JPMorgan Managed Income Fund
Schedule of Portfolio Investments as of May 31, 2026
(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., 2026.
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — 69.3%
Aerospace & Defense — 1.5%
BAE Systems plc (United Kingdom) 5.00%, 3/26/2027 (a)
3,377
3,399
Howmet Aerospace, Inc. 3.75%, 3/3/2028
4,831
4,778
L3Harris Technologies, Inc.
3.85%, 12/15/2026
3,074
3,068
5.40%, 1/15/2027
22,383
22,565
RTX Corp.
3.50%, 3/15/2027
32,765
32,609
3.13%, 5/4/2027
5,259
5,210
 
71,629
Automobiles — 2.8%
BMW US Capital LLC (Germany)
(SOFRINDX + 0.78%), 4.43%, 3/19/2027 (a) (b)
12,649
12,690
4.15%, 8/11/2027 (a)
11,294
11,278
(SOFR + 0.71%), 4.35%, 8/11/2027 (a) (b)
7,000
7,018
General Motors Co. 4.20%, 10/1/2027
300
299
Hyundai Capital America
5.45%, 6/24/2026 (a)
11,111
11,121
3.00%, 2/10/2027 (a) (c)
603
597
5.30%, 3/19/2027 (a)
180
181
4.85%, 3/25/2027 (a)
20,602
20,697
5.28%, 6/24/2027 (a)
940
948
4.30%, 9/24/2027 (a)
10,521
10,494
Mercedes-Benz Finance North America LLC (Germany)
3.45%, 1/6/2027 (a)
4,759
4,738
4.75%, 8/1/2027 (a)
1,215
1,222
4.13%, 3/10/2028 (a)
17,422
17,322
Volkswagen Group of America Finance LLC (Germany)
4.90%, 8/14/2026 (a)
10,592
10,600
5.70%, 9/12/2026 (a)
19,637
19,715
4.95%, 3/25/2027 (a)
2,675
2,689
4.35%, 6/8/2027 (a)
2,475
2,472
4.45%, 9/11/2027 (a)
4,527
4,521
 
138,602
Banks — 26.3%
ABN AMRO Bank NV (Netherlands)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.54%, 6/16/2027 (a) (b)
10,300
10,288
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (a) (b)
46,723
46,966
(SOFRINDX + 0.75%), 4.40%, 7/7/2028 (a) (b)
2,627
2,637
ANZ New Zealand Int'l Ltd. (New Zealand)
4.00%, 1/22/2029 (a)
3,507
3,470
(SOFR + 0.61%), 4.24%, 1/22/2029 (a) (b)
5,078
5,076
Banco Santander SA (Spain)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (b)
30,534
30,298
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 5.55%, 3/14/2028 (b)
12,800
12,907
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%), 4.18%, 3/24/2028 (b)
14,080
14,040
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
Bank of America Corp.
(SOFR + 0.96%), 1.73%, 7/22/2027 (b)
36,047
35,913
(SOFR + 1.05%), 2.55%, 2/4/2028 (b)
1,149
1,135
(SOFR + 1.58%), 4.38%, 4/27/2028 (b)
12,860
12,856
(SOFR + 0.87%), 4.48%, 4/23/2030 (b)
11,090
11,041
Bank of Montreal (Canada)
Series f2f, (SOFR + 0.88%), 4.57%, 9/10/2027 (b)
24,408
24,417
Series J, (SOFR + 0.53%), 4.10%, 12/15/2027 (b) (c)
33,171
33,132
(SOFR + 0.62%), 4.27%, 1/13/2028 (b)
16,786
16,815
Bank of Nova Scotia (The) (Canada)
5.35%, 12/7/2026
44,371
44,652
(SOFR + 0.76%), 4.04%, 9/15/2028 (b)
23,354
23,243
(SOFR + 0.73%), 4.25%, 2/2/2030 (b)
9,977
9,876
Barclays plc (United Kingdom)
(SOFR + 1.88%), 6.50%, 9/13/2027 (b)
39,777
40,000
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.28%, 11/24/2027 (b)
10,202
10,101
BNP Paribas SA (France)
(SOFR + 0.91%), 1.68%, 6/30/2027 (a) (b)
5,762
5,749
3.50%, 11/16/2027 (a)
3,516
3,478
BPCE SA (France)
5.20%, 1/18/2027 (a)
4,670
4,700
(SOFR + 2.27%), 6.71%, 10/19/2029 (a) (b)
10,878
11,362
CaixaBank SA (Spain) (SOFR + 2.08%), 6.68%, 9/13/2027 (a) (b)
15,076
15,168
Canadian Imperial Bank of Commerce (Canada)
5.24%, 6/28/2027
15,175
15,344
(SOFR + 0.93%), 4.51%, 9/11/2027 (b)
23,328
23,334
(SOFR + 0.72%), 4.86%, 1/13/2028 (b)
33,913
34,014
(SOFRINDX + 0.60%), 4.24%, 9/8/2028 (b)
7,878
7,859
Citibank NA
4.93%, 8/6/2026
3,365
3,368
(SOFR + 0.71%), 4.88%, 11/19/2027 (b)
26,235
26,316
Citigroup, Inc.
(SOFR + 0.77%), 1.46%, 6/9/2027 (b)
21,711
21,697
(SOFR + 1.14%), 4.64%, 5/7/2028 (b)
4,646
4,657
Cooperatieve Rabobank UA (Netherlands)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.98%, 12/15/2027 (a) (b)
19,396
19,149
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 3.65%, 4/6/2028 (a) (b)
5,000
4,967
Credit Agricole SA (France)
4.13%, 1/10/2027 (a)
13,251
13,244
2.02%, 1/11/2027 (a) (c)
1,500
1,481
Danske Bank A/S (Denmark) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.95%), 5.43%,
3/1/2028 (a) (b)
2,566
2,585
Federation des Caisses Desjardins du Quebec (Canada) 4.51%, 5/26/2028 (a)
12,364
12,364
Fifth Third Bancorp (SOFR + 0.69%), 1.71%, 11/1/2027 (b)
25,632
25,341
HSBC Holdings plc (United Kingdom)
(SOFR + 1.57%), 5.89%, 8/14/2027 (b)
15,896
15,941
(SOFR + 1.10%), 2.25%, 11/22/2027 (b) (c)
7,400
7,323
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
(SOFR + 1.06%), 5.60%, 5/17/2028 (b)
12,312
12,445
(SOFR + 0.99%), 4.40%, 3/10/2030 (b)
7,547
7,481
(SOFR + 0.94%), 4.71%, 5/12/2030 (b)
7,142
7,127
HSBC USA, Inc.
(SOFR + 0.96%), 4.61%, 3/4/2027 (b)
5,813
5,840
5.29%, 3/4/2027
2,201
2,221
Huntington National Bank (The)
(SOFR + 0.72%), 4.87%, 4/12/2028 (b)
22,442
22,515
(SOFRINDX + 1.65%), 4.55%, 5/17/2028 (b)
773
774
ING Groep NV (Netherlands)
3.95%, 3/29/2027
7,413
7,401
(SOFR + 1.56%), 6.08%, 9/11/2027 (b)
19,510
19,592
Intesa Sanpaolo SpA (Italy) 3.88%, 7/14/2027 (a)
355
353
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), 5.99%, 8/7/2027 (b)
50,934
51,083
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.46%, 1/5/2028 (b)
8,536
8,589
(3-MONTH SOFR + 1.21%), 3.57%, 11/7/2028 (b)
10,500
10,369
Manufacturers & Traders Trust Co. (SOFR + 0.94%), 4.55%, 4/18/2030 (b)
13,492
13,435
Mitsubishi UFJ Financial Group, Inc. (Japan)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (b)
20,565
20,485
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.34%, 1/19/2028 (b)
8,652
8,542
Mizuho Financial Group, Inc. (Japan)
2.84%, 9/13/2026
3,375
3,363
3.66%, 2/28/2027
5,729
5,709
Morgan Stanley Bank NA
(SOFR + 0.68%), 4.45%, 10/15/2027 (b)
6,587
6,591
(SOFR + 1.08%), 4.95%, 1/14/2028 (b)
1,500
1,506
Morgan Stanley Private Bank NA (SOFR + 0.76%), 4.21%, 2/8/2030 (b)
7,788
7,702
National Bank of Canada (Canada)
(SOFR + 1.04%), 5.60%, 7/2/2027 (b)
9,774
9,784
(SOFR + 0.80%), 4.95%, 2/1/2028 (b)
3,186
3,198
(SOFR + 0.64%), 4.37%, 4/30/2028 (b)
9,910
9,902
(SOFRINDX + 0.76%), 4.17%, 1/20/2029 (b)
8,958
8,919
(SOFR + 0.77%), 4.41%, 1/20/2029 (b)
5,643
5,645
NatWest Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 5.58%,
3/1/2028 (b)
11,400
11,495
NatWest Markets plc (United Kingdom)
1.60%, 9/29/2026 (a)
792
786
5.42%, 5/17/2027 (a) (c)
15,200
15,390
4.17%, 11/6/2028 (a)
10,622
10,542
4.65%, 3/27/2029 (a)
14,152
14,179
PNC Financial Services Group, Inc. (The) (SOFR + 1.34%), 5.30%, 1/21/2028 (b)
6,374
6,411
Royal Bank of Canada (Canada)
(SOFR + 0.79%), 5.07%, 7/23/2027 (b)
23,818
23,845
(SOFRINDX + 0.72%), 4.51%, 10/18/2027 (b)
5,957
5,961
(SOFR + 0.84%), 4.40%, 4/17/2030 (b)
10,829
10,769
Santander Holdings USA, Inc. 3.24%, 10/5/2026
2,769
2,760
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
Societe Generale SA (France)
(SOFR + 1.10%), 4.73%, 2/19/2027 (a) (b)
678
680
5.25%, 2/19/2027 (a)
200
201
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (a) (b)
17,493
17,484
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.52%, 1/19/2028 (a) (b)
2,500
2,514
Standard Chartered Bank (United Kingdom)
(SOFR + 0.65%), 4.29%, 10/8/2026 (b)
800
801
4.85%, 12/3/2027
8,583
8,648
Standard Chartered plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.85%), 6.19%, 7/6/2027 (a) (b)
7,300
7,310
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.85%), 6.75%, 2/8/2028 (a) (b)
24,688
24,980
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028 (a) (b)
5,964
6,232
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.77%), 4.30%, 1/13/2030 (a) (b)
9,790
9,669
Sumitomo Mitsui Financial Group, Inc. (Japan)
1.40%, 9/17/2026
9,266
9,198
2.17%, 1/14/2027
3,758
3,714
Sumitomo Mitsui Trust Bank Ltd. (Japan)
5.20%, 3/7/2027 (a)
2,235
2,253
4.45%, 9/10/2027 (a)
12,666
12,699
Svenska Handelsbanken AB (Sweden) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.63%), 1.42%,
6/11/2027 (a) (b) (c)
1,730
1,729
Toronto-Dominion Bank (The) (Canada)
1.20%, 6/3/2026
860
860
4.57%, 12/17/2026
15,473
15,514
Series FXD, 1.95%, 1/12/2027
432
426
2.80%, 3/10/2027
18,200
18,017
4.11%, 10/13/2028
8,744
8,679
Truist Bank Series I, (SOFR + 0.66%), 4.14%, 1/27/2029 (b)
5,649
5,617
Truist Financial Corp. (SOFR + 2.05%), 6.05%, 6/8/2027 (b)
16,138
16,144
US Bancorp (SOFR + 0.73%), 2.22%, 1/27/2028 (b)
5,627
5,548
US Bank NA
(SOFR + 0.69%), 4.51%, 10/22/2027 (b)
45,497
45,528
(SOFR + 0.91%), 4.73%, 5/15/2028 (b)
14,266
14,313
Wells Fargo & Co.
Series W, (SOFR + 0.78%), 4.90%, 1/24/2028 (b)
5,931
5,951
(SOFR + 0.74%), 4.18%, 1/23/2030 (b)
10,341
10,235
Westpac New Zealand Ltd. (New Zealand) 4.13%, 1/29/2029 (a)
4,481
4,444
 
1,290,401
Beverages — 0.9%
Coca-Cola Europacific Partners plc (United Kingdom) 1.50%, 1/15/2027 (a)
7,612
7,484
Constellation Brands, Inc. 4.35%, 5/9/2027
24,774
24,805
Molson Coors Beverage Co. 3.00%, 7/15/2026
13,776
13,755
 
46,044
Biotechnology — 0.3%
AbbVie, Inc. 3.78%, 3/3/2028
13,953
13,838
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Building Products — 0.3%
Amrize Finance US LLC 4.60%, 4/7/2027
16,785
16,834
Capital Markets — 4.3%
Charles Schwab Corp. (The) 2.45%, 3/3/2027
19,526
19,288
Deutsche Bank AG (Germany)
(SOFR + 2.52%), 7.15%, 7/13/2027 (b)
7,406
7,428
(SOFR + 1.22%), 2.31%, 11/16/2027 (b)
6,177
6,116
Goldman Sachs Bank USA (SOFR + 0.72%), 4.66%, 6/3/2029 (b)
9,234
9,246
Goldman Sachs Group, Inc. (The)
(SOFR + 0.82%), 1.54%, 9/10/2027 (b)
22,800
22,626
(SOFR + 0.91%), 1.95%, 10/21/2027 (b)
13,235
13,113
(SOFR + 0.71%), 4.15%, 1/21/2029 (b)
10,762
10,687
(SOFR + 0.71%), 4.35%, 1/21/2029 (b)
6,741
6,741
Macquarie Bank Ltd. (Australia)
5.27%, 7/2/2027 (a)
15,460
15,621
3.92%, 2/3/2028 (a)
7,096
7,049
(SOFR + 0.48%), 4.12%, 2/3/2028 (a) (b)
6,571
6,572
Macquarie Group Ltd. (Australia) (SOFR + 0.91%), 1.63%, 9/23/2027 (a) (b)
181
179
Mizuho Markets Cayman LP (Japan) (SOFR + 0.52%), 4.17%, 10/9/2026 (a) (b)
16,932
16,942
Morgan Stanley
(SOFR + 0.86%), 1.51%, 7/20/2027 (b)
25,184
25,085
(SOFR + 0.80%), 4.24%, 1/9/2030 (b)
14,580
14,420
(SOFRINDX + 0.96%), 4.56%, 4/10/2030 (b)
7,626
7,596
State Street Corp. (SOFR + 0.95%), 4.54%, 4/24/2028 (b)
8,113
8,131
UBS Group AG (Switzerland) (SOFR + 0.84%), 4.21%, 4/10/2030 (a) (b)
13,393
13,196
 
210,036
Chemicals — 0.6%
Chevron Phillips Chemical Co. LLC 3.40%, 12/1/2026 (a)
740
737
Ecolab, Inc. 4.30%, 6/15/2028
2,985
2,987
Nutrien Ltd. (Canada)
4.00%, 12/15/2026
2,178
2,174
4.50%, 3/12/2027
17,592
17,625
Sherwin-Williams Co. (The) 3.45%, 6/1/2027
5,689
5,646
 
29,169
Commercial Services & Supplies — 0.3%
Element Fleet Management Corp. (Canada) 5.64%, 3/13/2027 (a)
12,445
12,548
Consumer Finance — 4.7%
AerCap Ireland Capital DAC (Ireland)
2.45%, 10/29/2026
20,050
19,910
6.10%, 1/15/2027
7,489
7,559
4.88%, 4/1/2028
10,783
10,840
American Express Co.
3.30%, 5/3/2027
3,572
3,547
(SOFR + 1.00%), 5.10%, 2/16/2028 (b)
12,021
12,089
(SOFR + 0.58%), 4.01%, 2/9/2029 (b)
8,757
8,696
(SOFR + 0.59%), 4.23%, 2/9/2029 (b)
14,020
14,035
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Consumer Finance — continued
American Honda Finance Corp.
(SOFR + 0.62%), 4.28%, 12/11/2026 (b)
12,944
12,955
(SOFR + 0.75%), 4.39%, 1/15/2027 (b)
25,831
25,874
(SOFR + 0.87%), 4.51%, 7/9/2027 (b)
9,467
9,494
(SOFR + 0.73%), 4.36%, 8/13/2027 (b)
17,875
17,897
Avolon Holdings Funding Ltd. (Ireland)
2.53%, 11/18/2027 (a)
5,884
5,705
4.20%, 4/15/2029 (a)
9,996
9,821
Capital One Financial Corp.
4.10%, 2/9/2027
7,000
6,996
(SOFR + 0.86%), 1.88%, 11/2/2027 (b)
2,374
2,348
General Motors Financial Co., Inc.
1.50%, 6/10/2026
1,440
1,439
4.35%, 1/17/2027
4,830
4,827
2.35%, 2/26/2027
1,990
1,961
5.00%, 4/9/2027
4,684
4,709
5.40%, 5/8/2027
8,051
8,132
5.35%, 7/15/2027
3,908
3,948
Toyota Motor Credit Corp.
(SOFR + 0.60%), 4.12%, 7/21/2027 (b)
8,330
8,344
(SOFR + 0.50%), 4.01%, 8/25/2027 (b)
30,841
30,855
 
231,981
Consumer Staples Distribution & Retail — 0.2%
Kroger Co. (The) 2.65%, 10/15/2026
8,724
8,679
Diversified REITs — 0.1%
WP Carey, Inc. 4.25%, 10/1/2026
2,767
2,767
Diversified Telecommunication Services — 0.3%
AT&T, Inc. 2.95%, 7/15/2026
5,000
4,992
NBN Co. Ltd. (Australia) 4.00%, 10/1/2027 (a)
9,275
9,225
 
14,217
Electric Utilities — 3.0%
Duke Energy Corp. 2.65%, 9/1/2026
12,609
12,561
ENEL Finance International NV (Italy)
1.63%, 7/12/2026 (a) (d)
5,662
5,643
3.63%, 5/25/2027 (a)
5,154
5,122
4.63%, 6/15/2027 (a)
24,491
24,576
Georgia Power Co. (SOFRINDX + 0.42%), 4.04%, 11/22/2027 (b)
20,379
20,426
ITC Holdings Corp. 4.95%, 9/22/2027 (a)
532
535
NextEra Energy Capital Holdings, Inc.
1.88%, 1/15/2027
17,277
17,036
3.55%, 5/1/2027
4,361
4,335
4.69%, 9/1/2027
16,541
16,613
Oncor Electric Delivery Co. LLC 4.50%, 3/20/2027
5,609
5,625
Southern Co. (The) 3.25%, 7/1/2026
10,268
10,261
Virginia Electric and Power Co. Series A, 3.50%, 3/15/2027
5,941
5,911
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Electric Utilities — continued
Virginia Power Fuel Securitization LLC Series A-1, 5.09%, 5/1/2027
3,572
3,595
Wisconsin Electric Power Co. 3.95%, 3/1/2029
3,245
3,208
Xcel Energy, Inc. 3.35%, 12/1/2026
9,900
9,861
 
145,308
Energy Equipment & Services — 0.5%
Baker Hughes Holdings LLC 4.05%, 3/11/2029
17,569
17,408
Schlumberger Holdings Corp. 5.00%, 5/29/2027 (a)
7,640
7,697
 
25,105
Financial Services — 0.5%
Citigroup Global Markets Holdings, Inc. (SOFR + 0.50%), 4.15%, 1/4/2027 (b) (c)
5,641
5,642
Nationwide Building Society (United Kingdom)
4.85%, 7/27/2027 (a)
10,257
10,318
(SOFR + 1.91%), 6.56%, 10/18/2027 (a) (b)
769
775
NTT Finance Corp. (Japan) 4.57%, 7/16/2027 (a)
9,121
9,139
 
25,874
Food Products — 1.6%
Bunge Ltd. Finance Corp.
3.25%, 8/15/2026
26,374
26,320
4.90%, 4/21/2027
7,495
7,538
Danone SA (France) 2.95%, 11/2/2026 (a)
41,467
41,254
Ingredion, Inc. 3.20%, 10/1/2026
831
829
Tyson Foods, Inc. 3.55%, 6/2/2027
3,848
3,822
 
79,763
Ground Transportation — 0.8%
ERAC USA Finance LLC 3.30%, 12/1/2026 (a)
19,276
19,187
Penske Truck Leasing Co. LP
3.40%, 11/15/2026 (a)
10,054
10,016
5.35%, 1/12/2027 (a)
1,108
1,113
4.20%, 4/1/2027 (a)
4,608
4,600
4.40%, 7/1/2027 (a)
4,689
4,680
Ryder System, Inc. 5.30%, 3/15/2027
171
172
 
39,768
Health Care Equipment & Supplies — 0.4%
Becton Dickinson & Co. 6.70%, 12/1/2026
469
473
Zimmer Biomet Holdings, Inc. 4.70%, 2/19/2027
16,449
16,504
 
16,977
Health Care Providers & Services — 0.8%
Cardinal Health, Inc. 4.70%, 11/15/2026
7,238
7,257
Cigna Group (The) 3.40%, 3/1/2027
22,684
22,524
Laboratory Corp. of America Holdings 1.55%, 6/1/2026
8,672
8,672
 
38,453
Health Care REITs — 1.0%
DOC DR LLC 4.30%, 3/15/2027
1,653
1,652
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Health Care REITs — continued
Healthpeak OP LLC
3.25%, 7/15/2026
24,858
24,824
1.35%, 2/1/2027
11,936
11,705
Ventas Realty LP 3.25%, 10/15/2026
8,914
8,879
 
47,060
Hotels, Restaurants & Leisure — 0.2%
Marriott International, Inc.
5.45%, 9/15/2026
1,864
1,867
4.20%, 7/15/2027
9,095
9,087
 
10,954
Household Products — 0.2%
Reckitt Benckiser Treasury Services plc (United Kingdom) 3.00%, 6/26/2027 (a)
11,779
11,625
Independent Power and Renewable Electricity Producers — 0.2%
Constellation Energy Generation LLC
3.90%, 1/8/2028
7,217
7,160
(SOFR + 0.60%), 4.24%, 1/8/2028 (b)
4,905
4,903
 
12,063
Insurance — 6.4%
Athene Global Funding
4.86%, 8/27/2026 (a)
28,425
28,457
1.73%, 10/2/2026 (a) (c)
14,797
14,664
4.95%, 1/7/2027 (a)
21,517
21,575
CNA Financial Corp. 3.45%, 8/15/2027
13,081
12,926
CNO Global Funding 4.38%, 9/8/2028 (a)
9,466
9,379
Corebridge Global Funding
5.35%, 6/24/2026 (a)
5,866
5,870
5.75%, 7/2/2026 (a)
10,243
10,257
4.65%, 8/20/2027 (a)
20,717
20,739
4.25%, 8/21/2028 (a)
3,108
3,085
F&G Global Funding
5.88%, 6/10/2027 (a)
19,991
20,224
4.65%, 9/8/2028 (a)
2,048
2,025
(SOFR + 1.33%), 4.99%, 9/8/2028 (a) (b)
5,457
5,435
Jackson National Life Global Funding
(SOFR + 0.89%), 4.55%, 6/9/2027 (a) (b)
11,963
11,984
5.55%, 7/2/2027 (a)
12,358
12,491
(SOFR + 0.95%), 4.60%, 9/12/2028 (a) (b)
16,765
16,703
Lincoln National Corp. 3.63%, 12/12/2026
359
358
MassMutual Global Funding II
(SOFR + 0.68%), 4.31%, 8/1/2028 (a) (b)
2,186
2,189
(SOFR + 0.66%), 4.29%, 1/22/2029 (a) (b)
6,896
6,896
Met Tower Global Funding
4.00%, 10/1/2027 (a) (c)
2,283
2,273
4.00%, 1/14/2029 (a)
24,877
24,564
Metropolitan Life Global Funding I (SOFR + 0.70%), 4.33%, 8/25/2028 (a) (b)
7,267
7,268
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Insurance — continued
New York Life Global Funding
(SOFR + 0.66%), 4.30%, 7/25/2028 (a) (b)
11,573
11,583
(SOFR + 0.57%), 4.21%, 2/2/2029 (a) (b)
9,587
9,573
Pacific Life Global Funding II (SOFR + 0.75%), 4.39%, 7/10/2028 (a) (b)
24,390
24,445
Principal Life Global Funding II
4.60%, 8/19/2027 (a)
4,292
4,303
(SOFR + 0.81%), 4.44%, 8/18/2028 (a) (b)
6,063
6,068
Western-Southern Global Funding
4.38%, 6/2/2027 (a)
8,074
8,068
4.25%, 1/29/2029 (a)
9,909
9,798
 
313,200
IT Services — 0.2%
CGI, Inc. (Canada) 1.45%, 9/14/2026
11,292
11,196
Machinery — 0.8%
CNH Industrial Capital LLC 1.45%, 7/15/2026
2,497
2,489
Daimler Truck Finance North America LLC (Germany)
5.00%, 1/15/2027 (a)
10,376
10,424
5.13%, 9/25/2027 (a)
365
368
4.95%, 1/13/2028 (a)
15,014
15,128
Xylem, Inc. 3.25%, 11/1/2026
9,430
9,393
 
37,802
Metals & Mining — 0.4%
Anglo American Capital plc (South Africa) 4.75%, 4/10/2027 (a)
11,009
11,046
Glencore Funding LLC (Australia)
(SOFRINDX + 0.75%), 4.39%, 10/1/2026 (a) (b)
2,331
2,334
4.00%, 3/27/2027 (a)
6,414
6,399
Rio Tinto Finance USA plc (Australia) 4.38%, 3/12/2027
1,783
1,788
 
21,567
Multi-Utilities — 0.8%
Ameren Corp. 1.95%, 3/15/2027
13,400
13,167
Dominion Energy, Inc. Series D, 2.85%, 8/15/2026
16,926
16,879
DTE Energy Co.
2.85%, 10/1/2026
5,920
5,894
4.95%, 7/1/2027
163
164
Southern Co. Gas Capital Corp. 3.25%, 6/15/2026
1,129
1,129
 
37,233
Oil, Gas & Consumable Fuels — 2.0%
Canadian Natural Resources Ltd. (Canada) 3.85%, 6/1/2027
1,971
1,963
Enbridge, Inc. (Canada)
1.60%, 10/4/2026
12,809
12,693
5.90%, 11/15/2026
4,757
4,786
5.25%, 4/5/2027
6,678
6,729
Energy Transfer LP
3.90%, 7/15/2026
14,903
14,896
6.05%, 12/1/2026
883
889
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
4.40%, 3/15/2027
7,045
7,050
4.20%, 4/15/2027
1,101
1,099
Enterprise Products Operating LLC 4.30%, 6/20/2028
3,097
3,095
Northwest Pipeline LLC 4.00%, 4/1/2027
12,000
11,975
Sabine Pass Liquefaction LLC 5.00%, 3/15/2027
21,294
21,329
Spectra Energy Partners LP 3.38%, 10/15/2026
11,908
11,871
Suncor Energy, Inc. (Canada) 7.88%, 6/15/2026
1,427
1,429
 
99,804
Pharmaceuticals — 0.4%
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026
19,556
19,490
Residential REITs — 0.8%
Essex Portfolio LP 3.63%, 5/1/2027
13,640
13,561
Mid-America Apartments LP
1.10%, 9/15/2026
8,375
8,301
3.60%, 6/1/2027
9,502
9,447
UDR, Inc. 2.95%, 9/1/2026
6,224
6,200
 
37,509
Retail REITs — 0.5%
Kimco Realty OP LLC 3.80%, 4/1/2027
3,616
3,604
NNN REIT, Inc.
3.60%, 12/15/2026
5,649
5,627
3.50%, 10/15/2027
2,677
2,644
Scentre Group Trust 1 (Australia) 3.75%, 3/23/2027 (a)
14,066
13,988
 
25,863
Semiconductors & Semiconductor Equipment — 1.1%
Broadcom, Inc.
3.46%, 9/15/2026
14,118
14,088
4.80%, 4/15/2028
34,651
34,973
NXP BV (Netherlands)
3.15%, 5/1/2027
5,677
5,610
4.40%, 6/1/2027
1,517
1,518
 
56,189
Software — 1.3%
Oracle Corp. 2.65%, 7/15/2026
24,200
24,154
Roper Technologies, Inc. 1.40%, 9/15/2027
10,400
10,007
Synopsys, Inc. 4.55%, 4/1/2027
24,710
24,784
VMware LLC 1.40%, 8/15/2026
4,772
4,745
 
63,690
Specialized REITs — 0.5%
American Tower Corp. 3.13%, 1/15/2027
2,000
1,986
Extra Space Storage LP 3.50%, 7/1/2026
20,934
20,924
 
22,910
Specialty Retail — 0.3%
AutoZone, Inc. 5.05%, 7/15/2026
16,747
16,763
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Technology Hardware, Storage & Peripherals — 0.8%
Dell International LLC 4.90%, 10/1/2026
14,837
14,854
Hewlett Packard Enterprise Co.
4.45%, 9/25/2026
18,746
18,765
4.05%, 9/15/2027
6,731
6,703
 
40,322
Tobacco — 0.6%
BAT Capital Corp. (United Kingdom) 3.22%, 9/6/2026
10,000
9,975
Philip Morris International, Inc.
4.75%, 2/12/2027
9,717
9,765
3.88%, 10/27/2028
9,507
9,412
 
29,152
Trading Companies & Distributors — 0.1%
Aviation Capital Group LLC 4.75%, 4/14/2027 (a)
2,642
2,647
Wireless Telecommunication Services — 0.5%
T-Mobile USA, Inc. 3.75%, 4/15/2027
24,405
24,309
Total Corporate Bonds
(Cost $3,398,729)
3,399,341
Asset-Backed Securities — 10.4%
Ally Auto Receivables Trust
Series 2025-1, Class A2, 4.03%, 7/17/2028
14,100
14,100
Series 2026-1, Class A2, 3.91%, 11/15/2028
20,612
20,584
ARI Fleet Lease Trust Series 2026-B, Class A2, 4.34%, 2/15/2035 (a)
5,070
5,068
BMW Vehicle Lease Trust
Series 2025-1, Class A2A, 4.43%, 9/27/2027
4,164
4,170
Series 2025-2, Class A2A, 3.94%, 11/26/2027
25,718
25,710
BofA Auto Trust Series 2026-1A, Class A2A, 4.10%, 11/15/2028 (a)
16,140
16,133
Capital One Prime Auto Receivables Trust Series 2025-1, Class A2A, 3.88%, 1/16/2029
5,074
5,069
Carmax Auto Owner Trust Series 2023-3, Class A3, 5.28%, 5/15/2028
17,794
17,867
CarMax Auto Owner Trust
Series 2026-1, Class A2A, 3.87%, 4/16/2029
17,160
17,123
Series 2026-2, Class A2A, 4.11%, 8/15/2029
7,890
7,889
CCG Receivables Trust Series 2024-1, Class A2, 4.99%, 3/15/2032 (a)
15,439
15,526
Chesapeake Funding LLC (Canada) Series 2023-2A, Class A1, 6.16%, 10/15/2035 (a)
3,952
3,966
CNH Equipment Trust Series 2022-B, Class A3, 3.89%, 11/15/2027
1,956
1,956
Dell Equipment Finance Trust Series 2025-1, Class A2, 4.68%, 7/22/2027 (a)
3,900
3,908
DLLAD LLC
Series 2024-1A, Class A2, 5.50%, 8/20/2027 (a)
414
414
Series 2025-1A, Class A2, 4.46%, 11/20/2028 (a)
2,063
2,069
Enterprise Fleet Financing LLC
Series 2024-4, Class A2, 4.69%, 7/20/2027 (a)
4,339
4,347
Series 2026-2, Class A2, 4.33%, 2/20/2029 (a)
16,060
16,066
Series 2023-2, Class A2, 5.56%, 4/22/2030 (a)
384
386
Ford Credit Auto Lease Trust Series 2026-A, Class A2A, 3.83%, 8/15/2028
22,893
22,857
Ford Credit Auto Owner Trust
Series 2022-D, Class A3, 5.27%, 5/17/2027
230
230
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2024-C, Class A2A, 4.32%, 8/15/2027
1,688
1,688
GM Financial Automobile Leasing Trust
Series 2024-3, Class A3, 4.21%, 10/20/2027
2,351
2,352
Series 2026-1, Class A2, 3.77%, 4/20/2028
35,090
34,996
GM Financial Consumer Automobile Receivables Trust
Series 2025-1, Class A2A, 4.44%, 1/18/2028
1,148
1,149
Series 2023-1, Class A3, 4.66%, 2/16/2028
876
877
Series 2026-1, Class A2A, 3.77%, 3/16/2029
7,910
7,892
Series 2024-2, Class A3, 5.10%, 3/16/2029
1,641
1,650
Honda Auto Receivables Owner Trust
Series 2023-3, Class A3, 5.41%, 2/18/2028
3,927
3,946
Series 2024-1, Class A3, 5.21%, 8/15/2028
14,666
14,755
Series 2026-2, Class A2A, 4.11%, 12/15/2028
11,695
11,695
Series 2023-3, Class A4, 5.30%, 12/18/2029
8,848
8,905
HPEFS Equipment Trust Series 2025-1A, Class A2, 4.49%, 9/20/2032 (a)
7,019
7,029
Hyundai Auto Lease Securitization Trust
Series 2024-B, Class A3, 5.41%, 5/17/2027 (a)
2,814
2,819
Series 2025-B, Class A2A, 4.58%, 9/15/2027 (a)
4,072
4,080
Series 2026-B, Class A2A, 4.06%, 9/15/2028 (a)
5,020
5,015
Hyundai Auto Receivables Trust Series 2024-C, Class A2A, 4.53%, 9/15/2027
1,559
1,560
John Deere Owner Trust
Series 2022-C, Class A3, 5.09%, 6/15/2027
238
238
Series 2024-B, Class A3, 5.20%, 3/15/2029
2,596
2,617
Mercedes-Benz Auto Lease Trust Series 2025-A, Class A2A, 4.57%, 4/17/2028
6,194
6,208
Porsche Innovative Lease Owner Trust Series 2025-1A, Class A2A, 4.60%, 12/20/2027 (a)
1,941
1,946
Santander Drive Auto Receivables Trust
Series 2025-4, Class A2, 4.28%, 1/15/2029
14,871
14,875
Series 2026-1, Class A2, 4.04%, 3/15/2029
8,430
8,425
SBNA Auto Lease Trust Series 2024-C, Class A3, 4.56%, 2/22/2028 (a)
2,754
2,757
SCF Equipment Leasing LLC
Series 2025-1A, Class A2, 4.82%, 7/22/2030 (a)
921
924
Series 2025-2A, Class A2, 4.26%, 12/22/2031 (a)
8,300
8,305
Stellantis Financial Underwritten Enhanced Lease Trust Series 2026-AA, Class A2A, 4.21%, 1/22/2029 (a)
9,570
9,567
Toyota Auto Receivables Owner Trust
Series 2023-D, Class A3, 5.54%, 8/15/2028
6,089
6,138
Series 2024-A, Class A3, 4.83%, 10/16/2028
5,118
5,139
Volkswagen Auto Loan Enhanced Trust
Series 2025-2, Class A2A, 4.00%, 8/21/2028
43,472
43,449
Series 2024-1, Class A3, 4.63%, 7/20/2029
24,000
24,120
Volvo Financial Equipment LLC Series 2026-1A, Class A2, 3.90%, 11/15/2028 (a)
16,370
16,343
Wheels Fleet Lease Funding LLC Series 2024-3A, Class A1, 4.80%, 9/19/2039 (a)
2,660
2,676
World Omni Auto Receivables Trust
Series 2022-D, Class A3, 5.61%, 2/15/2028
409
409
Series 2025-A, Class A2A, 4.49%, 4/17/2028
4,034
4,037
Series 2023-D, Class A3, 5.79%, 2/15/2029
862
870
Series 2024-A, Class A3, 4.86%, 3/15/2029
10,079
10,122
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2026-A, Class A2A, 3.71%, 4/16/2029
19,480
19,437
Series 2024-B, Class A3, 5.27%, 9/17/2029
5,745
5,786
Total Asset-Backed Securities
(Cost $510,386)
510,234
U.S. Treasury Obligations — 4.8%
U.S. Treasury Notes
3.38%, 9/15/2027
16,400
16,284
3.38%, 11/30/2027
51,700
51,253
3.38%, 12/31/2027
52,600
52,107
3.38%, 2/29/2028
44,000
43,546
3.75%, 4/30/2028
25,600
25,480
3.50%, 2/15/2029
45,500
44,864
Total U.S. Treasury Obligations
(Cost $234,803)
233,534
U.S. Government Agency Securities — 0.5%
FHLMC
4.00%, 3/5/2029 (Cost $24,400)
24,400
24,278
Short-Term Investments — 14.5%
Certificates of Deposits — 3.1%
Credit Industriel et Commercial (France) , 4.20%, 5/19/2027
43,898
43,921
HSBC Bank USA NA (SOFR + 0.37%), 3.98%, 1/4/2027 (b)
5,407
5,409
KEB Hana Bank (South Korea)
3.90%, 7/28/2026
4,394
4,393
3.94%, 9/4/2026
5,869
5,868
Lloyds Bank plc (United Kingdom) , 3.95%, 10/26/2026
5,307
5,306
Oversea-Chinese Banking Corp. Ltd. (Singapore) , 4.12%, 5/18/2027
23,842
23,842
Royal Bank of Canada (Canada) , 3.95%, 11/17/2026
22,379
22,377
Svenska Handelsbanken AB (Sweden) , 3.94%, 11/17/2026
39,931
39,918
Westpac Banking Corp. (Australia) , 4.00%, 3/12/2027
2,982
2,979
Total Certificates of Deposit
(Cost $154,010)
154,013
Commercial Paper — 9.1%
ANZ New Zealand International Ltd. (New Zealand) 4.03%, 4/19/2027 (a) (e)
35,053
33,824
Australia & New Zealand Banking Group Ltd. (Australia) 3.75%, 2/3/2027 (a) (e)
13,319
12,960
Banco Bilbao Vizcaya Argentaria (Spain) 4.24%, 5/21/2027 (e)
42,750
41,007
Banco Santander SA (Spain) 4.05%, 4/19/2027 (a) (e)
16,200
15,616
Bank of Nova Scotia (The) (Canada) 4.06%, 5/14/2027 (a) (e)
7,448
7,161
Credit Industriel et Commercial (France) 4.20%, 5/20/2027 (a) (e)
22,656
21,765
Danske Bank A/S (Denmark)
4.25%, 3/25/2027 (a) (e)
10,073
9,742
4.16%, 5/17/2027 (a) (e)
24,813
23,844
Federation des Caisses Desjardins du Quebec (Canada) 3.81%, 1/19/2027 (a) (e)
25,003
24,368
First Abu Dhabi Bank PJSC (United Arab Emirates)
3.93%, 11/10/2026 (a) (e)
30,423
29,885
3.84%, 1/29/2027 (a) (e)
22,301
21,710
HSBC USA, Inc. 4.03%, 2/3/2027 (a) (e)
6,000
5,833
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Short-Term Investments — continued
Commercial Paper — continued
Jackson National Life Short Term Funding LLC 3.90%, 2/3/2027 (a) (e)
11,287
10,980
LSEG US Fin Corp. (United Kingdom) 4.01%, 3/5/2027 (e)
17,275
16,720
Macquarie Bank Ltd. (Australia) 3.94%, 11/19/2026 (a) (e)
18,911
18,547
Macquarie Group Ltd. (Australia)
4.06%, 12/15/2026 (e)
4,800
4,690
4.11%, 3/8/2027 (e)
2,732
2,643
National Bank of Canada (Canada)
4.15%, 4/6/2027 (a) (e)
20,483
19,784
4.18%, 5/21/2027 (a) (e)
6,277
6,030
National Westminster Bank Plc (United Kingdom)
4.19%, 5/25/2027 (a) (e)
4,681
4,495
4.19%, 5/27/2027 (a) (e)
10,160
9,754
Royal Bank of Canada (Canada) 4.20%, 3/24/2027 (a) (e)
22,274
21,551
RWE AG (Germany) 4.60%, 4/20/2027 (a) (e)
24,586
23,644
Skandinaviska Enskilda Banken AB (Sweden) 4.10%, 4/13/2027 (a) (e)
10,526
10,164
Sumitomo Mitsui Banking Corp. (Japan) (SOFR + 0.40%), 4.01%, 12/4/2026 (a) (b)
7,352
7,357
Svenska Handelsbanken AB (Sweden) 4.08%, 4/13/2027 (a) (e)
16,700
16,117
Swedbank AB (Sweden) 4.00%, 5/5/2027 (a) (e)
15,000
14,443
Toronto-Dominion Bank (The) (Canada) 4.07%, 4/22/2027 (a) (e)
10,432
10,060
Total Commercial Paper
(Cost $444,966)
444,694
 
SHARES
(000)
Investment Companies — 0.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.64% (f) (g)
(Cost $42,959)
42,961
42,970
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.63% (f) (g)
(Cost $8,561)
8,561
8,561
 
PRINCIPAL
AMOUNT
($000)
Repurchase Agreements — 1.2%
Wells Fargo Securities LLC, 4.08%, dated 5/29/2026, due 9/8/2026, repurchase price $60,694, collateralized by
Collateralized Mortgage Obligations, 5.67%, due 06/25/2056, with the value of $65,681.
(Cost $60,000)
60,000
60,000
Total Short-Term Investments
(Cost $710,496)
710,238
Total Investments — 99.5%
(Cost $4,878,814)
4,877,625
Other Assets in Excess of Liabilities — 0.5%
25,908
NET ASSETS — 100.0%
4,903,533
 
Percentages indicated are based on net assets.
 
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
Abbreviations
 
FHLMC
Federal Home Loan Mortgage Corp.
PJSC
Public Joint Stock Company
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
 
(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, 2026.
(c)
The security or a portion of this security is on loan at May 31, 2026. The total value of securities on loan at May 31, 2026 is $7,596.
(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, 2026.
(e)
The rate shown is the effective yield as of May 31, 2026.
(f)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment
Management Inc.
(g)
The rate shown is the current yield as of May 31, 2026.
Futures contracts outstanding as of May 31, 2026 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
3 Month SOFR
606
06/16/2026
USD
145,997
44
 
Abbreviations
 
SOFR
Secured Overnight Financing Rate
USD
United States Dollar
JPMorgan Managed Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (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 "1940 Act"), the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (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.
Futures contracts are generally valued on the basis of available market quotations.
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, 2026 (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
$—
$510,234
$—
$510,234
Corporate Bonds
—
3,399,341
—
3,399,341
U.S. Government Agency Securities
—
24,278
—
24,278
U.S. Treasury Obligations
—
233,534
—
233,534
Short-Term Investments
Certificates of Deposits
—
154,013
—
154,013
Commercial Paper
—
444,694
—
444,694
Investment Companies
42,970
—
—
42,970
Investment of Cash Collateral from Securities Loaned
8,561
—
—
8,561
Repurchase Agreements
—
60,000
—
60,000
Total Short-Term Investments
51,531
658,707
—
710,238
Total Investments in Securities
$51,531
$4,826,094
$—
$4,877,625
Appreciation in Other Financial Instruments
Futures Contracts
$44
$—
$—
$44
B. Investment Transactions with Affiliates— The Fund invested in Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended May 31, 2026
Security Description
Value at
February 28,
2026
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2026
Shares at
May 31,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 3.64%  (a) (b)
$45,068
$2,158,584
$2,160,646
$(37
)
$1
$42,970
42,961
$2,020
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.63%  (a) (b)
16,384
34,044
41,867
—
—
8,561
8,561
102
—
Total
$61,452
$2,192,628
$2,202,513
$(37
)
$1
$51,531
$2,122
$—
 
 
(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, 2026.