Schedule of Portfolio Investments as of November 30, 2017 (Unaudited) THE UNAUDITED CERTIFIED 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. Certified 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. JPMorgan Distribution Services, Inc. J.P. Morgan Chase & Co., 2018.
AS OF NOVEMBER 30, 2017 (Unaudited) (Amounts in thousands) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION (t) VALUE($) Municipal Bonds 0.8% California 0.2% City & County of San Francisco, Multifamily Housing, Taxable, Transbay Block 8 Tower Apartments, 2,000 Series H-3, Rev., VRDO, LOC: Bank of China, 1.32%, 12/07/2017 (z) 2,000 2,000 Series H-4, Rev., VRDO, LOC: Bank of China, 1.30%, 12/07/2017 (z) 2,000 4,000 New York 0.6% 10,000 New York State Housing Finance Agency, 572 11th Avenue Housing, Rev., VRDO, 1.42%, 12/01/2017 (z) 10,000 Total Municipal Bonds (Cost $14,000) 14,000 Repurchase Agreements 5.8% 20,000 HSBC Securities USA, Inc., 1.41%, dated 11/30/2017, due 12/01/2017, repurchase price $20,001, collateralized by Corporate Bonds, 6.88% - 10.13%, due 12/15/2021-05/15/2023, with a value of $20,927. 20,000 25,000 Societe Generale SA, 1.26%, dated 11/30/2017, due 12/01/2017, repurchase price $25,001, collateralized by Corporate Bonds, 2.16% - 7.63%, due 09/14/2018-12/29/2099, Corporate Notes, 1.95% - 6.63%, due 02/13/2018-11/17/2045, and Sovereign Government Securities, 3.13% - 10.63%, due 01/30/2020-10/26/2026, with a value of $26,251. 25,000 25,000 Societe Generale SA, 1.40%, dated 11/30/2017, due 12/06/2017, repurchase price $25,006, collateralized by Asset-Backed Securities, 1.51%, due 04/25/2046, Corporate Bonds, 1.66% - 12.50%, due 12/15/2019-01/01/2099, Corporate Notes, 2.63%, due 04/19/2021 and Sovereign Government Securities, 2.63% - 9.25%, due 07/15/2019-01/21/2026, with a value of $26,749. 25,000 6,000 Wells Fargo Securities LLC, 1.26%, dated 11/30/2017, due 12/01/2017, repurchase price $6,000, collateralized by Sovereign Government Securities, 0.88% - 1.63%, due 01/16/2018-01/17/2020, with a value of $6,300. 6,000 13,000 Wells Fargo Securities LLC, 1.31%, dated 11/30/2017, due 12/05/2017, repurchase price $13,002, collateralized by Sovereign Government Securities, 1.38% - 1.63%, due 01/16/2018-06/01/2020, with a value of $13,653. 13,000 8,000 Wells Fargo Securities LLC, 1.36%, dated 11/30/2017, due 12/01/2017, repurchase price $8,000, collateralized by Asset-Backed Securities, 3.35%, due 11/27/2037, with a value of $8,802 8,000 Total Repurchase Agreements (Cost $97,000) 97,000 Short-Term Investments 92.9% Certificates of Deposit 34.6% ABN AMRO Bank NV, 10,000 1.43%, 01/11/2018 (n) 9,984 5,000 1.45%, 01/02/2018 (n) 4,993 7,000 1.55%, 02/05/2018 (n) 6,980 10,000 Banco Del Estado De Chile, 1.18%, 12/06/2017 10,000 3,000 Bank of China Ltd., 1.75%, 01/16/2018 (n) 2,994 Bank of Nova Scotia (The), 3,000 (ICE LIBOR USD 3 Month + 0.10%), 1.42%, 12/19/2017 (aa) 3,000 5,000 (ICE LIBOR USD 1 Month + 0.20%), 1.44%, 12/07/2017 (aa) 5,000 Bank of Tokyo-Mitsubishi UFJ Ltd., 10,000 1.46%, 03/16/2018 10,000 6,000 (ICE LIBOR USD 1 Month + 0.22%), 1.55%, 12/27/2017 (aa) 6,000 BNP Paribas SA, 10,000 (ICE LIBOR USD 1 Month + 0.19%), 1.43%, 12/06/2017 (aa) 10,000 10,000 1.46%, 03/16/2018 10,000 5,000 (ICE LIBOR USD 1 Month + 0.20%), 1.53%, 12/27/2017 (aa) 5,000
15,000 Chiba Bank Ltd., 1.50%, 01/25/2018 15,000 China Construction Bank Corp., 13,000 1.56%, 12/04/2017 13,000 5,000 1.56%, 12/18/2017 5,000 7,000 1.56%, 12/19/2017 7,000 7,000 1.62%, 01/12/2018 7,000 3,000 1.75%, 01/16/2018 (n) 2,994 Commonwealth Bank of Australia, 5,000 (ICE LIBOR USD 1 Month + 0.25%), 1.53%, 12/20/2017 (aa) 5,000 3,000 (ICE LIBOR USD 1 Month + 0.44%), 1.70%, 12/16/2017 (aa) 3,000 5,000 (ICE LIBOR USD 1 Month + 0.41%), 1.72%, 12/23/2017 (aa) 5,000 Cooperatieve Rabobank UA, 10,000 (ICE LIBOR USD 1 Month + 0.14%), 1.38%, 12/06/2017 (aa) 10,000
AS OF NOVEMBER 30, 2017 (Unaudited) (continued) (Amounts in thousands) PRINCIPAL AMOUNT ($) SECURITY DESCRIPTION VALUE($) Short-Term Investments continued Certificates of Deposit continued 2,000 (ICE LIBOR USD 1 Month + 0.14%), 1.42%, 12/19/2017 (aa) 2,000 1,500 (ICE LIBOR USD 1 Month + 0.42%), 1.66%, 12/01/2017 (aa) 1,500 10,000 (ICE LIBOR USD 3 Month + 0.28%), 1.69%, 02/09/2018 (aa) 10,002 3,000 (ICE LIBOR USD 1 Month + 0.46%), 1.72%, 12/30/2017 (aa) 3,000 Credit Industriel et Commercial, 7,000 (ICE LIBOR USD 1 Month + 0.13%), 1.37%, 12/02/2017 (aa) 7,000 5,000 (ICE LIBOR USD 1 Month + 0.17%), 1.41%, 12/12/2017 (aa) 5,000 2,000 (ICE LIBOR USD 1 Month + 0.14%), 1.42%, 12/18/2017 (aa) 2,000 9,000 (ICE LIBOR USD 1 Month + 0.17%), 1.45%, 12/28/2017 (aa) 9,000 Credit Suisse AG, 4,000 (ICE LIBOR USD 1 Month + 0.20%), 1.44%, 12/01/2017 (aa) 4,000 3,000 (ICE LIBOR USD 1 Month + 0.19%), 1.47%, 12/13/2017 (aa) 3,000 Dexia Credit Local SA, 10,000 (ICE LIBOR USD 1 Month + 0.17%), 1.41%, 12/12/2017 (aa) 10,000 6,000 (ICE LIBOR USD 1 Month + 0.19%), 1.54%, 12/31/2017 (aa) 6,000 15,000 (ICE LIBOR USD 1 Month + 0.25%), 1.58%, 12/24/2017 (aa) 15,000 Industrial & Commercial Bank of China Ltd., 12,000 1.56%, 12/19/2017 12,000 12,000 1.56%, 12/22/2017 12,000 KBC Bank NV, 25,000 1.18%, 12/06/2017 25,000 4,000 1.38%, 12/21/2017 (n) 3,997 7,000 1.45%, 12/29/2017 6,992 5,000 1.52%, 01/05/2018 (n) 4,993 La Banque Postale, 15,000 1.41%, 12/18/2017 (n) 14,990 10,000 1.50%, 12/28/2017 (n) 9,989 Mitsubishi UFJ Trust & Banking Corp., 3,000 (ICE LIBOR USD 1 Month + 0.18%), 1.42%, 12/28/2017 (aa) 3,000 5,000 (ICE LIBOR USD 1 Month + 0.22%), 1.46%, 12/01/2017 (aa) 5,000 3,000 (ICE LIBOR USD 1 Month + 0.20%), 1.47%, 12/04/2017 (aa) 3,000 5,000 1.49%, 02/05/2018 5,000 Mizuho Bank Ltd., 7,000 1.43%, 01/08/2018 (n) 6,989 10,000 (ICE LIBOR USD 3 Month + 0.11%), 1.43%, 12/19/2017 (aa) 10,000 10,000 (ICE LIBOR USD 1 Month + 0.20%), 1.44%, 12/06/2017 (aa) 10,000 10,000 1.47%, 01/19/2018 (n) 9,980 1,000 National Australia Bank Ltd., (ICE LIBOR USD 1 Month + 0.52%), 1.76%, 12/06/2017 (aa) 1,000 Natixis SA, 10,000 (ICE LIBOR USD 1 Month + 0.20%), 1.44%, 12/18/2017 (aa) 10,000 10,000 (ICE LIBOR USD 1 Month + 0.16%), 1.50%, 12/19/2017 (aa) 10,000 Norinchukin Bank, 10,000 (ICE LIBOR USD 1 Month + 0.16%), 1.40%, 12/06/2017 (aa) 10,000 5,000 (ICE LIBOR USD 1 Month + 0.16%), 1.44%, 12/20/2017 (aa) 5,000 5,000 (ICE LIBOR USD 1 Month + 0.17%), 1.50%, 12/23/2017 (aa) 5,000 Royal Bank of Canada, 2,000 (ICE LIBOR USD 1 Month + 0.21%), 1.49%, 12/20/2017 (aa) 2,000 5,000 (ICE LIBOR USD 1 Month + 0.32%), 1.58%, 12/16/2017 (aa) 5,000 4,000 Standard Chartered Bank, (ICE LIBOR USD 1 Month + 0.16%), 1.51%, 12/29/2017 (aa) 4,000 Sumitomo Mitsui Banking Corp.,
10,000 (ICE LIBOR USD 1 Month + 0.19%), 1.45%, 12/06/2017 (aa) 10,000 4,000 (ICE LIBOR USD 1 Month + 0.22%), 1.46%, 12/06/2017 (aa) 4,000 5,000 (ICE LIBOR USD 1 Month + 0.19%), 1.48%, 12/22/2017 (aa) 5,000 10,000 (ICE LIBOR USD 1 Month + 0.22%), 1.55%, 12/26/2017 (aa) 10,000 20,000 (ICE LIBOR USD 1 Month + 0.22%), 1.57%, 12/30/2017 (aa) 20,000 Sumitomo Mitsui Trust Bank Ltd., 10,000 (ICE LIBOR USD 1 Month + 0.19%), 1.43%, 12/20/2017 (aa) 10,000 5,000 (ICE LIBOR USD 1 Month + 0.20%), 1.48%, 12/19/2017 (aa) 5,000 8,000 (ICE LIBOR USD 1 Month + 0.24%), 1.59%, 12/29/2017 (aa) 8,000 Svenska Handelsbanken AB, 5,000 (ICE LIBOR USD 1 Month + 0.14%), 1.38%, 12/11/2017 (aa) 5,000 5,000 (ICE LIBOR USD 1 Month + 0.16%), 1.43%, 12/17/2017 (aa) 5,000
AS OF NOVEMBER 30, 2017 (Unaudited) (continued) (Amounts in thousands) PRINCIPAL AMOUNT ($) SECURITY DESCRIPTION VALUE($) Short-Term Investments continued Certificates of Deposit continued 3,000 (ICE LIBOR USD 1 Month + 0.13%), 1.46%, 12/30/2017 (aa) 3,000 5,000 (ICE LIBOR USD 1 Month + 0.15%), 1.48%, 12/27/2017 (aa) 5,000 Toronto-Dominion Bank (The), 7,000 (ICE LIBOR USD 1 Month + 0.26%), 1.54%, 12/18/2017 (aa) 7,000 5,000 (ICE LIBOR USD 1 Month + 0.32%), 1.60%, 12/20/2017 (aa) 5,000 3,000 (ICE LIBOR USD 1 Month + 0.52%), 1.76%, 12/05/2017 (aa) 3,000 2,000 (ICE LIBOR USD 1 Month + 0.53%), 1.81%, 12/18/2017 (aa) 2,000 Wells Fargo Bank NA, 15,000 (ICE LIBOR USD 1 Month + 0.23%), 1.47%, 12/12/2017 (aa) 15,000 5,000 (ICE LIBOR USD 1 Month + 0.25%), 1.53%, 12/19/2017 (aa) 5,000 10,000 (ICE LIBOR USD 1 Month + 0.23%), 1.56%, 12/27/2017 (aa) 10,000 15,000 (ICE LIBOR USD 1 Month + 0.21%), 1.56%, 12/30/2017 (aa) 15,000 2,000 (ICE LIBOR USD 3 Month + 0.35%), 1.70%, 01/09/2018 (aa) 2,000 583,377 Commercial Paper 30.0% 10,000 Alpine Securitization Ltd., 1.47%, 01/22/2018 (e) (n) 9,979 Antalis SA, 2,000 1.37%, 12/06/2017 (e) (n) 2,000 7,000 1.37%, 01/03/2018 (e) (n) 6,991 6,000 Atlantic Asset Securitization LLC, (ICE LIBOR USD 1 Month + 0.16%), 1.40%, 12/03/2017 (aa) 6,000 10,000 Bank Nederlandse Gemeenten NV, 1.41%, 01/31/2018 (e) (n) 9,976 Bank of China Ltd., 5,000 1.62%, 01/16/2018 (n) 4,990 5,000 1.64%, 01/04/2018 (n) 4,992 1,000 Bank of Nova Scotia (The), (ICE LIBOR USD 1 Month + 0.40%), 1.69%, 12/21/2017 (aa) 1,000 Bedford Row Funding Corp., 3,000 (ICE LIBOR USD 1 Month + 0.22%), 1.46%, 12/11/2017 (aa) 3,000 15,000 (ICE LIBOR USD 1 Month + 0.24%), 1.48%, 12/13/2017 (aa) 15,000 20,000 (ICE LIBOR USD 1 Month + 0.24%), 1.48%, 12/18/2017 (aa) 20,000 3,000 (ICE LIBOR USD 3 Month + 0.15%), 1.51%, 01/20/2018 (aa) 3,000 5,000 (ICE LIBOR USD 3 Month + 0.19%), 1.51%, 12/20/2017 (aa) 5,000 7,000 (ICE LIBOR USD 1 Month + 0.46%), 1.70%, 12/17/2017 (aa) 7,000 3,000 BNP Paribas SA, 1.46%, 01/16/2018 (e) (n) 2,994 20,000 Caisse d Amortissement de la Dette Sociale, 1.40%, 01/31/2018 (e) (n) 19,953 5,000 Caisse des Depots et Consignations, 1.42%, 02/01/2018 (e) (n) 4,988 Canadian Imperial Bank of Commerce, 5,000 (ICE LIBOR USD 1 Month + 0.17%), 1.41%, 12/03/2017 (aa) 5,000 5,000 (ICE LIBOR USD 1 Month + 0.17%), 1.41%, 12/06/2017 (aa) 5,000 5,000 (ICE LIBOR USD 1 Month + 0.15%), 1.43%, 12/21/2017 (aa) 5,000 20,000 Cancara Asset Securitisation LLC, 1.44%, 02/13/2018 (e) (n) 19,941 Commonwealth Bank of Australia, 10,000 (ICE LIBOR USD 1 Month + 0.20%), 1.44%, 12/06/2017 (aa) 10,000 20,000 (ICE LIBOR USD 1 Month + 0.20%), 1.44%, 12/17/2017 (aa) 19,999 15,000 (ICE LIBOR USD 1 Month + 0.18%), 1.45%, 12/23/2017 (aa) 14,999 5,000 Credit Suisse AG, (ICE LIBOR USD 1 Month + 0.20%), 1.44%, 12/01/2017 (aa) 5,000 5,000 Crown Point Capital Co. LLC, Series A, 1.53%, 03/22/2018 (e) (n) 4,977 3,000 DNB Bank ASA, (ICE LIBOR USD 1 Month + 0.15%), 1.43%, 12/20/2017 (aa) 3,000 33,000 First Abu Dhabi Bank PJSC, 1.24%, 12/06/2017 (n) 32,994 HSBC Bank plc, 5,000 (ICE LIBOR USD 1 Month + 0.16%), 1.40%, 12/07/2017 (aa) 5,000
25,000 (ICE LIBOR USD 1 Month + 0.16%), 1.42%, 12/16/2017 (aa) 25,000 ING US Funding LLC, 5,000 (ICE LIBOR USD 1 Month + 0.15%), 1.39%, 12/07/2017 (aa) 5,000 15,000 (ICE LIBOR USD 1 Month + 0.19%), 1.43%, 12/13/2017 (aa) 15,000 Kells Funding LLC, 7,000 (ICE LIBOR USD 1 Month + 0.10%), 1.36%, 12/29/2017 (e) (aa) 7,000 10,000 1.41%, 03/05/2018 (e) (n) 9,963 Lexington Parker Capital Co. LLC, 10,000 1.40%, 01/03/2018 (e) (n) 9,987 2,000 1.51%, 03/08/2018 (e) (n) 1,992
AS OF NOVEMBER 30, 2017 (Unaudited) (continued) (Amounts in thousands) PRINCIPAL AMOUNT ($) SECURITY DESCRIPTION VALUE($) Short-Term Investments continued Commercial Paper continued 3,000 LMA-Americas LLC, 1.48%, 01/22/2018 (e) (n) 2,994 Macquarie Bank Ltd., 3,000 1.48%, 01/25/2018 (e) (n) 2,993 5,000 1.53%, 02/16/2018 (n) 4,984 5,000 Nederlandse Waterschapsbank NV, 1.40%, 01/29/2018 (e) (n) 4,989 10,000 Nieuw Amsterdam Receivables Corp., 1.37%, 01/16/2018 (e) (n) 9,982 NRW Bank, 3,000 1.44%, 02/27/2018 (e) (n) 2,989 10,000 1.44%, 02/22/2018 (e) (n) 9,967 1,500 Old Line Funding LLC, (ICE LIBOR USD 1 Month + 0.16%), 1.42%, 12/09/2017 (e) (aa) 1,500 10,000 Oversea-Chinese Banking Corp. Ltd., 1.46%, 03/21/2018 (e) (n) 9,956 10,000 Standard Chartered Bank, 1.61%, 04/26/2018 (e) (n) 9,935 Starbird Funding Corp., 5,000 1.35%, 12/07/2017 (e) (n) 4,999 10,000 1.37%, 01/08/2018 (e) (n) 9,985 Swedbank AB, 5,000 1.42%, 02/07/2018 (n) 4,986 5,000 1.43%, 02/16/2018 (n) 4,985 3,000 Thunder Bay Funding LLC, (ICE LIBOR USD 1 Month + 0.23%), 1.47%, 12/16/2017 (aa) 3,000 10,000 Toronto-Dominion Bank (The), (ICE LIBOR USD 1 Month + 0.20%), 1.54%, 12/22/2017 (aa) 10,000 4,000 Toyota Credit Canada, Inc., 1.46%, 03/12/2018 (n) 3,984 3,000 Toyota Finance Australia Ltd., (ICE LIBOR USD 1 Month + 0.19%), 1.48%, 12/21/2017 (aa) 3,000 25,000 Toyota Motor Credit Corp., (ICE LIBOR USD 1 Month + 0.25%), 1.50%, 12/08/2017 (aa) 25,000 UBS AG, 5,000 (ICE LIBOR USD 1 Month + 0.15%), 1.39%, 12/08/2017 (aa) 5,000 10,000 (ICE LIBOR USD 1 Month + 0.22%), 1.47%, 12/20/2017 (aa) 10,000 Westpac Banking Corp., 10,000 (ICE LIBOR USD 1 Month + 0.19%), 1.43%, 12/11/2017 (aa) 10,000 5,000 (ICE LIBOR USD 1 Month + 0.23%), 1.47%, 12/20/2017 (e) (aa) 5,000 3,000 (ICE LIBOR USD 1 Month + 0.17%), 1.50%, 12/02/2017 (aa) 3,000 10,000 (ICE LIBOR USD 1 Month + 0.19%), 1.52%, 12/10/2017 (aa) 10,000 504,943 Time Deposits 28.3% 25,000 BNP Paribas SA, 1.18%, 12/04/2017 25,000 25,000 Canadian Imperial Bank of Commerce, 1.08%, 12/01/2017 25,000 40,000 China Construction Bank Corp., 1.20%, 12/01/2017 40,000 Cooperatieve Rabobank UA, 7,000 1.17%, 12/01/2017 7,000 35,000 1.20%, 12/06/2017 35,000 70,000 Credit Agricole Corporate & Investment Bank SA, 1.09%, 12/01/2017 70,000 50,000 DNB Bank ASA, 1.08%, 12/01/2017 50,000 40,000 DZ Bank AG, 1.09%, 12/01/2017 40,000 27,000 Industrial & Commercial Bank of China Ltd., 1.20%, 12/01/2017 27,000 ING Bank NV, 20,000 1.19%, 12/01/2017 20,000 25,000 1.21%, 12/06/2017 25,000 37,896 Natixis SA, 1.09%, 12/01/2017 37,896 25,000 Nordea Bank AB, 1.08%, 12/01/2017 25,000 50,000 Swedbank AB, 1.17%, 12/06/2017 50,000
476,896 Total Short-Term Investments (Cost $1,565,216) 1,565,216 Total Investments 99.5% (Cost $1,676,216)* 1,676,216 Other Assets in Excess of Liabilities 0.5% 7,881 NET ASSETS 100.0% $1,684,097 Percentages indicated are based on net assets.
AS OF NOVEMBER 30, 2017 (Unaudited) (continued) NOTES TO : ICE Intercontinental Exchange LIBOR London Interbank Offered Rate LOC Letter of Credit Rev. Revenue USD United States Dollar VRDO Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2017. (e) Security is exempt from registration under Rule 144A of the Securities Act. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (n) The rate shown is the effective yield as of November 30, 2017. (t) The date shown represents the earliest of the next put date, next demand date or final maturity date. (z) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2017. (aa) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2017. * The cost of securities is substantially the same for federal income tax purposes. A. Valuation of Investments The valuation of investments is 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 (the Board ), which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met. 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 be expected to vary inversely with changes in prevailing interest rates. JPMorgan 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 Fund s investments. The Administrator implements the valuation policies of the Fund s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value ( NAV ) of the Fund. 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 fair value of the Fund s investments are summarized into the three broad levels listed below. Level 1 Quoted prices in active markets for identical securities. Level 2 Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 Significant unobservable inputs (including the Fund s own 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 securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.
AS OF NOVEMBER 30, 2017 (Unaudited) (continued) (Amounts in thousands) The following is a summary of the inputs used as of November 30, 2017, in valuing the Fund s assets and liabilities carried at amortized cost which approximates fair value: Level 1 Quoted prices Level 2 Level 3 Other significant observable inputs Significant unobservable inputs Total Investments in Securities (a) $ $ 1,676,216 $ $1,676,216 Total (a) All portfolio holdings designated as level 2 are disclosed individually on the Schedule of Portfolio Investments ( SOI ). Please refer to the SOI for specifics of the major categories of portfolio holdings. There were no transfers among any levels during the period ended November 30, 2017.