NPORT-EX 2 JPMMIF.htm EDGAR HTML
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.