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JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited)

Investments

Principal

Amount

($000)

Value

($000)

LOAN ASSIGNMENTS 84.2%(a)

Aerospace & Defense 1.5%

MacDonald Dettwiler and Associates Ltd., Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 10/4/2024(b)(c)

1,913

1,852

Spirit AeroSystems, Inc. Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 6.00%, 1/15/2025(b)(c)

1,521

1,532

TransDigm Group, Inc., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.25%), 2.40%, 12/9/2025(b)

5,845

5,659

9,043

Air Freight & Logistics 0.2%

XPO Logistics, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 2/24/2025(b)

1,348

1,333

Airlines 0.6%

JetBlue Airways Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.25%), 6.25%, 6/17/2024(b)

1,486

1,509

WestJet Airlines Ltd., 1st Lien Term Loan (Canada) (ICE LIBOR USD 3 Month + 3.00%), 4.00%, 12/11/2026(b)

2,635

2,468

3,977

Auto Components 1.5%

Adient US LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%; ICE LIBOR USD 3 Month + 4.25%), 4.41%,

5/6/2024(b)

2,611

2,602

Tenneco, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 10/1/2025(b)

3,457

3,313

USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 3.22%, 5/16/2024(b)

3,329

3,256

9,171

Automobiles 0.6%

Scientific Games International, Inc., 1st Lien Term Loan B-5 (ICE LIBOR USD 1 Month +

2.75%), 2.90%, 8/14/2024(b)

4,034

3,890

Building Products 0.5%

Advanced Drainage Systems, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.44%, 7/31/2026(b)

1,510

1,507

Summit Materials LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 11/21/2024(b)

1,837

1,802

3,309

Chemicals 3.2%

Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 1.97%, 6/1/2024(b)

2,312

2,271

Gates Global LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/1/2024(b)

4,563

4,517

INEOS Enterprises Holdings Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 8/28/2026(b)

2,278

2,258

Momentive Performance Materials, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 5/15/2024(b)

3,435

3,326

Pelican Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 5/1/2025(b)

2,403

2,325

Pelican Products, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 7.75%), 8.75%, 5/1/2026(b)

2,205

1,742

Trinseo Materials Operating SCA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 9/6/2024(b)

1,926

1,888

Tronox Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 3.18%,

9/23/2024(b)

1,758

1,733

20,060

Commercial Services & Supplies 1.0%

Prime Security Services Borrower LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%; ICE LIBOR USD 3 Month + 3.25%), 4.25%,

9/23/2026(b)

6,367

6,327

Communications Equipment 1.9%

API Group DE, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 2.65%, 10/1/2026(b)

4,245

4,171

APi Group DE, Inc., Term B (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 10/1/2026(b)

732

722

CommScope, Inc., 1st Lien Term Loan B-2 (Netherlands) (ICE LIBOR USD 1 Month + 3.25%),

3.40%, 4/6/2026(b)

6,419

6,303

Plantronics, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 2.65%, 7/2/2025(b)

663

639

11,835

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments

Principal

Amount

($000)

Value

($000)

Construction & Engineering 1.0%

Pike Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%; 3-MONTH PRIME + 2.00%),

3.23%, 7/24/2026(b)(c)

3,120

3,105

Zekelman Industries, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 1/24/2027(b)

3,333

3,268

6,373

Construction Materials 0.4%

AppleCaramel Buyer LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%),

4.50%, 10/19/2027(b)

2,553

2,529

Containers & Packaging 3.4%

Berry Plastics Corp., 1st Lien Term Loan W (ICE LIBOR USD 1 Month + 2.00%), 2.13%, 10/1/2022(b)

677

674

Berry Plastics Corp., 1st Lien Term Loan X (ICE LIBOR USD 1 Month + 2.00%), 2.13%, 1/19/2024(b)

1,679

1,663

Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 3.48%, 4/3/2024(b)

4,092

3,891

Consolidated Container, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 5/22/2024(b)

3,991

3,950

Graham Packaging Co., Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 8/4/2027(b)

4,021

4,014

Reynolds Group Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%),

3.40%, 2/5/2026(b)

3,320

3,263

Reynolds Group Holdings, Inc., Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 2/5/2023(b)

1,702

1,679

Ring Container Technologies Group LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%),

2.90%, 10/31/2024(b)

1,760

1,718

20,852

Diversified Consumer Services 2.0%

Allied Universal Holdco LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%),

4.40%, 7/10/2026(b)(c)

2,821

2,802

Conservice LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.47%, 5/13/2027(b)

3,220

3,172

Diamond Sports Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%),

3.40%, 8/24/2026(b)

1,775

1,473

St. Georges University Scholastic Services LLC, Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 1 Month + 3.25%), 3.40%,

7/17/2025(b)

4,820

4,756

12,203

Diversified Financial Services 1.5%

Duff & Phelps Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 4/9/2027(b)

3,142

3,130

Nestle Skin Health SA, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 10/1/2026(b)

4,771

4,764

Quidditch Acquisition, Inc., 1st Lien Cov-Lite Term Loan (ICE LIBOR USD 3 Month + 7.00%),

8.00%, 3/21/2025(b)

1,580

1,469

9,363

Diversified Telecommunication Services 5.8%

CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.40%, 3/15/2027(b)(c)

8,942

8,734

Cincinnati Bell, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/2/2024(b)

6,511

6,506

Getty Images, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.50%), 4.69%, 2/19/2026(b)

2,804

2,701

Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 5/16/2024(b)

4,348

4,302

Intelsat Jackson Holdings, 1st Lien Term Loan (Luxembourg) (1-MONTH PRIME + 4.75%),

8.00%,

11/27/2023(b)

13,550

13,700

35,943

Electric Utilities 2.2%

Calpine Construction Finance Co. LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 1/15/2025(b)

3,340

3,290

Carroll County Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%),

3.72%, 2/16/2026(b)

2,871

2,846

Edgewater Generation LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%),

3.90%, 12/13/2025(b)

1,657

1,620

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments

Principal

Amount

($000)

Value

($000)

Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024(b)

2,677

2,413

Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 1/30/2024(b)

151

136

PG&E Corp., Exit Term Loan (ICE LIBOR USD 1 Month + 4.50%), 5.50%, 6/18/2025(b)

3,182

3,202

13,507

Electrical Equipment 1.6%

Brookfield WEC Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%),

3.75%, 8/1/2025(b)

5,569

5,511

Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%),

3.15%, 3/2/2027(b)

4,468

4,394

9,905

Entertainment 0.6%

Banijay Entertainment, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%),

3.89%, 3/1/2025(b)

2,650

2,564

NAI Entertainment Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 5/8/2025(b)

1,391

1,274

3,838

Equity Real Estate Investment Trusts (REITs) 1.0%

ESH Hospitality, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%),

2.15%, 9/18/2026(b)

29

28

GGP, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.65%, 8/27/2025(b)

3,060

2,811

VICI Properties 1 LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.90%, 12/20/2024(b)

3,445

3,354

6,193

Food & Staples Retailing 1.2%

BJs Wholesale Club, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%),

2.14%, 2/3/2024(b)

1,308

1,303

Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 4/1/2024(b)

1,670

1,670

Moran Foods LLC, Tranche A Second Lien Term Loan (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 10/1/2024(b)

3,456

3,007

United Natural Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.40%, 10/22/2025(b)

1,760

1,746

7,726

Food Products 3.7%

Atkins Nutritionals, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%),

4.75%, 7/7/2024(b)

2,220

2,222

B&G Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.65%, 10/10/2026(b)

1,615

1,607

Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.75%, 4/6/2024(b)

9,887

9,787

Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.69%), 3.83%, 5/23/2025(b)

1,662

1,625

Hostess Brands LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%; ICE LIBOR USD 2 Month + 2.25%; ICE LIBOR USD 3 Month +

2.25%), 3.00%, 8/3/2025(b)

3,307

3,266

JBS USA LUX SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 5/1/2026(b)

3,010

2,963

Shearers Foods LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 9/23/2027(b)

1,610

1,605

23,075

Health Care Equipment & Supplies 0.5%

Avantor Funding, Inc., Term B (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 11/8/2027(b)(c)

3,100

3,096

Health Care Providers & Services 6.1%

Air Medical Group Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 10/2/2025(b)

2,190

2,160

CHG Healthcare Services, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 4.00%, 6/7/2023(b)

2,563

2,530

CVS Holdings I LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 4.40%, 8/31/2026(b)(c)

1,297

1,243

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments

Principal

Amount

($000)

Value

($000)

CVS Holdings I LP, Delayed Draw Term Loan (ICE LIBOR USD 1 Month + 4.25%),

4.40%, 8/31/2026(b)(c)

500

479

Envision Healthcare Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%),

3.90%, 10/10/2025(b)

4,364

3,546

Lifepoint Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.90%, 11/16/2025(b)

2,679

2,638

MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 6/7/2023(b)(c)

4,558

4,491

Pathway Vet Alliance LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.15%, 3/31/2027(b)

1,321

1,302

Pathway Vet Alliance LLC, Delayed Draw Term Loan (ICE LIBOR USD 1 Month + 3.75%; ICE LIBOR USD 3 Month + 4.00%), 4.15%,

3/31/2027(b)(c)

46

46

PCI Pharma Services, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%),

9.00%, 9/25/2027(b)(c)

2,140

2,120

PetVet Care Centers LLC, 1st Lien Term Loan

(ICE LIBOR USD 1 Month + 2.75%), 2.90%, 2/14/2025(b)

2,019

1,966

(ICE LIBOR USD 1 Month + 3.25%), 3.40%, 2/14/2025(b)

755

738

PetVet Care Centers LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 4.25%),

5.25%,

2/14/2025(b)

943

937

Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%),

3.75%, 2/6/2024(b)

4,051

3,523

Tivity Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 5.40%, 3/6/2026(b)

1,770

1,741

U.S. Renal Care, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 5.15%, 6/26/2026(b)(c)

2,208

2,188

WIRB-Copernicus Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%),

5.00%, 1/8/2027(b)

5,996

5,988

37,636

Hotels, Restaurants & Leisure 4.2%

1011778 BC ULC, 1st Lien Term Loan B (Canada) (ICE LIBOR USD 1 Month + 1.75%),

1.90%, 11/19/2026(b)

3,345

3,248

Caesars Resort Collection LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%),

2.90%, 12/23/2024(b)

2,089

2,020

CCM Merger, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 11/4/2025(b)(c)

2,095

2,080

Club Corp Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 2.97%, 9/18/2024(b)

1,745

1,545

Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (Canada) (ICE LIBOR USD 3 Month + 3.50%), 7.50%, 12/1/2023(b)

3,483

3,244

Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.50%), 3.25%, 10/4/2023(b)

1,970

1,875

IRB Holding Corp., 1st Lien Term Loan B

(ICE LIBOR USD 3 Month + 2.75%), 3.75%, 2/5/2025(b)

5,402

5,302

(ICE LIBOR USD 3 Month + 3.50%), 4.50%, 10/1/2025(b)(c)

1,320

1,310

Stars Group Holdings BV, 1st Lien Term Loan B (Canada) (ICE LIBOR USD 3 Month + 3.50%),

3.72%, 7/10/2025(b)

940

941

UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 4/29/2026(b)

3,293

3,258

Whataburger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.89%, 7/31/2026(b)

1,396

1,371

26,194

Household Products 1.0%

Clover Merger Sub, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 3.65%, 9/26/2024(b)

3,338

3,263

KIK Custom Products, Inc., 1st Lien Term Loan B (Canada) (ICE LIBOR USD 1 Month + 4.00%),

5.00%, 5/15/2023(b)

2,844

2,833

6,096

Independent Power and Renewable Electricity Producers 0.6%

ExGen Renewables IV LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%),

4.00%, 11/28/2024(b)

2,507

2,500

Invenergy LLC, Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 8/28/2025(b)

1,313

1,308

3,808

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments

Principal

Amount

($000)

Value

($000)

Insurance 1.8%

Asurion LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.50%), 6.65%, 8/4/2025(b)

2,296

2,308

Asurion LLC, Term Loan B-6 (ICE LIBOR USD 1 Month + 3.00%), 3.15%,

11/3/2023(b)

1,737

1,718

Asurion LLC, Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 3.15%,

11/3/2024(b)

3,426

3,389

HUB International Ltd., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 2.96%,

4/25/2025(b)

3,860

3,763

11,178

Interactive Media & Services 0.4%

Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 4.00%,

11/3/2023(b)

2,398

2,381

IT Services 1.8%

Ancestry.com, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.75%, 11/24/2027(b)(c)

2,155

2,147

Go Daddy Group, Inc. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.90%, 2/15/2024(b)

2,695

2,652

RSA Security LLC, 1st Lien Term Loan (ICE LIBOR USD 2 Month + 5.00%), 6.00%, 12/1/2028(b)

2,372

2,363

Zayo Group LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 3/9/2027(b)

4,144

4,068

11,230

Leisure Products 1.9%

Bombardier Recreational Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.15%, 5/24/2027(b)

1,794

1,738

Bombardier Recreational Products, Inc., 1st Lien Term Loan B-2 (ICE LIBOR USD 3 Month +

5.00%), 6.00%, 1/1/2038(b)

888

900

Delta 2 SARL, 1st Lien Term Loan B (United Kingdom) (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 2/1/2024(b)

2,466

2,397

FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2022(b)(d)

5,170

2,585

FGI Operating Co. LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%),

4.25%, 12/31/2100(b)(d)

21,042

(e)

Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 4.65%, 12/22/2025(b)

3,405

3,197

Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 4.75%, 2/14/2025(b)

1,034

997

11,814

Life Sciences Tools & Services 0.6%

Albany Molecular Research, Inc., 1st Lien Term Loan (ICE LIBOR USD 2 Month + 3.25%; ICE LIBOR USD 3 Month + 3.25%), 4.25%,

8/30/2024(b)

3,903

3,888

Machinery 1.8%

Alliance Laundry Systems LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 10/8/2027(b)(c)

3,065

3,056

Gardner Denver Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 3/1/2027(b)

723

719

Hillman Group, Inc. (The), Initial Term Loan (ICE LIBOR USD 1 Month + 4.00%), 4.15%, 5/30/2025(b)(c)

2,806

2,779

Sundyne, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 3/17/2027(b)

2,469

2,389

Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 3.36%, 3/28/2025(b)(c)

2,566

2,465

11,408

Media 9.2%

Altice Financing SA, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.89%, 7/15/2025(b)(c)

4,224

4,059

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments

Principal

Amount

($000)

Value

($000)

CBS Radio, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.64%, 11/18/2024(b)

2,860

2,758

Cineworld Finance US, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%),

2.77%, 2/28/2025(b)

1,642

1,254

Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.50%; ICE LIBOR USD 3 Month + 3.50%), 3.71%,

8/21/2026(b)

9,731

9,147

CSC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 2.39%, 7/17/2025(b)

5,415

5,272

CSC Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.39%, 1/15/2026(b)(c)

4,085

3,973

GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 10/10/2025(b)

3,646

3,581

Gray Television, Inc., 1st Lien Term Loan B

(ICE LIBOR USD 1 Month + 2.25%), 2.40%, 2/7/2024(b)

1,120

1,099

(ICE LIBOR USD 1 Month + 2.50%), 2.65%, 1/2/2026(b)

1,713

1,686

iHeartCommunications, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 5/1/2026(b)

4,100

3,962

iHeartCommunications, Inc., Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 5/1/2026(b)

910

896

Meredith Corp., 1st Lien Term Loan B

(ICE LIBOR USD 1 Month + 2.50%), 2.65%, 1/31/2025(b)

2,482

2,436

(ICE LIBOR USD 1 Month + 4.25%), 5.25%, 1/31/2025(b)

1,102

1,101

MidContinent Communications, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 1.90%, 8/15/2026(b)

1,928

1,913

Nexstar Broadcasting, Inc., 1st Lien Term Loan B

(ICE LIBOR USD 1 Month + 2.25%), 2.40%, 1/17/2024(b)

1,358

1,339

(ICE LIBOR USD 1 Month + 2.75%), 2.90%, 9/18/2026(b)

4,027

3,974

Numericable US LLC, 1st Lien Term Loan B (France) (ICE LIBOR USD 1 Month + 3.69%), 3.83%, 1/31/2026(b)(c)

4,392

4,319

Red Ventures LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.65%, 11/8/2024(b)

1,722

1,664

Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 7.00%, 9/25/2026(b)

2,400

2,328

56,761

Metals & Mining 0.4%

Thyssenkrupp Elevator, 1st Lien Term Loan B (ICE LIBOR USD 6 Month + 4.25%), 4.57%, 6/30/2027(b)

2,224

2,217

Oil, Gas & Consumable Fuels 2.5%

Buckeye Partners LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 11/1/2026(b)

2,836

2,810

California Resources Corp., Term Loan B-2 (ICE LIBOR USD 3 Month + 9.00%), 10.00%,

10/27/2025(b)

678

678

CITGO Holding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 8.00%, 8/1/2023(b)

2,043

1,779

Grizzly Acquisitions, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%),

3.48%, 10/1/2025(b)

2,675

2,569

Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 6.25%, 8/25/2023(b)(c)

3,411

2,474

Medallion Midland Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 4.25%, 10/30/2024(b)

1,467

1,404

Moda Midstream LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 9/29/2025(b)

1,942

1,911

Oryx Midstream Services LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 4.15%, 5/22/2026(b)

1,708

1,624

15,249

Paper & Forest Products 0.5%

Asplundh Tree Expert LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%),

2.64%, 9/7/2027(b)

3,210

3,213

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments

Principal

Amount

($000)

Value

($000)

Pharmaceuticals 3.6%

Concordia Healthcare Corp., Initial Dollar Term Loan (Canada) (ICE LIBOR USD 3 Month + 5.50%), 6.50%, 9/6/2024(b)(c)

8,529

8,261

Endo Pharmaceuticals, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 5.00%, 4/29/2024(b)

2,050

1,987

Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.14%, 6/2/2025(b)(c)

12,345

12,191

22,439

Professional Services 0.5%

Dun & Bradstreet Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%),

3.89%, 2/6/2026(b)

3,170

3,148

Real Estate Management & Development 0.6%

CityCenter Holdings LLC, Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/18/2024(b)(c)

3,839

3,695

Road & Rail 1.4%

Genesee & Wyoming, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.00%), 2.22%, 12/30/2026(b)

3,606

3,577

Hertz Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 3.50%, 6/30/2023(b)(c)

5,397

5,212

8,789

Software 5.8%

Ascend Learning LLC, Term Loan B

(ICE LIBOR USD 1 Month + 3.00%), 4.00%, 7/12/2024(b)

3,054

3,008

(ICE LIBOR USD 1 Month + 3.75%), 4.75%, 7/12/2024(b)

408

407

Cornerstone OnDemand, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%),

4.40%, 4/22/2027(b)

2,053

2,050

Greeneden U.S. Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 10/8/2027(b)(c)

3,060

3,048

Greeneden US Holdings I LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 12/1/2023(b)

3,286

3,279

Hyland Software, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 4.25%, 7/1/2024(b)

1,870

1,859

Informatica LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 3.40%, 2/25/2027(b)(c)

4,765

4,681

LogMeIn, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.75%), 4.89%, 8/31/2027(b)

2,330

2,301

Misys Group Ltd., Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 6/13/2024(b)

1,647

1,594

Netsmart Technologies, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.00%),

4.75%, 10/1/2027(b)

2,188

2,170

Project Boost Purchaser LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%),

3.65%, 6/1/2026(b)

2,814

2,735

Qlik Technologies, Inc.,1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 4/26/2024(b)(c)

1,553

1,521

SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 1.75%), 1.90%,

4/16/2025(b)

1,741

1,711

SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 1.75%), 1.90%,

4/16/2025(b)

1,318

1,296

Ultimate Software Group, Inc. (The), 1st Lien Term Loan

(ICE LIBOR USD 1 Month + 3.75%), 3.90%, 5/4/2026(b)

2,381

2,365

(ICE LIBOR USD 3 Month + 4.00%), 4.75%, 5/4/2026(b)

1,955

1,957

35,982

Specialty Retail 2.2%

American Bath Group LLC, 1st Lien Term Loan B1 (ICE LIBOR USD 3 Month + 4.50%),

5.25%, 11/23/2027(b)(c)

559

558

American Bath Group LLC, 1st Lien Term Loan B2 (ICE LIBOR USD 3 Month + 4.50%),

5.25%, 11/23/2027(b)(c)

186

186

Claires Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 6.65%, 12/18/2026(b)(f)

2,698

2,167

DigiCert, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 6.00%), 6.15%, 10/16/2026(b)

2,448

2,426

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments

Principal

Amount

($000)

Value

($000)

PetSmart, Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 3/11/2022(b)

4,795

4,767

Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 5.21%, 4/16/2026(b)(c)

3,547

3,415

13,519

Technology Hardware, Storage & Peripherals 1.1%

KDC US Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 3.90%, 12/22/2025(b)

4,145

4,075

Quest Software US Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.25%), 4.46%, 5/16/2025(b)

1,578

1,524

Quest Software US Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 8.25%), 8.46%, 5/18/2026(b)

1,089

1,030

6,629

Textiles, Apparel & Luxury Goods 0.3%

Samsonite International SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%),

1.90%, 4/25/2025(b)

1,658

1,566

TOTAL LOAN ASSIGNMENTS

(Cost $533,665)

522,388

CORPORATE BONDS 8.8%

Auto Components 0.5%

Adient US LLC 7.00%, 5/15/2026(g)

790

857

American Axle & Manufacturing, Inc. 6.25%, 3/15/2026

2,000

2,050

2,907

Chemicals 0.4%

Trinseo Materials Operating SCA 5.38%, 9/1/2025(g)

2,250

2,301

Commercial Services & Supplies 0.3%

ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 2.98%, 12/21/2065(b)(g)

3,195

1,917

Consumer Finance 0.8%

Ford Motor Credit Co. LLC

5.88%, 8/2/2021

3,000

3,069

5.13%, 6/16/2025

1,500

1,620

4,689

Containers & Packaging 0.1%

Berry Global, Inc. 4.88%, 7/15/2026(g)

800

849

Diversified Telecommunication Services 1.3%

CCO Holdings LLC

5.13%, 5/1/2027(g)

6,000

6,313

5.00%, 2/1/2028(g)

1,900

1,997

8,310

Electric Utilities 0.0%(h)

Texas Competitive Electric Holdings Co. LLC 8.50%, 10/1/2021(d)

75,000

38

Electrical Equipment 0.4%

Sensata Technologies BV 5.00%, 10/1/2025(g)

2,279

2,530

Electronic Equipment, Instruments & Components 0.2%

Ingram Micro, Inc. 5.00%, 8/10/2022

1,400

1,433

Entertainment 0.2%

Cinemark USA, Inc. 4.88%, 6/1/2023

1,279

1,211

Health Care Providers & Services 1.4%

Centene Corp. 4.75%, 1/15/2025

1,057

1,090

HCA, Inc.

5.38%, 2/1/2025

750

839

5.38%, 9/1/2026

2,750

3,125

Tenet Healthcare Corp. 7.50%, 4/1/2025(g)

3,100

3,393

8,447

Health Care Technology 0.1%

IQVIA, Inc. 5.00%, 10/15/2026(g)

700

732

Hotels, Restaurants & Leisure 0.2%

Six Flags Entertainment Corp. 4.88%, 7/31/2024(g)

1,268

1,263

Household Durables 0.2%

Newell Brands, Inc. 4.70%, 4/1/2026(i)

1,000

1,077

Household Products 0.3%

Spectrum Brands, Inc. 6.13%, 12/15/2024

2,000

2,040

Machinery 0.3%

Colfax Corp. 6.00%, 2/15/2024(g)

2,000

2,072

Media 0.3%

Clear Channel Worldwide Holdings, Inc. 9.25%, 2/15/2024

1,727

1,725

Multiline Retail 0.2%

NMG 12.00%, 9/18/2025

1,470

1,544

Oil, Gas & Consumable Fuels 0.8%

Cheniere Energy Partners LP 5.25%, 10/1/2025

2,150

2,207

DCP Midstream Operating LP 3.88%, 3/15/2023

250

256

NuStar Logistics LP 5.75%, 10/1/2025

1,600

1,684

PBF Logistics LP 6.88%, 5/15/2023

500

479

Sunoco LP 4.88%, 1/15/2023

250

254

4,880

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments

Principal

Amount

($000)

Value

($000)

Pharmaceuticals 0.2%

Bausch Health Cos., Inc. 7.00%, 3/15/2024(g)

1,000

1,031

Specialty Retail 0.4%

Staples, Inc. 7.50%, 4/15/2026(g)

2,500

2,519

Wireless Telecommunication Services 0.2%

Sprint Corp. 7.88%, 9/15/2023

1,050

1,210

TOTAL CORPORATE BONDS

(Cost $53,295)

54,725

Shares

(000)

COMMON STOCKS 1.2%

Aerospace & Defense 0.0%(h)

Remington Outdoor Co., Inc.*

419

(e)

Food & Staples Retailing 0.0%(h)

Moran Foods Backstop Equity*

167

167

Media 0.1%

Clear Channel Outdoor Holdings, Inc.*

369

557

iHeartMedia, Inc., Class A*

18

220

777

Multiline Retail 0.2%

Neiman Marcus Group Restricted Equity*

1

93

Neiman Marcus Group Unrestricted Equity*

16

1,296

1,389

Oil, Gas & Consumable Fuels 0.7%

California Resources Corp.*

194

4,229

Specialty Retail 0.2%

Claires Stores, Inc.*

3

1,017

TOTAL COMMON STOCKS

(Cost $13,285)

7,579

CONVERTIBLE PREFERRED STOCKS 0.7%

Specialty Retail 0.7%

Claires Stores, Inc. * (Cost $973)

2

4,319

No. of

Rights

(000)

RIGHTS 0.2%

Independent Power and Renewable Electricity Producers 0.2%

Vistra Corp., expiring 12/31/2049* (Cost $ )

1,250

1,376

No. of

Warrants

(000)

WARRANTS 0.2%

Diversified Telecommunication Services 0.0%(h)

Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD*

7

91

Wireless Telecommunication Services 0.2%

iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD*

138

1,039

TOTAL WARRANTS

(Cost $2,479)

1,130

Principal

Amount

($000)

COLLATERALIZED MORTGAGE OBLIGATIONS 0.0%

Southcross Holdco Equity, 0.00%, 7/9/2070(Cost $470)

136

Shares

(000)

SHORT-TERM INVESTMENTS 3.5%

INVESTMENT COMPANIES 3.5%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03%(j)(k) (Cost $21,334)

21,334

21,334

Total Investments 98.8%

(Cost $625,501)

612,851

Other Assets Less Liabilities 1.2%

7,294

Net Assets 100.0%

620,145

Percentages indicated are based on net assets.

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Abbreviations

ICE

Intercontinental Exchange

LIBOR

London Interbank Offered Rate

SCA

Limited partnership with share capital

USD

United States Dollar

(a)

Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

(b)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2020.

(c)

All or a portion of this security is unsettled as of November 30, 2020. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued

for the entire position.

(d)

Defaulted security.

(e)

Amount rounds to less than one thousand.

(f)

Fund is subject to legal or contractual restrictions on the resale of the security.

(g)

Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

(h)

Amount rounds to less than 0.1% of net assets.

(i)

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 November 30, 2020.

(j)

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.

(k)

The rate shown is the current yield as of November 30, 2020.

*

Non-income producing security.

Value determined using significant unobservable inputs.

A. Valuation of Investments Investments are valued in accordance with U.S. generally accepted accounting

principles (GAAP) and the Funds valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the Board), which established the following approach to valuation, as

described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at

their fair value as determined in good faith by the Board.

J.P. Morgan Investment Management Inc. (the Administrator) has

established the J.P. Morgan Asset Management Americas Valuation Committee (AVC) to assist the Board with the oversight and monitoring of the valuation of the Funds investments. The Administrator implements the valuation policies of

the Funds investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation

oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair

values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value

the Funds investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as Pricing

Services) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and

other relevant information for the investment.An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value.Discounts may also be applied due to

the nature or duration of any restrictions on the disposition of the investments.Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated

values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from 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.

Equities and other

exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (NAV) of the Fund are calculated on a valuation date.

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments in open-end investment companies (Underlying

Funds) are valued at each Underlying Funds NAV per share as of the report date.

See the table on Quantitative Information

about Level 3 Fair Value Measurements for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2020.

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 Funds 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 Funds assumptions in determining the fair value of investments).

A financial instruments level

within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an

indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on

the Schedule of Portfolio Investments (amounts in thousands):

Level 1Quoted prices

Level 2

Other significant observable

inputs

Level 3

Significant unobservable inputs

Total

Investments in Securities

Collateralized Mortgage Obligations

$

$

$

(a)

$

(a)

Common Stocks

Aerospace & Defense

(b)

(b)

Food & Staples Retailing

167

167

Media

777

777

Multiline Retail

1,389

1,389

Oil, Gas & Consumable Fuels

4,229

4,229

Specialty Retail

1,017

1,017

Total Common Stocks

5,006

2,573

7,579

Convertible Preferred Stocks

4,319

4,319

Corporate Bonds

Auto Components

2,907

2,907

Chemicals

2,301

2,301

Commercial Services & Supplies

1,917

1,917

Consumer Finance

4,689

4,689

Containers & Packaging

849

849

Diversified Telecommunication Services

8,310

8,310

Electric Utilities

38

38

Electrical Equipment

2,530

2,530

Electronic Equipment, Instruments & Components

1,433

1,433

Entertainment

1,211

1,211

Health Care Providers & Services

8,447

8,447

Health Care Technology

732

732

Hotels, Restaurants & Leisure

1,263

1,263

Household Durables

1,077

1,077

Household Products

2,040

2,040

Machinery

2,072

2,072

Media

1,725

1,725

Multiline Retail

1,544

1,544

Oil, Gas & Consumable Fuels

4,880

4,880

Pharmaceuticals

1,031

1,031

Specialty Retail

2,519

2,519

Wireless Telecommunication Services

1,210

1,210

Total Corporate Bonds

53,143

1,582

54,725

Loan Assignments

Aerospace & Defense

9,043

9,043

Air Freight & Logistics

1,333

1,333

Airlines

3,977

3,977

Auto Components

9,171

9,171

Automobiles

3,890

3,890

Building Products

3,309

3,309

Chemicals

20,060

20,060

Commercial Services & Supplies

6,327

6,327

Communications Equipment

11,835

11,835

Construction & Engineering

6,373

6,373

Construction Materials

2,529

2,529

Containers & Packaging

20,852

20,852

Diversified Consumer Services

12,203

12,203

Diversified Financial Services

9,363

9,363

Diversified Telecommunication Services

35,943

35,943

Electric Utilities

13,507

13,507

Electrical Equipment

9,905

9,905

Entertainment

3,838

3,838

Equity Real Estate Investment Trusts (REITs)

6,193

6,193

Food & Staples Retailing

6,056

1,670

7,726

Food Products

23,075

23,075

Health Care Equipment & Supplies

3,096

3,096

Health Care Providers & Services

37,636

37,636

Hotels, Restaurants & Leisure

26,194

26,194

Household Products

6,096

6,096

Independent Power and Renewable Electricity Producers

3,808

3,808

Insurance

11,178

11,178

Interactive Media & Services

2,381

2,381

IT Services

11,230

11,230

Leisure Products

9,229

2,585

11,814

Life Sciences Tools & Services

3,888

3,888

Machinery

11,408

11,408

Media

56,761

56,761

Metals & Mining

2,217

2,217

Oil, Gas & Consumable Fuels

14,571

678

15,249

Paper & Forest Products

3,213

3,213

Pharmaceuticals

22,439

22,439

Professional Services

3,148

3,148

Real Estate Management & Development

3,695

3,695

Road & Rail

8,789

8,789

Software

35,982

35,982

Specialty Retail

13,519

13,519

Technology Hardware, Storage & Peripherals

6,629

6,629

Textiles, Apparel & Luxury Goods

1,566

1,566

Total Loan Assignments

517,455

4,933

522,388

Rights

1,376

1,376

Warrants

1,130

1,130

Short-Term Investments

Investment Companies

21,334

21,334

Total Investments in Securities

$

26,340

$

570,598

$

15,913

$

612,851

(a)

Value is zero.

(b)

Amount rounds to less than one thousand.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):

Balance as of

February 29,

2020

Realized gain

(loss)

Change in net

unrealized

appreciation

(depreciation)

Net accretion

(amortization)

Purchases1

Sales2

Transfers

into Level 3

Transfers out

of Level 3

Balance as

November 30,

2020

Investments in Securities:

Collateralized Mortgage Obligations

$

$

$

(470

)

$

$

470

$

$

$

$

(a)

Common Stocks - Aerospace & Defense

293

(293

)

(b)

Common Stocks - Food & Staples Retailing

49

118

167

Common Stocks - Multiline Retail

614

775

1,389

Common Stocks - Oil, Gas & Consumable Fuels

106

364

(470

)

Common Stocks - Specialty Retail

2,034

(1,017

)

1,017

Convertible Preferred Stocks - Specialty Retail

537

591

3,880

(689

)

4,319

Corporate Bonds - Electric Utilities

38

38

Corporate Bonds - Multiline Retail

74

1,470

1,544

Corporate Bonds - Wireless Telecommunication Services

(a)

14

(b)

(14

)

Loan Assignments - Food & Staples Retailing

139

22

1,509

1,670

Loan Assignments - Leisure Products

5,154

(2,585

)

16

(b)

2,585

Loan Assignments - Oil, Gas & Consumable Fuels

678

678

Preferred Stocks - Specialty Retail

3,880

(3,880

)

Rights - Independent Power and Renewable Electricity Producers

1,337

39

1,376

Warrants - Diversified Telecommunication Services

91

91

Warrants - Wireless Telecommunication Services

1,939

(900

)

1,039

Total

$

14,781

$

551

$

(3,304

)

$

22

$

8,916

$

(5,053

)

$

$

(a)

$

15,913

1

Purchases include all purchases of securities and securities received in corporate actions.

2

Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a)

Value is Zero.

(b)

Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2020, which were valued using significant unobservable inputs (level 3), amounted to

approximately $(3,669,000).

There were no significant transfers into or out of level 3 for the period ended November 30, 2020.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

Fair Value at

November

30, 2020

Techniques(s)

Unobserveable Input

Range (Weight Average) (a)

$

5,211

Term of Restructing

Expected Recovery

50.00%-100.00% (75.20%)

Loan Assignments

5,211

167

Market Comparable Companies

EBITDA Multiple

6.0x (6.0x)

Common Stock

167

91

Market Comparable Companies

EBITDA Multiple

4.8x (4.8x)

Warrants

91

Total

$

5,469

#

The table above does not include certain level 3 securities that are valued by brokers and pricing services. At November 30, 2020, the value

of these securities was approximately $10,444,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

(a)

Unobservable inputs were weighted by the relative fair value of the instruments.

(b)

Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing

the investments.

The significant unobservable inputs used in the fair value measurement of the Funds investments are

listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The

impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the

prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

B. Investment

Transactions with Affiliates The Fund invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table

below to be affiliated issuers. Underlying Funds distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.

For the period ended November 30,

2020

Security Description

Value at

February 29,

2020

Purchases

at Cost

Proceeds

from Sales

Net

Realized

Gain

(Loss)

Change in

Unrealized

Appreciation/

(Depreciation)

Value at

November 30,

2020

Shares at

November 30,

2020

Dividend

Income

Capital Gain

Distributions

JPMorgan U.S. Government Money Market Fund Class IM Shares(a)

$

851

$

761

$

1,612

$

$

$

$

(b)

$

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.03%(a)(c)

72,982

314,278

365,926

21,334

21,334

34

Total

$

73,833

$

315,039

$

367,538

$

$

$

21,334

$

34

$

(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)

Amount rounds to less than one thousand.

(c)

The rate shown is the current yield as of November 30, 2020.