JPMorgan Managed Income Fund
Schedule of Portfolio Investments as of May 31, 2024
(Unaudited)
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. |
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. |
J.P. Morgan Distribution Services, Inc., member FINRA. |
© J.P. Morgan Chase & Co., 2024. |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — 58.0% | ||
Aerospace & Defense — 0.1% | ||
L3Harris Technologies, Inc. 3.83%, 4/27/2025 | 6,807 | 6,700 |
Automobiles — 2.8% | ||
BMW US Capital LLC (Germany) (SOFRINDX + 0.55%), 5.92%, 4/2/2026 (a) (b) | 20,281 | 20,335 |
Hyundai Capital America | ||
0.88%, 6/14/2024 (a) | 8,485 | 8,472 |
3.40%, 6/20/2024 (a) | 732 | 731 |
1.00%, 9/17/2024 (a) | 11,976 | 11,807 |
5.80%, 6/26/2025 (a) | 7,113 | 7,116 |
6.00%, 7/11/2025 (a) | 10,300 | 10,329 |
6.25%, 11/3/2025 (a) | 5,048 | 5,081 |
Kia Corp. (South Korea) 2.38%, 2/14/2025 (a) | 22,506 | 21,985 |
Mercedes-Benz Finance North America LLC (Germany) 4.90%, 1/9/2026 (a) | 23,032 | 22,920 |
Volkswagen Group of America Finance LLC (Germany) | ||
(SOFR + 0.93%), 6.31%, 9/12/2025 (a) (b) | 30,187 | 30,362 |
(SOFR + 0.83%), 6.22%, 3/20/2026 (a) (b) | 12,344 | 12,381 |
151,519 | ||
Banks — 23.9% | ||
Australia & New Zealand Banking Group Ltd. (Australia) | ||
4.83%, 2/3/2025 (a) | 13,170 | 13,109 |
(SOFR + 0.56%), 5.94%, 3/18/2026 (a) (b) | 27,909 | 27,975 |
Banco Santander SA (Spain) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 5.74%, 6/30/2024 (b) | 47,200 | 47,170 |
2.75%, 5/28/2025 | 5,540 | 5,381 |
Bank of America Corp. (3-MONTH CME TERM SOFR + 0.90%), 2.02%, 2/13/2026 (b) | 5,000 | 4,870 |
Bank of Montreal (Canada) | ||
(SOFRINDX + 0.47%), 5.84%, 1/10/2025 (b) | 35,526 | 35,566 |
(SOFRINDX + 0.95%), 6.32%, 9/25/2025 (b) | 14,815 | 14,911 |
(SOFRINDX + 1.16%), 6.54%, 12/11/2026 (b) | 20,454 | 20,738 |
Bank of Nova Scotia (The) (Canada) | ||
5.45%, 6/12/2025 | 75,841 | 75,750 |
(SOFRINDX + 1.09%), 6.47%, 6/12/2025 (b) | 11,700 | 11,786 |
4.75%, 2/2/2026 | 18,495 | 18,292 |
Banque Federative du Credit Mutuel SA (France) | ||
4.94%, 1/26/2026 (a) | 13,749 | 13,629 |
5.90%, 7/13/2026 (a) | 18,150 | 18,316 |
Barclays plc (United Kingdom) 3.65%, 3/16/2025 | 1,800 | 1,771 |
BNP Paribas SA (France) 3.38%, 1/9/2025 (a) | 2,321 | 2,287 |
BPCE SA (France) | ||
5.03%, 1/15/2025 (a) | 88,080 | 87,783 |
(SOFR + 0.96%), 6.33%, 9/25/2025 (a) (b) | 7,598 | 7,653 |
5.20%, 1/18/2027 (a) | 4,670 | 4,656 |
Canadian Imperial Bank of Commerce (Canada) | ||
3.30%, 4/7/2025 | 3,846 | 3,775 |
5.14%, 4/28/2025 | 4,950 | 4,932 |
Citibank NA (SOFRINDX + 0.59%), 5.93%, 4/30/2026 (b) | 10,921 | 10,935 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Banks — continued | ||
Citigroup, Inc. | ||
(SOFR + 1.53%), 3.29%, 3/17/2026 (b) | 8,113 | 7,955 |
(3-MONTH CME TERM SOFR + 1.51%), 6.81%, 7/1/2026 (b) | 13,912 | 14,046 |
Citizens Bank NA (SOFR + 1.02%), 5.28%, 1/26/2026 (b) (c) | 17,073 | 16,950 |
Commonwealth Bank of Australia (Australia) | ||
(SOFR + 0.63%), 6.00%, 1/10/2025 (a) (b) | 6,733 | 6,748 |
(SOFR + 0.40%), 5.76%, 7/7/2025 (a) (b) | 3,188 | 3,190 |
Cooperatieve Rabobank UA (Netherlands) | ||
1.38%, 1/10/2025 | 9,500 | 9,262 |
5.00%, 1/13/2025 (c) | 12,335 | 12,298 |
Credit Agricole SA (France) 5.57%, 2/28/2025 (a) | 50,273 | 50,239 |
DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.33%), 0.86%, 9/30/2025 (a) (b) | 2,705 | 2,661 |
Federation des Caisses Desjardins du Quebec (Canada) (SOFRINDX + 1.09%), 5.28%, 1/23/2026 (a) (b) | 80,896 | 80,585 |
HSBC Holdings plc (United Kingdom) (3-MONTH CME TERM SOFR + 1.40%), 2.63%, 11/7/2025 (b) | 20,077 | 19,803 |
ING Groep NV (Netherlands) (SOFR + 1.64%), 3.87%, 3/28/2026 (b) | 21,606 | 21,285 |
KeyBank NA (SOFRINDX + 0.32%), 5.71%, 6/14/2024 (b) | 52,268 | 52,268 |
Lloyds Banking Group plc (United Kingdom) | ||
4.45%, 5/8/2025 | 8,144 | 8,057 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%), 3.87%, 7/9/2025 (b) | 28,136 | 28,077 |
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||
2.19%, 2/25/2025 | 3,071 | 2,996 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 0.95%, 7/19/2025 (b) | 27,190 | 27,018 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.06%, 9/12/2025 (b) | 38,461 | 38,364 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.72%, 2/20/2026 (b) | 10,407 | 10,398 |
Mizuho Financial Group, Inc. (Japan) | ||
(3-MONTH CME TERM SOFR + 1.24%), 2.84%, 7/16/2025 (b) | 3,241 | 3,229 |
(3-MONTH CME TERM SOFR + 1.09%), 2.23%, 5/25/2026 (b) | 6,439 | 6,226 |
Morgan Stanley Bank NA 5.48%, 7/16/2025 | 16,850 | 16,865 |
National Australia Bank Ltd. (Australia) | ||
4.75%, 12/10/2025 | 7,125 | 7,075 |
(SOFR + 0.65%), 6.03%, 12/10/2025 (a) (b) | 18,644 | 18,705 |
(SOFR + 0.55%), 5.90%, 1/29/2026 (a) (b) | 14,400 | 14,417 |
National Bank of Canada (Canada) | ||
5.25%, 1/17/2025 | 20,274 | 20,216 |
(SOFR + 1.01%), 3.75%, 6/9/2025 (b) | 19,745 | 19,738 |
(SOFRINDX + 0.90%), 6.27%, 3/25/2027 (b) | 45,635 | 45,731 |
NatWest Markets plc (United Kingdom) | ||
0.80%, 8/12/2024 (a) | 11,173 | 11,067 |
3.48%, 3/22/2025 (a) | 7,370 | 7,249 |
(SOFR + 1.45%), 6.84%, 3/22/2025 (a) (b) | 4,101 | 4,134 |
Royal Bank of Canada (Canada) (SOFRINDX + 0.44%), 5.79%, 1/21/2025 (b) | 62,299 | 62,361 |
Societe Generale SA (France) | ||
2.63%, 10/16/2024 (a) | 10,263 | 10,141 |
2.63%, 1/22/2025 (a) | 24,330 | 23,815 |
4.35%, 6/13/2025 (a) | 5,461 | 5,397 |
Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.95%), 1.82%, 11/23/2025 (a) (b) | 2,595 | 2,543 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Banks — continued | ||
Sumitomo Mitsui Financial Group, Inc. (Japan) 5.46%, 1/13/2026 | 11,188 | 11,188 |
Sumitomo Mitsui Trust Bank Ltd. (Japan) | ||
(SOFR + 0.44%), 5.82%, 9/16/2024 (a) (b) | 25,847 | 25,872 |
5.65%, 3/9/2026 (a) | 8,335 | 8,367 |
Svenska Handelsbanken AB (Sweden) 5.25%, 6/15/2026 (a) | 6,666 | 6,667 |
Toronto-Dominion Bank (The) (Canada) (SOFR + 0.48%), 5.85%, 10/10/2025 (b) | 5,372 | 5,381 |
Wells Fargo & Co. (3-MONTH CME TERM SOFR + 1.01%), 2.16%, 2/11/2026 (b) | 12,626 | 12,318 |
Wells Fargo Bank NA | ||
4.81%, 1/15/2026 | 18,810 | 18,671 |
(SOFR + 1.07%), 6.45%, 12/11/2026 (b) | 18,598 | 18,838 |
Westpac Banking Corp. (Australia) (SOFR + 0.55%), 5.90%, 1/29/2026 (a) (b) | 54,137 | 54,276 |
1,283,972 | ||
Biotechnology — 0.6% | ||
AbbVie, Inc. 2.60%, 11/21/2024 | 8,292 | 8,176 |
Amgen, Inc. 5.25%, 3/2/2025 | 23,270 | 23,214 |
Gilead Sciences, Inc. 3.50%, 2/1/2025 | 2,904 | 2,864 |
34,254 | ||
Capital Markets — 5.5% | ||
Ameriprise Financial, Inc. 3.00%, 4/2/2025 | 6,474 | 6,338 |
Bank of New York Mellon (The) (SOFR + 0.45%), 5.84%, 3/13/2026 (b) | 9,649 | 9,657 |
Bank of New York Mellon Corp. (The) (SOFR + 0.62%), 5.98%, 4/25/2025 (b) | 3,098 | 3,108 |
Goldman Sachs Bank USA | ||
(SOFR + 0.77%), 6.15%, 3/18/2027 (b) | 14,228 | 14,320 |
(SOFR + 0.75%), 5.41%, 5/21/2027 (b) | 17,189 | 17,137 |
Goldman Sachs Group, Inc. (The) | ||
3.85%, 7/8/2024 | 3,134 | 3,128 |
(SOFR + 0.51%), 5.89%, 9/10/2024 (b) | 30,516 | 30,528 |
3.50%, 4/1/2025 | 3,464 | 3,404 |
(SOFR + 1.07%), 6.41%, 8/10/2026 (b) | 16,354 | 16,427 |
Macquarie Group Ltd. (Australia) 6.21%, 11/22/2024 (a) | 44,955 | 45,063 |
Morgan Stanley | ||
(SOFR + 0.51%), 5.88%, 1/22/2025 (b) | 24,109 | 24,126 |
(SOFR + 1.15%), 2.72%, 7/22/2025 (b) | 2,793 | 2,781 |
(SOFR + 0.56%), 1.16%, 10/21/2025 (b) | 4,823 | 4,736 |
State Street Corp. | ||
(SOFR + 0.94%), 2.35%, 11/1/2025 (b) | 16,495 | 16,262 |
(SOFR + 2.60%), 2.90%, 3/30/2026 (b) | 18,863 | 18,419 |
UBS AG (Switzerland) 3.70%, 2/21/2025 | 3,680 | 3,627 |
UBS Group AG (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 4.49%, 8/5/2025 (a) (b) | 75,273 | 75,070 |
294,131 | ||
Chemicals — 0.0% ^ | ||
Eastman Chemical Co. 3.80%, 3/15/2025 | 2,291 | 2,260 |
Commercial Services & Supplies — 0.0% ^ | ||
Republic Services, Inc. 3.20%, 3/15/2025 | 1,288 | 1,266 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Construction Materials — 0.1% | ||
CRH America, Inc. 3.88%, 5/18/2025 (a) | 2,749 | 2,701 |
Consumer Finance — 4.4% | ||
AerCap Ireland Capital DAC (Ireland) | ||
1.65%, 10/29/2024 | 39,891 | 39,219 |
Series 3NC1, 1.75%, 10/29/2024 | 6,280 | 6,178 |
American Express Co. | ||
(SOFRINDX + 0.93%), 6.32%, 3/4/2025 (b) (c) | 18,844 | 18,933 |
3.95%, 8/1/2025 | 3,497 | 3,438 |
American Honda Finance Corp. | ||
(SOFRINDX + 0.78%), 6.13%, 4/23/2025 (b) | 3,600 | 3,612 |
5.00%, 5/23/2025 | 31,600 | 31,459 |
(SOFR + 0.60%), 5.93%, 8/14/2025 (b) | 14,600 | 14,633 |
(SOFR + 0.50%), 5.87%, 10/10/2025 (b) | 6,648 | 6,652 |
Avolon Holdings Funding Ltd. (Ireland) 3.95%, 7/1/2024 (a) | 2,746 | 2,742 |
Capital One Financial Corp. 4.25%, 4/30/2025 | 6,111 | 6,033 |
Caterpillar Financial Services Corp. (SOFR + 0.45%), 5.81%, 1/6/2025 (b) | 3,623 | 3,628 |
John Deere Capital Corp. | ||
(SOFR + 0.48%), 5.83%, 10/22/2025 (b) | 47,723 | 47,831 |
(SOFR + 0.44%), 5.83%, 3/6/2026 (b) | 14,300 | 14,329 |
Toyota Motor Credit Corp. | ||
3.40%, 4/14/2025 | 3,508 | 3,450 |
(SOFR + 0.35%), 5.68%, 4/14/2025 (b) | 33,545 | 33,558 |
235,695 | ||
Consumer Staples Distribution & Retail — 0.3% | ||
Dollar General Corp. 4.25%, 9/20/2024 | 17,186 | 17,103 |
Diversified Telecommunication Services — 0.2% | ||
Telstra Corp. Ltd. (Australia) 3.13%, 4/7/2025 (a) | 9,049 | 8,870 |
Electric Utilities — 3.0% | ||
DTE Electric Co. 3.38%, 3/1/2025 (c) | 6,493 | 6,381 |
Entergy Louisiana LLC 0.95%, 10/1/2024 | 17,858 | 17,580 |
Evergy, Inc. 2.45%, 9/15/2024 | 5,963 | 5,906 |
Eversource Energy | ||
4.20%, 6/27/2024 | 15,896 | 15,878 |
Series L, 2.90%, 10/1/2024 | 21,995 | 21,771 |
Series H, 3.15%, 1/15/2025 | 5,352 | 5,267 |
Exelon Corp. 3.95%, 6/15/2025 | 8,660 | 8,512 |
Georgia Power Co. (SOFRINDX + 0.75%), 6.10%, 5/8/2025 (b) | 21,224 | 21,302 |
NextEra Energy Capital Holdings, Inc. | ||
6.05%, 3/1/2025 | 2,194 | 2,199 |
5.75%, 9/1/2025 | 24,616 | 24,658 |
4.95%, 1/29/2026 | 16,599 | 16,492 |
Tucson Electric Power Co. 3.05%, 3/15/2025 | 3,177 | 3,116 |
Virginia Power Fuel Securitization LLC Series A-1, 5.09%, 5/1/2027 | 12,379 | 12,310 |
161,372 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Financial Services — 1.2% | ||
EDP Finance BV (Portugal) 3.63%, 7/15/2024 (a) | 29,092 | 29,008 |
Fiserv, Inc. 2.75%, 7/1/2024 | 34,436 | 34,355 |
63,363 | ||
Ground Transportation — 0.2% | ||
ERAC USA Finance LLC 3.80%, 11/1/2025 (a) | 6,873 | 6,712 |
Penske Truck Leasing Co. LP 3.45%, 7/1/2024 (a) | 1,347 | 1,345 |
8,057 | ||
Health Care Providers & Services — 1.5% | ||
Cardinal Health, Inc. | ||
3.08%, 6/15/2024 | 3,464 | 3,460 |
3.50%, 11/15/2024 | 18,300 | 18,097 |
Cencora, Inc. 3.25%, 3/1/2025 | 19,939 | 19,598 |
Cigna Group (The) 3.50%, 6/15/2024 | 6,660 | 6,654 |
CVS Health Corp. 5.00%, 12/1/2024 | 3,360 | 3,346 |
Elevance Health, Inc. | ||
3.50%, 8/15/2024 | 12,704 | 12,650 |
2.38%, 1/15/2025 | 15,100 | 14,802 |
Humana, Inc. 4.50%, 4/1/2025 | 3,943 | 3,913 |
82,520 | ||
Health Care REITs — 0.5% | ||
Ventas Realty LP | ||
2.65%, 1/15/2025 | 6,605 | 6,473 |
3.50%, 2/1/2025 | 22,562 | 22,202 |
28,675 | ||
Hotels, Restaurants & Leisure — 0.1% | ||
Marriott International, Inc. Series EE, 5.75%, 5/1/2025 | 2,801 | 2,802 |
Insurance — 5.6% | ||
Chubb INA Holdings LLC 3.15%, 3/15/2025 | 7,085 | 6,958 |
Corebridge Global Funding | ||
5.75%, 7/2/2026 (a) | 9,329 | 9,332 |
(SOFR + 1.30%), 6.67%, 9/25/2026 (a) (b) | 17,933 | 18,157 |
Equitable Financial Life Global Funding 0.80%, 8/12/2024 (a) | 3,254 | 3,222 |
F&G Global Funding 0.90%, 9/20/2024 (a) | 1,501 | 1,478 |
Jackson National Life Global Funding | ||
2.65%, 6/21/2024 (a) | 7,776 | 7,762 |
(SOFR + 1.15%), 6.53%, 6/28/2024 (a) (b) | 39,120 | 39,145 |
1.75%, 1/12/2025 (a) | 4,980 | 4,854 |
5.60%, 4/10/2026 (a) | 12,996 | 12,933 |
MassMutual Global Funding II (SOFR + 0.98%), 6.35%, 7/10/2026 (a) (b) | 35,006 | 35,341 |
Metropolitan Life Global Funding I (SOFRINDX + 0.57%), 5.94%, 4/9/2026 (a) (b) | 13,962 | 13,979 |
New York Life Global Funding (SOFRINDX + 0.58%), 5.94%, 1/16/2026 (a) (b) | 35,540 | 35,634 |
Pacific Life Global Funding II | ||
(SOFR + 0.60%), 5.98%, 3/27/2026 (a) (b) | 26,747 | 26,770 |
(SOFRINDX + 1.05%), 6.40%, 7/28/2026 (a) (b) | 25,342 | 25,580 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Insurance — continued | ||
Principal Life Global Funding II | ||
1.38%, 1/10/2025 (a) | 3,583 | 3,494 |
(SOFR + 0.90%), 6.22%, 8/28/2025 (a) (b) | 30,547 | 30,746 |
5.00%, 1/16/2027 (a) | 3,712 | 3,693 |
Reliance Standard Life Global Funding II | ||
2.75%, 5/7/2025 (a) | 18,423 | 17,926 |
5.24%, 2/2/2026 (a) | 1,933 | 1,910 |
298,914 | ||
Machinery — 1.1% | ||
Daimler Truck Finance North America LLC (Germany) | ||
1.63%, 12/13/2024 (a) | 6,230 | 6,099 |
5.20%, 1/17/2025 (a) | 3,225 | 3,214 |
Otis Worldwide Corp. 2.06%, 4/5/2025 | 26,069 | 25,318 |
Parker-Hannifin Corp. | ||
2.70%, 6/14/2024 | 3,934 | 3,930 |
3.65%, 6/15/2024 | 19,282 | 19,260 |
3.30%, 11/21/2024 | 2,615 | 2,587 |
60,408 | ||
Media — 0.1% | ||
Omnicom Group, Inc. 3.65%, 11/1/2024 | 5,226 | 5,180 |
Metals & Mining — 0.1% | ||
Newmont Corp. 5.30%, 3/15/2026 (a) | 7,839 | 7,812 |
Multi-Utilities — 0.7% | ||
Berkshire Hathaway Energy Co. 3.50%, 2/1/2025 | 6,772 | 6,677 |
DTE Energy Co. 4.22%, 11/1/2024 (d) | 29,400 | 29,200 |
Public Service Enterprise Group, Inc. 2.88%, 6/15/2024 | 3,541 | 3,536 |
39,413 | ||
Oil, Gas & Consumable Fuels — 1.9% | ||
Enbridge, Inc. (Canada) 2.50%, 1/15/2025 | 10,439 | 10,240 |
Energy Transfer LP 4.75%, 1/15/2026 | 2,274 | 2,245 |
Enterprise Products Operating LLC 4.60%, 1/11/2027 | 15,042 | 14,876 |
Marathon Petroleum Corp. 3.63%, 9/15/2024 | 11,656 | 11,576 |
MPLX LP 4.88%, 6/1/2025 | 2,547 | 2,526 |
ONEOK, Inc. | ||
2.75%, 9/1/2024 | 15,643 | 15,519 |
3.20%, 3/15/2025 | 2,750 | 2,693 |
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025 | 3,086 | 3,080 |
TransCanada PipeLines Ltd. (Canada) 1.00%, 10/12/2024 | 11,274 | 11,081 |
Williams Cos., Inc. (The) | ||
4.55%, 6/24/2024 | 15,674 | 15,660 |
3.90%, 1/15/2025 | 13,572 | 13,427 |
102,923 | ||
Pharmaceuticals — 0.2% | ||
Bristol-Myers Squibb Co. (SOFR + 0.49%), 5.82%, 2/20/2026 (b) | 8,711 | 8,748 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Retail REITs — 0.3% | ||
Kimco Realty OP LLC 3.30%, 2/1/2025 | 15,989 | 15,748 |
Semiconductors & Semiconductor Equipment — 0.6% | ||
Microchip Technology, Inc. | ||
0.98%, 9/1/2024 | 20,325 | 20,077 |
4.25%, 9/1/2025 | 8,820 | 8,680 |
NXP BV (China) 2.70%, 5/1/2025 | 1,654 | 1,609 |
30,366 | ||
Software — 0.7% | ||
Oracle Corp. | ||
3.40%, 7/8/2024 | 2,264 | 2,259 |
2.50%, 4/1/2025 | 29,418 | 28,659 |
Roper Technologies, Inc. 2.35%, 9/15/2024 | 4,923 | 4,877 |
35,795 | ||
Specialized REITs — 0.3% | ||
Public Storage Operating Co. (SOFRINDX + 0.60%), 5.96%, 7/25/2025 (b) | 17,323 | 17,370 |
Specialty Retail — 0.3% | ||
AutoZone, Inc. 3.63%, 4/15/2025 | 16,567 | 16,286 |
Technology Hardware, Storage & Peripherals — 0.8% | ||
Dell International LLC 4.00%, 7/15/2024 | 16,724 | 16,690 |
Hewlett Packard Enterprise Co. 5.90%, 10/1/2024 | 26,826 | 26,830 |
43,520 | ||
Tobacco — 0.6% | ||
BAT Capital Corp. (United Kingdom) | ||
3.22%, 8/15/2024 | 6,612 | 6,577 |
2.79%, 9/6/2024 | 25,207 | 25,004 |
31,581 | ||
Wireless Telecommunication Services — 0.3% | ||
T-Mobile USA, Inc. 3.50%, 4/15/2025 | 17,841 | 17,505 |
Total Corporate Bonds (Cost $3,113,901) | 3,116,829 | |
Asset-Backed Securities — 12.6% | ||
Ally Auto Receivables Trust | ||
Series 2022-1, Class A3, 3.31%, 11/15/2026 | 1,182 | 1,167 |
Series 2024-1, Class A2, 5.32%, 1/15/2027 | 16,961 | 16,928 |
Series 2022-3, Class A3, 5.07%, 4/15/2027 | 28,240 | 28,139 |
Series 2023-A, Class A2, 6.15%, 1/17/2034 (a) | 555 | 555 |
American Express Credit Account Master Trust | ||
Series 2021-1, Class A, 0.90%, 11/15/2026 | 10,000 | 9,788 |
Series 2022-2, Class A, 3.39%, 5/15/2027 | 28,844 | 28,280 |
Series 2022-3, Class A, 3.75%, 8/15/2027 | 28,816 | 28,253 |
AmeriCredit Automobile Receivables Trust Series 2022-2, Class A3, 4.38%, 4/18/2028 | 2,779 | 2,757 |
Amur Equipment Finance Receivables LLC Series 2022-1A, Class A2, 1.64%, 10/20/2027 (a) | 4,100 | 4,016 |
Bank of America Auto Trust Series 2023-2A, Class A2, 5.85%, 8/17/2026 (a) | 16,610 | 16,624 |
BMW Vehicle Lease Trust Series 2023-2, Class A3, 5.99%, 9/25/2026 | 17,533 | 17,621 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Asset-Backed Securities — continued | ||
BMW Vehicle Owner Trust Series 2023-A, Class A2A, 5.72%, 4/27/2026 | 8,298 | 8,301 |
BofA Auto Trust Series 2024-1A, Class A2, 5.57%, 12/15/2026 (a) | 17,136 | 17,129 |
Capital One Prime Auto Receivables Trust | ||
Series 2021-1, Class A3, 0.77%, 9/15/2026 | 3,514 | 3,421 |
Series 2022-2, Class A3, 3.66%, 5/17/2027 | 4,497 | 4,421 |
Chesapeake Funding LLC (Canada) Series 2023-2A, Class A1, 6.16%, 10/15/2035 (a) | 12,181 | 12,251 |
Citibank Credit Card Issuance Trust Series 2023-A2, Class A2, 5.98%, 12/8/2027 (e) | 11,413 | 11,452 |
CNH Equipment Trust | ||
Series 2022-A, Class A3, 2.94%, 7/15/2027 | 1,510 | 1,475 |
Series 2024-A, Class A2, 5.19%, 7/15/2027 | 9,557 | 9,522 |
Series 2022-B, Class A3, 3.89%, 8/16/2027 | 8,934 | 8,781 |
Dell Equipment Finance Trust | ||
Series 2023-1, Class A3, 5.65%, 9/22/2028 (a) | 6,595 | 6,600 |
Series 2023-3, Class A2, 6.10%, 4/23/2029 (a) | 12,048 | 12,065 |
Series 2024-1, Class A2, 5.58%, 3/22/2030 (a) | 8,539 | 8,545 |
DLLAA LLC Series 2023-1A, Class A2, 5.93%, 7/20/2026 (a) | 17,927 | 17,945 |
Dllad LLC Series 2024-1A, Class A2, 5.50%, 8/20/2027 (a) | 3,434 | 3,432 |
Enterprise Fleet Financing LLC Series 2023-2, Class A2, 5.56%, 4/22/2030 (a) | 3,519 | 3,513 |
Enterprise Fleet Funding LLC Series 2021-1, Class A3, 0.70%, 12/21/2026 (a) | 287 | 282 |
Ford Credit Auto Lease Trust Series 2023-A, Class A2A, 5.19%, 6/15/2025 | 68 | 68 |
Ford Credit Auto Owner Trust | ||
Series 2023-B, Class A2A, 5.57%, 6/15/2026 | 1,305 | 1,305 |
Series 2020-C, Class A4, 0.51%, 8/15/2026 | 3,605 | 3,530 |
GM Financial Automobile Leasing Trust | ||
Series 2023-1, Class A2A, 5.27%, 6/20/2025 | 1,162 | 1,161 |
Series 2024-2, Class A2A, 5.43%, 9/21/2026 | 17,611 | 17,604 |
GM Financial Consumer Automobile Receivables Trust | ||
Series 2023-3, Class A2A, 5.74%, 9/16/2026 | 7,540 | 7,542 |
Series 2022-1, Class A3, 1.26%, 11/16/2026 | 21,100 | 20,643 |
Series 2022-2, Class A3, 3.10%, 2/16/2027 | 3,505 | 3,451 |
Series 2024-1, Class A2A, 5.12%, 2/16/2027 | 9,128 | 9,101 |
Series 2024-2, Class A2A, 5.33%, 3/16/2027 | 6,328 | 6,316 |
Honda Auto Receivables Owner Trust | ||
Series 2023-1, Class A2, 5.22%, 10/21/2025 | 10,195 | 10,183 |
Series 2021-4, Class A3, 0.88%, 1/21/2026 | 4,898 | 4,792 |
Series 2022-2, Class A3, 3.73%, 7/20/2026 | 11,012 | 10,876 |
Series 2024-1, Class A2, 5.36%, 9/15/2026 | 49,306 | 49,233 |
Hpefs Equipment Trust Series 2022-2A, Class A3, 3.76%, 9/20/2029 (a) | 1,979 | 1,966 |
HPEFS Equipment Trust Series 2023-2A, Class A3, 5.99%, 1/21/2031 (a) | 1,650 | 1,658 |
Hyundai Auto Lease Securitization Trust Series 2023-A, Class A2A, 5.20%, 4/15/2025 (a) | 1,983 | 1,982 |
Hyundai Auto Receivables Trust | ||
Series 2021-C, Class A3, 0.74%, 5/15/2026 | 6,664 | 6,539 |
Series 2023-B, Class A2A, 5.77%, 5/15/2026 | 14,338 | 14,346 |
Series 2022-B, Class A3, 3.72%, 11/16/2026 | 4,996 | 4,934 |
Series 2024-A, Class A2A, 5.29%, 4/15/2027 | 7,505 | 7,491 |
John Deere Owner Trust | ||
Series 2023-B, Class A2, 5.59%, 6/15/2026 | 14,804 | 14,797 |
Series 2024-A, Class A2A, 5.19%, 2/16/2027 | 12,530 | 12,497 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Asset-Backed Securities — continued | ||
Series 2022-C, Class A3, 5.09%, 6/15/2027 | 8,492 | 8,457 |
Mercedes-Benz Auto Lease Trust Series 2023-A, Class A3, 4.74%, 1/15/2027 | 5,690 | 5,645 |
Mercedes-Benz Auto Receivables Trust Series 2023-1, Class A2, 5.09%, 1/15/2026 | 2,993 | 2,991 |
Nissan Auto Receivables Owner Trust Series 2022-B, Class A2, 4.50%, 8/15/2025 | 1,740 | 1,739 |
Porsche Financial Auto Securitization Trust | ||
Series 2023-2A, Class A2A, 5.88%, 11/23/2026 (a) | 8,133 | 8,142 |
Series 2023-1A, Class A2, 5.42%, 12/22/2026 (a) | 5,720 | 5,716 |
Santander Drive Auto Receivables Trust | ||
Series 2023-2, Class A3, 5.21%, 7/15/2027 | 2,832 | 2,824 |
Series 2023-3, Class A3, 5.61%, 10/15/2027 | 4,091 | 4,087 |
SBNA Auto Lease Trust Series 2024-B, Class A2, 5.67%, 11/20/2026 (a) | 8,747 | 8,752 |
Tesla Auto Lease Trust | ||
Series 2023-A, Class A2, 5.86%, 8/20/2025 (a) | 20,432 | 20,442 |
Series 2024-A, Class A2A, 5.37%, 6/22/2026 (a) | 9,709 | 9,686 |
Toyota Auto Receivables Owner Trust | ||
Series 2021-B, Class A3, 0.26%, 11/17/2025 | 1,310 | 1,295 |
Series 2023-A, Class A2, 5.05%, 1/15/2026 | 4,151 | 4,145 |
Series 2023-C, Class A2A, 5.60%, 8/17/2026 | 8,591 | 8,590 |
Series 2022-B, Class A3, 2.93%, 9/15/2026 | 3,645 | 3,584 |
Series 2022-C, Class A3, 3.76%, 4/15/2027 | 11,331 | 11,156 |
Verizon Master Trust | ||
Series 2022-7, Class A1A, 5.23%, 11/22/2027 | 6,667 | 6,653 |
Series 2021-2, Class A, 0.99%, 4/20/2028 | 4,863 | 4,776 |
Series 2024-1, Class A1A, 5.00%, 12/20/2028 | 13,122 | 13,048 |
Volkswagen Auto Loan Enhanced Trust | ||
Series 2023-1, Class A2A, 5.50%, 12/21/2026 | 14,647 | 14,632 |
Series 2023-2, Class A2A, 5.72%, 3/22/2027 | 25,192 | 25,205 |
World Omni Auto Receivables Trust Series 2024-A, Class A2A, 5.05%, 4/15/2027 | 10,922 | 10,886 |
Total Asset-Backed Securities (Cost $677,610) | 677,729 | |
U.S. Treasury Obligations — 3.2% | ||
U.S. Treasury Notes | ||
4.25%, 1/31/2026 | 23,400 | 23,131 |
4.88%, 4/30/2026 | 61,900 | 61,878 |
4.63%, 11/15/2026 | 52,500 | 52,332 |
4.13%, 2/15/2027 | 36,900 | 36,355 |
Total U.S. Treasury Obligations (Cost $174,767) | 173,696 | |
Short-Term Investments — 25.9% | ||
Certificates of Deposits — 8.9% | ||
BNP Paribas SA (France) | ||
5.95%, 9/12/2024 | 38,348 | 38,381 |
5.34%, 10/8/2024 | 34,253 | 34,228 |
5.15%, 12/31/2024 | 11,089 | 11,062 |
Cooperatieve Rabobank UA (Netherlands) | ||
5.95%, 9/12/2024 | 31,539 | 31,565 |
5.39%, 4/8/2025 | 25,909 | 25,872 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Short-Term Investments — continued | ||
Certificates of Deposits — continued | ||
Credit Industriel et Commercial (France) , 5.60%, 4/29/2025 | 22,919 | 22,937 |
First Abu Dhabi Bank USA NV (SOFR + 0.27%), 5.60%, 11/7/2024 (b) | 25,113 | 25,121 |
Mitsubishi UFJ Trust & Banking Corp. (Japan) (SOFR + 0.39%), 5.72%, 4/3/2025 (b) | 5,511 | 5,514 |
National Australia Bank Ltd. (Australia) (SOFR + 0.52%), 5.85%, 10/16/2024 (b) | 10,321 | 10,334 |
Nordea Bank Abp (Finland) (SOFR + 0.30%), 5.63%, 3/21/2025 (b) | 38,780 | 38,797 |
Northern Trust Co. (The) , 5.40%, 9/20/2024 | 69,319 | 69,291 |
Skandinaviska Enskilda Banken AB (Sweden) | ||
(SOFR + 0.30%), 5.63%, 3/7/2025 (b) | 10,480 | 10,482 |
5.38%, 3/19/2025 | 20,216 | 20,181 |
Sumitomo Mitsui Banking Corp. (Japan) | ||
(SOFR + 0.72%), 6.05%, 8/7/2024 (b) | 4,654 | 4,659 |
(SOFR + 0.34%), 5.67%, 3/18/2025 (b) | 22,480 | 22,486 |
Svenska Handelsbanken AB (Sweden) | ||
(SOFR + 0.23%), 5.56%, 10/31/2024 (b) | 6,087 | 6,088 |
(SOFR + 0.35%), 5.68%, 1/23/2025 (b) | 12,475 | 12,484 |
(SOFR + 0.28%), 5.61%, 2/26/2025 (b) | 35,199 | 35,202 |
5.39%, 3/19/2025 | 20,310 | 20,281 |
Toronto-Dominion Bank (The) (Canada) | ||
6.00%, 9/20/2024 | 3,418 | 3,421 |
5.33%, 3/18/2025 | 17,611 | 17,578 |
Westpac Banking Corp. (Australia) , 5.40%, 4/9/2025 | 11,328 | 11,319 |
Total Certificates of Deposit (Cost $477,331) | 477,283 | |
Commercial Paper — 13.9% | ||
ABN AMRO Funding USA LLC (Netherlands) 5.47%, 10/1/2024 (a) (f) | 4,934 | 4,843 |
American Electric Power Co., Inc. 5.70%, 9/23/2024 (a) (f) | 22,216 | 21,818 |
Banco Santander SA (Spain) 5.27%, 10/11/2024 (a) | 15,000 | 14,700 |
Bank of New York Mellon (The) (SOFR + 0.35%), 5.68%, 5/9/2025 (b) | 18,823 | 18,826 |
BofA Securities, Inc. 5.56%, 5/29/2025 | 40,354 | 38,205 |
Brookfield Corporate Treasury Ltd. (Canada) | ||
5.85%, 6/25/2024 (a) (f) | 14,016 | 13,961 |
5.90%, 6/28/2024 (a) (f) | 29,651 | 29,520 |
Citigroup Global Markets, Inc. 6.01%, 9/19/2024 (a) (f) | 14,073 | 13,836 |
CNH Industrial Capital LLC 5.77%, 11/4/2024 (a) | 8,635 | 8,418 |
Credit Agricole Corporate and Investment Bank (France) 5.30%, 10/4/2024 (f) | 44,229 | 43,408 |
Credit Industriel et Commercial (France) 5.17%, 2/6/2025 (a) (f) | 14,629 | 14,071 |
CRH America Finance, Inc. 6.01%, 6/18/2024 (a) | 5,194 | 5,180 |
DNB Bank ASA (Norway) | ||
5.14%, 2/7/2025 (a) (f) | 39,400 | 37,952 |
5.49%, 5/29/2025 (a) | 39,367 | 37,305 |
Eidp, Inc. 5.72%, 12/13/2024 (a) (f) | 7,298 | 7,082 |
Enel Finance America LLC (Italy) | ||
5.72%, 11/4/2024 (a) | 9,640 | 9,405 |
5.73%, 11/18/2024 (a) | 12,191 | 11,867 |
First Abu Dhabi Bank PJSC (United Arab Emirates) | ||
5.33%, 10/8/2024 (a) (f) | 53,234 | 52,191 |
5.56%, 2/28/2025 (a) (f) | 3,200 | 3,072 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Short-Term Investments — continued | ||
Commercial Paper — continued | ||
General Motors Financial Co. Inc | ||
5.99%, 6/3/2024 (a) | 6,926 | 6,923 |
5.70%, 11/27/2024 (a) | 9,996 | 9,712 |
Glencore Funding LLC (Australia) | ||
5.74%, 7/8/2024 (a) (f) | 7,416 | 7,371 |
5.76%, 8/30/2024 (a) | 29,400 | 28,985 |
Henkel Corp. (Germany) 5.45%, 10/18/2024 (a) (f) | 4,353 | 4,263 |
Henkel of America, Inc. (Germany) | ||
5.46%, 9/30/2024 (a) | 39,193 | 38,488 |
5.47%, 11/26/2024 (a) | 9,606 | 9,353 |
HSBC USA, Inc. | ||
6.50%, 8/1/2024 (a) (f) | 7,857 | 7,783 |
6.51%, 9/27/2024 (a) (f) | 7,400 | 7,265 |
6.25%, 11/27/2024 (a) (f) | 24,000 | 23,342 |
5.92%, 5/20/2025 (a) | 12,473 | 11,816 |
L3Harris Technologies, Inc. 6.32%, 8/27/2024 (a) (f) | 9,401 | 9,273 |
Lloyds Bank plc (United Kingdom) 5.34%, 2/12/2025 (a) | 36,157 | 34,786 |
LVMH Moet Hennessy Louis Vuitton SE (France) | ||
5.42%, 1/3/2025 (a) | 4,931 | 4,775 |
5.41%, 1/21/2025 (a) (f) | 11,155 | 10,773 |
5.38%, 3/17/2025 (a) | 8,989 | 8,613 |
LVMH Moet Hennessy Louis Vuitton, Inc. (France) 5.88%, 9/17/2024 (a) (f) | 18,602 | 18,302 |
Macquarie Bank Ltd (Australia) 5.43%, 10/22/2024 (a) | 12,898 | 12,616 |
Macquarie Bank Ltd. (Australia) 5.77%, 11/20/2024 (a) | 6,000 | 5,844 |
National Australia Bank Ltd. (Australia) (SOFR + 0.35%), 5.68%, 4/9/2025 (a) (b) | 16,402 | 16,406 |
NatWest Markets plc (United Kingdom) 5.31%, 10/23/2024 (a) | 29,569 | 28,937 |
Podium Funding Trust (Canada) (SOFR + 0.26%), 5.59%, 12/6/2024 (b) | 15,000 | 14,999 |
Skandinaviska Enskilda Banken AB (Sweden) 5.53%, 4/23/2025 (a) (f) | 7,908 | 7,531 |
Societe Generale SA (France) | ||
5.21%, 2/7/2025 (a) (f) | 11,754 | 11,317 |
5.54%, 5/29/2025 (a) | 13,705 | 12,980 |
Telstra Group Ltd. (Australia) 6.14%, 9/6/2024 (a) (f) | 7,750 | 7,631 |
Westpac Banking Corp. (Australia) (SOFR + 0.55%), 5.88%, 11/1/2024 (a) (b) | 2,300 | 2,304 |
Total Commercial Paper (Cost $748,440) | 748,048 | |
SHARES (000) | ||
Investment Companies — 1.7% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.31% (g) (h) (Cost $91,038) | 91,044 | 91,062 |
Investment of Cash Collateral from Securities Loaned — 0.0% ^ | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (g) (h) | 500 | 500 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (g) (h) | 480 | 480 |
Total Investment of Cash Collateral from Securities Loaned (Cost $980) | 980 |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Repurchase Agreements — 1.1% | ||
Wells Fargo Securities LLC, 5.78%, dated 5/31/2024, due 9/06/2024, repurchase price $60,944, collateralized by Collateralized Mortgage Obligations, 0.21% - 10.75%, due 7/16/2035 - 1/25/2064, with the value of $66,652. (Cost $60,000) | 60,000 | 60,000 |
U.S. Treasury Obligations — 0.3% | ||
U.S. Treasury Bills, 5.16%, 3/20/2025 (f) (Cost $13,346) | 13,900 | 13,342 |
Total Short-Term Investments (Cost $1,391,135) | 1,390,715 | |
Total Investments — 99.7% (Cost $5,357,413) | 5,358,969 | |
Other Assets Less Liabilities — 0.3% | 13,558 | |
NET ASSETS — 100.0% | 5,372,527 |
Percentages indicated are based on net assets. |
Abbreviations | |
CME | Chicago Mercantile Exchange |
PJSC | Public Joint Stock Company |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
^ | Amount rounds to less than 0.1% of net assets. | |
(a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2024. | |
(c) | The security or a portion of this security is on loan at May 31, 2024. The total value of securities on loan at May 31, 2024 is $951. | |
(d) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of May 31, 2024. | |
(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 May 31, 2024. | |
(f) | The rate shown is the effective yield as of May 31, 2024. | |
(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 May 31, 2024. |
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(Dollar values in thousands)A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Certain short term investments may be valued using the amortized cost method, provided it approximates the fair market value of the investment. The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the security. The market value of securities in the Fund can generally be expected to vary inversely with changes in prevailing interest rates.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(Dollar values in thousands)The following table represents each valuation input as presented on the Schedule of Portfolio Investments:
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Asset-Backed Securities | $— | $677,729 | $— | $677,729 |
Corporate Bonds | — | 3,116,829 | — | 3,116,829 |
U.S. Treasury Obligations | — | 173,696 | — | 173,696 |
Short-Term Investments | ||||
Certificates of Deposits | — | 477,283 | — | 477,283 |
Commercial Paper | — | 748,048 | — | 748,048 |
Investment Companies | 91,062 | — | — | 91,062 |
Investment of Cash Collateral from Securities Loaned | 980 | — | — | 980 |
Repurchase Agreements | — | 60,000 | — | 60,000 |
U.S. Treasury Obligations | — | 13,342 | — | 13,342 |
Total Short-Term Investments | 92,042 | 1,298,673 | — | 1,390,715 |
Total Investments in Securities | $92,042 | $5,266,927 | $— | $5,358,969 |
B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended May 31, 2024 | |||||||||
Security Description | Value at February 29, 2024 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at May 31, 2024 | Shares at May 31, 2024 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.31% (a) (b) | $40,000 | $1,726,915 | $1,675,769 | $(74 ) | $(10 ) | $91,062 | 91,044 | $2,105 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | 2,000 | 3,000 | 4,500 | — (c) | — (c) | 500 | 500 | 12 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (a) (b) | 390 | 8,479 | 8,389 | — | — | 480 | 480 | 7 | — |
Total | $42,390 | $1,738,394 | $1,688,658 | $(74 ) | $(10 ) | $92,042 | $2,124 | $— |
(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, 2024. |
(c) | Amount rounds to less than one thousand. |