 6/22/2026 (a)
1,860
1,861
Toyota Auto Loan Extended Note Trust Series 2021-1A, Class A, 1.07%, 2/27/2034 (a)
10,914
10,641
Toyota Auto Receivables Owner Trust
Series 2023-C, Class A2A, 5.60%, 8/17/2026
365
365
Series 2022-B, Class A3, 2.93%, 9/15/2026
897
894
Series 2022-C, Class A3, 3.76%, 4/15/2027
5,120
5,102
Series 2023-A, Class A3, 4.63%, 9/15/2027
5,456
5,456
Toyota Lease Owner Trust Series 2024-A, Class A3, 5.25%, 4/20/2027 (a)
18,815
18,905
USAA Auto Owner Trust Series 2024-A, Class A2, 5.25%, 3/15/2027 (a)
2,910
2,914
Verizon Master Trust Series 2024-1, Class A1A, 5.00%, 12/20/2028
13,122
13,150
Volkswagen Auto Lease Trust Series 2023-A, Class A3, 5.81%, 10/20/2026
8,526
8,565
Volkswagen Auto Loan Enhanced Trust
Series 2023-1, Class A2A, 5.50%, 12/21/2026
152
152
Series 2023-2, Class A2A, 5.72%, 3/22/2027
7,342
7,362
Wheels Fleet Lease Funding LLC Series 2024-3A, Class A1, 4.80%, 9/19/2039 (a)
3,646
3,651
World Omni Auto Receivables Trust
Series 2024-A, Class A2A, 5.05%, 4/15/2027
3,041
3,042
Series 2022-D, Class A3, 5.61%, 2/15/2028
2,924
2,937
Series 2025-A, Class A2A, 4.49%, 4/17/2028
21,690
21,685
Series 2023-D, Class A3, 5.79%, 2/15/2029
1,645
1,663
Total Asset-Backed Securities
(Cost $672,370)
673,555
U.S. Treasury Obligations — 4.7%
U.S. Treasury Notes
4.63%, 11/15/2026
52,500
52,937
3.88%, 3/31/2027
97,850
97,739
3.75%, 4/30/2027
82,600
82,345
3.38%, 9/15/2027
16,400
16,221
Total U.S. Treasury Obligations
(Cost $249,203)
249,242
Short-Term Investments — 19.8%
Certificates of Deposits — 7.5%
BNP Paribas SA (France) , 4.20%, 10/3/2025
59,921
59,846
Credit Agricole Corporate and Investment Bank (France)
4.40%, 10/7/2025
30,914
30,897
4.54%, 10/9/2025
5,100
5,101
(SOFR + 0.34%), 4.62%, 4/21/2026 (c)
27,185
27,194
Credit Industriel et Commercial (France) , 5.42%, 6/5/2025
1,000
1,000
DG Bank (Germany) , 4.43%, 8/7/2025
20,000
19,999
Intesa Sanpaolo SpA (Italy) , 4.75%, 11/6/2025
27,340
27,334
Kookmin Bank (South Korea)
(SOFR + 0.55%), 4.83%, 6/9/2025 (c)
6,292
6,293
4.67%, 7/24/2025
9,986
9,987
Mitsubishi UFJ Trust & Banking Corp. (Japan) (SOFR + 0.33%), 4.61%, 3/11/2026 (c)
21,380
21,384
Mizuho Bank Ltd. (Japan)
4.60%, 11/20/2025
8,898
8,900
4.60%, 1/14/2026
17,816
17,827
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Short-Term Investments — continued
Certificates of Deposits — continued
(SOFR + 0.32%), 4.60%, 3/6/2026 (c)
4,795
4,796
MUFG Bank Ltd. (Japan) (SOFR + 0.32%), 4.60%, 1/30/2026 (c)
25,723
25,730
Norinchukin Bank (The) (Japan) , 4.51%, 10/9/2025
28,781
28,771
Shinhan Bank (South Korea) (SOFR + 0.55%), 4.83%, 6/9/2025 (c)
13,376
13,378
Standard Chartered Bank (United Kingdom)
4.50%, 10/9/2025
9,558
9,553
4.68%, 11/12/2025
31,300
31,313
Toronto-Dominion Bank (The) (Canada) (SOFR + 0.45%), 4.73%, 4/27/2026 (c)
51,528
51,586
Total Certificates of Deposit
(Cost $400,893)
400,889
Commercial Paper — 9.9%
AbbVie, Inc. 4.71%, 9/16/2025 (a) (g)
24,812
24,467
Bank of Montreal (Canada) 4.64%, 11/21/2025 (g)
11,308
11,071
BAT International Finance plc (United Kingdom) 4.70%, 8/5/2025 (a) (g)
2,064
2,046
BPCE SA (France) 4.57%, 2/11/2026 (a) (g)
32,555
31,550
Brookfield Corporate Treasury Ltd. (Canada) 4.92%, 6/27/2025 (a) (g)
15,106
15,051
CDP Financial, Inc. (Canada) 4.59%, 1/12/2026 (a) (g)
7,607
7,400
Charles Schwab Corp. (The) 4.60%, 7/22/2025 (a) (g)
41,075
40,811
Citigroup Global Markets, Inc. 4.62%, 11/7/2025 (a) (g)
4,300
4,215
Credit Industriel et Commercial (France)
4.57%, 2/11/2026 (a) (g)
10,654
10,330
4.44%, 5/12/2026 (a) (g)
25,105
24,086
Danske Bank A/S (Denmark)
4.60%, 1/13/2026 (a) (g)
12,379
12,038
4.56%, 2/6/2026 (a) (g)
13,868
13,449
DNB Bank ASA (Norway) 4.58%, 11/25/2025 (a) (g)
7,169
7,016
DZ Bank AG (Germany) 4.46%, 9/4/2025 (a) (g)
18,000
17,787
First Abu Dhabi Bank PJSC (United Arab Emirates)
4.51%, 11/10/2025 (a) (g)
1,176
1,153
4.60%, 11/13/2025 (a) (g)
58,393
57,207
4.60%, 2/12/2026 (a) (g)
2,795
2,709
4.46%, 2/27/2026 (a) (g)
21,495
20,794
Glencore Funding LLC (Australia) 4.66%, 10/31/2025 (a) (g)
38,845
38,080
HSBC USA, Inc.
5.94%, 6/3/2025 (a) (g)
7,500
7,496
4.75%, 10/3/2025 (a) (g)
8,000
7,874
4.86%, 10/10/2025 (a) (g)
24,000
23,600
ING US Funding LLC (Netherlands) 4.49%, 10/7/2025 (a) (g)
34,765
34,212
KEB Hana Bank (South Korea) 4.60%, 11/26/2025 (a) (g)
11,339
11,088
Macquarie Bank Ltd. (Australia) 4.62%, 11/20/2025 (a) (g)
33,083
32,376
Mizuho Bank Ltd. (Japan) 4.62%, 11/18/2025 (a) (g)
17,583
17,219
NatWest Markets plc (United Kingdom) 4.60%, 11/18/2025 (a) (g)
13,586
13,301
RWE AG (Germany)
4.81%, 7/16/2025 (a) (g)
25,000
24,847
4.81%, 7/17/2025 (a) (g)
4,200
4,174
Societe Generale SA (France) 4.68%, 11/21/2025 (a) (g)
3,000
2,936
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Short-Term Investments — continued
Commercial Paper — continued
Standard Chartered Bank (United Kingdom) 4.60%, 1/14/2026 (a) (g)
814
792
TELUS Corp. (Canada) 4.70%, 8/26/2025 (a) (g)
8,000
7,910
Total Commercial Paper
(Cost $529,159)
529,085
 
SHARES
(000)
Investment Companies — 1.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.29% (h) (i)
(Cost $61,425)
61,420
61,432
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.36% (h) (i)
(Cost $6,960)
6,960
6,960
 
PRINCIPAL
AMOUNT
($000)
Repurchase Agreements — 1.1%
Wells Fargo Securities LLC, 4.77%, dated 5/31/2025, due 8/29/2025, repurchase price $60,716, collateralized by
Collateralized Mortgage Obligations, 0.00% - 8.67%, due 6/15/2035 - 2/25/2069, with the value of $66,320.
(Cost $60,000)
60,000
60,000
Total Short-Term Investments
(Cost $1,058,437)
1,058,366
Total Investments — 100.2%
(Cost $5,341,388)
5,349,278
Liabilities in Excess of Other Assets — (0.2)%
(10,659
)
NET ASSETS — 100.0%
5,338,619
 
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)
The security or a portion of this security is on loan at May 31, 2025. The total value of securities on loan at May 31, 2025 is $6,734.
 
(c)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025.
 
(d)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(e)
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 May 31, 2025.
 
(f)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2025.
 
(g)
The rate shown is the effective yield as of May 31, 2025.
 
(h)
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.
 
(i)
The rate shown is the current yield as of May 31, 2025.
 
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (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.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$—
$673,555
$—
$673,555
Corporate Bonds
—
3,368,115
—
3,368,115
U.S. Treasury Obligations
—
249,242
—
249,242
Short-Term Investments
Certificates of Deposits
—
400,889
—
400,889
Commercial Paper
—
529,085
—
529,085
Investment Companies
61,432
—
—
61,432
Investment of Cash Collateral from Securities Loaned
6,960
—
—
6,960
Repurchase Agreements
—
60,000
—
60,000
Total Short-Term Investments
68,392
989,974
—
1,058,366
Total Investments in Securities
$68,392
$5,280,886
$—
$5,349,278
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 May 31, 2025
Security Description
Value at
February 28,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2025
Shares at
May 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 4.29%  (a) (b)
$158,512
$1,790,301
$1,887,330
$(34
)
$(17
)
$61,432
61,420
$2,666
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.36%  (a) (b)
10,941
30,658
34,639
—
—
6,960
6,960
100
—
Total
$169,453
$1,820,959
$1,921,969
$(34
)
$(17
)
$68,392
$2,766
$—
 
 
(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, 2025.