JPM Managed Reserves Fund

JPM Managed Reserves Fund MONTHLY DATA as at 31-Dec-2017 Security ID Sedol Instrument Name Coupon Effective Maturity DaQuality Sector Par Country Price Currency Market Value % of fund LU0103813985 7253766 JPMORGAN LIQUIDITY FUNDS 2.52 2018-01-09 AAA Cash - Equivalent 104,699,600.15 Luxembourg 1 USD 104,699,600.15 3.3 US45581CAG06 PEOPLE'S REPUBLIC OF CHINA 0.00 2018-01-16 AA Banking 67,000,000.00 United States 99.91535 USD 66,943,284.50 2.1 US00850R7C93 PEOPLE'S REPUBLIC OF CHINA 2.10 2018-03-19 AA Banking 46,750,000.00 United States 100.02408 USD 46,788,528.08 1.5 US471048AH16 BGDR2W5 GOVERNMENT OF JAPAN 1.75 2018-11-13 A+ Foreign Agency 44,164,000.00 Japan 99.654948 USD 44,114,660.42 1.4 US98162EAB39 WORLD OMNI AUTO RECEIVABLES TRUST 21.50 2020-08-17 AAA ABS-Auto Prime Qual Tra40,291,531.61 United States 99.77457 USD 40,227,563.57 1.3 US06119RC788 BANK OF CHINA LIMITED 0.00 2018-03-07 AA Banking 40,100,000.00 Hong Kong 99.633744 USD 39,953,131.34 1.2 US74256LBA61 PRINCIPAL FINANCIAL GROUP INC 1.75 2019-02-22 A+ Insurance 39,300,000.00 United States 100.11901 USD 39,421,104.13 1.2 US037833DH03 BF8QDC7 APPLE INC 1.80 2019-11-13 AA+ Technology 39,280,000.00 United States 99.627899 USD 39,228,110.73 1.2 US74368CAC82 BF6SRV2 DAI-ICHI LIFE HOLDINGS, INC. 2.07 2018-06-08 AA- Insurance 38,500,000.00 United States 100.15205 USD 38,609,519.41 1.2 US63743HEP38 NATIONAL RURAL UTILITIES COOPERATIVE 1.54 2019-04-05 A Electric 35,586,000.00 United States 100.11146 USD 35,758,317.38 1.1 US22532XGA00 CREDIT AGRICOLE SA 1.69 2019-06-03 A+ Banking 35,579,000.00 France 100.02762 USD 35,628,864.68 1.1 US64952WCT80 NEW YORK LIFE INSURANCE COMPANY 1.48 2019-04-12 AAA Insurance 35,000,000.00 United States 100.02924 USD 35,120,997.45 1.1 US85325TTC98 STANDARD CHARTERED PLC 1.62 2018-06-01 AA Banking 32,533,000.00 United States 99.910477 USD 32,806,920.38 1.0 US02007EAB48 ALLY AUTO RECEIVABLES TRUST 2017-3 1.53 2020-03-16 AAA ABS-Auto Prime Qual Tra32,601,000.00 United States 99.85439 USD 32,575,698.36 1.0 US035242AG14 BYMLCF7 ANHEUSER-BUSCH INBEV SA 1.90 2019-02-01 A- Food/Beverage 31,017,000.00 Belgium 99.785848 USD 31,196,127.83 1.0 US06675FAP27 CREDIT MUTUEL-CIC GROUP 1.90 2019-03-28 AA- Banking 30,400,000.00 France 99.646915 USD 30,441,875.39 1.0 US00084DAP50 BD0TSW5 ABN AMRO BANK N.V. 1.99 2019-01-18 A+ Banking 29,327,000.00 Netherlands 100.413 USD 29,568,318.69 0.9 US31849MGL90 FIRST ABU DHABI BANK P.J.S.C. 0.00 2018-07-20 AA Banking 27,750,000.00 United Arab Emirates 99.065072 USD 27,490,557.48 0.9 US74153WCJ62 PRUDENTIAL FINANCIAL, INC. 2.17 2018-06-27 AA- Insurance 26,800,000.00 United States 100.14104 USD 26,842,257.70 0.8 US90276JCE47 UBS GROUP AG 1.63 2018-11-08 AA Banking 26,500,000.00 Switzerland 100.0339 USD 26,569,071.46 0.8 US2363F7J585 DANSKE BANK A/S 0.00 2018-09-05 AA Banking 26,700,000.00 United States 98.739583 USD 26,363,468.66 0.8 US05571CK349 GROUPE BPCE 0.00 2018-10-03 AA Banking 26,300,000.00 France 98.5822 USD 25,927,118.60 0.8 US59217GBS75 BYM49H7 METLIFE INC. 1.35 2018-09-14 AA- Insurance 25,400,000.00 United States 99.615144 USD 25,404,164.08 0.8 US92857MJ529 VODAFONE GROUP PLC 0.00 2018-09-05 BBB+ Telecommunications 24,600,000.00 United Kingdom 98.579861 USD 24,250,645.81 0.8 US16891UV321 PEOPLE'S REPUBLIC OF CHINA 1.90 2018-01-22 AA Banking 23,400,000.00 China 100.01615 USD 23,509,989.13 0.7 US16891NAP24 PEOPLE'S REPUBLIC OF CHINA 0.00 2018-01-23 AA Banking 23,500,000.00 United States 99.884861 USD 23,472,942.34 0.7 US6325C0DS76 BF04PS9 NATIONAL AUSTRALIA BANK LIMITED 1.72 2019-08-29 AA- Banking 22,550,000.00 Australia 99.949051 USD 22,572,932.22 0.7 US78012K5K94 BF6SRG7 ROYAL BANK OF CANADA 1.72 2019-08-29 AA Banking 22,500,000.00 Canada 100.02532 USD 22,540,040.78 0.7 US13606BHL36 CANADIAN IMPERIAL BANK OF COMMERCE 1.53 2019-05-29 A+ Banking 22,000,000.00 Canada 100.06899 USD 22,043,161.80 0.7 US22549LEX91 CREDIT SUISSE GROUP AG 1.75 2019-03-12 A+ Banking 21,900,000.00 United States 99.737 USD 21,956,313.44 0.7 US65590ABC99 NORDEA BANK AB (PUBL) 1.47 2019-01-25 AA- Banking 21,783,000.00 Sweden 100.09398 USD 21,861,181.58 0.7 US63307A2C81 BZ76Q52 NATIONAL BANK OF CANADA 2.10 2018-12-14 A+ Banking 21,787,000.00 Canada 99.911012 USD 21,789,217.70 0.7 US06417GXV57 BANK OF NOVA SCOTIA 1.69 2019-02-28 A+ Banking 21,000,000.00 Canada 99.976832 USD 21,023,703.96 0.7 US83368RAD44 BF4JH84 SOCIETE GENERALE 2.63 2018-10-01 A+ Banking 20,718,267.00 France 100.41564 USD 20,940,343.00 0.7 US341081FN24 NEXTERA ENERGY, INC. 1.67 2020-11-06 A+ Electric 20,500,000.00 United States 99.999694 USD 20,552,284.23 0.6 US46849LSV44 PRUDENTIAL PUBLIC LIMITED COMPANY 1.79 2019-02-13 AA Insurance 20,100,000.00 United States 100.23772 USD 20,185,668.81 0.6 US86563YA459 SUMITOMO MITSUI FINANCIAL GROUP, INC. 1.67 2019-07-11 A+ Banking 20,000,000.00 Japan 100.0447 USD 20,082,392.80 0.6 US83369YXE12 SOCIETE GENERALE 1.80 2018-11-02 AA Banking 20,000,000.00 France 99.813586 USD 20,018,717.20 0.6 US05574LTX63 BH5GL20 BNP PARIBAS SA 2.40 2018-12-12 AA- Banking 19,469,000.00 France 100.2815 USD 19,548,465.06 0.6 US55608PAX24 BF04QC0 MACQUARIE GROUP LIMITED 1.87 2019-02-28 A Banking 19,333,000.00 Australia 99.474197 USD 19,351,855.47 0.6 US31677QBB41 BLTW6D8 FIFTH THIRD BANCORP 2.38 2019-04-25 A- Banking 18,489,000.00 United States 100.28164 USD 18,621,575.93 0.6 US63307UMF56 NATIONAL BANK OF CANADA 1.53 2019-02-14 A Banking 18,517,000.00 Canada 99.977648 USD 18,548,254.29 0.6 US94988J5H68 BDGMJL4 WELLS FARGO & COMPANY 1.97 2018-11-28 AA Banking 18,000,000.00 United States 100.321 USD 18,090,245.88 0.6 US61746BDX10 BDCRXT9 MORGAN STANLEY 2.45 2019-02-01 A Banking 17,815,000.00 United States 100.24648 USD 18,040,772.35 0.6 US82620KAB98 BWVFSW5 SIEMENS AKTIENGESELLSCHAFT 1.45 2018-05-25 A+ Diversified Manufacturing17,653,000.00 Germany 99.837883 USD 17,649,978.34 0.6 US86958JQM44 SVENSKA HANDELSBANKEN AB 1.51 2019-01-03 AA- Banking 17,500,000.00 Sweden 100 USD 17,563,707.70 0.5 US06538N6H51 MITSUBISHI UFJ FINANCIAL GROUP, INC. 1.73 2019-07-15 A+ Banking 17,359,000.00 Japan 100.02997 USD 17,426,072.22 0.5 US78009N4R49 ROYAL BANK OF CANADA 1.95 2018-12-06 AA Banking 17,400,000.00 United States 99.912099 USD 17,404,497.73 0.5 US25746UCU16 BF7GWD2 DOMINION ENERGY, INC. 2.03 2019-06-01 BBB Electric 17,154,000.00 United States 100.258 USD 17,227,284.98 0.5 US89114QBF46 BZ4G149 TORONTO DOMINION BANK 2.20 2019-01-22 AA Banking 17,000,000.00 Canada 100.74698 USD 17,199,790.46 0.5 US16891UU745 PEOPLE'S REPUBLIC OF CHINA 1.90 2018-01-18 AA Banking 17,043,000.00 United States 100.01558 USD 17,123,011.60 0.5 US172967JH59 BVCVN64 CITIGROUP INC. 1.80 2018-02-05 A Banking 17,000,000.00 United States 99.98953 USD 17,122,320.10 0.5 US902674XD75 BZ4DLF1 UBS GROUP AG 1.84 2018-12-07 AA- Banking 17,000,000.00 Switzerland 100.0909 USD 17,036,253.35 0.5 US44328MBT09 B96WD03 HSBC HOLDINGS PLC. 1.50 2018-05-15 AA- Banking 16,919,000.00 United Kingdom 99.855061 USD 16,926,905.91 0.5 US0258M0EK14 BD45XT1 AMERICAN EXPRESS COMPANY 1.88 2019-05-03 A Banking 16,917,000.00 United States 99.589748 USD 16,898,701.05 0.5 US78009N2V78 ROYAL BANK OF CANADA 1.70 2018-10-05 AA Banking 16,700,000.00 United States 99.830179 USD 16,737,883.28 0.5 US912828M649 BYP9C92 US DEPARTMENT OF THE TREASURY 1.25 2018-11-15 AAA Local Currency 16,600,000.00 United States 99.54067 USD 16,550,118.66 0.5 US14314PAB22 CARMAX AUTO OWNER TRUST 2017-2 1.63 2020-06-15 AAA ABS-Auto Prime Qual Tra16,539,244.42 United States 99.83119 USD 16,523,306.21 0.5 US55608PAZ71 BF2P7G2 MACQUARIE GROUP LIMITED 1.94 2019-03-15 A Banking 16,500,000.00 Australia 99.987986 USD 16,512,233.27 0.5 US00287YAN94 BXC32H8 ABBVIE INC. 1.80 2018-05-14 A- Pharmaceuticals 16,387,000.00 United States 99.950833 USD 16,417,452.45 0.5

US25158BUR13 DEUTSCHE BANK AG 2.15 2018-03-28 BBB+ Banking 16,100,000.00 United States 100.09487 USD 16,380,655.52 0.5 US064159HD11 BYX3LS8 BANK OF NOVA SCOTIA 2.19 2019-01-15 AA- Banking 16,066,000.00 Canada 100.63465 USD 16,243,186.93 0.5 US96121T4V74 WESTPAC BANKING CORPORATION 1.71 2018-10-19 AA Banking 16,200,000.00 United States 99.811521 USD 16,223,331.40 0.5 US38145GAK67 BZCCYQ2 GOLDMAN SACHS GROUP, INC, 2.36 2019-12-13 A Banking 16,000,000.00 United States 100.69632 USD 16,130,319.36 0.5 US65602UUN61 NORINCHUKIN BANK 1.66 2018-07-26 AA Banking 16,000,000.00 United States 99.889628 USD 16,096,696.00 0.5 US06371EKG16 BANK OF MONTREAL 1.57 2018-08-16 AA Banking 16,000,000.00 United States 99.80286 USD 16,061,959.84 0.5 US86563YJ872 SUMITOMO MITSUI FINANCIAL GROUP, INC. 1.77 2019-09-05 A+ Banking 16,000,000.00 Japan 99.999687 USD 16,018,806.24 0.5 US80686EF158 SCHLUMBERGER LIMITED 0.00 2018-06-01 AA Refining 16,100,000.00 United States 99.191928 USD 15,969,900.41 0.5 US06051GDX43 B2R8T03 BANK OF AMERICA CORPORATION 5.65 2018-05-01 A Banking 15,500,000.00 United States 101.19312 USD 15,830,892.14 0.5 US775109AK78 B3CDXH5 ROGERS COMMUNICATIONS INC. 6.80 2018-08-15 BBB+ Telecommunications 14,963,000.00 Canada 102.9338 USD 15,786,367.36 0.5 US13606BFY74 CANADIAN IMPERIAL BANK OF COMMERCE 1.75 2019-05-01 AA- Banking 15,800,000.00 Canada 99.7345 USD 15,758,051.00 0.5 US06742TCN46 BARCLAYS PLC 2.00 2018-12-05 AA Banking 15,700,000.00 United Kingdom 99.963303 USD 15,713,427.43 0.5 US59217GAZ28 BBN5YK6 METLIFE INC. 1.88 2018-06-22 AA- Insurance 15,623,000.00 United States 99.999247 USD 15,630,205.64 0.5 US590188JF65 2273855 BANK OF AMERICA CORPORATION 6.50 2018-07-15 A Banking 14,629,000.00 United States 102.30256 USD 15,404,304.67 0.5 US22549LDZ58 CREDIT SUISSE GROUP AG 2.06 2018-12-14 AA Banking 15,250,000.00 United States 99.946233 USD 15,251,399.49 0.5 US86958JJG58 SVENSKA HANDELSBANKEN AB 1.44 2019-02-12 AA Banking 15,000,000.00 Sweden 100.06541 USD 15,037,992.30 0.5 US34532AAB98 FORD CREDIT AUTO OWNER TRUST 2017-C1.80 2020-09-15 AAA ABS-Auto Prime Qual Tra15,000,000.00 United States 99.9008 USD 14,997,120.00 0.5 US57163UAS50 MARRIOTT INTERNATIONAL INC 0.00 2018-01-26 BBB+ Entertainment 15,000,000.00 United States 99.864278 USD 14,979,641.70 0.5 US49327M2H62 BYNHXY0 KEYCORP 1.70 2018-06-01 A- Banking 14,960,000.00 United States 99.924077 USD 14,969,835.30 0.5 US12635YAB92 CNH EQUIPMENT TRUST 2016-C 1.26 2020-02-18 AAA ABS-Truck/Equipment Lo14,893,672.08 United States 99.80861 USD 14,873,507.54 0.5 31428GHH FEDERATION DES CAISSES DESJARDINS DU0.00 2018-08-17 AA Banking 14,400,000.00 Canada 98.850133 USD 14,234,419.15 0.4 US86563YE824 SUMITOMO MITSUI FINANCIAL GROUP, INC. 1.68 2019-08-02 A+ Banking 14,000,000.00 Japan 100.04631 USD 14,043,782.90 0.4 US69353RFA14 BYXC6S0 PNC FINANCIAL SERVICES GROUP INC 1.92 2018-12-07 A+ Banking 13,576,000.00 United States 100.18 USD 13,617,771.72 0.4 US86564EXK71 SUMITOMO MITSUI TRUST HOLDINGS, INC. 1.61 2018-12-07 A+ Banking 13,600,000.00 Japan 100.02714 USD 13,617,068.00 0.4 US03066FAC59 AMERICREDIT AUTOMOBILE RECEIVABLES 1.83 2021-05-18 AAA ABS-Auto Non Pri Qu Tra13,338,000.00 United States 99.8888 USD 13,331,982.29 0.4 US59217GCB32 BF2CLQ1 METLIFE INC. 2.04 2018-12-19 AA- Insurance 13,268,000.00 United States 100.30367 USD 13,317,328.17 0.4 US06417GQN15 BANK OF NOVA SCOTIA 1.30 2018-11-01 AA- Banking 13,203,000.00 Canada 100.01609 USD 13,232,832.71 0.4 US14042E4K35 BD0DR08 CAPITAL ONE FINANCIAL CORPORATION 2.07 2018-02-05 A- Banking 12,950,000.00 United States 100.00012 USD 12,991,729.17 0.4 US26876BD328 ENI SPA 0.00 2018-04-03 BBB+ Refining 13,000,000.00 United States 99.516292 USD 12,937,117.96 0.4 US17401QAC50 BZ6RZZ9 CITIZENS FINANCIAL GROUP, INC. 2.30 2018-12-03 A- Banking 12,616,000.00 United States 100.06784 USD 12,647,127.08 0.4 US25158BWF56 DEUTSCHE BANK AG 2.08 2018-05-01 BBB+ Banking 12,400,000.00 United States 100.01426 USD 12,574,430.80 0.4 US05574LPT97 BD02QW0 BNP PARIBAS SA 2.70 2018-08-20 AA- Banking 12,218,000.00 France 100.44255 USD 12,392,112.36 0.4 US44891FAB22 HYUNDAI AUTO LEASE SECURITIZATION TR 1.56 2019-07-15 AAA ABS-Auto Prime Qual Tra12,227,982.57 United States 99.84183 USD 12,217,119.60 0.4 US60700ACT97 MIZUHO FINANCIAL GROUP, INC. 1.70 2019-01-10 A+ Banking 12,000,000.00 Japan 100.03009 USD 12,049,053.12 0.4 US17401QAD34 BZ3SX84 CITIZENS FINANCIAL GROUP, INC. 2.50 2019-03-14 A- Banking 11,863,000.00 United States 100.22977 USD 11,978,406.35 0.4 US44891QAB86 HYUNDAI AUTO LEASE SECURITIZATION TR 1.89 2020-03-16 AAA ABS-Auto Prime Qual Tra11,823,000.00 United States 99.80732 USD 11,810,150.76 0.4 US06538NXN29 MITSUBISHI UFJ FINANCIAL GROUP, INC. 1.82 2019-02-22 A+ Banking 11,500,000.00 Japan 100.26897 USD 11,552,462.89 0.4 US449786BG67 ING GROEP N V 2.03 2019-08-15 AA- Banking 11,450,000.00 Netherlands 100.52832 USD 11,540,132.45 0.4 US172967HC80 BF2DHT9 CITIGROUP INC. 2.50 2018-09-26 A Banking 11,348,000.00 United States 100.28616 USD 11,455,339.14 0.4 US446438RN50 BYSQW89 HUNTINGTON BANCSHARES INCORPORATE2.00 2018-06-30 A- Banking 11,250,000.00 United States 100.03719 USD 11,254,183.65 0.4 US00084DAG51 BFY4R45 ABN AMRO BANK N.V. 2.50 2018-10-30 A+ Banking 11,012,000.00 Netherlands 100.3398 USD 11,095,302.15 0.3 US06741X6M53 BARCLAYS PLC 1.88 2018-03-20 AA Banking 10,600,000.00 United Kingdom 100.124 USD 10,617,563.25 0.3 US07787QCL86 BCE INC 0.00 2018-03-20 BBB+ Telecommunications 10,628,000.00 Canada 99.590275 USD 10,584,454.43 0.3 US45866FAB04 BFD7Y66 INTERCONTINENTAL EXCHANGE,INC 2.50 2018-10-15 A Brokerage 10,436,000.00 United States 100.38533 USD 10,531,291.95 0.3 US38141GWP52 BZ9NZT8 GOLDMAN SACHS GROUP, INC, 1.95 2019-07-23 A Banking 10,487,000.00 United States 99.407048 USD 10,514,000.35 0.3 US65557CAL72 BL9FKL3 NORDEA BANK AB (PUBL) 2.38 2019-04-04 AA- Banking 10,400,000.00 Sweden 100.22574 USD 10,483,168.80 0.3 US13606BLS33 CANADIAN IMPERIAL BANK OF COMMERCE 1.62 2019-02-07 A+ Banking 10,400,000.00 Canada 100.01054 USD 10,425,461.18 0.3 US06367TG202 BD6D2F2 BANK OF MONTREAL 1.79 2019-09-11 AA- Banking 10,400,000.00 Canada 99.983442 USD 10,408,597.47 0.3 US16891NAR89 PEOPLE'S REPUBLIC OF CHINA 0.00 2018-01-25 AA Banking 10,261,000.00 United States 99.874375 USD 10,248,109.62 0.3 US85325TWD35 STANDARD CHARTERED PLC 1.83 2018-10-26 AA Banking 10,200,000.00 United States 99.860949 USD 10,216,926.80 0.3 US654740AF69 BF2H694 NISSAN MOTOR CO., LTD. 2.65 2018-09-26 A Automotive 10,027,000.00 United States 100.37892 USD 10,135,113.72 0.3 US084664CH26 BZ586Z0 BERKSHIRE HATHAWAY INCORPORATED 2.28 2019-03-15 AA Insurance 10,000,000.00 United States 100.77605 USD 10,087,732.00 0.3 US05582WWC45 BNP PARIBAS SA 1.59 2018-06-06 AA Banking 10,000,000.00 United States 99.922489 USD 10,082,790.60 0.3 US00206RCC43 BKJV4H8 AT&T INC 2.30 2019-03-11 A- Telecommunications 10,000,000.00 United States 100.09937 USD 10,080,214.40 0.3 US2027A0JJ97 BF2XVW0 COMMONWEALTH BANK OF AUSTRALIA 1.99 2020-03-10 AA- Banking 10,000,000.00 Australia 100.46221 USD 10,057,745.60 0.3 US06371EFY86 BANK OF MONTREAL 1.62 2019-07-18 A+ Banking 10,000,000.00 Canada 100.01496 USD 10,033,900.60 0.3 US53944VAG41 BXPB5V4 LLOYDS BANKING GROUP PLC 1.75 2018-05-14 AA- Banking 9,950,000.00 United Kingdom 99.982009 USD 9,970,942.86 0.3 26876BDW ENI SPA 0.00 2018-04-30 BBB+ Refining 10,000,000.00 United States 99.37407 USD 9,937,407.00 0.3 US816851AK54 B3FMKB2 SEMPRA ENERGY 9.80 2019-02-15 BBB+ Natural Gas 8,825,000.00 United States 108.29646 USD 9,883,883.25 0.3 US05578BAB27 BH4HMP4 GROUPE BPCE 2.50 2018-12-10 A Banking 9,838,000.00 France 100.28049 USD 9,879,941.76 0.3 US86960BAE20 BF2DR99 SVENSKA HANDELSBANKEN AB 2.50 2019-01-25 AA Banking 9,680,000.00 Sweden 100.37824 USD 9,821,480.07 0.3 US37045XAV82 BWTXL00 GENERAL MOTORS COMPANY 2.40 2018-04-10 BBB Automotive 9,740,000.00 United States 100.12435 USD 9,804,707.98 0.3 US654740AH26 BK3NZQ6 NISSAN MOTOR CO., LTD. 2.35 2019-03-04 A Automotive 9,627,000.00 United States 100.11189 USD 9,711,298.25 0.3 US22532LAJ35 BF7ZP41 CREDIT AGRICOLE SA 2.63 2018-10-03 A+ Banking 9,575,000.00 France 100.43839 USD 9,678,415.36 0.3 US34531CAC47 FORD CREDIT AUTO OWNER TRUST 2016-C1.04 2019-09-15 AAA ABS-Auto Prime Qual Tra9,643,295.71 United States 99.74521 USD 9,623,182.88 0.3 US61746BDM54 BJ62YY4 MORGAN STANLEY 2.50 2019-01-24 A Banking 9,434,000.00 United States 100.24804 USD 9,560,256.45 0.3 US05253JAG67 BN8SX63 AUSTRALIA AND NEW ZEALAND BANKING G2.25 2019-06-13 AA- Banking 9,500,000.00 Australia 100.11323 USD 9,521,444.16 0.3

US233851CL67 BYM9WS4 DAIMLER AG 2.00 2019-10-30 A Automotive 9,415,000.00 Germany 100.47708 USD 9,492,312.97 0.3 US615369AH84 BF00KR1 MOODY'S CORPORATION 1.84 2018-09-04 BBB+ Media - Noncable 9,407,000.00 United States 100.07966 USD 9,427,456.37 0.3 US60688XAC48 BLMZ559 MIZUHO FINANCIAL GROUP, INC. 2.45 2019-04-16 A+ Banking 9,125,000.00 Japan 100.06531 USD 9,177,535.27 0.3 US872882AC92 B9MVBJ9 TAIWAN SEMICONDUCTOR MANUFACTURIN1.63 2018-04-03 A+ Technology 9,105,000.00 Taiwan 99.79637 USD 9,122,626.55 0.3 US20030NAW11 B2R9SR6 COMCAST CORPORATION 5.70 2018-05-15 A- Cable 8,850,000.00 United States 101.41652 USD 9,039,819.14 0.3 US86564EZY57 SUMITOMO MITSUI TRUST HOLDINGS, INC. 1.67 2019-01-17 A Banking 9,000,000.00 Japan 100.03058 USD 9,033,295.68 0.3 US17325FAB40 BF1TMH1 CITIGROUP INC. 1.97 2019-03-20 A+ Banking 9,000,000.00 United States 100.086 USD 9,013,145.04 0.3 US3454G1GA82 FORD MOTOR COMPANY 0.00 2018-07-10 BBB+ Automotive 9,000,000.00 United States 98.946006 USD 8,905,140.54 0.3 US44987CAN83 BYZJBR3 ING GROEP N V 2.30 2019-03-22 AA- Banking 8,800,000.00 Netherlands 100.04585 USD 8,859,694.54 0.3 US80284YAB02 SANTANDER DRIVE AUTO RECEIVABLES TR1.85 2020-06-15 AAA ABS-Auto Non Pri Qu Tra8,688,000.00 United States 99.82043 USD 8,678,847.37 0.3 US446150AH79 BCBRST8 HUNTINGTON BANCSHARES INCORPORATE2.60 2018-08-02 A- Banking 8,367,000.00 United States 100.29376 USD 8,481,617.11 0.3 US02007YAB02 ALLY AUTO RECEIVABLES TRUST 2017-5 1.81 2020-06-15 AAA ABS-Auto Prime Qual Tra8,469,000.00 United States 99.9667 USD 8,472,992.63 0.3 US446438RR64 BZ5YQ36 HUNTINGTON BANCSHARES INCORPORATE2.20 2018-11-06 A- Banking 8,365,000.00 United States 100.08832 USD 8,400,503.99 0.3 US46849LSY82 BF2RFW0 PRUDENTIAL PUBLIC LIMITED COMPANY 1.92 2018-12-27 AA Insurance 8,155,000.00 United States 100.00058 USD 8,156,791.25 0.3 US53945GNR82 LLOYDS BANKING GROUP PLC 1.74 2018-10-17 AA Banking 8,100,000.00 United States 99.797314 USD 8,111,770.43 0.3 US61746BEH50 BZBZ9J0 MORGAN STANLEY 2.21 2020-02-14 A Banking 8,054,000.00 United States 100.39858 USD 8,109,369.96 0.3 US375558BP77 BF0GLT8 GILEAD SCIENCES INC 1.85 2019-03-20 A Pharmaceuticals 8,096,000.00 United States 100.07492 USD 8,106,630.70 0.3 US74368CAG96 DAI-ICHI LIFE HOLDINGS, INC. 1.78 2019-03-29 AA- Insurance 8,000,000.00 United States 100.13412 USD 8,041,954.40 0.3 US59217GBT58 BYVC6R1 METLIFE INC. 1.91 2018-09-14 AA- Insurance 8,000,000.00 United States 100.08962 USD 8,014,398.56 0.3 US21685VN549 COOPERATIEVE RABOBANK U.A. 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US58769BAF13 MERCEDES-BENZ AUTO RECEIVABLES TRU1.11 2019-03-15 AAA ABS-Auto Prime Qual Tra2,894,254.41 United States 99.92764 USD 2,893,587.95 0.1 US55608JAF57 BGYP9K5 MACQUARIE GROUP LIMITED 3.00 2018-12-03 A- Banking 2,850,000.00 Australia 100.72906 USD 2,877,428.23 0.1 US11102AAA97 B29Y5M3 BT GROUP PLC 5.95 2018-01-15 BBB+ Telecommunications 2,688,000.00 United Kingdom 100.13379 USD 2,765,344.59 0.1 US853254AU41 BWW7F52 STANDARD CHARTERED PLC 1.70 2018-04-17 A+ Banking 2,740,000.00 United Kingdom 99.9034 USD 2,746,927.93 0.1 US654740AL38 BDGSF81 NISSAN MOTOR CO., LTD. 2.00 2019-03-08 A Automotive 2,596,000.00 United States 99.749801 USD 2,605,801.95 0.1 US68323ACJ16 BJ8S1K5 PROVINCE OF ONTARIO 2.00 2019-01-30 AA Regional Govt 2,563,000.00 Canada 99.991757 USD 2,584,147.06 0.1 US233851BZ62 BYW41G0 DAIMLER AG 2.00 2018-08-03 A Automotive 2,500,000.00 Germany 100.01124 USD 2,520,836.48 0.1 US25158BXY37 DEUTSCHE BANK AG 2.00 2018-07-10 BBB+ Banking 2,500,000.00 United States 99.856781 USD 2,520,169.53 0.1 US854502AB75 BYP4Z98 STANLEY BLACK & DECKER INC 2.45 2018-11-17 A- Building Materials 2,500,000.00 United States 100.30146 USD 2,515,025.65 0.1 US25156PAL76 B3CMDY9 DEUTSCHE TELEKOM AG 6.75 2018-08-20 BBB+ Telecommunications 2,384,000.00 Germany 102.92017 USD 2,512,173.90 0.1 US0258M0EJ41 BDD9JL8 AMERICAN EXPRESS COMPANY 1.71 2019-05-03 A Banking 2,427,000.00 United States 100.19327 USD 2,438,395.86 0.1 US55608PAH73 BR17N98 MACQUARIE GROUP LIMITED 2.60 2019-06-24 A Banking 2,400,000.00 Australia 100.26145 USD 2,407,488.19 0.1 US136385AU50 BSN4Q51 CANADIAN NATURAL RESOURCES LIMITED 1.75 2018-01-15 BBB+ Independent Energy 2,388,000.00 Canada 99.982108 USD 2,406,842.56 0.1 US24703FAB22 DELL EQUIPMENT FINANCE TRUST 2017-1 1.86 2019-06-24 AAA ABS-Truck/Equipment Lo2,378,000.00 United States 99.96309 USD 2,378,228.05 0.1

US89236TBB08 BJ39TW1 TOYOTA MOTOR CORPORATION 2.10 2019-01-17 AA- Automotive 2,350,000.00 United States 100.22842 USD 2,377,849.54 0.1 US74432QBW42 BCZYK33 PRUDENTIAL FINANCIAL, INC. 2.30 2018-08-15 A Insurance 2,299,000.00 United States 100.1674 USD 2,322,824.19 0.1 US74153WBZ14 B9ZT6G2 PRUDENTIAL FINANCIAL, INC. 1.60 2018-05-29 AA- Insurance 2,097,000.00 United States 99.907959 USD 2,098,052.30 0.1 US34532EAB11 FORD CREDIT AUTO OWNER TRUST 2016-B1.08 2019-03-15 AAA ABS-Auto Prime Qual Tra2,056,300.19 United States 99.95457 USD 2,056,353.04 0.1 US199575AW15 B2RJSR6 AMERICAN ELECTRIC POWER COMPANY IN 6.05 2018-05-01 A Electric 2,006,000.00 United States 101.26665 USD 2,051,636.24 0.1 US00206RAJ14 B2PD9B1 AT&T INC 5.50 2018-02-01 A- Telecommunications 1,995,000.00 United States 100.28645 USD 2,046,433.35 0.1 US69353REZ73 BD2B614 PNC FINANCIAL SERVICES GROUP INC 1.70 2018-12-07 A+ Banking 2,035,000.00 United States 99.703098 USD 2,031,264.37 0.1 US233851CW23 BDGKSZ5 DAIMLER AG 1.64 2018-11-05 A Automotive 1,887,000.00 Germany 99.995793 USD 1,891,736.28 0.1 US843646AK66 BXTJ020 SOUTHERN COMPANY 1.50 2018-06-01 BBB+ Electric 1,871,000.00 United States 99.840834 USD 1,870,360.75 0.1 22549LDJ CREDIT SUISSE GROUP AG 1.70 2018-07-05 AA Banking 1,800,000.00 United States 99.91551 USD 1,813,439.18 0.1 US38147MAA36 BCDL3R1 GOLDMAN SACHS GROUP, INC, 2.90 2018-07-19 A Banking 1,750,000.00 United States 100.45424 USD 1,780,786.75 0.1 US63254AAM09 BZ3T0F3 NATIONAL AUSTRALIA BANK LIMITED 2.00 2019-01-14 AA- Banking 1,765,000.00 Australia 99.821592 USD 1,778,226.38 0.1 US25158BYH94 DEUTSCHE BANK AG 2.00 2018-08-03 BBB+ Banking 1,700,000.00 United States 99.820644 USD 1,710,834.29 0.1 US031162AX83 B39LZD2 AMGEN INC. 6.15 2018-06-01 A Pharmaceuticals 1,621,000.00 United States 101.67057 USD 1,656,387.55 0.1 US65339KAJ97 BD89WD6 NEXTERA ENERGY, INC. 1.65 2018-09-01 A- Electric 1,560,000.00 United States 99.710489 USD 1,564,058.43 0.0 US8935268Y20 B3KXW47 TRANSCANADA CORPORATION 7.13 2019-01-15 A- Natural Gas 1,446,000.00 Canada 104.87692 USD 1,564,027.34 0.0 US00912XAR52 BYTGPN4 AIR LEASE CORPORATION 2.63 2018-09-04 BBB Finance Comp. 1,500,000.00 United States 100.29427 USD 1,517,210.91 0.0 US78355HJW07 BJZ7ZB4 RYDER SYSTEM INCORPORATED 2.55 2019-06-01 A- Transportation Services 1,475,000.00 United States 100.2674 USD 1,482,078.50 0.0 US29365PAN24 B526WF9 ENTERGY CORPORATION 6.00 2018-05-01 A Electric 1,390,000.00 United States 101.32017 USD 1,422,250.38 0.0 US44890YAE68 HYUNDAI AUTO RECEIVABLES TRUST 2015-1.48 2021-06-15 AAA ABS-Auto Prime Qual Tra1,395,000.00 United States 99.45555 USD 1,388,322.53 0.0 US17119BAB36 CHRYSLER CAPITAL AUTO RECEIVABLES TR1.36 2020-01-15 AAA ABS-Auto Prime Qual Tra1,379,161.05 United States 99.88412 USD 1,378,396.50 0.0 US064255AU69 BKJBBC2 MITSUBISHI UFJ FINANCIAL GROUP, INC. 2.30 2019-03-10 A+ Banking 1,300,000.00 Japan 100.03906 USD 1,309,726.93 0.0 US80283LAH69 BYVGB67 BANCO SANTANDER, S.A. 2.35 2019-09-10 AA- Banking 1,285,000.00 United Kingdom 100.02902 USD 1,294,683.85 0.0 US14314MAB90 BD6D047 CARMAX AUTO OWNER TRUST 2016-2 1.24 2019-06-17 AAA ABS-Auto Prime Qual Tra1,278,000.34 United States 99.96735 USD 1,278,287.39 0.0 US478160BW39 BD31B63 JOHNSON & JOHNSON 1.75 2019-03-01 AAA Pharmaceuticals 1,250,000.00 United States 100.259 USD 1,255,061.08 0.0 US65478WAB19 NISSAN AUTO RECEIVABLES OWNER TRUS 1.07 2019-05-15 AAA ABS-Auto Prime Qual Tra1,228,691.90 United States 99.92728 USD 1,228,382.71 0.0 US58405UAD46 B2QF6T3 EXPRESS SCRIPTS HOLDING COMPANY 7.13 2018-03-15 BBB+ Health Care 1,154,000.00 United States 101.01067 USD 1,189,873.11 0.0 US59156RAT59 B50HPF5 METLIFE INC. 7.72 2019-02-15 A- Insurance 1,049,000.00 United States 106.24485 USD 1,145,090.08 0.0 US40428HPU04 BYPGJW5 HSBC HOLDINGS PLC. 2.00 2018-08-07 AA- Banking 1,126,000.00 United States 100.01339 USD 1,135,158.75 0.0 US064255AL60 B98VKS5 MITSUBISHI UFJ FINANCIAL GROUP, INC. 1.65 2018-02-26 A+ Banking 1,100,000.00 Japan 99.972529 USD 1,105,999.91 0.0 US171232AD38 B00SY56 CHUBB LTD 6.60 2018-08-15 A Insurance 1,000,000.00 United States 102.498 USD 1,049,913.33 0.0 US06675GAC96 BJ3V9Q1 CREDIT MUTUEL-CIC GROUP 2.75 2019-01-22 AA- Banking 990,000.00 France 100.579 USD 1,007,680.85 0.0 US59217GBF54 BLLS2P8 METLIFE INC. 2.30 2019-04-10 AA- Insurance 1,000,000.00 United States 100.1309 USD 1,006,484.04 0.0 US92857MJR43 VODAFONE GROUP PLC 0.00 2018-09-25 BBB+ Telecommunications 1,000,000.00 United Kingdom 98.4475 USD 984,475.00 0.0 US171232AR24 B2R9NG0 CHUBB LTD 5.75 2018-05-15 A Insurance 893,000.00 United States 101.3712 USD 911,805.89 0.0 US067383AD19 B8K0630 C. R. BARD, INC. 1.38 2018-01-15 A Health Care 897,000.00 United States 99.984687 USD 902,549.87 0.0 US59217GCF46 BDD1FF0 METLIFE INC. 1.95 2020-06-12 AA- Insurance 896,000.00 United States 100.41033 USD 900,598.14 0.0 US86563VAE92 BCRXNV7 SUMITOMO MITSUI TRUST HOLDINGS, INC. 2.95 2018-09-14 A+ Banking 883,000.00 Japan 100.548 USD 895,363.96 0.0 US34531PAD33 FORD CREDIT AUTO OWNER TRUST 2016-A1.39 2020-07-15 AAA ABS-Auto Prime Qual Tra878,862.66 United States 99.67116 USD 876,515.55 0.0 US65473QAT04 B2RM0S0 NISOURCE INC 6.80 2019-01-15 BBB+ Natural Gas 783,000.00 United States 104.50451 USD 842,821.75 0.0 US57629WBS89 BCT5D22 MASSACHUSETTS MUTUAL LIFE INSURANC 2.10 2018-08-02 AA+ Insurance 766,000.00 United States 100.13023 USD 773,655.41 0.0 US961214CT83 BYP8NC9 WESTPAC BANKING CORPORATION 1.65 2019-05-13 AA- Banking 726,000.00 Australia 99.2657 USD 722,266.18 0.0 US89237WAB37 TOYOTA AUTO RECEIVABLES OWNER TRUS1.00 2019-01-15 AAA ABS-Auto Prime Qual Tra720,969.10 United States 99.93386 USD 720,812.68 0.0 US44987DAN66 BYZJ485 ING GROEP N V 2.30 2019-03-22 AA- Banking 707,000.00 Netherlands 100.046 USD 711,751.82 0.0 US44918LAD47 HYUNDAI AUTO RECEIVABLES TRUST 2015-1.46 2020-02-18 AAA ABS-Auto Prime Qual Tra708,516.44 United States 99.79519 USD 707,525.08 0.0 US22549LFW00 CREDIT SUISSE GROUP AG 1.67 2018-07-31 AA Banking 700,000.00 United States 99.858807 USD 703,882.48 0.0 US65477UAC45 NISSAN AUTO RECEIVABLES OWNER TRUS 1.05 2019-10-15 AAA ABS-Auto Prime Qual Tra677,352.37 United States 99.80393 USD 676,340.39 0.0 US854502AE15 BZ124P2 STANLEY BLACK & DECKER INC 1.62 2018-11-17 A- Building Materials 666,000.00 United States 99.632682 USD 664,873.97 0.0 US06367VHL27 BDSV2S7 BANK OF MONTREAL 2.38 2019-01-25 AA- Banking 600,000.00 Canada 100.28991 USD 607,914.46 0.0 US140420NH93 BJVF0R3 CAPITAL ONE FINANCIAL CORPORATION 2.25 2019-02-13 A- Banking 600,000.00 United States 99.861619 USD 604,344.71 0.0 US00912XAL82 BGJ4WD1 AIR LEASE CORPORATION 3.38 2019-01-15 BBB Finance Comp. 502,000.00 United States 100.9626 USD 514,644.64 0.0 US501044CW96 BHB92V9 KROGER CO. 2.30 2019-01-15 BBB+ Supermarkets 489,000.00 United States 100.07675 USD 494,561.42 0.0 US13976AAB61 CAPITAL AUTO RECEIVABLES ASSET TRUST1.36 2019-04-22 AAA ABS-Auto Non Pri Qu Tra461,718.47 United States 99.96957 USD 461,769.84 0.0 US06675FAL13 CREDIT MUTUEL-CIC GROUP 1.85 2020-07-20 AA- Banking 421,000.00 France 100.25669 USD 423,640.55 0.0 US55608PAT12 BD5W001 MACQUARIE GROUP LIMITED 2.35 2019-01-15 A Banking 250,000.00 Australia 100.017 USD 252,751.53 0.0 US035240AB60 BDCMQW8 ANHEUSER-BUSCH INBEV SA 2.20 2018-08-01 A- Food/Beverage 203,000.00 Belgium 100.10487 USD 205,073.72 0.0 US65478QAB41 NISSAN AUTO LEASE TRUST 2016-A 1.22 2018-08-15 AAA ABS-Auto Prime Qual Tra144,469.07 United States 99.97649 USD 144,513.44 0.0 US65557FAG19 B948ZZ2 NORDEA BANK AB (PUBL) 1.63 2018-05-15 AA- Banking 12,000.00 Sweden 99.914784 USD 12,014.69 0.0 SGD REPUBLIC OF SINGAPORE 0.00 2018-01-08 AAA Cash 0.60 Singapore 1 SGD 0.45 0.0 JPY GOVERNMENT OF JAPAN 0.00 2018-01-08 AAA Cash 1.00 Japan 1 JPY 0.01 0.0 US17305EDL65 B1MJXG8 CITIBANK CREDIT CARD ISSUANCE TRUST 20.70 2018-12-17 AAA ABS-Card 0.00 United States 0 USD - 0.0 US31677QBL23 BDBRF16 FIFTH THIRD BANCORP 1.63 2020-10-30 A- Banking 0.00 United States 99.858 USD 0.00 0.0 EUR EUROPEAN UNION 0.00 2018-01-08 AAA Cash -3.34 European Union 1 EUR - 4.01 0.0 GBP UNITED KINGDOM OF GREAT BRITAIN AND 0.00 2018-01-08 AAA Cash -3.76 United Kingdom 1 GBP - 5.09 0.0 USD US DEPARTMENT OF THE TREASURY 0.00 2018-01-08 AAA Cash -19,312,138.93 United States 1 USD - 19,312,138.93-0.6

This unofficial report of the above fund is based on information available as at the date indicated in the report. We make no representations as to the accuracy of any of the information contained in this unofficial report. Therefore, the information in this unofficial report should not be relied upon for investment decisions, or used to evaluate the fund's performance in lieu of information provided in your official fund statements or other reports on the fund. JPMorgan Asset Management (Europe) S.à.r.l. nor any of its affiliates accept any liability for any losses, costs, liabilities or expenses (including, without limitation, loss of profits) which may arise from any inaccuracies in this unofficial report. Any discrepancies in this information provided in this unofficial report should be discussed with your relationship manager prior to any actions regarding your fund shares. Please note that fund investments are subject to change at any time. We are providing this unofficial list of the fund investments as a service to the fund shareholders for your information only. We, therefore, request that you do not share this unofficial report with anyone else.