JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited)
Investments | Principal Amount ($000) | Value ($000) | ||||||
CORPORATE BONDS — 65.1% |
| |||||||
Aerospace & Defense — 0.3% |
| |||||||
BAE Systems Holdings, Inc. (United Kingdom) 2.85%, 12/15/2020(a) | 1,000 | 1,001 | ||||||
General Dynamics Corp. | ||||||||
(ICE LIBOR USD 3 Month + 0.38%), 0.59%, 5/11/2021(b) | 895 | 897 | ||||||
3.00%, 5/11/2021 | 25,236 | 25,556 | ||||||
3.38%, 5/15/2023 | 10,792 | 11,577 | ||||||
Lockheed Martin Corp. 3.35%, 9/15/2021 | 6,490 | 6,645 | ||||||
Northrop Grumman Corp. 3.50%, 3/15/2021 | 9,167 | 9,251 | ||||||
|
| |||||||
54,927 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.1% |
| |||||||
United Parcel Service, Inc. | ||||||||
2.05%, 4/1/2021 | 3,361 | 3,381 | ||||||
2.45%, 10/1/2022 | 4,333 | 4,505 | ||||||
|
| |||||||
7,886 | ||||||||
|
| |||||||
Automobiles — 2.2% |
| |||||||
BMW US Capital LLC (Germany) | ||||||||
2.00%, 4/11/2021(a) | 9,232 | 9,276 | ||||||
3.10%, 4/12/2021(a) | 17,372 | 17,545 | ||||||
3.40%, 8/13/2021(a) | 2,715 | 2,772 | ||||||
1.85%, 9/15/2021(a) | 5,101 | 5,157 | ||||||
2.95%, 4/14/2022(a) | 9,158 | 9,475 | ||||||
Daimler Finance North America LLC (Germany) | ||||||||
(ICE LIBOR USD 3 Month + 0.43%), 0.64%, 2/12/2021(a)(b) | 13,272 | 13,278 | ||||||
2.30%, 2/12/2021(a) | 4,629 | 4,645 | ||||||
(ICE LIBOR USD 3 Month + 0.45%), 0.66%, 2/22/2021(a)(b) | 10,843 | 10,850 | ||||||
3.00%, 2/22/2021(a) | 19,961 | 20,079 | ||||||
2.88%, 3/10/2021(a) | 7,160 | 7,207 | ||||||
(ICE LIBOR USD 3 Month + 0.55%), 0.77%, 5/4/2021(a)(b) | 7,630 | 7,641 | ||||||
3.35%, 5/4/2021(a) | 24,887 | 25,193 | ||||||
2.00%, 7/6/2021(a) | 4,506 | 4,546 | ||||||
3.88%, 9/15/2021(a) | 21,231 | 21,789 | ||||||
3.75%, 11/5/2021(a) | 2,450 | 2,524 | ||||||
Hyundai Capital America | ||||||||
(ICE LIBOR USD 3 Month + 0.82%), 1.07%, 3/12/2021(a)(b) | 1,000 | 1,000 | ||||||
3.45%, 3/12/2021(a) | 4,818 | 4,855 | ||||||
3.00%, 3/18/2021(a) | 2,374 | 2,388 | ||||||
2.45%, 6/15/2021(a) | 3,650 | 3,681 | ||||||
3.95%, 2/1/2022(a) | 12,816 | 13,280 | ||||||
1.15%, 11/10/2022(a) | 50,331 | 50,473 | ||||||
Volkswagen Group of America Finance LLC (Germany) | ||||||||
(ICE LIBOR USD 3 Month + 0.94%), 1.15%, 11/12/2021(a)(b) | 23,245 | 23,403 | ||||||
2.90%, 5/13/2022(a) | 62,572 | 64,613 | ||||||
2.70%, 9/26/2022(a) | 14,340 | 14,875 | ||||||
0.75%, 11/23/2022(a) | 22,306 | 22,337 | ||||||
|
| |||||||
362,882 | ||||||||
|
| |||||||
Banks — 28.1% |
| |||||||
ABN AMRO Bank NV (Netherlands) | ||||||||
(ICE LIBOR USD 3 Month + 0.41%), 0.63%, 1/19/2021(a)(b) | 6,200 | 6,203 | ||||||
2.65%, 1/19/2021(a) | 35,081 | 35,191 | ||||||
(ICE LIBOR USD 3 Month + 0.57%), 0.80%, 8/27/2021(a)(b) | 30,259 | 30,366 | ||||||
3.40%, 8/27/2021(a) | 74,169 | 75,861 | ||||||
ANZ New Zealand Int’l Ltd. (New Zealand) | ||||||||
2.75%, 1/22/2021(a) | 6,760 | 6,783 | ||||||
(ICE LIBOR USD 3 Month + 1.01%), 1.23%, 7/28/2021(a)(b) | 6,000 | 6,036 | ||||||
2.13%, 7/28/2021(a) | 635 | 642 | ||||||
2.88%, 1/25/2022(a) | 14,064 | 14,474 | ||||||
Australia & New Zealand Banking Group Ltd. (Australia) | ||||||||
4.88%, 1/12/2021(a) | 1,000 | 1,005 | ||||||
(ICE LIBOR USD 3 Month + 0.46%), 0.68%, 5/17/2021(a)(b) | 30,330 | 30,389 | ||||||
3.30%, 5/17/2021(c) | 250 | 254 | ||||||
(ICE LIBOR USD 3 Month + 0.99%), 1.24%, 6/1/2021(a)(b) | 500 | 502 | ||||||
2.30%, 6/1/2021 | 12,250 | 12,378 | ||||||
(ICE LIBOR USD 3 Month + 0.87%), 1.08%, 11/23/2021(a)(b) | 2,600 | 2,619 | ||||||
2.63%, 5/19/2022 | 1,000 | 1,035 | ||||||
2.63%, 11/9/2022 | 6,000 | 6,273 | ||||||
2.05%, 11/21/2022 | 8,500 | 8,791 | ||||||
Banco Santander SA (Spain) 3.50%, 4/11/2022 | 10,400 | 10,815 | ||||||
Bank of America Corp. | ||||||||
(ICE LIBOR USD 3 Month + 1.42%), 1.64%, 4/19/2021(b) | 16,918 | 17,009 | ||||||
2.63%, 4/19/2021 | 9,394 | 9,477 | ||||||
(ICE LIBOR USD 3 Month + 0.37%), 2.74%, 1/23/2022(b) | 34,289 | 34,407 | ||||||
(ICE LIBOR USD 3 Month + 0.63%), 3.50%, 5/17/2022(b) | 47,498 | 48,184 | ||||||
Bank of Montreal (Canada) | ||||||||
(ICE LIBOR USD 3 Month + 0.40%), 0.62%, 1/22/2021(b) | 66,809 | 66,847 | ||||||
Series D, (ICE LIBOR USD 3 Month + 0.46%), 0.68%, 4/13/2021(b) | 3,159 | 3,164 | ||||||
Series D, 3.10%, 4/13/2021 | 32,662 | 33,016 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
(ICE LIBOR USD 3 Month + 0.79%), 1.02%, 8/27/2021(b) | 13,949 | 14,024 | ||||||
1.90%, 8/27/2021 | 14,714 | 14,894 | ||||||
(ICE LIBOR USD 3 Month + 0.40%), 0.65%, 9/10/2021(b) | 58,132 | 58,288 | ||||||
(ICE LIBOR USD 3 Month + 0.57%), 0.80%, 3/26/2022(b) | 704 | 708 | ||||||
2.90%, 3/26/2022 | 1,270 | 1,314 | ||||||
2.10%, 6/15/2022(a) | 25,162 | 25,847 | ||||||
2.05%, 11/1/2022 | 4,900 | 5,059 | ||||||
Bank of Nova Scotia (The) (Canada) | ||||||||
2.45%, 3/22/2021 | 25 | 25 | ||||||
(ICE LIBOR USD 3 Month + 0.44%), 0.66%, 4/20/2021(b) | 250 | 251 | ||||||
3.13%, 4/20/2021 | 6,942 | 7,019 | ||||||
2.80%, 7/21/2021 | 2,500 | 2,540 | ||||||
2.70%, 3/7/2022 | 3,172 | 3,272 | ||||||
2.45%, 9/19/2022 | 2,925 | 3,040 | ||||||
2.00%, 11/15/2022 | 25,711 | 26,550 | ||||||
1.95%, 2/1/2023 | 2,425 | 2,504 | ||||||
1.63%, 5/1/2023 | 5,000 | 5,143 | ||||||
0.80%, 6/15/2023 | 116,238 | 117,559 | ||||||
Banque Federative du Credit Mutuel SA (France) | ||||||||
2.50%, 4/13/2021(a) | 1,160 | 1,169 | ||||||
1.96%, 7/21/2021(a) | 33,789 | 34,145 | ||||||
2.70%, 7/20/2022(a) | 5,000 | 5,185 | ||||||
2.13%, 11/21/2022(a) | 76,639 | 79,183 | ||||||
Barclays Bank plc (United Kingdom) | ||||||||
(ICE LIBOR USD 3 Month + 0.46%), 0.68%, 1/11/2021(b) | 10,500 | 10,501 | ||||||
1.70%, 5/12/2022 | 50,084 | 50,972 | ||||||
Barclays plc (United Kingdom) | ||||||||
3.25%, 1/12/2021 | 16,324 | 16,373 | ||||||
3.20%, 8/10/2021 | 17,326 | 17,649 | ||||||
BBVA USA | ||||||||
(ICE LIBOR USD 3 Month + 0.73%), 0.98%, 6/11/2021(b) | 3,462 | 3,472 | ||||||
3.50%, 6/11/2021 | 53,151 | 53,894 | ||||||
BNP Paribas SA (France) | ||||||||
5.00%, 1/15/2021 | 35,674 | 35,875 | ||||||
(ICE LIBOR USD 3 Month + 0.39%), 0.60%, 8/7/2021(a)(b) | 68,086 | 68,233 | ||||||
BNZ International Funding Ltd. (New Zealand) | ||||||||
2.75%, 3/2/2021(a) | 28,462 | 28,640 | ||||||
2.90%, 2/21/2022(a) | 1,610 | 1,659 | ||||||
2.65%, 11/3/2022(a) | 12,364 | 12,896 | ||||||
Canadian Imperial Bank of Commerce (Canada) | ||||||||
(ICE LIBOR USD 3 Month + 0.32%), 0.53%, 2/2/2021(b) | 1,749 | 1,750 | ||||||
2.70%, 2/2/2021(c) | 29,098 | 29,217 | ||||||
2.55%, 6/16/2022 | 170 | 176 | ||||||
0.95%, 6/23/2023(c) | 62,369 | 63,149 | ||||||
Capital One NA | ||||||||
2.95%, 7/23/2021 | 1,704 | 1,729 | ||||||
2.15%, 9/6/2022 | 4,720 | 4,859 | ||||||
Citibank NA | ||||||||
2.85%, 2/12/2021 | 5,931 | 5,948 | ||||||
3.40%, 7/23/2021 | 319 | 324 | ||||||
(ICE LIBOR USD 3 Month + 0.53%), 0.76%, 2/19/2022(b) | 9,800 | 9,810 | ||||||
(ICE LIBOR USD 3 Month + 0.60%), 2.84%, 5/20/2022(b) | 576 | 583 | ||||||
Citigroup, Inc. | ||||||||
(ICE LIBOR USD 3 Month + 1.38%), 1.60%, 3/30/2021(b) | 2,528 | 2,539 | ||||||
(ICE LIBOR USD 3 Month + 1.19%), 1.40%, 8/2/2021(b) | 1,205 | 1,214 | ||||||
(ICE LIBOR USD 3 Month + 1.07%), 1.32%, 12/8/2021(b) | 8,030 | 8,099 | ||||||
2.90%, 12/8/2021 | 8,692 | 8,897 | ||||||
4.50%, 1/14/2022 | 31,696 | 33,203 | ||||||
2.75%, 4/25/2022 | 41,907 | 43,211 | ||||||
2.70%, 10/27/2022 | 2,758 | 2,873 | ||||||
(ICE LIBOR USD 3 Month + 0.95%), 2.88%, 7/24/2023(b) | 75,401 | 78,294 | ||||||
Citizens Bank NA | ||||||||
2.55%, 5/13/2021 | 33,903 | 34,180 | ||||||
(ICE LIBOR USD 3 Month + 0.72%), 0.94%, 2/14/2022(b) | 16,825 | 16,903 | ||||||
3.25%, 2/14/2022 | 8,028 | 8,286 | ||||||
2.65%, 5/26/2022 | 20,980 | 21,628 | ||||||
Commonwealth Bank of Australia (Australia) | ||||||||
2.55%, 3/15/2021 | 657 | 661 | ||||||
(ICE LIBOR USD 3 Month + 0.83%), 1.08%, 9/6/2021(a)(b) | 8,265 | 8,313 | ||||||
(ICE LIBOR USD 3 Month + 0.70%), 0.95%, 3/10/2022(a)(b) | 200 | 201 | ||||||
2.75%, 3/10/2022(a) | 3,305 | 3,410 | ||||||
2.50%, 9/18/2022(a) | 6,248 | 6,493 | ||||||
Cooperatieve Rabobank UA (Netherlands) | ||||||||
(ICE LIBOR USD 3 Month + 0.43%), 0.64%, 4/26/2021(b) | 1,699 | 1,702 | ||||||
3.13%, 4/26/2021 | 14,735 | 14,904 | ||||||
(ICE LIBOR USD 3 Month + 0.83%), 1.05%, 1/10/2022(b) | 1,500 | 1,512 | ||||||
2.75%, 1/10/2022 | 8,590 | 8,827 | ||||||
3.88%, 2/8/2022 | 39,684 | 41,347 | ||||||
2.75%, 1/10/2023 | 600 | 631 | ||||||
Credit Agricole Corporate & Investment Bank SA (France) (ICE LIBOR USD 3 Month + 0.40%), 0.62%, 5/3/2021(a)(b) | 9,900 | 9,914 | ||||||
Credit Agricole SA (France) | ||||||||
2.38%, 7/1/2021(a) | 3,064 | 3,102 | ||||||
(ICE LIBOR USD 3 Month + 1.43%), 1.65%, 1/10/2022(a)(b)(c) | 3,669 | 3,712 | ||||||
3.38%, 1/10/2022(a) | 6,151 | 6,349 | ||||||
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
3.13%, 12/10/2020 | 35,636 | 35,658 | ||||||
(ICE LIBOR USD 3 Month + 2.29%), 2.51%, 4/16/2021(b) | 5,500 | 5,545 | ||||||
3.45%, 4/16/2021 | 20,606 | 20,843 | ||||||
3.80%, 9/15/2022 | 4,165 | 4,406 | ||||||
DBS Group Holdings Ltd. (Singapore) 2.85%, 4/16/2022(a) | 3,595 | 3,701 | ||||||
DNB Bank ASA (Norway) | ||||||||
(ICE LIBOR USD 3 Month + 1.07%), 1.31%, 6/2/2021(a)(b) | 1,066 | 1,071 | ||||||
2.38%, 6/2/2021(a) | 23,689 | 23,947 | ||||||
2.15%, 12/2/2022(a) | 47,033 | 48,718 | ||||||
DNB Boligkreditt A/S (Norway) 2.50%, 3/28/2022(a) | 23,650 | 24,319 | ||||||
Fifth Third Bancorp | ||||||||
3.50%, 3/15/2022 | 19,474 | 20,207 | ||||||
2.60%, 6/15/2022 | 10,739 | 11,083 | ||||||
Fifth Third Bank NA | ||||||||
2.25%, 6/14/2021 | 33,715 | 34,023 | ||||||
(ICE LIBOR USD 3 Month + 0.44%), 0.65%, 7/26/2021(b) | 13,735 | 13,764 | ||||||
3.35%, 7/26/2021 | 6,837 | 6,954 | ||||||
2.88%, 10/1/2021 | 7,001 | 7,136 | ||||||
(ICE LIBOR USD 3 Month + 0.64%), 0.85%, 2/1/2022(b) | 9,070 | 9,124 | ||||||
HSBC Holdings plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.06%), 3.26%, 3/13/2023(b) | 9,684 | 10,021 | ||||||
Huntington Bancshares, Inc. 3.15%, 3/14/2021 | 8,801 | 8,851 | ||||||
Huntington National Bank (The) | ||||||||
(ICE LIBOR USD 3 Month + 0.55%), 0.77%, 2/5/2021(b) | 22,273 | 22,284 | ||||||
3.25%, 5/14/2021 | 14,318 | 14,476 | ||||||
3.13%, 4/1/2022 | 25,063 | 25,963 | ||||||
2.50%, 8/7/2022 | 2,565 | 2,654 | ||||||
ING Groep NV (Netherlands) | ||||||||
(ICE LIBOR USD 3 Month + 1.15%), 1.37%, 3/29/2022(b) | 14,401 | 14,558 | ||||||
3.15%, 3/29/2022 | 35,756 | 37,031 | ||||||
KeyBank NA | ||||||||
3.35%, 6/15/2021 | 7,639 | 7,768 | ||||||
3.30%, 2/1/2022 | 2,931 | 3,033 | ||||||
KeyCorp 5.10%, 3/24/2021 | 7,520 | 7,631 | ||||||
Lloyds Bank plc (United Kingdom) | ||||||||
6.38%, 1/21/2021 | 17,893 | 18,041 | ||||||
(ICE LIBOR USD 3 Month + 0.49%), 0.70%, 5/7/2021(b) | 258 | 258 | ||||||
3.30%, 5/7/2021 | 430 | 436 | ||||||
Lloyds Banking Group plc (United Kingdom) | ||||||||
(ICE LIBOR USD 3 Month + 0.80%), 1.03%, 6/21/2021(b) | 400 | 401 | ||||||
3.10%, 7/6/2021 | 16,809 | 17,084 | ||||||
3.00%, 1/11/2022 | 18,060 | 18,569 | ||||||
(ICE LIBOR USD 3 Month + 1.25%), 2.86%, 3/17/2023(b) | 52,446 | 53,954 | ||||||
Manufacturers & Traders Trust Co. | ||||||||
(ICE LIBOR USD 3 Month + 0.27%), 0.48%, 1/25/2021(b) | 535 | 535 | ||||||
2.63%, 1/25/2021 | 6,262 | 6,272 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||
(ICE LIBOR USD 3 Month + 1.88%), 2.13%, 3/1/2021(b) | 1,207 | 1,212 | ||||||
(ICE LIBOR USD 3 Month + 0.65%), 0.86%, 7/26/2021(b) | 1,050 | 1,053 | ||||||
3.54%, 7/26/2021 | 19,780 | 20,183 | ||||||
(ICE LIBOR USD 3 Month + 0.92%), 1.12%, 2/22/2022(b) | 8,605 | 8,682 | ||||||
3.00%, 2/22/2022 | 17,770 | 18,339 | ||||||
(ICE LIBOR USD 3 Month + 0.70%), 0.95%, 3/7/2022(b) | 16,196 | 16,291 | ||||||
3.22%, 3/7/2022 | 5,718 | 5,924 | ||||||
2.62%, 7/18/2022 | 62,065 | 64,332 | ||||||
2.67%, 7/25/2022 | 31,940 | 33,072 | ||||||
Mizuho Bank Ltd. (Japan) 2.95%, 10/17/2022(a) | 11,505 | 12,046 | ||||||
Mizuho Financial Group, Inc. (Japan) | ||||||||
(ICE LIBOR USD 3 Month + 1.48%), 1.70%, 4/12/2021(a)(b) | 1,000 | 1,005 | ||||||
2.63%, 4/12/2021(a) | 53,739 | 54,190 | ||||||
(ICE LIBOR USD 3 Month + 1.14%), 1.39%, 9/13/2021(b) | 288 | 290 | ||||||
2.27%, 9/13/2021 | 42,532 | 43,178 | ||||||
(ICE LIBOR USD 3 Month + 0.94%), 1.16%, 2/28/2022(b) | 42,153 | 42,547 | ||||||
2.95%, 2/28/2022 | 15,208 | 15,706 | ||||||
2.60%, 9/11/2022 | 28,946 | 30,073 | ||||||
National Australia Bank Ltd. (Australia) | ||||||||
4.38%, 12/10/2020(a) | 8,583 | 8,591 | ||||||
2.50%, 1/12/2021 | 14,416 | 14,449 | ||||||
2.63%, 1/14/2021 | 3,941 | 3,952 | ||||||
(ICE LIBOR USD 3 Month + 1.00%), 1.22%, 7/12/2021(a)(b) | 2,885 | 2,902 | ||||||
1.88%, 7/12/2021 | 6,256 | 6,316 | ||||||
(ICE LIBOR USD 3 Month + 0.58%), 0.81%, 9/20/2021(a)(b) | 1,500 | 1,506 | ||||||
(ICE LIBOR USD 3 Month + 0.71%), 0.93%, 11/4/2021(a)(b) | 26,739 | 26,909 | ||||||
3.70%, 11/4/2021 | 375 | 387 | ||||||
2.80%, 1/10/2022 | 3,108 | 3,196 | ||||||
2.50%, 5/22/2022 | 21,685 | 22,408 | ||||||
1.88%, 12/13/2022 | 19,897 | 20,547 | ||||||
National Bank of Canada (Canada) | ||||||||
(ICE LIBOR USD 3 Month + 0.40%), 0.63%, 3/21/2021(a)(b) | 121,140 | 121,257 | ||||||
2.15%, 10/7/2022(a)(c) | 34,765 | 35,860 | ||||||
2.10%, 2/1/2023 | 18,166 | 18,785 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Nordea Bank Abp (Finland) | ||||||||
4.88%, 1/14/2021(a) | 10,000 | 10,053 | ||||||
(ICE LIBOR USD 3 Month + 0.99%), 1.22%, 5/27/2021(a)(b) | 2,300 | 2,311 | ||||||
2.25%, 5/27/2021(a) | 25,075 | 25,311 | ||||||
1.00%, 6/9/2023(a) | 8,183 | 8,294 | ||||||
Oesterreichische Kontrollbank AG (Austria) 2.63%, 1/31/2022 | 6,000 | 6,166 | ||||||
Oversea-Chinese Banking Corp. Ltd. (Singapore) (ICE LIBOR USD 3 Month + 0.45%), 0.67%, 5/17/2021(a)(b) | 12,300 | 12,306 | ||||||
PNC Bank NA | ||||||||
2.55%, 12/9/2021 | 5,000 | 5,107 | ||||||
2.63%, 2/17/2022 | 5,490 | 5,638 | ||||||
(ICE LIBOR USD 3 Month + 0.44%), 2.23%, 7/22/2022(b) | 3,625 | 3,670 | ||||||
2.45%, 7/28/2022 | 2,500 | 2,583 | ||||||
(ICE LIBOR USD 3 Month + 0.42%), 2.03%, 12/9/2022(b) | 19,000 | 19,326 | ||||||
Royal Bank of Canada (Canada) | ||||||||
2.50%, 1/19/2021 | 228 | 229 | ||||||
(ICE LIBOR USD 3 Month + 0.40%), 0.61%, 1/25/2021(b) | 10,951 | 10,957 | ||||||
(ICE LIBOR USD 3 Month + 0.39%), 0.60%, 4/30/2021(b) | 6,432 | 6,441 | ||||||
3.20%, 4/30/2021 | 535 | 541 | ||||||
(ICE LIBOR USD 3 Month + 0.35%), 0.58%, 7/8/2021(b) | 592 | 593 | ||||||
3.35%, 10/22/2021(a)(c) | 87,311 | 89,661 | ||||||
2.75%, 2/1/2022 | 5,345 | 5,500 | ||||||
1.90%, 9/23/2022(a) | 44,750 | 45,984 | ||||||
1.60%, 4/17/2023 | 12,265 | 12,610 | ||||||
(SOFR + 0.45%), 0.53%, 10/26/2023(b) | 61,235 | 61,315 | ||||||
Santander UK Group Holdings plc (United Kingdom) | ||||||||
3.13%, 1/8/2021 | 53,626 | 53,770 | ||||||
2.88%, 8/5/2021 | 12,900 | 13,113 | ||||||
Santander UK plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.66%), 0.88%, 11/15/2021(b) | 1,921 | 1,931 | ||||||
Skandinaviska Enskilda Banken AB (Sweden) | ||||||||
2.63%, 3/15/2021 | 21,516 | 21,661 | ||||||
(ICE LIBOR USD 3 Month + 0.43%), 0.65%, 5/17/2021(a)(b) | 3,102 | 3,107 | ||||||
3.25%, 5/17/2021(a) | 23,819 | 24,125 | ||||||
1.88%, 9/13/2021 | 21,446 | 21,741 | ||||||
0.55%, 9/1/2023(a) | 34,874 | 34,865 | ||||||
Societe Generale SA (France) | ||||||||
(ICE LIBOR USD 3 Month + 1.33%), 1.56%, 4/8/2021(a)(b) | 3,500 | 3,516 | ||||||
2.50%, 4/8/2021(a) | 42,727 | 43,061 | ||||||
5.20%, 4/15/2021(a) | 29,704 | 30,235 | ||||||
3.25%, 1/12/2022(a) | 15,305 | 15,739 | ||||||
4.25%, 9/14/2023(a) | 4,200 | 4,579 | ||||||
Standard Chartered plc (United Kingdom) | ||||||||
3.05%, 1/15/2021(a) | 112,167 | 112,532 | ||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023(a)(b) | 29,187 | 29,465 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||
(ICE LIBOR USD 3 Month + 1.68%), 1.92%, 3/9/2021(b) | 10,649 | 10,695 | ||||||
2.93%, 3/9/2021 | 38,562 | 38,838 | ||||||
2.06%, 7/14/2021 | 79,886 | 80,738 | ||||||
(ICE LIBOR USD 3 Month + 1.14%), 1.36%, 10/19/2021(b) | 9,319 | 9,403 | ||||||
2.85%, 1/11/2022 | 11,388 | 11,701 | ||||||
2.78%, 7/12/2022 | 53,614 | 55,664 | ||||||
2.78%, 10/18/2022 | 700 | 731 | ||||||
Sumitomo Mitsui Trust Bank Ltd. (Japan) 0.80%, 9/12/2023(a) | 70,104 | 70,563 | ||||||
Svenska Handelsbanken AB (Sweden) | ||||||||
(ICE LIBOR USD 3 Month + 1.15%), 1.37%, 3/30/2021(b) | 2,970 | 2,981 | ||||||
2.45%, 3/30/2021 | 14,282 | 14,385 | ||||||
(ICE LIBOR USD 3 Month + 0.47%), 0.67%, 5/24/2021(b) | 16,959 | 16,992 | ||||||
3.35%, 5/24/2021 | 48,692 | 49,412 | ||||||
1.88%, 9/7/2021 | 2,174 | 2,200 | ||||||
Toronto-Dominion Bank (The) (Canada) | ||||||||
(ICE LIBOR USD 3 Month + 0.24%), 0.45%, 1/25/2021(b) | 500 | 500 | ||||||
2.55%, 1/25/2021 | 100 | 100 | ||||||
(ICE LIBOR USD 3 Month + 0.27%), 0.52%, 3/17/2021(b) | 10,393 | 10,401 | ||||||
(ICE LIBOR USD 3 Month + 1.00%), 1.22%, 4/7/2021(b) | 4,896 | 4,913 | ||||||
(ICE LIBOR USD 3 Month + 0.43%), 0.68%, 6/11/2021(b) | 1,990 | 1,995 | ||||||
3.25%, 6/11/2021 | 4,968 | 5,047 | ||||||
(ICE LIBOR USD 3 Month + 0.90%), 1.12%, 7/13/2021(b) | 12,166 | 12,230 | ||||||
1.80%, 7/13/2021 | 17,839 | 18,010 | ||||||
3.35%, 10/22/2021(a) | 71,485 | 73,413 | ||||||
2.10%, 7/15/2022(a) | 25,000 | 25,715 | ||||||
1.90%, 12/1/2022 | 2,969 | 3,061 | ||||||
(SOFR + 0.48%), 0.56%, 1/27/2023(b) | 35,934 | 36,035 | ||||||
0.45%, 9/11/2023(c) | 3,014 | 3,017 | ||||||
Truist Bank | ||||||||
2.80%, 5/17/2022 | 9,181 | 9,497 | ||||||
2.45%, 8/1/2022 | 10,043 | 10,382 | ||||||
Truist Financial Corp. |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
(ICE LIBOR USD 3 Month + 0.22%), 0.43%, 2/1/2021(b)(c) | 155 | 155 | ||||||
2.15%, 2/1/2021 | 1,895 | 1,898 | ||||||
2.90%, 3/3/2021 | 1,090 | 1,095 | ||||||
2.05%, 5/10/2021 | 5,072 | 5,105 | ||||||
3.20%, 9/3/2021 | 15,620 | 15,927 | ||||||
2.70%, 1/27/2022 | 7,983 | 8,189 | ||||||
3.05%, 6/20/2022 | 3,055 | 3,176 | ||||||
2.20%, 3/16/2023 | 7,067 | 7,340 | ||||||
United Overseas Bank Ltd. (Singapore) (ICE LIBOR USD 3 Month + 0.48%), 0.69%, 4/23/2021(a)(b) | 2,867 | 2,862 | ||||||
US Bancorp | ||||||||
2.35%, 1/29/2021 | 101 | 101 | ||||||
4.13%, 5/24/2021 | 533 | 541 | ||||||
(ICE LIBOR USD 3 Month + 0.64%), 0.85%, 1/24/2022(b) | 54 | 54 | ||||||
Series V, 2.63%, 1/24/2022 | 143 | 147 | ||||||
US Bank NA | ||||||||
(ICE LIBOR USD 3 Month + 0.31%), 0.53%, 2/4/2021(b) | 350 | 350 | ||||||
3.00%, 2/4/2021 | 1,500 | 1,504 | ||||||
(ICE LIBOR USD 3 Month + 0.32%), 0.53%, 4/26/2021(b) | 3,858 | 3,861 | ||||||
3.15%, 4/26/2021 | 7,750 | 7,822 | ||||||
(ICE LIBOR USD 3 Month + 0.18%), 0.39%, 1/21/2022(b) | 110,596 | 110,693 | ||||||
1.80%, 1/21/2022 | 814 | 828 | ||||||
2.65%, 5/23/2022 | 3,213 | 3,318 | ||||||
Wells Fargo & Co. | ||||||||
4.60%, 4/1/2021 | 7,042 | 7,142 | ||||||
(ICE LIBOR USD 3 Month + 1.03%), 1.24%, 7/26/2021(b) | 63,416 | 63,806 | ||||||
2.10%, 7/26/2021 | 44,268 | 44,778 | ||||||
3.50%, 3/8/2022 | 18,024 | 18,734 | ||||||
2.63%, 7/22/2022 | 8,530 | 8,837 | ||||||
Wells Fargo Bank NA | ||||||||
(ICE LIBOR USD 3 Month + 0.31%), 0.55%, 1/15/2021(b) | 500 | 500 | ||||||
3.63%, 10/22/2021 | 24,529 | 25,192 | ||||||
(ICE LIBOR USD 3 Month + 0.65%), 2.08%, 9/9/2022(b) | 16,541 | 16,756 | ||||||
Westpac Banking Corp. (Australia) | ||||||||
2.65%, 1/25/2021 | 28,759 | 28,861 | ||||||
(ICE LIBOR USD 3 Month + 1.00%), 1.22%, 5/13/2021(b) | 23,847 | 23,959 | ||||||
2.10%, 5/13/2021 | 471 | 475 | ||||||
2.00%, 8/19/2021 | 5,000 | 5,066 | ||||||
(ICE LIBOR USD 3 Month + 0.85%), 1.07%, 1/11/2022(b) | 105 | 106 | ||||||
2.80%, 1/11/2022 | 7,908 | 8,132 | ||||||
2.50%, 6/28/2022 | 18,899 | 19,544 | ||||||
|
| |||||||
4,626,570 | ||||||||
|
| |||||||
Beverages — 0.3% |
| |||||||
Diageo Investment Corp. (United Kingdom) 2.88%, 5/11/2022 | 200 | 207 | ||||||
Keurig Dr Pepper, Inc. | ||||||||
3.55%, 5/25/2021 | 33,995 | 34,523 | ||||||
3.20%, 11/15/2021 | 5,174 | 5,275 | ||||||
PepsiCo, Inc. | ||||||||
2.00%, 4/15/2021 | 145 | 146 | ||||||
(ICE LIBOR USD 3 Month + 0.53%), 0.76%, 10/6/2021(b) | 794 | 797 | ||||||
2.75%, 3/5/2022 | 1,383 | 1,427 | ||||||
2.25%, 5/2/2022 | 1,215 | 1,248 | ||||||
2.75%, 3/1/2023 | 2,744 | 2,895 | ||||||
Suntory Holdings Ltd. (Japan) 2.55%, 6/28/2022(a) | 775 | 798 | ||||||
|
| |||||||
47,316 | ||||||||
|
| |||||||
Biotechnology — 1.0% |
| |||||||
AbbVie, Inc. | ||||||||
(ICE LIBOR USD 3 Month + 0.35%), 0.56%, 5/21/2021(b) | 4,844 | 4,849 | ||||||
(ICE LIBOR USD 3 Month + 0.46%), 0.69%, 11/19/2021(b) | 16,600 | 16,636 | ||||||
2.15%, 11/19/2021 | 42,452 | 43,171 | ||||||
3.45%, 3/15/2022 | 21,015 | 21,725 | ||||||
3.25%, 10/1/2022 | 3,962 | 4,136 | ||||||
Amgen, Inc. | ||||||||
2.65%, 5/11/2022 | 14,935 | 15,397 | ||||||
3.63%, 5/15/2022 | 4,600 | 4,782 | ||||||
Gilead Sciences, Inc. | ||||||||
(ICE LIBOR USD 3 Month + 0.15%), 0.37%, 9/17/2021(b) | 42,484 | 42,508 | ||||||
4.40%, 12/1/2021 | 2,448 | 2,520 | ||||||
3.25%, 9/1/2022 | 10,600 | 11,077 | ||||||
|
| |||||||
166,801 | ||||||||
|
| |||||||
Capital Markets — 6.1% |
| |||||||
Bank of New York Mellon Corp. (The) | ||||||||
2.05%, 5/3/2021 | 3,730 | 3,753 | ||||||
3.55%, 9/23/2021 | 122 | 125 | ||||||
1.95%, 8/23/2022 | 9,946 | 10,233 | ||||||
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023(b) | 230 | 238 | ||||||
CDP Financial, Inc. (Canada) 2.13%, 6/11/2021(a) | 1,120 | 1,131 | ||||||
Charles Schwab Corp. (The) 3.25%, 5/21/2021 | 2,057 | 2,081 | ||||||
Credit Suisse AG (Switzerland) | ||||||||
3.00%, 10/29/2021 | 9,401 | 9,628 | ||||||
2.10%, 11/12/2021 | 3,500 | 3,559 | ||||||
2.80%, 4/8/2022 | 35,811 | 36,999 | ||||||
1.00%, 5/5/2023 | 105,756 | 107,177 | ||||||
Goldman Sachs Group, Inc. (The) | ||||||||
(ICE LIBOR USD 3 Month + 1.36%), 1.57%, 4/23/2021(b) | 13,000 | 13,051 | ||||||
5.25%, 7/27/2021 | 24,445 | 25,218 | ||||||
5.75%, 1/24/2022 | 46,369 | 49,215 | ||||||
3.00%, 4/26/2022 | 39,866 | 40,284 | ||||||
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022(b) | 8,458 | 8,644 | ||||||
Series VAR, (SOFR + 0.54%), 0.63%, 11/17/2023(b) | 30,940 | 31,022 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
ING Bank NV (Netherlands) | ||||||||
2.75%, 3/22/2021(a)(c) | 38,798 | 39,099 | ||||||
5.00%, 6/9/2021(a) | 23,353 | 23,925 | ||||||
Macquarie Bank Ltd. (Australia) | ||||||||
2.85%, 1/15/2021(a) | 351 | 352 | ||||||
(ICE LIBOR USD 3 Month + 0.45%), 0.68%, 8/6/2021(a)(b) | 34,994 | 35,081 | ||||||
(ICE LIBOR USD 3 Month + 0.45%), 0.65%, 11/24/2021(a)(b) | 124,571 | 124,991 | ||||||
2.10%, 10/17/2022(a) | 1,367 | 1,412 | ||||||
Macquarie Group Ltd. (Australia) 6.25%, 1/14/2021(a) | 10,052 | 10,121 | ||||||
Morgan Stanley | ||||||||
5.50%, 7/28/2021 | 8,373 | 8,652 | ||||||
2.63%, 11/17/2021 | 31,699 | 32,380 | ||||||
(ICE LIBOR USD 3 Month + 1.18%), 1.40%, 1/20/2022(b) | 61,360 | 61,450 | ||||||
2.75%, 5/19/2022 | 40,229 | 41,621 | ||||||
(SOFR + 0.47%), 0.56%, 11/10/2023(b) | 18,781 | 18,794 | ||||||
State Street Corp. | ||||||||
1.95%, 5/19/2021 | 275 | 277 | ||||||
(SOFR + 2.69%), 2.82%, 3/30/2023(b) | 9,223 | 9,527 | ||||||
(ICE LIBOR USD 3 Month + 0.64%), 2.65%, 5/15/2023(b) | 7,486 | 7,729 | ||||||
UBS AG (Switzerland) 1.75%, 4/21/2022(a) | 138,078 | 140,617 | ||||||
UBS Group AG (Switzerland) | ||||||||
(ICE LIBOR USD 3 Month + 1.78%), 2.00%, 4/14/2021(a)(b) | 700 | 704 | ||||||
3.00%, 4/15/2021(a) | 76,640 | 77,396 | ||||||
(ICE LIBOR USD 3 Month + 1.53%), 1.74%, 2/1/2022(a)(b) | 6,937 | 7,053 | ||||||
2.65%, 2/1/2022(a) | 20,513 | 21,065 | ||||||
USAA Capital Corp. 2.63%, 6/1/2021(a) | 2,600 | 2,630 | ||||||
|
| |||||||
1,007,234 | ||||||||
|
| |||||||
Chemicals — 0.0%(d) |
| |||||||
Air Liquide Finance SA (France) 1.75%, 9/27/2021(a) | 6,000 | 6,065 | ||||||
|
| |||||||
Commercial Services & Supplies — 0.2% |
| |||||||
Republic Services, Inc. 3.55%, 6/1/2022 | 31,887 | 33,138 | ||||||
|
| |||||||
Consumer Finance — 5.7% |
| |||||||
American Express Co. | ||||||||
3.00%, 2/22/2021 | 21,390 | 21,475 | ||||||
(ICE LIBOR USD 3 Month + 0.53%), 0.75%, 5/17/2021(b) | 15,264 | 15,291 | ||||||
3.38%, 5/17/2021 | 32,439 | 32,816 | ||||||
(ICE LIBOR USD 3 Month + 0.60%), 0.82%, 11/5/2021(b) | 10,563 | 10,609 | ||||||
3.70%, 11/5/2021 | 8,938 | 9,192 | ||||||
2.75%, 5/20/2022 | 6,000 | 6,198 | ||||||
2.50%, 8/1/2022(c) | 9,360 | 9,679 | ||||||
2.65%, 12/2/2022 | 4,312 | 4,510 | ||||||
American Express Credit Corp. | ||||||||
2.25%, 5/5/2021 | 3,416 | 3,440 | ||||||
(ICE LIBOR USD 3 Month + 0.70%), 0.95%, 3/3/2022(b) | 18,810 | 18,938 | ||||||
2.70%, 3/3/2022 | 1,127 | 1,158 | ||||||
American Honda Finance Corp. | ||||||||
2.65%, 2/12/2021 | 1,900 | 1,909 | ||||||
(ICE LIBOR USD 3 Month + 0.35%), 0.60%, 6/11/2021(b) | 1,125 | 1,127 | ||||||
1.65%, 7/12/2021 | 4,940 | 4,983 | ||||||
1.70%, 9/9/2021 | 23,180 | 23,433 | ||||||
(ICE LIBOR USD 3 Month + 0.35%), 0.57%, 11/5/2021(b) | 900 | 902 | ||||||
(ICE LIBOR USD 3 Month + 0.12%), 0.33%, 1/21/2022(b) | 31,434 | 31,432 | ||||||
0.88%, 7/7/2023 | 82,292 | 83,234 | ||||||
0.65%, 9/8/2023 | 18,617 | 18,759 | ||||||
Capital One Financial Corp. | ||||||||
3.45%, 4/30/2021 | 92,167 | 93,107 | ||||||
4.75%, 7/15/2021 | 364 | 374 | ||||||
(ICE LIBOR USD 3 Month + 0.95%), 1.19%, 3/9/2022(b) | 3,497 | 3,525 | ||||||
3.05%, 3/9/2022 | 2,155 | 2,224 | ||||||
2.60%, 5/11/2023 | 23,755 | 24,903 | ||||||
Caterpillar Financial Services Corp. | ||||||||
(ICE LIBOR USD 3 Month + 0.30%), 0.55%, 3/8/2021(b) | 5,764 | 5,768 | ||||||
(ICE LIBOR USD 3 Month + 0.23%), 0.48%, 3/15/2021(b) | 66,084 | 66,121 | ||||||
Series I, (ICE LIBOR USD 3 Month + 0.39%), 0.61%, 5/17/2021(b) | 6,790 | 6,802 | ||||||
Series I, 2.65%, 5/17/2021 | 399 | 404 | ||||||
1.70%, 8/9/2021 | 5,861 | 5,915 | ||||||
2.75%, 8/20/2021 | 452 | 460 | ||||||
(ICE LIBOR USD 3 Month + 0.28%), 0.53%, 9/7/2021(b) | 500 | 501 | ||||||
3.15%, 9/7/2021 | 11,976 | 12,238 | ||||||
1.93%, 10/1/2021 | 1,048 | 1,062 | ||||||
(ICE LIBOR USD 3 Month + 0.22%), 0.45%, 1/6/2022(b) | 11,747 | 11,762 | ||||||
2.95%, 2/26/2022 | 20,107 | 20,767 | ||||||
0.95%, 5/13/2022 | 36,407 | 36,753 | ||||||
2.85%, 6/1/2022 | 1,000 | 1,038 | ||||||
0.45%, 9/14/2023 | 31,353 | 31,419 | ||||||
Hyundai Capital Services, Inc. (South Korea) | ||||||||
2.88%, 3/16/2021(a) | 2,980 | 2,998 | ||||||
3.00%, 3/6/2022(a) | 1,517 | 1,554 | ||||||
3.00%, 8/29/2022(a) | 300 | 310 | ||||||
John Deere Capital Corp. | ||||||||
2.80%, 3/4/2021 | 143 | 144 | ||||||
(ICE LIBOR USD 3 Month + 0.24%), 0.49%, 3/12/2021(b) | 18,184 | 18,194 | ||||||
2.88%, 3/12/2021 | 134 | 135 | ||||||
(ICE LIBOR USD 3 Month + 0.40%), 0.65%, 6/7/2021(b) | 6,806 | 6,822 | ||||||
2.30%, 6/7/2021(c) | 12,737 | 12,871 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
3.90%, 7/12/2021 | 282 | 288 | ||||||
3.20%, 1/10/2022 | 188 | 194 | ||||||
2.95%, 4/1/2022 | 5,377 | 5,569 | ||||||
1.95%, 6/13/2022 | 2,020 | 2,073 | ||||||
0.55%, 7/5/2022 | 24,865 | 24,992 | ||||||
PACCAR Financial Corp. | ||||||||
2.25%, 2/25/2021 | 565 | 568 | ||||||
3.15%, 8/9/2021 | 755 | 770 | ||||||
1.65%, 8/11/2021 | 150 | 151 | ||||||
Toyota Motor Credit Corp. | ||||||||
(ICE LIBOR USD 3 Month + 0.20%), 0.45%, 3/12/2021(b) | 7,493 | 7,498 | ||||||
1.90%, 4/8/2021 | 1,860 | 1,870 | ||||||
(ICE LIBOR USD 3 Month + 0.28%), 0.50%, 4/13/2021(b) | 12,658 | 12,671 | ||||||
2.95%, 4/13/2021 | 134 | 135 | ||||||
(ICE LIBOR USD 3 Month + 0.13%), 0.35%, 8/13/2021(b) | 20,230 | 20,238 | ||||||
(ICE LIBOR USD 3 Month + 0.29%), 0.51%, 10/7/2021(b) | 29,807 | 29,868 | ||||||
(ICE LIBOR USD 3 Month + 0.15%), 0.37%, 2/14/2022(b) | 32,250 | 32,282 | ||||||
1.15%, 5/26/2022(c) | 69,400 | 70,288 | ||||||
0.45%, 7/22/2022 | 16,520 | 16,589 | ||||||
0.50%, 8/14/2023 | 51,429 | 51,581 | ||||||
|
| |||||||
944,881 | ||||||||
|
| |||||||
Diversified Financial Services — 0.8% |
| |||||||
AIG Global Funding | ||||||||
(ICE LIBOR USD 3 Month + 0.65%), 0.87%, 1/22/2021(a)(b) | 24,810 | 24,833 | ||||||
(ICE LIBOR USD 3 Month + 0.46%), 0.69%, 6/25/2021(a)(b) | 26,543 | 26,605 | ||||||
3.35%, 6/25/2021(a) | 2,755 | 2,803 | ||||||
1.90%, 10/6/2021(a) | 513 | 520 | ||||||
0.80%, 7/7/2023(a) | 8,857 | 8,942 | ||||||
Berkshire Hathaway, Inc. 2.75%, 3/15/2023 | 12,964 | 13,627 | ||||||
CK Hutchison International 16 Ltd. (United Kingdom) 1.88%, 10/3/2021(a) | 21,084 | 21,269 | ||||||
Hutchison Whampoa International 11 Ltd. (United Kingdom) 4.63%, 1/13/2022(a) | 2,659 | 2,770 | ||||||
National Rural Utilities Cooperative Finance Corp. | ||||||||
1.75%, 1/21/2022 | 18,170 | 18,487 | ||||||
2.70%, 2/15/2023 | 1,503 | 1,572 | ||||||
Shell International Finance BV (Netherlands) 1.88%, 5/10/2021 | 482 | 485 | ||||||
Siemens Financieringsmaatschappij NV (Germany) 2.90%, 5/27/2022(a) | 16,110 | 16,710 | ||||||
|
| |||||||
138,623 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 0.2% |
| |||||||
AT&T, Inc. | ||||||||
(ICE LIBOR USD 3 Month + 0.75%), 1.00%, 6/1/2021(b) | 275 | 276 | ||||||
(ICE LIBOR USD 3 Month + 0.95%), 1.19%, 7/15/2021(b) | 275 | 276 | ||||||
Deutsche Telekom International Finance BV (Germany) 1.95%, 9/19/2021(a) | 200 | 202 | ||||||
Telstra Corp. Ltd. (Australia) 4.80%, 10/12/2021(a) | 14,365 | 14,909 | ||||||
Verizon Communications, Inc. | ||||||||
3.45%, 3/15/2021 | 1,952 | 1,970 | ||||||
(ICE LIBOR USD 3 Month + 1.00%), 1.24%, 3/16/2022(b) | 15,916 | 16,105 | ||||||
|
| |||||||
33,738 | ||||||||
|
| |||||||
Electric Utilities — 2.3% |
| |||||||
Duke Energy Corp. | ||||||||
(ICE LIBOR USD 3 Month + 0.50%), 0.72%, 5/14/2021(a)(b) | 12,043 | 12,066 | ||||||
1.80%, 9/1/2021 | 1,549 | 1,564 | ||||||
3.55%, 9/15/2021 | 3,000 | 3,052 | ||||||
Duke Energy Florida LLC Series A, (ICE LIBOR USD 3 Month + 0.25%), 0.48%, 11/26/2021(b) | 6,370 | 6,377 | ||||||
Duke Energy Progress LLC Series A, (ICE LIBOR USD 3 Month + 0.18%), 0.40%, 2/18/2022(b) | 10,995 | 10,996 | ||||||
Entergy Louisiana LLC 0.62%, 11/17/2023 | 37,533 | 37,603 | ||||||
Eversource Energy | ||||||||
2.50%, 3/15/2021 | 1,150 | 1,155 | ||||||
Series K, 2.75%, 3/15/2022 | 13,076 | 13,442 | ||||||
Florida Power & Light Co. (ICE LIBOR USD 3 Month + 0.38%), 0.60%, 7/28/2023(b) | 75,061 | 75,091 | ||||||
LG&E and KU Energy LLC 4.38%, 10/1/2021 | 11,425 | 11,677 | ||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
(ICE LIBOR USD 3 Month + 0.48%), 0.70%, 5/4/2021(b) | 6,000 | 6,009 | ||||||
(ICE LIBOR USD 3 Month + 0.55%), 0.77%, 8/28/2021(b) | 65,300 | 65,322 | ||||||
2.40%, 9/1/2021 | 26,946 | 27,365 | ||||||
2.90%, 4/1/2022 | 5,283 | 5,460 | ||||||
Ohio Power Co. Series M, 5.38%, 10/1/2021 | 3,950 | 4,112 | ||||||
PacifiCorp 3.85%, 6/15/2021 | 1,862 | 1,881 | ||||||
PPL Electric Utilities Corp. | ||||||||
3.00%, 9/15/2021 | 8,283 | 8,404 | ||||||
2.50%, 9/1/2022 | 719 | 741 | ||||||
Public Service Co. of Colorado 2.50%, 3/15/2023 | 1,527 | 1,583 | ||||||
Public Service Electric and Gas Co. 1.90%, 3/15/2021 | 1,404 | 1,409 | ||||||
Southern Co. (The) 2.35%, 7/1/2021 | 20,666 | 20,875 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Tampa Electric Co. 5.40%, 5/15/2021 | 8,574 | 8,766 | ||||||
Virginia Electric and Power Co. 2.95%, 1/15/2022(c) | 9,181 | 9,384 | ||||||
Wisconsin Electric Power Co. 2.95%, 9/15/2021 | 17,261 | 17,513 | ||||||
Xcel Energy, Inc. | ||||||||
2.40%, 3/15/2021 | 14,940 | 15,002 | ||||||
2.60%, 3/15/2022 | 4,174 | 4,291 | ||||||
|
| |||||||
371,140 | ||||||||
|
| |||||||
Electrical Equipment — 0.0%(d) |
| |||||||
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022 | 2,104 | 2,179 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.0%(d) |
| |||||||
ABB Treasury Center USA, Inc. (Switzerland) 4.00%, 6/15/2021(a) | 7,271 | 7,414 | ||||||
|
| |||||||
Entertainment — 0.1% |
| |||||||
TWDC Enterprises 18 Corp. 2.35%, 12/1/2022 | 2,993 | 3,108 | ||||||
Walt Disney Co. (The) | ||||||||
4.50%, 2/15/2021 | 1,139 | 1,148 | ||||||
1.65%, 9/1/2022 | 8,366 | 8,559 | ||||||
|
| |||||||
12,815 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 0.2% |
| |||||||
Scentre Group Trust 1 (Australia) 2.38%, 4/28/2021(a) | 35,910 | 36,068 | ||||||
|
| |||||||
Food & Staples Retailing — 0.1% |
| |||||||
Kroger Co. (The) 2.95%, 11/1/2021 | 4,000 | 4,085 | ||||||
Seven & i Holdings Co. Ltd. (Japan) 3.35%, 9/17/2021(a) | 5,420 | 5,531 | ||||||
Walmart, Inc. | ||||||||
1.90%, 12/15/2020 | 413 | 413 | ||||||
3.13%, 6/23/2021 | 3,600 | 3,658 | ||||||
|
| |||||||
13,687 | ||||||||
|
| |||||||
Food Products — 0.5% |
| |||||||
Cargill, Inc. | ||||||||
3.05%, 4/19/2021(a) | 16,251 | 16,422 | ||||||
3.30%, 3/1/2022(a) | 335 | 345 | ||||||
General Mills, Inc. | ||||||||
(ICE LIBOR USD 3 Month + 0.54%), 0.77%, 4/16/2021(b) | 16,387 | 16,415 | ||||||
3.20%, 4/16/2021 | 8,918 | 9,013 | ||||||
Mondelez International Holdings Netherlands BV 2.00%, 10/28/2021(a) | 21,095 | 21,383 | ||||||
Mondelez International, Inc. 0.63%, 7/1/2022 | 17,862 | 17,948 | ||||||
Tyson Foods, Inc. 2.25%, 8/23/2021 | 4,632 | 4,687 | ||||||
Unilever Capital Corp. (United Kingdom) 4.25%, 2/10/2021 | 450 | 453 | ||||||
|
| |||||||
86,666 | ||||||||
|
| |||||||
Health Care Providers & Services — 0.4% |
| |||||||
CVS Health Corp. | ||||||||
(ICE LIBOR USD 3 Month + 0.72%), 0.96%, 3/9/2021(b) | 1,169 | 1,171 | ||||||
3.35%, 3/9/2021 | 31,808 | 32,075 | ||||||
4.13%, 5/15/2021 | 549 | 553 | ||||||
2.13%, 6/1/2021 | 28,789 | 28,998 | ||||||
UnitedHealth Group, Inc. | ||||||||
2.13%, 3/15/2021 | 5,488 | 5,517 | ||||||
2.88%, 12/15/2021 | 4,877 | 5,007 | ||||||
|
| |||||||
73,321 | ||||||||
|
| |||||||
Household Products — 0.1% |
| |||||||
Church & Dwight Co., Inc. 2.45%, 8/1/2022 | 267 | 275 | ||||||
Kimberly-Clark Corp. 3.88%, 3/1/2021 | 51 | 52 | ||||||
Procter & Gamble Co. (The) 2.15%, 8/11/2022 | 4,470 | 4,614 | ||||||
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022(a) | 8,031 | 8,267 | ||||||
|
| |||||||
13,208 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.0%(d) |
| |||||||
Exelon Generation Co. LLC | ||||||||
3.40%, 3/15/2022 | 2,602 | 2,693 | ||||||
4.25%, 6/15/2022 | 78 | 82 | ||||||
|
| |||||||
2,775 | ||||||||
|
| |||||||
Industrial Conglomerates — 0.3% |
| |||||||
Honeywell International, Inc. | ||||||||
1.85%, 11/1/2021 | 971 | 984 | ||||||
0.48%, 8/19/2022 | 43,048 | 43,113 | ||||||
Roper Technologies, Inc. 0.45%, 8/15/2022 | 5,554 | 5,560 | ||||||
|
| |||||||
49,657 | ||||||||
|
| |||||||
Insurance — 7.5% |
| |||||||
American International Group, Inc. | ||||||||
6.40%, 12/15/2020 | 9,531 | 9,552 | ||||||
3.30%, 3/1/2021 | 5,871 | 5,899 | ||||||
4.88%, 6/1/2022 | 5,686 | 6,061 | ||||||
Berkshire Hathaway Finance Corp. 3.00%, 5/15/2022 | 6,699 | 6,978 | ||||||
Equitable Financial Life Global Funding 0.50%, 11/17/2023(a) | 44,819 | 44,859 | ||||||
Guardian Life Global Funding | ||||||||
2.00%, 4/26/2021(a) | 8,903 | 8,965 | ||||||
1.95%, 10/27/2021(a) | 6,143 | 6,237 | ||||||
2.50%, 5/8/2022(a) | 6,481 | 6,683 | ||||||
Jackson National Life Global Funding | ||||||||
2.60%, 12/9/2020(a) | 7,249 | 7,252 | ||||||
(ICE LIBOR USD 3 Month + 0.31%), 0.55%, 3/16/2021(a)(b) | 42,932 | 42,965 | ||||||
2.25%, 4/29/2021(a) | 12,027 | 12,124 | ||||||
(ICE LIBOR USD 3 Month + 0.48%), 0.73%, 6/11/2021(a)(b) | 11,100 | 11,126 | ||||||
3.30%, 6/11/2021(a)(c) | 13,300 | 13,521 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
2.10%, 10/25/2021(a) | 15,740 | 16,002 | ||||||
3.30%, 2/1/2022(a) | 36,819 | 38,084 | ||||||
2.50%, 6/27/2022(a) | 4,008 | 4,143 | ||||||
(SOFR + 0.60%), 0.68%, 1/6/2023(a)(b) | 65,065 | 65,299 | ||||||
MassMutual Global Funding II | ||||||||
2.00%, 4/15/2021(a) | 39,456 | 39,708 | ||||||
(ICE LIBOR USD 3 Month + 0.15%), 0.37%, 1/7/2022(a)(b) | 37,588 | 37,618 | ||||||
2.50%, 4/13/2022(a) | 1,024 | 1,056 | ||||||
2.50%, 10/17/2022(a) | 5,200 | 5,413 | ||||||
0.48%, 8/28/2023(a) | 36,434 | 36,451 | ||||||
Met Tower Global Funding 0.55%, 7/13/2022(a) | 46,636 | 46,840 | ||||||
Metropolitan Life Global Funding I | ||||||||
2.50%, 12/3/2020(a) | 8,815 | 8,815 | ||||||
(ICE LIBOR USD 3 Month + 0.23%), 0.46%, 1/8/2021(a)(b) | 26,659 | 26,667 | ||||||
(SOFR + 0.50%), 0.58%, 5/28/2021(a)(b) | 10,000 | 10,017 | ||||||
3.45%, 10/9/2021(a) | 2,740 | 2,814 | ||||||
3.88%, 4/11/2022(a) | 899 | 942 | ||||||
2.40%, 6/17/2022(a) | 14,000 | 14,454 | ||||||
3.00%, 1/10/2023(a) | 140 | 148 | ||||||
1.95%, 1/13/2023(a) | 1,670 | 1,725 | ||||||
0.90%, 6/8/2023(a) | 13,139 | 13,311 | ||||||
0.45%, 9/1/2023(a) | 131,765 | 131,773 | ||||||
New York Life Global Funding | ||||||||
(ICE LIBOR USD 3 Month + 0.28%), 0.50%, 1/28/2021(a)(b) | 17,496 | 17,503 | ||||||
2.95%, 1/28/2021(a) | 419 | 421 | ||||||
(ICE LIBOR USD 3 Month + 0.32%), 0.55%, 8/6/2021(a)(b) | 26,265 | 26,319 | ||||||
3.25%, 8/6/2021(a) | 4,912 | 5,014 | ||||||
1.70%, 9/14/2021(a) | 9,086 | 9,187 | ||||||
(ICE LIBOR USD 3 Month + 0.28%), 0.49%, 1/21/2022(a)(b) | 53,815 | 53,955 | ||||||
2.30%, 6/10/2022(a) | 7,169 | 7,390 | ||||||
0.40%, 9/20/2022(a) | 96,257 | 96,392 | ||||||
1.10%, 5/5/2023(a) | 5,820 | 5,920 | ||||||
Pricoa Global Funding I 2.20%, 6/3/2021(a) | 575 | 581 | ||||||
Principal Life Global Funding II | ||||||||
(ICE LIBOR USD 3 Month + 0.33%), 0.57%, 3/2/2021(a)(b) | 25,528 | 25,543 | ||||||
(ICE LIBOR USD 3 Month + 0.40%), 0.63%, 10/6/2021(a)(b) | 53,288 | 53,410 | ||||||
1.25%, 5/11/2023(a)(c) | 90,303 | 92,031 | ||||||
Protective Life Global Funding | ||||||||
(ICE LIBOR USD 3 Month + 0.52%), 0.75%, 6/28/2021(a)(b) | 41,100 | 41,220 | ||||||
3.40%, 6/28/2021(a)(c) | 10,751 | 10,901 | ||||||
2.92%, 4/15/2022(a) | 54,958 | 56,927 | ||||||
1.08%, 6/9/2023(a) | 11,987 | 12,187 | ||||||
0.63%, 10/13/2023(a) | 23,300 | 23,444 | ||||||
Reliance Standard Life Global Funding II | ||||||||
3.05%, 1/20/2021(a) | 1,000 | 1,004 | ||||||
2.15%, 1/21/2023(a) | 13,150 | 13,501 | ||||||
Suncorp-Metway Ltd. (Australia) 2.80%, 5/4/2022(a) | 6,710 | 6,941 | ||||||
|
| |||||||
1,243,293 | ||||||||
|
| |||||||
IT Services — 0.7% |
| |||||||
IBM Credit LLC | ||||||||
(ICE LIBOR USD 3 Month + 0.26%), 0.48%, 1/20/2021(b) | 2,650 | 2,651 | ||||||
1.80%, 1/20/2021 | 4,500 | 4,509 | ||||||
(ICE LIBOR USD 3 Month + 0.16%), 0.38%, 2/5/2021(b) | 747 | 747 | ||||||
2.65%, 2/5/2021 | 4,677 | 4,697 | ||||||
3.60%, 11/30/2021 | 3,240 | 3,348 | ||||||
International Business Machines Corp. | ||||||||
(ICE LIBOR USD 3 Month + 0.40%), 0.62%, 5/13/2021(b) | 45,073 | 45,147 | ||||||
2.50%, 1/27/2022 | 10,895 | 11,173 | ||||||
2.85%, 5/13/2022 | 34,518 | 35,812 | ||||||
|
| |||||||
108,084 | ||||||||
|
| |||||||
Machinery — 0.0%(d) |
| |||||||
Caterpillar, Inc. 3.90%, 5/27/2021 | 4,249 | 4,325 | ||||||
Deere & Co. 2.60%, 6/8/2022 | 2,600 | 2,675 | ||||||
|
| |||||||
7,000 | ||||||||
|
| |||||||
Media — 0.0%(d) |
| |||||||
Fox Corp. 3.67%, 1/25/2022 | 100 | 104 | ||||||
|
| |||||||
Metals & Mining — 0.3% |
| |||||||
BHP Billiton Finance USA Ltd. (Australia) |
| |||||||
3.25%, 11/21/2021 | 9,920 | 10,201 | ||||||
2.88%, 2/24/2022 | 6,747 | 6,958 | ||||||
Newmont Corp. 3.63%, 6/9/2021 | 24,540 | 24,805 | ||||||
|
| |||||||
41,964 | ||||||||
|
| |||||||
Multiline Retail — 0.0%(d) |
| |||||||
Target Corp. 2.90%, 1/15/2022 | 149 | 154 | ||||||
|
| |||||||
Multi-Utilities — 0.6% |
| |||||||
Berkshire Hathaway Energy Co. 2.38%, 1/15/2021 | 465 | 466 | ||||||
CenterPoint Energy, Inc. 3.60%, 11/1/2021 | 15,425 | 15,882 | ||||||
Consolidated Edison Co. of New York, Inc. Series C, (ICE LIBOR USD 3 Month + 0.40%), 0.63%, 6/25/2021(b) | 36,263 | 36,335 | ||||||
Consolidated Edison, Inc. 2.00%, 5/15/2021 | 1,750 | 1,761 | ||||||
Dominion Energy, Inc. Series C, 2.00%, 8/15/2021 | 10,163 | 10,265 | ||||||
Engie SA (France) 2.88%, 10/10/2022(a) | 1,975 | 2,055 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Public Service Enterprise Group, Inc. 2.00%, 11/15/2021 | 6,089 | 6,179 | ||||||
Sempra Energy (ICE LIBOR USD 3 Month + 0.45%), 0.70%, 3/15/2021(b) | 10,052 | 10,061 | ||||||
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021 | 6,931 | 7,046 | ||||||
|
| |||||||
90,050 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.8% |
| |||||||
BG Energy Capital plc (United Kingdom) 4.00%, 12/9/2020(a) | 17,713 | 17,725 | ||||||
BP Capital Markets America, Inc. | ||||||||
4.74%, 3/11/2021 | 25,325 | 25,633 | ||||||
2.11%, 9/16/2021(c) | 6,692 | 6,783 | ||||||
3.25%, 5/6/2022 | 44,944 | 46,786 | ||||||
2.52%, 9/19/2022 | 5,471 | 5,673 | ||||||
Chevron USA, Inc. 0.33%, 8/12/2022 | 25,750 | 25,774 | ||||||
Enterprise Products Operating LLC 2.80%, 2/15/2021 | 20,000 | 20,100 | ||||||
Equinor ASA (Norway) | ||||||||
2.75%, 11/10/2021 | 7,771 | 7,955 | ||||||
2.45%, 1/17/2023 | 1,733 | 1,809 | ||||||
Exxon Mobil Corp. | ||||||||
2.22%, 3/1/2021 | 36,478 | 36,590 | ||||||
1.57%, 4/15/2023 | 25,122 | 25,824 | ||||||
Marathon Petroleum Corp. 5.13%, 3/1/2021 | 2,425 | 2,453 | ||||||
Phillips 66 4.30%, 4/1/2022 | 33,539 | 35,229 | ||||||
Saudi Arabian Oil Co. (Saudi Arabia) 2.75%, 4/16/2022(a) | 5,989 | 6,135 | ||||||
Total Capital International SA (France) 2.22%, 7/12/2021 | 3,997 | 4,039 | ||||||
TransCanada PipeLines Ltd. (Canada) 9.88%, 1/1/2021 | 28,392 | 28,608 | ||||||
|
| |||||||
297,116 | ||||||||
|
| |||||||
Personal Products — 0.0%(d) |
| |||||||
Estee Lauder Cos., Inc. (The) 1.70%, 5/10/2021 | 1,550 | 1,557 | ||||||
|
| |||||||
Pharmaceuticals — 2.0% |
| |||||||
AstraZeneca plc (United Kingdom) 2.38%, 6/12/2022 | 21,386 | 22,002 | ||||||
Bristol-Myers Squibb Co. | ||||||||
2.55%, 5/14/2021 | 15,284 | 15,444 | ||||||
2.25%, 8/15/2021 | 13,150 | 13,328 | ||||||
2.60%, 5/16/2022 | 86,356 | 89,274 | ||||||
3.25%, 8/15/2022 | 6,683 | 7,015 | ||||||
3.55%, 8/15/2022 | 15,977 | 16,845 | ||||||
2.75%, 2/15/2023 | 550 | 577 | ||||||
Eli Lilly and Co. 2.35%, 5/15/2022 | 250 | 258 | ||||||
GlaxoSmithKline Capital plc (United Kingdom) | ||||||||
(ICE LIBOR USD 3 Month + 0.35%), 0.57%, 5/14/2021(b) | 12,992 | 13,009 | ||||||
2.85%, 5/8/2022 | 6,699 | 6,941 | ||||||
2.88%, 6/1/2022 | 13,869 | 14,380 | ||||||
GlaxoSmithKline Capital, Inc. (United Kingdom) 2.80%, 3/18/2023 | 5,968 | 6,298 | ||||||
Johnson & Johnson 2.25%, 3/3/2022 | 334 | 342 | ||||||
Merck & Co., Inc. 2.35%, 2/10/2022 | 133 | 136 | ||||||
Pfizer, Inc. 2.20%, 12/15/2021 | 20,800 | 21,212 | ||||||
Shire Acquisitions Investments Ireland DAC 2.40%, 9/23/2021 | 31,683 | 32,150 | ||||||
Takeda Pharmaceutical Co. Ltd. (Japan) 4.00%, 11/26/2021 | 49,546 | 51,161 | ||||||
Viatris, Inc. 1.13%, 6/22/2022(a) | 18,826 | 18,994 | ||||||
Zoetis, Inc. (ICE LIBOR USD 3 Month + 0.44%), 0.66%, 8/20/2021(b) | 818 | 820 | ||||||
|
| |||||||
330,186 | ||||||||
|
| |||||||
Road & Rail — 0.2% |
| |||||||
Penske Truck Leasing Co. LP | ||||||||
3.65%, 7/29/2021(a) | 2,111 | 2,150 | ||||||
3.38%, 2/1/2022(a) | 23,588 | 24,276 | ||||||
Ryder System, Inc. 2.50%, 9/1/2022 | 314 | 325 | ||||||
|
| |||||||
26,751 | ||||||||
|
| |||||||
Software — 0.4% |
| |||||||
Microsoft Corp. 2.65%, 11/3/2022 | 1,204 | 1,255 | ||||||
Oracle Corp. | ||||||||
2.80%, 7/8/2021 | 52 | 53 | ||||||
2.50%, 5/15/2022 | 36,376 | 37,397 | ||||||
2.50%, 10/15/2022(c) | 24,931 | 25,931 | ||||||
|
| |||||||
64,636 | ||||||||
|
| |||||||
Specialty Retail — 0.1% |
| |||||||
AutoZone, Inc. 2.50%, 4/15/2021 | 5,275 | 5,307 | ||||||
Home Depot, Inc. (The) 3.25%, 3/1/2022 | 3,500 | 3,634 | ||||||
|
| |||||||
8,941 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.2% |
| |||||||
Apple, Inc. | ||||||||
(ICE LIBOR USD 3 Month + 0.50%), 0.71%, 2/9/2022(b) | 150 | 151 | ||||||
2.15%, 2/9/2022 | 3,297 | 3,372 | ||||||
2.30%, 5/11/2022 | 4,512 | 4,642 | ||||||
2.70%, 5/13/2022 | 2,043 | 2,119 | ||||||
1.70%, 9/11/2022 | 19,229 | 19,731 | ||||||
|
| |||||||
30,015 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 1.3% |
| |||||||
BPCE SA (France) 2.65%, 2/3/2021 | 3,812 | 3,827 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
(ICE LIBOR USD 3 Month + 0.19%), 0.42%, 8/19/2021(a)(b) | 10,000 | 9,996 | ||||||
2.75%, 12/2/2021 | 13,700 | 14,029 | ||||||
(ICE LIBOR USD 3 Month + 0.30%), 0.53%, 1/14/2022(a)(b) | 71,931 | 72,022 | ||||||
(SOFR + 0.44%), 0.52%, 2/17/2022(a)(b) | 106,302 | 106,445 | ||||||
3.00%, 5/22/2022(a) | 4,000 | 4,147 | ||||||
2.75%, 1/11/2023(a) | 7,750 | 8,102 | ||||||
Nationwide Building Society (United Kingdom) 2.45%, 7/27/2021(a) | 1,350 | 1,369 | ||||||
|
| |||||||
219,937 | ||||||||
|
| |||||||
Tobacco — 0.6% |
| |||||||
Altria Group, Inc. |
| |||||||
4.75%, 5/5/2021 | 47,436 | 48,322 | ||||||
3.49%, 2/14/2022 | 6,101 | 6,338 | ||||||
BAT International Finance plc (United Kingdom) 3.25%, 6/7/2022(a) | 2,655 | 2,764 | ||||||
Philip Morris International, Inc. | ||||||||
1.88%, 2/25/2021 | 2,266 | 2,272 | ||||||
4.13%, 5/17/2021 | 760 | 774 | ||||||
2.38%, 8/17/2022 | 11,680 | 12,088 | ||||||
2.50%, 8/22/2022 | 14,245 | 14,827 | ||||||
2.50%, 11/2/2022 | 4,975 | 5,177 | ||||||
|
| |||||||
92,562 | ||||||||
|
| |||||||
Wireless Telecommunication Services — 0.4% |
| |||||||
Rogers Communications, Inc. (Canada) (ICE LIBOR USD 3 Month + 0.60%), 0.83%, 3/22/2022(b) | 70,607 | 71,066 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS (Cost $10,681,962) |
| 10,732,407 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES — 4.7% |
| |||||||
Ally Auto Receivables Trust |
| |||||||
Series 2019-2, Class A2, 2.34%, 6/15/2022 | 10,951 | 10,974 | ||||||
Series 2019-4, Class A2, 1.93%, 10/17/2022 | 1,269 | 1,273 | ||||||
Series 2018-2, Class A3, 2.92%, 11/15/2022 | 1,110 | 1,120 | ||||||
Series 2019-2, Class A3, 2.23%, 1/16/2024 | 3,547 | 3,605 | ||||||
AmeriCredit Automobile Receivables Trust |
| |||||||
Series 2018-3, Class A3, 3.38%, 7/18/2023 | 11,088 | 11,246 | ||||||
Series 2020-3, Class A2, 0.42%, 3/18/2024 | 12,695 | 12,699 | ||||||
Capital One Multi-Asset Execution Trust Series 2019-A1, Class A1, 2.84%, 12/15/2024 | 156,400 | 161,330 | ||||||
CarMax Auto Owner Trust |
| |||||||
Series 2018-1, Class A3, 2.48%, 11/15/2022 | 3,881 | 3,911 | ||||||
Series 2019-3, Class A2A, 2.21%, 12/15/2022 | 7,957 | 8,000 | ||||||
Series 2020-2, Class A2A, 1.75%, 1/17/2023 | 6,485 | 6,521 | ||||||
Series 2019-4, Class A2A, 2.01%, 3/15/2023 | 16,518 | 16,629 | ||||||
Series 2020-4, Class A2, 0.31%, 1/16/2024 | 43,121 | 43,116 | ||||||
Cloud Pass-Through Trust Series 2019-1A, Class CLOU, 3.55%, 12/5/2022(a)(e) | 26,272 | 26,622 | ||||||
CNH Equipment Trust |
| |||||||
Series 2019-B, Class A2, 2.55%, 9/15/2022 | 4,969 | 4,982 | ||||||
Series 2019-C, Class A2, 1.99%, 3/15/2023 | 12,366 | 12,442 | ||||||
Dell Equipment Finance Trust Series 2019-1, Class A2, 2.78%, 8/23/2021(a) | 4,753 | 4,765 | ||||||
Discover Card Execution Note Trust Series 2019-A1, Class A1, 3.04%, 7/15/2024 | 100,164 | 103,319 | ||||||
Ford Credit Auto Owner Trust |
| |||||||
Series 2019-A, Class A2A, 2.78%, 2/15/2022 | 61 | 61 | ||||||
Series 2017-C, Class A3, 2.01%, 3/15/2022 | 56 | 56 | ||||||
Series 2018-A, Class A3, 3.03%, 11/15/2022 | 2,210 | 2,234 | ||||||
Series 2017-C, Class A4, 2.16%, 3/15/2023 | 4,520 | 4,564 | ||||||
Series 2019-A, Class A3, 2.78%, 9/15/2023 | 3,700 | 3,772 | ||||||
Series 2020-C, Class A2, 0.25%, 10/15/2023 | 44,692 | 44,698 | ||||||
Series 2017-1, Class A, 2.62%, 8/15/2028(a) | 15,225 | 15,635 | ||||||
Series 2017-2, Class A, 2.36%, 3/15/2029(a) | 22,280 | 23,025 | ||||||
GM Financial Automobile Leasing Trust |
| |||||||
Series 2019-3, Class A2A, 2.09%, 10/20/2021 | 3,849 | 3,856 | ||||||
Series 2020-3, Class A2A, 0.35%, 11/21/2022 | 18,719 | 18,726 | ||||||
GM Financial Consumer Automobile Receivables Trust |
| |||||||
Series 2019-4, Class A2A, 1.84%, 11/16/2022 | 1,398 | 1,403 | ||||||
Series 2020-4, Class A2, 0.26%, 11/16/2023 | 6,465 | 6,465 | ||||||
Series 2019-1, Class A3, 2.97%, 11/16/2023 | 1,170 | 1,190 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Honda Auto Receivables Owner Trust |
| |||||||
Series 2018-1, Class A3, 2.64%, 2/15/2022 | 1,145 | 1,152 | ||||||
Series 2019-3, Class A2, 1.90%, 4/15/2022 | 2,248 | 2,258 | ||||||
Series 2018-2, Class A3, 3.01%, 5/18/2022 | 612 | 618 | ||||||
Series 2019-4, Class A2, 1.86%, 6/20/2022 | 19,303 | 19,415 | ||||||
Series 2020-3, Class A2, 0.27%, 2/21/2023 | 6,248 | 6,249 | ||||||
Series 2019-1, Class A3, 2.83%, 3/20/2023 | 768 | 782 | ||||||
Hyundai Auto Lease Securitization Trust Series 2019-A, Class A3, 2.98%, 7/15/2022(a) 10,903 |
| �� | 10,983 | |||||
Hyundai Auto Receivables Trust |
| |||||||
Series 2019-A, Class A2, 2.67%, 12/15/2021 | 816 | 817 | ||||||
Series 2019-B, Class A2, 1.93%, 7/15/2022 | 6,262 | 6,286 | ||||||
John Deere Owner Trust Series 2019-B, Class A2, 2.28%, 5/16/2022 3,247 |
| 3,257 | ||||||
Mercedes-Benz Auto Lease Trust |
| |||||||
Series 2019-B, Class A2, 2.01%, 12/15/2021 | 14,703 | 14,741 | ||||||
Series 2020-B, Class A2, 0.31%, 2/15/2023 | 23,171 | 23,180 | ||||||
Mercedes-Benz Auto Receivables Trust Series 2019-1, Class A2A, 2.04%, 6/15/2022 1,854 |
| 1,863 | ||||||
Nissan Auto Lease Trust Series 2019-A, Class A3, 2.76%, 3/15/2022 10,884 |
| 10,954 | ||||||
Nissan Auto Receivables Owner Trust |
| |||||||
Series 2017-B, Class A3, 1.75%, 10/15/2021 | 298 | 298 | ||||||
Series 2017-C, Class A3, 2.12%, 4/18/2022 | 275 | 276 | ||||||
Santander Drive Auto Receivables Trust |
| |||||||
Series 2020-4, Class A2, 0.42%, 9/15/2023 | 13,619 | 13,621 | ||||||
Series 2020-3, Class A2, 0.46%, 9/15/2023 | 56,206 | 56,198 | ||||||
Tesla Auto Lease Trust Series 2020-A, Class A3, 0.68%, 12/20/2023(a) 11,952 |
| 12,016 | ||||||
Toyota Auto Receivables Owner Trust |
| |||||||
Series 2017-C, Class A3, 1.78%, 11/15/2021 | 1,185 | 1,186 | ||||||
Series 2017-D, Class A3, 1.93%, 1/18/2022 | 976 | 978 | ||||||
Series 2019-D, Class A2, 1.92%, 7/15/2022 | 464 | 466 | ||||||
Series 2018-C, Class A3, 3.02%, 12/15/2022 | 3,143 | 3,190 | ||||||
Verizon Owner Trust Series 2017-3A, Class A1A, 2.06%, 4/20/2022(a) | 50 | 50 | ||||||
Volvo Financial Equipment LLC |
| |||||||
Series 2019-1A, Class A2, 2.90%, 11/15/2021(a) | 1,199 | 1,201 | ||||||
Series 2019-2A, Class A2, 2.02%, 8/15/2022(a) | 18,221 | 18,337 | ||||||
|
| |||||||
TOTAL ASSET-BACKED SECURITIES (Cost $768,292) |
| 768,611 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 1.5% |
| |||||||
U.S. Treasury Notes | ||||||||
1.50%, 8/31/2021 | 79,800 | 80,620 | ||||||
0.13%, 8/31/2022 | 161,200 | 161,143 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $241,809) |
| 241,763 | ||||||
|
| |||||||
CERTIFICATES OF DEPOSIT — 1.3% |
| |||||||
Nordea Bank Abp (Finland) |
| |||||||
(ICE LIBOR USD 3 Month + 0.23%), 0.45%, 1/28/2022(b) | 79,442 | 79,561 | ||||||
(ICE LIBOR USD 3 Month + 0.11%), 0.34%, 3/21/2022(b) | 4,000 | 4,000 | ||||||
Royal Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.11%), 0.33%, 12/15/2021(b) 99,900 |
| 99,900 | ||||||
Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 3 Month + 0.26%), 0.49%, 1/6/2022(b) 27,324 |
| 27,369 | ||||||
|
| |||||||
TOTAL CERTIFICATES OF DEPOSIT (Cost $210,688) |
| 210,830 | ||||||
|
| |||||||
SUPRANATIONAL — 0.7% |
| |||||||
European Investment Bank (Supranational) | ||||||||
2.50%, 4/15/2021 | 109,855 | 110,815 | ||||||
2.13%, 10/15/2021 | 1,483 | 1,508 | ||||||
|
| |||||||
TOTAL SUPRANATIONAL (Cost $112,302) |
| 112,323 | ||||||
|
| |||||||
FOREIGN GOVERNMENT SECURITIES — 0.6% |
|
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Svensk Exportkredit AB (Sweden) (SOFR + 1.00%), 1.07%, 5/25/2023(b)(Cost $107,759) | 105,820 | 107,745 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 25.9% |
| |||||||
CERTIFICATES OF DEPOSIT — 6.0% |
| |||||||
Barclays Bank plc (United Kingdom) |
| |||||||
0.90%, 6/24/2021 | 53,500 | 53,697 | ||||||
0.70%, 7/29/2021 | 26,734 | 26,812 | ||||||
BNP Paribas SA (France) 0.27%, 8/5/2021 | 3,535 | 3,536 | ||||||
Canadian Imperial Bank of Commerce (Canada) 0.42%, 6/22/2021 | 64,200 | 64,275 | ||||||
Chiba Bank Ltd. (Japan) | ||||||||
0.38%, 1/11/2021 | 20,000 | 20,004 | ||||||
0.34%, 1/28/2021 | 22,444 | 22,447 | ||||||
0.34%, 2/1/2021 | 11,847 | 11,848 | ||||||
0.36%, 3/19/2021 | 25,617 | 25,617 | ||||||
Credit Agricole Corporate and Investment Bank (France) |
| |||||||
(ICE LIBOR USD 3 Month + 0.21%), 0.42%, 8/9/2021(b) | 33,599 | 33,632 | ||||||
(ICE LIBOR USD 3 Month + 0.48%), 0.73%, 9/17/2021(b) | 60,754 | 60,936 | ||||||
Credit Industriel et Commercial SA (France) 0.25%, 8/13/2021 | 5,500 | 5,500 | ||||||
Credit Suisse AG (Switzerland) 0.31%, 9/16/2021 | 20,900 | 20,903 | ||||||
First Abu Dhabi Bank USA NV (ICE LIBOR USD 3 Month + 0.20%), 0.41%, 1/21/2021(b) | 18,717 | 18,718 | ||||||
Kookmin Bank (South Korea) (ICE LIBOR USD 3 Month + 0.27%), 0.49%, 10/29/2021(b) | 18,789 | 18,789 | ||||||
Lloyds Bank Corporate Markets plc (United Kingdom) | ||||||||
0.61%, 6/17/2021 | 49,750 | 49,841 | ||||||
0.35%, 10/1/2021 | 48,300 | 48,299 | ||||||
MUFG Bank Ltd. (Japan) |
| |||||||
(ICE LIBOR USD 3 Month + 0.50%), 0.71%, 1/25/2021(b) | 1,000 | 1,001 | ||||||
(ICE LIBOR USD 3 Month + 0.46%), 0.68%, 2/4/2021(b) | 8,300 | 8,306 | ||||||
0.32%, 8/13/2021 | 270 | 270 | ||||||
0.32%, 10/15/2021 | 76,650 | 76,663 | ||||||
Natixis SA (France) 0.34%, 11/16/2021 | 14,800 | 14,801 | ||||||
Nordea Bank Abp (Finland) (ICE LIBOR USD 3 Month + 0.32%), 0.55%, 11/19/2021(b) | 49,420 | 49,525 | ||||||
Shinhan Bank (South Korea) | ||||||||
0.40%, 7/19/2021 | 23,497 | 23,494 | ||||||
0.58%, 8/23/2021 | 13,440 | 13,452 | ||||||
0.45%, 9/13/2021 | 28,072 | 28,069 | ||||||
0.47%, 10/4/2021 | 12,707 | 12,707 | ||||||
0.47%, 10/7/2021 | 11,990 | 11,990 | ||||||
0.47%, 11/3/2021 | 19,819 | 19,818 | ||||||
0.47%, 11/5/2021 | 17,890 | 17,889 | ||||||
Shizuoka Bank (Japan) | ||||||||
0.39%, 2/5/2021 | 36,250 | 36,255 | ||||||
0.39%, 2/8/2021 | 39,700 | 39,706 | ||||||
0.35%, 3/19/2021 | 18,627 | 18,628 | ||||||
Societe Generale SA (France) 0.32%, 9/17/2021 | 68,210 | 68,238 | ||||||
Sumitomo Mitsui Banking Corp. (Japan) (ICE LIBOR USD 3 Month + 0.32%), 0.53%, 11/22/2021(b) | 27,265 | 27,270 | ||||||
Woori Bank (South Korea) 0.30%, 2/25/2021(a) | 32,950 | 32,954 | ||||||
|
| |||||||
TOTAL CERTIFICATES OF DEPOSIT (Cost $984,975) |
| 985,890 | ||||||
|
| |||||||
COMMERCIAL PAPER — 13.0% |
| |||||||
ABN AMRO Funding USA LLC (Netherlands) |
| |||||||
0.27%, 6/1/2021(a)(f) | 10,000 | 9,979 | ||||||
0.27%, 6/4/2021(a)(f) | 15,000 | 14,967 | ||||||
Banco Del Estado De Chile (Chile) 0.30%, 2/1/2021(a)(f) | 38,000 | 37,988 | ||||||
Banco Santander SA (Spain) | ||||||||
0.51%, 8/17/2021(a)(f) | 3,500 | 3,493 | ||||||
0.50%, 8/31/2021(a)(f) | 40,680 | 40,593 | ||||||
0.46%, 9/2/2021(a)(f) | 43,340 | 43,247 | ||||||
0.43%, 9/7/2021(a)(f) | 54,488 | 54,368 | ||||||
BNP Paribas SA (France) 0.40%, 7/8/2021(f) | 54,000 | 53,928 | ||||||
BP Capital Markets plc (United Kingdom) | ||||||||
0.38%, 11/1/2021(a)(f) | 11,440 | 11,402 | ||||||
0.38%, 11/4/2021(a)(f) | 13,599 | 13,554 | ||||||
BPCE SA (France) 0.29%, 9/1/2021(a)(f) | 18,700 | 18,659 | ||||||
Electricite de France SA (France) 0.56%, 6/28/2021(a)(f) | 88,000 | 87,856 | ||||||
Enel Finance America LLC | ||||||||
0.40%, 1/6/2021(a)(f) | 13,997 | 13,994 | ||||||
0.40%, 1/12/2021(a)(f) | 8,906 | 8,904 | ||||||
0.40%, 1/14/2021(a)(f) | 20,194 | 20,189 | ||||||
0.40%, 4/15/2021(a)(f) | 33,042 | 33,005 | ||||||
0.41%, 4/22/2021(a)(f) | 12,458 | 12,443 | ||||||
Engie SA (France) 0.63%, 7/1/2021(a)(f) | 31,654 | 31,585 | ||||||
Eni Finance USA, Inc. (Italy) | ||||||||
0.41%, 3/15/2021(a)(f) | 45,717 | 45,664 | ||||||
0.58%, 7/30/2021(a)(f) | 35,510 | 35,394 | ||||||
0.58%, 10/18/2021(a)(f) | 29,110 | 28,976 | ||||||
0.57%, 10/29/2021(a)(f) | 15,000 | 14,927 | ||||||
Entergy Corp. | ||||||||
0.30%, 2/4/2021(a)(f) | 11,395 | 11,388 | ||||||
0.30%, 3/16/2021(a)(f) | 50,000 | 49,947 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
First Abu Dhabi Bank PJSC (United Arab Emirates) 0.40%, 8/27/2021(a)(f) | 219,783 | 219,354 | ||||||
Glencore Funding LLC (Australia) | ||||||||
0.50%, 12/8/2020(a)(f) | 25,968 | 25,966 | ||||||
0.56%, 2/5/2021(a)(f) | 12,000 | 11,988 | ||||||
0.60%, 2/23/2021(a)(f) | 30,357 | 30,316 | ||||||
0.59%, 3/19/2021(a)(f) | 11,300 | 11,281 | ||||||
Honeywell International, Inc. 0.35%, 5/4/2021(a)(f) | 30,550 | 30,526 | ||||||
HSBC USA, Inc. | ||||||||
0.44%, 3/8/2021(a)(f) | 26,697 | 26,674 | ||||||
0.44%, 4/1/2021(a)(f) | 15,750 | 15,733 | ||||||
KEB Hana Bank (South Korea) | ||||||||
0.33%, 1/26/2021(a)(f) | 15,643 | 15,639 | ||||||
0.36%, 2/25/2021(a)(f) | 17,537 | 17,529 | ||||||
0.40%, 3/16/2021(a)(f) | 18,801 | 18,791 | ||||||
0.40%, 7/23/2021(a)(f) | 20,391 | 20,359 | ||||||
Kentucky Utilities Co. 0.27%, 2/16/2021(a)(f) | 18,600 | 18,591 | ||||||
Landesbank Baden-Wurttemberg (Germany) 0.26%, 1/5/2021(f) | 155,500 | 155,470 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (France) | ||||||||
0.40%, 1/11/2021(a)(f) | 26,852 | 26,848 | ||||||
0.41%, 7/2/2021(a)(f) | 88,100 | 87,985 | ||||||
0.28%, 9/23/2021(a)(f) | 6,000 | 5,988 | ||||||
LVMH Moet Hennessy Louis Vuitton, Inc. (France) 0.34%, 8/2/2021(a)(f) | 6,330 | 6,321 | ||||||
National Bank of Canada (Canada) 0.24%, 7/15/2021(a)(f) | 25,500 | 25,462 | ||||||
National Grid plc (United Kingdom) | ||||||||
0.32%, 1/21/2021(a)(f) | 12,700 | 12,696 | ||||||
0.32%, 1/22/2021(a)(f) | 40,000 | 39,987 | ||||||
NatWest Markets plc (United Kingdom) | ||||||||
1.01%, 2/1/2021(a)(f) | 4,470 | 4,468 | ||||||
0.61%, 4/29/2021(a)(f) | 44,006 | 43,968 | ||||||
0.66%, 7/26/2021(a)(f) | 41,741 | 41,642 | ||||||
Ontario Teachers’ Finance Trust (Canada) 0.22%, 6/4/2021(a)(f) | 39,000 | 38,967 | ||||||
PSP Capital, Inc. (Canada) 0.22%, 1/13/2021(a)(f) | 23,000 | 22,996 | ||||||
Rogers Communications, Inc. (Canada) 0.55%, 8/26/2021(a)(f) | 39,663 | 39,559 | ||||||
Schlumberger Holdings Corp. 0.47%, 8/2/2021(a)(f) | 10,000 | 9,980 | ||||||
Shell International Finance BV (Netherlands) | ||||||||
3.25%, 3/29/2021(a)(f) | 23,737 | 23,721 | ||||||
0.50%, 5/20/2021(a)(f) | 100,000 | 99,897 | ||||||
0.50%, 5/25/2021(a)(f) | 10,231 | 10,220 | ||||||
Shinhan Bank (South Korea) | ||||||||
0.31%, 2/5/2021(a)(f) | 7,667 | 7,662 | ||||||
0.45%, 10/15/2021(a)(f) | 22,770 | 22,695 | ||||||
Suncor Energy, Inc. (Canada) | ||||||||
0.33%, 4/21/2021(a)(f) | 10,689 | 10,676 | ||||||
0.33%, 4/26/2021(a)(f) | 16,316 | 16,296 | ||||||
Telstra Corp. Ltd. (Australia) 0.40%, 10/27/2021(a)(f) | 50,220 | 50,048 | ||||||
Walt Disney Co. (The) | ||||||||
0.50%, 6/15/2021(a)(f) | 16,000 | 15,971 | ||||||
0.32%, 7/21/2021(a)(f) | 28,028 | 27,966 | ||||||
0.40%, 7/23/2021(a)(f) | 19,250 | 19,207 | ||||||
Waste Management, Inc. | ||||||||
0.35%, 7/1/2021(a)(f) | 73,000 | 72,882 | ||||||
0.45%, 9/17/2021(a)(f) | 46,928 | 46,794 | ||||||
|
| |||||||
TOTAL COMMERCIAL PAPER (Cost $2,143,889) | 2,145,569 | |||||||
|
| |||||||
Shares (000) | ||||||||
INVESTMENT COMPANIES — 3.6% |
| |||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(g)(h)(Cost $601,390) | 601,325 | 601,686 | ||||||
|
| |||||||
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.0%(d) |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.16%(g)(h) | 6,002 | 6,002 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(g)(h) | 1,382 | 1,382 | ||||||
|
| |||||||
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $7,384) | 7,384 | |||||||
|
| |||||||
Principal Amount ($000) | ||||||||
REPURCHASE AGREEMENTS — 0.4% |
| |||||||
Wells Fargo Securities LLC, 0.67%, dated 11/30/2020, due 12/28/2020, repurchase price $60,031, collateralized by Collateralized Mortgage Obligations, 2.04% - 6.00%, due 11/18/2021 - 8/16/2047, with the value of $64,910. (Cost $60,000) | 60,000 | 60,000 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS — 2.9% |
| |||||||
U.S. Treasury Bills | ||||||||
0.10%, 1/28/2021(f)(i) | 950 | 950 | ||||||
0.25%, 3/25/2021(f) | 151,200 | 151,156 | ||||||
0.13%, 9/9/2021(f) | 162,300 | 162,166 | ||||||
0.13%, 10/7/2021(f) | 162,500 | 162,357 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $476,479) | 476,629 | |||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,274,117) | 4,277,158 | |||||||
|
| |||||||
Total Investments — 99.8% (Cost $16,396,929) | 16,450,837 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||
Other Assets Less Liabilities — 0.2% | 28,184 | |||||
|
| |||||
Net Assets — 100.0% | 16,479,021 | |||||
|
|
Percentages indicated are based on net assets.
Abbreviations
ICE | Intercontinental Exchange | |
LIBOR | London Interbank Offered Rate | |
PJSC | Public Joint Stock Company | |
SOFR | Secured Overnight Financing Rate | |
USD | United States Dollar | |
(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, 2020. | |
(c) | The security or a portion of this security is on loan at November 30, 2020. The total value of securities on loan at November 30, 2020 is approximately $7,146,000. | |
(d) | Amount rounds to less than 0.1% of net assets. | |
(e) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2020. | |
(f) | The rate shown is the effective yield as of November 30, 2020. | |
(g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(h) | The rate shown is the current yield as of November 30, 2020. | |
(i) | All or a portion of this security is deposited with the broker as initial margin for futures contracts. |
Futures contracts outstanding as of November 30, 2020 (amounts in thousands, except number of contracts):
Description | Number of Contracts | Expiration Date | Trading Currency | Notional Amount ($) | Value and Unrealized Appreciation (Depreciation) ($) | |||||||||||||
Long Contracts |
| |||||||||||||||||
U.S. Treasury 2 Year Note | 1,150 | 03/2021 | USD | 253,979 | 88 | |||||||||||||
|
|
Abbreviations
USD | United States Dollar |
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.
J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This 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.
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
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.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
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 (amounts in thousands):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities |
| |||||||||||||||
Asset-Backed Securities | $ | — | $ | 768,611 | $ | — | $ | 768,611 | ||||||||
Certificates of Deposit | — | 210,830 | — | 210,830 | ||||||||||||
Corporate Bonds | — | 10,732,407 | — | 10,732,407 | ||||||||||||
Foreign Government Securities | — | 107,745 | — | 107,745 | ||||||||||||
Supranational | — | 112,323 | — | 112,323 | ||||||||||||
U.S. Treasury Obligations | — | 241,763 | — | 241,763 | ||||||||||||
Short-Term Investments |
| |||||||||||||||
Certificates of Deposit | — | 985,890 | — | 985,890 | ||||||||||||
Commercial Paper | — | 2,145,569 | — | 2,145,569 | ||||||||||||
Investment Companies | 601,686 | — | — | 601,686 | ||||||||||||
Investment of cash collateral from securities loaned | 7,384 | — | — | 7,384 | ||||||||||||
Repurchase Agreements | — | 60,000 | — | 60,000 | ||||||||||||
U.S. Treasury Obligations | — | 476,629 | — | 476,629 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | 609,070 | 3,668,088 | — | 4,277,158 | ||||||||||||
|
|
|
|
|
|
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Total Investments in Securities | $ | 609,070 | $ | 15,841,767 | $ | — | $ | 16,450,837 | ||||||||
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Appreciation in Other Financial Instruments |
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Futures Contracts | $ | 88 | $ | — | $ | — | $ | 88 | ||||||||
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B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.
For the period ended November 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 29, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at November 30, 2020 | Shares at November 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, | $ | 360,019 | $ | 14,760,291 | $ | 14,518,157 | $ | (664 | ) | $ | 197 | $ | 601,686 | 601,325 | $ | 2,188 | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, | 4,501 | 126,500 | 125,000 | 1 | — | (c) | 6,002 | 6,002 | 47 | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, | 1,864 | 92,047 | 92,529 | — | — | 1,382 | 1,382 | 6 | — | |||||||||||||||||||||||||||
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Total | $ | 366,384 | $ | 14,978,838 | $ | 14,735,686 | $ | (663 | ) | $ | 197 | $ | 609,070 | $ | 2,241 | $ | — | |||||||||||||||||||
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(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, 2020. |
(c) | Amount rounds to less than one thousand. |