NPORT-EX 2 JPMGOVBD.htm EDGAR HTML
JPMorgan Government Bond Fund
Schedule of Portfolio Investments as of November 30, 2023
(Unaudited) 
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY.  IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan  Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2023.
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Treasury Obligations — 35.2%
U.S. Treasury Bonds
5.25%, 11/15/2028
20,000
20,791
1.88%, 2/15/2041
14,500
9,652
2.00%, 11/15/2041
27,000
18,089
3.88%, 2/15/2043
15,000
13,380
3.88%, 5/15/2043
10,000
8,913
3.75%, 11/15/2043
90,300
78,822
3.00%, 5/15/2045
31,000
23,753
2.75%, 11/15/2047
35,000
25,185
2.00%, 2/15/2050
35,000
21,156
1.25%, 5/15/2050
10,000
4,911
U.S. Treasury Inflation Indexed Bonds
1.38%, 2/15/2044
36,318
30,799
U.S. Treasury Notes
2.50%, 4/30/2024
35,000
34,586
0.38%, 8/15/2024
10,000
9,662
2.25%, 11/15/2024
35,000
34,029
1.13%, 2/28/2025
25,000
23,820
0.50%, 3/31/2025
50,000
47,109
0.38%, 4/30/2025
40,000
37,505
3.88%, 4/30/2025
10,000
9,851
2.00%, 8/15/2025
20,000
19,082
1.63%, 2/15/2026
20,000
18,752
3.63%, 5/15/2026
10,000
9,786
2.25%, 2/15/2027
35,000
32,739
0.63%, 3/31/2027
30,000
26,499
2.25%, 8/15/2027
30,000
27,813
1.25%, 4/30/2028
11,120
9,744
3.50%, 4/30/2028
5,000
4,832
4.00%, 6/30/2028
25,000
24,661
3.50%, 4/30/2030
5,000
4,757
3.50%, 2/15/2033
20,000
18,691
Total U.S. Treasury Obligations
(Cost $736,258)
649,369
Mortgage-Backed Securities — 26.5%
FHLMC Gold Pools, 20 Year Pool # C90830, 4.50%, 5/1/2024
3
3
FHLMC Gold Pools, 30 Year
Pool # C80091, 6.50%, 1/1/2024
—
—
Pool # G00229, 8.50%, 5/1/2024
—
—
Pool # C00354, 8.50%, 7/1/2024
1
1
Pool # C00376, 8.00%, 11/1/2024
1
1
Pool # C00414, 7.50%, 8/1/2025
1
1
Pool # D63303, 7.00%, 9/1/2025
1
1
Pool # G00981, 8.50%, 7/1/2028
3
4
Pool # C00742, 6.50%, 4/1/2029
32
33
Pool # C00785, 6.50%, 6/1/2029
11
12
Pool # C47318, 7.00%, 9/1/2029
169
174
Pool # C01292, 6.00%, 2/1/2032
15
16
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # A16155, 5.50%, 11/1/2033
47
47
Pool # C03589, 4.50%, 10/1/2040
298
288
Pool # Q41177, 3.50%, 6/1/2046
11,556
10,425
Pool # G61334, 4.00%, 3/1/2047
2,410
2,257
Pool # Q54902, 4.00%, 3/1/2048
2,677
2,486
Pool # Q54950, 4.00%, 3/1/2048
3,569
3,339
Pool # Q59727, 4.00%, 11/1/2048
4,018
3,731
FHLMC UMBS, 30 Year
Pool # ZT1593, 3.50%, 1/1/2049
954
854
Pool # RA2484, 3.00%, 6/1/2050
4,365
3,735
Pool # RA2904, 3.00%, 6/1/2050
7,120
6,083
Pool # RA2970, 2.50%, 7/1/2050
8,127
6,616
Pool # QB2020, 2.50%, 8/1/2050
5,836
4,780
Pool # RA5576, 2.50%, 7/1/2051
5,275
4,319
Pool # QC6209, 2.50%, 8/1/2051
5,130
4,187
Pool # QC7451, 2.00%, 9/1/2051
12,191
9,500
Pool # RA7683, 5.00%, 7/1/2052
7,142
6,885
Pool # RA7937, 5.00%, 9/1/2052
14,159
13,650
FNMA
Pool # 620061, ARM, 5.46%, 11/1/2027 (a)
5
5
Pool # 89406, ARM, 3.55%, 6/1/2029 (a)
3
3
FNMA UMBS, 15 Year
Pool # MA0512, 4.00%, 9/1/2025
91
91
Pool # FM4449, 3.00%, 12/1/2034
6,958
6,627
Pool # CA7114, 2.50%, 9/1/2035
14,393
13,102
FNMA UMBS, 30 Year
Pool # 190257, 7.00%, 2/1/2024
—
—
Pool # 250575, 6.50%, 6/1/2026
4
4
Pool # 483802, 5.50%, 2/1/2029
62
62
Pool # 524949, 7.50%, 3/1/2030
6
6
Pool # 545639, 6.50%, 4/1/2032
69
71
Pool # 702435, 5.50%, 5/1/2033
431
438
Pool # 709441, 5.50%, 7/1/2033
126
128
Pool # 730711, 5.50%, 8/1/2033
198
201
Pool # 743127, 5.50%, 10/1/2033
188
191
Pool # 747628, 5.00%, 11/1/2033
368
369
Pool # 753662, 5.50%, 12/1/2033
243
247
Pool # 755615, 5.50%, 1/1/2034
271
275
Pool # 811755, 7.00%, 3/1/2035
661
690
Pool # 845834, 5.50%, 10/1/2035
141
142
Pool # 888201, 5.50%, 2/1/2036
70
71
Pool # 831409, 5.50%, 4/1/2036
345
350
Pool # 867420, 5.50%, 5/1/2036
188
191
Pool # 745802, 6.00%, 7/1/2036
357
368
Pool # 969708, 4.50%, 3/1/2038
35
34
Pool # AE1216, 3.50%, 1/1/2041
769
703
Pool # AE1260, 3.50%, 8/1/2041
484
435
Pool # AB5378, 3.50%, 5/1/2042
1,936
1,768
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # AO6710, 4.00%, 6/1/2042
2,050
1,922
Pool # AR5147, 3.00%, 3/1/2043
1,861
1,633
Pool # AT8192, 4.00%, 6/1/2043
1,286
1,204
Pool # AS1112, 4.00%, 11/1/2043
3,383
3,169
Pool # BM1109, 4.00%, 10/1/2044
2,371
2,224
Pool # AS4073, 4.00%, 12/1/2044
1,499
1,399
Pool # AL8660, 4.00%, 6/1/2045
3,560
3,332
Pool # AS5648, 3.50%, 7/1/2045
1,922
1,732
Pool # AS6208, 3.50%, 10/1/2045
865
791
Pool # AS6344, 3.50%, 12/1/2045
2,099
1,894
Pool # BM5560, 4.00%, 1/1/2046
6,748
6,319
Pool # AL8030, 4.00%, 2/1/2046
2,281
2,124
Pool # AX5520, 3.00%, 5/1/2046
914
792
Pool # AX5546, 3.00%, 9/1/2046
1,223
1,068
Pool # AX5547, 3.50%, 9/1/2046
1,568
1,410
Pool # BM3744, 4.00%, 3/1/2047
6,875
6,419
Pool # BM1049, 4.00%, 4/1/2047
6,364
5,914
Pool # CA0411, 4.00%, 9/1/2047
4,618
4,313
Pool # CA0861, 3.50%, 11/1/2047
3,566
3,192
Pool # BJ1666, 4.00%, 12/1/2047
3,586
3,342
Pool # BM3477, 4.00%, 1/1/2048
3,291
3,058
Pool # CA1006, 4.00%, 1/1/2048
4,198
3,902
Pool # CA1361, 3.50%, 2/1/2048
3,059
2,739
Pool # BD9074, 3.50%, 3/1/2048
1,144
1,025
Pool # BJ4640, 4.00%, 3/1/2048
1,486
1,384
Pool # BD9078, 4.00%, 4/1/2048
2,061
1,911
Pool # BD9077, 3.50%, 5/1/2048
243
218
Pool # BD9083, 4.00%, 7/1/2048
2,290
2,126
Pool # CA2489, 4.50%, 10/1/2048
1,031
970
Pool # BN7416, 3.50%, 9/1/2049
2,244
2,006
Pool # BO1418, 3.50%, 9/1/2049
2,509
2,239
Pool # BO1427, 3.50%, 9/1/2049
2,264
2,020
Pool # CA4431, 3.50%, 10/1/2049
3,544
3,164
Pool # MA3803, 3.50%, 10/1/2049
1,717
1,533
Pool # FM2014, 3.00%, 11/1/2049
7,377
6,337
Pool # BN0803, 3.50%, 12/1/2049
935
836
Pool # MA3872, 3.50%, 12/1/2049
1,693
1,511
Pool # BN0807, 3.50%, 1/1/2050
731
653
Pool # FM2437, 3.00%, 2/1/2050
9,455
8,121
Pool # CA6144, 2.50%, 6/1/2050
12,560
10,239
Pool # BP7345, 3.00%, 6/1/2050
11,696
9,972
Pool # CA6322, 2.50%, 7/1/2050
9,966
8,124
Pool # CA6361, 2.50%, 7/1/2050
5,625
4,644
Pool # BQ1645, 2.50%, 8/1/2050
6,597
5,408
Pool # BQ1911, 2.00%, 10/1/2050
4,209
3,324
Pool # BQ2999, 2.50%, 10/1/2050
6,755
5,513
Pool # BQ6118, 2.50%, 10/1/2050
7,225
5,880
Pool # FM8787, 2.50%, 10/1/2051
16,538
13,504
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # CB5131, 5.00%, 11/1/2052
13,613
13,117
Pool # FS3421, 5.00%, 12/1/2052
6,695
6,455
Pool # FS5027, 4.00%, 2/1/2053
4,833
4,393
Pool # BU4029, 5.00%, 6/1/2053
13,882
13,367
FNMA, Other
Pool # AN0571, 3.10%, 1/1/2026
6,500
6,238
Pool # AM7199, 3.30%, 11/1/2026
2,897
2,764
Pool # FN0040, 3.02%, 6/1/2027 (a)
2,058
1,936
Pool # AN6800, 2.97%, 9/1/2027
3,275
3,052
Pool # AN6825, 2.80%, 10/1/2027
3,855
3,565
Pool # AN9486, 3.57%, 6/1/2028
12,375
11,632
Pool # 405220, 6.00%, 9/1/2028
2
2
Pool # AN3908, 3.12%, 1/1/2029
7,711
7,121
Pool # BL1950, 3.47%, 3/1/2029
12,718
11,858
Pool # AN8493, 3.30%, 2/1/2030
4,605
4,161
Pool # BM5425, 3.15%, 3/1/2030 (a)
2,017
1,826
Pool # BL9023, 1.22%, 11/1/2030
20,475
16,289
Pool # BL4576, 2.70%, 10/1/2031
15,000
12,748
Pool # AN8412, 3.39%, 2/1/2033
4,307
3,854
Pool # AN8464, 3.33%, 3/1/2033
6,195
5,521
Pool # BS3202, 1.94%, 9/1/2033
4,785
3,769
Pool # BL2944, 3.19%, 7/1/2034
1,700
1,439
Pool # BL3288, 2.52%, 9/1/2034
12,000
9,684
Pool # BL4331, 2.41%, 10/1/2034
15,423
12,382
Pool # BS2718, 1.95%, 8/1/2036
10,027
7,512
Pool # BL4215, 2.56%, 9/1/2036
6,876
5,358
Pool # BL7125, 2.04%, 6/1/2037
8,150
5,874
Pool # BF0617, 2.50%, 3/1/2062
5,400
4,230
GNMA I, 30 Year
Pool # 365740, 6.50%, 12/15/2023
—
—
Pool # 354747, 6.50%, 2/15/2024
—
—
Pool # 362341, 6.50%, 2/15/2024
—
—
Pool # 370338, 6.50%, 2/15/2024
—
—
Pool # 391552, 7.00%, 3/15/2024
3
3
Pool # 401860, 7.50%, 6/15/2025
—
—
Pool # 377557, 8.00%, 7/15/2025
1
1
Pool # 472679, 7.00%, 6/15/2028
—
—
Pool # 784010, 4.00%, 3/15/2045
369
346
Pool # 626938, 4.00%, 4/15/2045
202
188
Pool # 784041, 4.00%, 8/15/2045
2,519
2,358
Pool # 784208, 4.00%, 7/15/2046
3,522
3,287
Pool # 784897, 2.50%, 10/15/2049
8,377
7,098
Pool # BU5359, 3.00%, 4/15/2050
10,043
8,707
GNMA II, 30 Year
Pool # 2324, 8.00%, 11/20/2026
2
2
Pool # 2344, 8.00%, 12/20/2026
5
5
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # 2512, 8.00%, 11/20/2027
15
16
Pool # CH2211, 3.50%, 9/20/2051
11,351
10,006
Total Mortgage-Backed Securities
(Cost $568,739)
488,718
Collateralized Mortgage Obligations — 19.8%
FHLMC, REMIC
Series 1633, Class Z, 6.50%, 12/15/2023
—
—
Series 1694, Class PK, 6.50%, 3/15/2024
1
1
Series 3798, Class AY, 3.50%, 1/15/2026
415
406
Series 3809, Class BC, 3.50%, 2/15/2026
354
346
Series 3188, Class GE, 6.00%, 7/15/2026
187
186
Series 3926, Class MW, 4.50%, 9/15/2026
1,115
1,097
Series 1999, Class PU, 7.00%, 10/15/2027
11
11
Series 2031, Class PG, 7.00%, 2/15/2028
31
31
Series 2035, Class PC, 6.95%, 3/15/2028
92
93
Series 2064, Class PD, 6.50%, 6/15/2028
63
64
Series 2095, Class PE, 6.00%, 11/15/2028
49
48
Series 4314, Class DY, 3.50%, 3/15/2029
1,273
1,213
Series 4336, Class YB, 3.00%, 5/15/2029
1,816
1,752
Series 2152, Class BD, 6.50%, 5/15/2029
19
19
Series 2162, Class TH, 6.00%, 6/15/2029
114
114
Series 3737, Class DG, 5.00%, 10/15/2030
252
249
Series 3981, Class PA, 3.00%, 4/15/2031
1,313
1,284
Series 2367, Class ME, 6.50%, 10/15/2031
124
126
Series 2647, Class A, 3.25%, 4/15/2032
40
38
Series 2480, Class EJ, 6.00%, 8/15/2032
153
153
Series 4156, Class SB, IF, 4.91%, 1/15/2033 (a)
604
485
Series 4170, Class TS, IF, 5.17%, 2/15/2033 (a)
3,868
2,779
Series 4186, Class JE, 2.00%, 3/15/2033
5,367
4,923
Series 4188, Class JG, 2.00%, 4/15/2033
3,401
3,117
Series 4206, Class DA, 2.00%, 5/15/2033
2,541
2,333
Series 2611, Class QZ, 5.00%, 5/15/2033
1,060
1,033
Series 2882, Class QD, 4.50%, 7/15/2034
23
23
Series 4429, Class HB, 3.00%, 1/15/2035
6,293
5,569
Series 2915, Class MU, 5.00%, 1/15/2035
858
852
Series 5000, Class CB, 1.25%, 1/25/2035
4,362
3,749
Series 4448, Class DY, 3.00%, 3/15/2035
5,542
4,994
Series 4458, Class BW, 3.00%, 4/15/2035
8,487
7,834
Series 3085, Class VS, IF, 6.97%, 12/15/2035 (a)
143
152
Series 3181, Class OP, PO, 7/15/2036
545
448
Series 4867, Class WF, 5.09%, 4/15/2037 (a)
3,841
3,760
Series 3413, Class B, 5.50%, 4/15/2037
222
218
Series 3325, Class JL, 5.50%, 6/15/2037
1,298
1,298
Series 3341, Class PE, 6.00%, 7/15/2037
913
931
Series 4365, Class HZ, 3.00%, 1/15/2040
3,262
2,943
Series 3699, Class QH, 5.50%, 7/15/2040
689
684
Series 3772, Class PE, 4.50%, 12/15/2040
3,277
3,172
Series 4047, Class PB, 3.50%, 1/15/2041
1,833
1,780
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 3927, Class PC, 4.50%, 9/15/2041
3,970
3,811
Series 4002, Class CY, 3.50%, 2/15/2042
4,819
4,005
Series 4039, Class SA, IF, IO, 1.06%, 5/15/2042 (a)
2,598
241
Series 4061, Class LB, 3.50%, 6/15/2042
3,570
2,852
Series 4062, Class GY, 4.00%, 6/15/2042
6,109
5,667
Series 4091, Class BQ, 2.00%, 8/15/2042
5,000
4,086
Series 4091, Class PB, 2.00%, 8/15/2042
3,673
2,799
Series 4122, Class PY, 3.00%, 10/15/2042
3,000
2,516
Series 4394, Class PL, 3.50%, 10/15/2044
5,000
4,301
Series 4594, Class GN, 2.50%, 2/15/2045
1,770
1,571
Series 4606, Class KP, 2.50%, 7/15/2046
10,542
8,902
Series 4748, Class HE, 3.00%, 1/15/2048
6,567
5,478
Series 4974, Class PH, 1.50%, 6/25/2048
1,270
982
Series 4933, Class PA, 2.50%, 10/25/2049
6,002
4,893
Series 4925, Class PA, 3.00%, 10/25/2049
9,071
7,909
Series 5072, Class QC, 1.00%, 10/25/2050
7,555
5,571
Series 5190, Class PH, 2.50%, 2/25/2052
6,445
5,649
FHLMC, STRIPS
Series 264, Class 30, 3.00%, 7/15/2042
3,131
2,794
Series 267, Class 30, 3.00%, 8/15/2042
1,832
1,630
Series 406, PO, 10/25/2053
9,807
7,363
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-54, Class 2A, 6.50%, 2/25/2043
954
959
Series T-56, Class A, PO, 5/25/2043
605
459
Series T-51, Class 1A, 6.50%, 9/25/2043 (a)
842
829
FNMA, Grantor Trust, Whole Loan Series 2004-T1, Class 1A2, 6.50%, 1/25/2044
128
129
FNMA, REMIC
Series 1994-51, Class PV, 6.00%, 3/25/2024
8
8
Series 1994-37, Class L, 6.50%, 3/25/2024
2
2
Series 2010-117, Class DY, 4.50%, 10/25/2025
1,117
1,102
Series 2010-155, Class B, 3.50%, 1/25/2026
668
652
Series 1998-58, Class PC, 6.50%, 10/25/2028
134
134
Series 2000-8, Class Z, 7.50%, 2/20/2030
58
61
Series 2002-92, Class FB, 6.09%, 4/25/2030 (a)
148
148
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031
91
10
Series 2003-67, Class SA, IF, 10.12%, 10/25/2031 (a)
20
21
Series 2011-145, Class PB, 3.50%, 1/25/2032
7,686
7,304
Series 2012-100, Class AY, 3.00%, 9/25/2032
5,750
5,330
Series 2013-50, Class YO, PO, 1/25/2033
1,893
1,487
Series 2003-21, Class PZ, 4.50%, 3/25/2033
708
674
Series 2013-106, Class PY, 3.00%, 10/25/2033
3,872
3,601
Series 2013-130, Class GY, 3.50%, 1/25/2034
3,699
3,373
Series 2014-2, Class QB, 3.00%, 2/25/2034
2,745
2,514
Series 2004-46, Class QD, IF, 2.23%, 3/25/2034 (a)
93
87
Series 2004-54, Class FL, 5.84%, 7/25/2034 (a)
285
283
Series 2015-11, Class AQ, 3.00%, 3/25/2035
5,151
4,702
Series 2005-22, Class EH, 5.00%, 4/25/2035
1,419
1,393
Series 2015-28, Class GB, 3.50%, 5/25/2035
4,000
3,652
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2015-41, Class AY, 3.00%, 6/25/2035
4,653
4,096
Series 2006-3, Class SB, IF, IO, 1.26%, 7/25/2035 (a)
327
4
Series 2015-51, Class LY, 3.00%, 7/25/2035
3,317
3,059
Series 2005-58, Class EP, 5.50%, 7/25/2035
115
115
Series 2015-59, Class EB, 3.00%, 8/25/2035
5,195
4,782
Series 2005-83, Class LA, 5.50%, 10/25/2035
197
197
Series 2015-65, Class LD, 3.50%, 1/25/2036
7,057
6,451
Series 2005-116, Class PC, 6.00%, 1/25/2036
776
775
Series 2006-51, Class FP, 5.79%, 3/25/2036 (a)
968
960
Series 2016-28, Class DW, 3.50%, 5/25/2036
4,491
4,039
Series 2006-81, Class FA, 5.79%, 9/25/2036 (a)
17
17
Series 2006-110, PO, 11/25/2036
188
156
Series 2007-76, Class PE, 6.00%, 8/25/2037
542
553
Series 2010-47, Class MB, 5.00%, 9/25/2039
1,324
1,303
Series 2010-68, Class EP, 4.50%, 12/25/2039
18
18
Series 2010-11, Class CB, 4.50%, 2/25/2040
89
85
Series 2010-4, Class SL, IF, 10.08%, 2/25/2040 (a)
46
34
Series 2012-115, Class ME, 1.75%, 3/25/2042
1,703
1,528
Series 2012-60, Class EP, 3.00%, 4/25/2042
776
710
Series 2012-50, Class HY, 4.00%, 5/25/2042
5,566
4,757
Series 2012-141, Class PB, 2.50%, 12/25/2042
3,305
2,516
Series 2012-139, Class JA, 3.50%, 12/25/2042
2,722
2,469
Series 2013-128, Class AO, PO, 12/25/2043
4,251
3,241
Series 2015-48, Class DE, 3.00%, 10/25/2044
11,897
10,393
Series 2016-45, Class PC, 3.00%, 9/25/2045
5,354
4,752
Series 2016-38, Class NA, 3.00%, 1/25/2046
6,214
5,522
Series 2019-71, Class CA, 2.50%, 7/25/2046
11,538
10,245
Series 2019-38, Class PC, 3.00%, 2/25/2048
5,446
4,907
Series 2019-65, Class PA, 2.50%, 5/25/2048
6,231
5,456
Series 2019-34, Class WA, 3.50%, 8/25/2048
5,761
5,405
Series 2019-42, Class KA, 3.00%, 7/25/2049
9,587
8,364
Series 2019-81, Class JA, 2.50%, 9/25/2049
9,797
8,133
Series 2019-77, Class ZL, 3.00%, 1/25/2050
20,857
17,750
Series 2020-12, Class JC, 2.00%, 3/25/2050
19,563
15,520
FNMA, REMIC Trust, Whole Loan
Series 1999-W4, Class A9, 6.25%, 2/25/2029
32
32
Series 2002-W7, Class A4, 6.00%, 6/25/2029
428
412
Series 2003-W1, Class 1A1, 4.80%, 12/25/2042 (a)
273
256
Series 2003-W1, Class 2A, 5.23%, 12/25/2042 (a)
156
148
Series 2005-W1, Class 1A2, 6.50%, 10/25/2044
874
887
Series 2009-W1, Class A, 6.00%, 12/25/2049
238
236
FNMA, REMIC, Whole Loan Series 2009-89, Class A1, 5.41%, 5/25/2035
11
11
FNMA, STRIPS Series 278, Class 1, 4.20%, 8/25/2025 (a)
11
11
GNMA
Series 2004-27, Class PD, 5.50%, 4/20/2034
827
821
Series 2008-15, Class NB, 4.50%, 2/20/2038
196
193
Series 2008-40, Class SA, IF, IO, 0.96%, 5/16/2038 (a)
1,130
60
Series 2009-42, Class TX, 4.50%, 6/20/2039
3,135
3,064
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2009-69, Class WM, 5.50%, 8/20/2039
840
827
Series 2011-29, Class Z, 5.00%, 5/20/2040
12,788
12,437
Series 2012-126, Class BE, 2.00%, 10/20/2042
4,000
3,027
Series 2019-123, Class MA, 3.00%, 10/20/2049
10,715
9,171
Seasoned Credit Risk Transfer Trust
Series 2019-3, Class M55D, 4.00%, 10/25/2058
1,470
1,324
Series 2020-1, Class M55G, 3.00%, 8/25/2059
13,069
11,341
Total Collateralized Mortgage Obligations
(Cost $415,465)
364,812
Commercial Mortgage-Backed Securities — 9.7%
FHLMC Series K753, Class A2, 4.40%, 10/25/2030
7,805
7,542
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K067, Class A2, 3.19%, 7/25/2027
6,558
6,193
Series K087, Class A1, 3.59%, 10/25/2027
4,311
4,170
Series W5FX, Class AFX, 3.34%, 4/25/2028 (a)
3,436
3,198
Series K078, Class A2, 3.85%, 6/25/2028
5,779
5,548
Series K088, Class A2, 3.69%, 1/25/2029
8,700
8,247
Series K158, Class A1, 3.90%, 7/25/2030
8,466
8,151
Series K-1511, Class A1, 3.28%, 10/25/2030
8,831
8,263
Series K149, Class A2, 3.53%, 8/25/2032
6,000
5,390
Series K-1511, Class A3, 3.54%, 3/25/2034
10,000
8,669
Series K-1512, Class A3, 3.06%, 4/25/2034
10,000
8,280
Series Q007, Class APT2, 3.46%, 10/25/2047 (a)
2,057
2,011
Series Q013, Class APT2, 1.17%, 5/25/2050 (a)
9,756
8,704
FNMA ACES
Series 2017-M3, Class A2, 2.55%, 12/25/2026 (a)
4,458
4,163
Series 2017-M4, Class A2, 2.64%, 12/25/2026 (a)
4,319
4,049
Series 2017-M7, Class A2, 2.96%, 2/25/2027 (a)
3,656
3,451
Series 2018-M4, Class A2, 3.17%, 3/25/2028 (a)
11,402
10,667
Series 2018-M8, Class A2, 3.41%, 6/25/2028 (a)
8,995
8,479
Series 2019-M1, Class A2, 3.66%, 9/25/2028 (a)
9,248
8,765
Series 2019-M5, Class A2, 3.27%, 2/25/2029
8,507
7,881
Series 2022-M2S, Class A2, 3.88%, 8/25/2032 (a)
4,800
4,395
Series 2023-M8, Class A2, 4.47%, 3/25/2033 (a)
6,000
5,739
Series 2019-M31, Class A2, 2.85%, 4/25/2034
5,500
4,520
Series 2020-M8, Class AL, 2.01%, 3/25/2035
17,911
13,338
Series 2020-M24, Class A3, 1.75%, 1/25/2037
15,000
11,260
Series 2019-M14, Class AL2, 3.07%, 4/25/2048
8,114
7,126
Total Commercial Mortgage-Backed Securities
(Cost $202,211)
178,199
U.S. Government Agency Securities — 3.3%
FFCB Funding Corp.
5.75%, 5/11/2026
10,000
10,261
3.33%, 4/28/2037
15,000
12,567
FNMA
6.25%, 5/15/2029
10,000
10,861
Resolution Funding Corp. STRIPS
DN, 24.97%, 4/15/2028 (b)
15,000
12,269
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Government Agency Securities — continued
DN, 6.54%, 1/15/2030 (b)
15,700
11,718
DN, 23.99%, 4/15/2030 (b)
5,000
3,668
Total U.S. Government Agency Securities
(Cost $64,297)
61,344
Asset-Backed Securities — 1.4%
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027(Cost $28,864)
28,796
26,752
 
SHARES
(000)
Short-Term Investments — 4.0%
Investment Companies — 4.0%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 5.20% (c) (d)
(Cost $73,040)
73,040
73,040
Total Investments — 99.9%
(Cost $2,088,874)
1,842,234
Other Assets Less Liabilities — 0.1%
2,334
NET ASSETS — 100.0%
1,844,568
 
Percentages indicated are based on net assets.
Amounts presented as a dash ("-") represent amounts that round to less than a thousand.
 
Abbreviations
 
ACES
Alternative Credit Enhancement Securities
ARM
Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2023.
DN
Discount Notes
FFCB
Federal Farm Credit Bank
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
IF
Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest
rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the
rate in effect as of November 30, 2023. The rate may be subject to a cap and floor.
IO
Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown
represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or
refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO
Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is
extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on
these securities increases.
REMIC
Real Estate Mortgage Investment Conduit
STRIPS
Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal
components of eligible notes and bonds as separate securities.
UMBS
Uniform Mortgage-Backed Securities
 
(a)
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, 2023.
(b)
The rate shown is the effective yield as of November 30, 2023.
(c)
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.
(d)
The rate shown is the current yield as of November 30, 2023.
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values ("NAV") per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments. 
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$—
$26,752
$—
$26,752
Collateralized Mortgage Obligations
—
364,812
—
364,812
Commercial Mortgage-Backed Securities
—
178,199
—
178,199
Mortgage-Backed Securities
—
488,718
—
488,718
U.S. Government Agency Securities
—
61,344
—
61,344
U.S. Treasury Obligations
—
649,369
—
649,369
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Short-Term Investments
Investment Companies
$73,040
$—
$—
$73,040
Total Investments in Securities
$73,040
$1,769,194
$—
$1,842,234
There were no significant transfers into or out of level 3 for the period ended November 30, 2023.
B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended November 30, 2023
Security Description
Value at
February 28,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
November 30,
2023
Shares at
November 30,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market
Fund Class Institutional Shares, 5.20%
 (a) (b)
$123,090
$294,941
$344,991
$—
$—
$73,040
73,040
$2,818
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of November 30, 2023.