NPORT-EX 2 JPMGOVBOND.htm EDGAR HTML
JPMorgan Government Bond Fund
Schedule of Portfolio Investments as of May 31, 2024
(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., 2024.
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Treasury Obligations — 34.8%
U.S. Treasury Bonds
5.25%, 11/15/2028
20,000
20,577
1.88%, 2/15/2041
14,500
9,793
2.00%, 11/15/2041
27,000
18,301
3.88%, 2/15/2043
15,000
13,409
3.88%, 5/15/2043
10,000
8,925
3.75%, 11/15/2043
75,300
65,823
3.00%, 5/15/2045
31,000
23,824
2.75%, 11/15/2047
35,000
25,136
2.00%, 2/15/2050
35,000
20,930
1.25%, 5/15/2050
10,000
4,869
U.S. Treasury Inflation Indexed Bonds
1.38%, 2/15/2044
36,854
31,496
U.S. Treasury Notes
0.38%, 8/15/2024
10,000
9,901
2.25%, 11/15/2024
35,000
34,523
1.13%, 2/28/2025
25,000
24,258
0.50%, 3/31/2025
50,000
48,119
0.38%, 4/30/2025
20,000
19,150
3.88%, 4/30/2025
10,000
9,881
2.00%, 8/15/2025
20,000
19,281
1.63%, 2/15/2026
20,000
18,919
3.63%, 5/15/2026
10,000
9,767
2.25%, 2/15/2027
35,000
32,841
0.63%, 3/31/2027
30,000
26,809
2.25%, 8/15/2027
30,000
27,880
1.25%, 4/30/2028
11,120
9,807
3.50%, 4/30/2028
5,000
4,809
4.00%, 6/30/2028
25,000
24,478
3.13%, 11/15/2028
25,000
23,584
3.50%, 4/30/2030
5,000
4,739
4.25%, 2/28/2031
25,000
24,640
1.88%, 2/15/2032
10,000
8,306
3.50%, 2/15/2033
20,000
18,569
Total U.S. Treasury Obligations
(Cost $722,279)
643,344
Mortgage-Backed Securities — 27.4%
FHLMC Gold Pools, 30 Year
Pool # C00354, 8.50%, 7/1/2024
—
—
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
—
—
Pool # G00981, 8.50%, 7/1/2028
3
3
Pool # C00742, 6.50%, 4/1/2029
28
28
Pool # C00785, 6.50%, 6/1/2029
10
10
Pool # C47318, 7.00%, 9/1/2029
153
157
Pool # C01292, 6.00%, 2/1/2032
14
14
Pool # A16155, 5.50%, 11/1/2033
45
45
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # C03589, 4.50%, 10/1/2040
284
275
Pool # Q41177, 3.50%, 6/1/2046
11,253
10,112
Pool # G61334, 4.00%, 3/1/2047
2,285
2,145
Pool # Q54902, 4.00%, 3/1/2048
2,404
2,224
Pool # Q54950, 4.00%, 3/1/2048
3,297
3,100
Pool # Q59727, 4.00%, 11/1/2048
3,663
3,382
FHLMC UMBS, 30 Year
Pool # ZT1593, 3.50%, 1/1/2049
923
825
Pool # RA2484, 3.00%, 6/1/2050
4,198
3,591
Pool # RA2904, 3.00%, 6/1/2050
6,803
5,813
Pool # RA2970, 2.50%, 7/1/2050
7,849
6,384
Pool # QB2020, 2.50%, 8/1/2050
5,429
4,439
Pool # SD7535, 2.50%, 2/1/2051
4,655
3,843
Pool # RA5576, 2.50%, 7/1/2051
5,086
4,172
Pool # QC6209, 2.50%, 8/1/2051
4,990
4,075
Pool # QC7451, 2.00%, 9/1/2051
11,787
9,199
Pool # RA7683, 5.00%, 7/1/2052
6,986
6,735
Pool # RA7937, 5.00%, 9/1/2052
13,713
13,218
FNMA Pool # 620061 ARM, 5.76%, 11/1/2027 (a)
4
4
FNMA UMBS, 15 Year
Pool # MA0512, 4.00%, 9/1/2025
51
51
Pool # FM4449, 3.00%, 12/1/2034
6,134
5,831
Pool # CA7114, 2.50%, 9/1/2035
13,523
12,221
FNMA UMBS, 30 Year
Pool # 250575, 6.50%, 6/1/2026
3
3
Pool # 483802, 5.50%, 2/1/2029
53
54
Pool # 524949, 7.50%, 3/1/2030
5
5
Pool # 545639, 6.50%, 4/1/2032
61
63
Pool # 702435, 5.50%, 5/1/2033
410
412
Pool # 709441, 5.50%, 7/1/2033
118
118
Pool # 730711, 5.50%, 8/1/2033
189
190
Pool # 743127, 5.50%, 10/1/2033
171
172
Pool # 747628, 5.00%, 11/1/2033
325
320
Pool # 753662, 5.50%, 12/1/2033
215
214
Pool # 755615, 5.50%, 1/1/2034
257
258
Pool # 811755, 7.00%, 3/1/2035
627
644
Pool # 845834, 5.50%, 10/1/2035
136
136
Pool # 888201, 5.50%, 2/1/2036
63
64
Pool # 831409, 5.50%, 4/1/2036
332
333
Pool # 867420, 5.50%, 5/1/2036
182
183
Pool # 745802, 6.00%, 7/1/2036
329
338
Pool # 969708, 4.50%, 3/1/2038
34
33
Pool # AE1216, 3.50%, 1/1/2041
736
671
Pool # AE1260, 3.50%, 8/1/2041
474
424
Pool # AB5378, 3.50%, 5/1/2042
1,897
1,727
Pool # AO6710, 4.00%, 6/1/2042
1,907
1,790
Pool # AR5147, 3.00%, 3/1/2043
1,824
1,593
Pool # AT8192, 4.00%, 6/1/2043
1,261
1,175
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # AS1112, 4.00%, 11/1/2043
3,083
2,876
Pool # BM1109, 4.00%, 10/1/2044
2,227
2,091
Pool # AS4073, 4.00%, 12/1/2044
1,474
1,369
Pool # AL8660, 4.00%, 6/1/2045
3,359
3,154
Pool # AS5648, 3.50%, 7/1/2045
1,891
1,697
Pool # AS6208, 3.50%, 10/1/2045
709
646
Pool # AS6344, 3.50%, 12/1/2045
2,060
1,849
Pool # BM5560, 4.00%, 1/1/2046
6,237
5,856
Pool # AL8030, 4.00%, 2/1/2046
2,082
1,952
Pool # AX5520, 3.00%, 5/1/2046
629
543
Pool # AX5546, 3.00%, 9/1/2046
1,195
1,035
Pool # AX5547, 3.50%, 9/1/2046
1,540
1,381
Pool # BM3744, 4.00%, 3/1/2047
6,497
6,101
Pool # BM1049, 4.00%, 4/1/2047
6,152
5,711
Pool # CA0411, 4.00%, 9/1/2047
4,395
4,127
Pool # CA0861, 3.50%, 11/1/2047
3,512
3,143
Pool # BJ1666, 4.00%, 12/1/2047
3,494
3,276
Pool # BM3477, 4.00%, 1/1/2048
3,064
2,847
Pool # CA1006, 4.00%, 1/1/2048
3,904
3,653
Pool # CA1361, 3.50%, 2/1/2048
2,880
2,578
Pool # BD9074, 3.50%, 3/1/2048
1,126
1,009
Pool # BJ4640, 4.00%, 3/1/2048
1,464
1,373
Pool # BD9078, 4.00%, 4/1/2048
2,036
1,878
Pool # BD9077, 3.50%, 5/1/2048
240
216
Pool # BD9083, 4.00%, 7/1/2048
2,233
2,067
Pool # CA2489, 4.50%, 10/1/2048
975
917
Pool # BN7416, 3.50%, 9/1/2049
2,215
1,976
Pool # BO1418, 3.50%, 9/1/2049
2,477
2,207
Pool # BO1427, 3.50%, 9/1/2049
2,239
1,994
Pool # CA4431, 3.50%, 10/1/2049
3,360
2,990
Pool # MA3803, 3.50%, 10/1/2049
1,636
1,458
Pool # FM2014, 3.00%, 11/1/2049
7,023
6,031
Pool # BN0803, 3.50%, 12/1/2049
922
822
Pool # MA3872, 3.50%, 12/1/2049
1,631
1,453
Pool # BN0807, 3.50%, 1/1/2050
723
645
Pool # FM2437, 3.00%, 2/1/2050
9,006
7,703
Pool # CA6144, 2.50%, 6/1/2050
11,927
9,712
Pool # BP7345, 3.00%, 6/1/2050
11,488
9,787
Pool # CA6322, 2.50%, 7/1/2050
9,385
7,642
Pool # CA6361, 2.50%, 7/1/2050
5,381
4,443
Pool # BQ1645, 2.50%, 8/1/2050
5,948
4,874
Pool # BQ1911, 2.00%, 10/1/2050
4,153
3,271
Pool # BQ2999, 2.50%, 10/1/2050
6,432
5,250
Pool # BQ6118, 2.50%, 10/1/2050
7,007
5,703
Pool # FM8787, 2.50%, 10/1/2051
15,990
13,057
Pool # FS2559, 3.00%, 12/1/2051
4,093
3,478
Pool # CB3121, 3.00%, 2/1/2052 (b)
7,484
6,303
Pool # CB5131, 5.00%, 11/1/2052
13,353
12,871
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # FS3421, 5.00%, 12/1/2052
6,508
6,273
Pool # FS5027, 4.00%, 2/1/2053
4,711
4,284
Pool # BU4029, 5.00%, 6/1/2053
13,605
13,101
Pool # CB6842, 5.50%, 8/1/2053
13,048
12,852
FNMA, Other
Pool # AN0571, 3.10%, 1/1/2026
6,500
6,272
Pool # AM7199, 3.30%, 11/1/2026
2,869
2,754
Pool # FN0040, 3.02%, 6/1/2027 (a)
1,954
1,850
Pool # AN6800, 2.97%, 9/1/2027
3,245
3,056
Pool # AN6825, 2.80%, 10/1/2027
3,818
3,572
Pool # AN9486, 3.57%, 6/1/2028
12,281
11,678
Pool # 405220, 6.00%, 9/1/2028
2
2
Pool # AN3908, 3.12%, 1/1/2029
7,620
7,099
Pool # BL1950, 3.47%, 3/1/2029
12,686
11,920
Pool # AN8493, 3.30%, 2/1/2030
4,557
4,157
Pool # BM5425, 3.15%, 3/1/2030 (a)
2,008
1,835
Pool # BL9023, 1.22%, 11/1/2030
20,264
16,428
Pool # BL4576, 2.70%, 10/1/2031
15,000
12,917
Pool # AN8412, 3.39%, 2/1/2033
4,260
3,839
Pool # AN8464, 3.33%, 3/1/2033
6,124
5,495
Pool # BS3202, 1.94%, 9/1/2033
4,732
3,787
Pool # BL2944, 3.19%, 7/1/2034
1,700
1,461
Pool # BL3288, 2.52%, 9/1/2034
12,000
9,845
Pool # BL4331, 2.41%, 10/1/2034
15,276
12,445
Pool # BS2718, 1.95%, 8/1/2036
9,917
7,561
Pool # BL4215, 2.56%, 9/1/2036
6,816
5,472
Pool # BL7125, 2.04%, 6/1/2037
8,094
6,015
Pool # BF0617, 2.50%, 3/1/2062
5,267
4,125
GNMA I, 30 Year
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
357
345
Pool # 626938, 4.00%, 4/15/2045
197
190
Pool # 784041, 4.00%, 8/15/2045
2,438
2,356
Pool # 784208, 4.00%, 7/15/2046
3,449
3,335
Pool # 784897, 2.50%, 10/15/2049
8,202
6,945
Pool # BU5359, 3.00%, 4/15/2050
9,634
8,419
GNMA II, 30 Year
Pool # 2324, 8.00%, 11/20/2026
2
2
Pool # 2344, 8.00%, 12/20/2026
3
3
Pool # 2512, 8.00%, 11/20/2027
11
12
Pool # MA7589, 2.50%, 9/20/2051
5,009
4,176
Pool # CH2211, 3.50%, 9/20/2051
10,945
9,634
Total Mortgage-Backed Securities
(Cost $581,008)
505,346
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — 21.2%
FHLMC Seasoned Credit Risk Transfer Trust
Series 2019-3, Class M55D, 4.00%, 10/25/2058
1,410
1,281
Series 2020-1, Class M55G, 3.00%, 8/25/2059
12,529
10,927
FHLMC, REMIC
Series 3798, Class AY, 3.50%, 1/15/2026
277
273
Series 3809, Class BC, 3.50%, 2/15/2026
237
233
Series 3188, Class GE, 6.00%, 7/15/2026
134
134
Series 3926, Class MW, 4.50%, 9/15/2026
754
744
Series 1999, Class PU, 7.00%, 10/15/2027
8
8
Series 2031, Class PG, 7.00%, 2/15/2028
26
26
Series 2035, Class PC, 6.95%, 3/15/2028
76
76
Series 2064, Class PD, 6.50%, 6/15/2028
47
47
Series 2095, Class PE, 6.00%, 11/15/2028
40
40
Series 4314, Class DY, 3.50%, 3/15/2029
1,055
1,021
Series 4336, Class YB, 3.00%, 5/15/2029
1,298
1,269
Series 2152, Class BD, 6.50%, 5/15/2029
15
15
Series 2162, Class TH, 6.00%, 6/15/2029
97
97
Series 3737, Class DG, 5.00%, 10/15/2030
152
151
Series 3981, Class PA, 3.00%, 4/15/2031
861
847
Series 2367, Class ME, 6.50%, 10/15/2031
107
109
Series 2647, Class A, 3.25%, 4/15/2032
35
34
Series 2480, Class EJ, 6.00%, 8/15/2032
145
147
Series 4156, Class SB, IF, 4.91%, 1/15/2033 (a)
604
489
Series 4170, Class TS, IF, 5.17%, 2/15/2033 (a)
3,868
2,842
Series 4186, Class JE, 2.00%, 3/15/2033
4,866
4,464
Series 4188, Class JG, 2.00%, 4/15/2033
3,121
2,862
Series 4206, Class DA, 2.00%, 5/15/2033
2,285
2,097
Series 2611, Class QZ, 5.00%, 5/15/2033
907
882
Series 4429, Class HB, 3.00%, 1/15/2035
6,293
5,644
Series 2915, Class MU, 5.00%, 1/15/2035
772
766
Series 5000, Class CB, 1.25%, 1/25/2035
3,956
3,419
Series 4448, Class DY, 3.00%, 3/15/2035
5,542
5,062
Series 4458, Class BW, 3.00%, 4/15/2035
7,932
7,354
Series 3085, Class VS, IF, 6.97%, 12/15/2035 (a)
133
141
Series 3181, Class OP, PO, 7/15/2036
510
422
Series 3413, Class B, 5.50%, 4/15/2037
216
217
Series 4867, Class WF, 5.84%, 4/15/2037 (a)
3,517
3,533
Series 3325, Class JL, 5.50%, 6/15/2037
1,225
1,237
Series 3341, Class PE, 6.00%, 7/15/2037
857
877
Series 4365, Class HZ, 3.00%, 1/15/2040
3,112
2,816
Series 3699, Class QH, 5.50%, 7/15/2040
578
579
Series 3772, Class PE, 4.50%, 12/15/2040
3,031
2,954
Series 4047, Class PB, 3.50%, 1/15/2041
1,385
1,360
Series 3927, Class PC, 4.50%, 9/15/2041
3,939
3,770
Series 4002, Class CY, 3.50%, 2/15/2042
4,819
4,027
Series 4039, Class SA, IF, IO, 1.06%, 5/15/2042 (a)
2,486
224
Series 4061, Class LB, 3.50%, 6/15/2042
3,570
2,871
Series 4062, Class GY, 4.00%, 6/15/2042
6,109
5,667
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 4091, Class BQ, 2.00%, 8/15/2042
5,000
4,147
Series 4091, Class PB, 2.00%, 8/15/2042
3,672
2,898
Series 4122, Class PY, 3.00%, 10/15/2042
3,000
2,560
Series 4394, Class PL, 3.50%, 10/15/2044
5,000
4,391
Series 4594, Class GN, 2.50%, 2/15/2045
1,665
1,488
Series 4606, Class KP, 2.50%, 7/15/2046
9,862
8,354
Series 4748, Class HE, 3.00%, 1/15/2048
6,567
5,598
Series 4974, Class PH, 1.50%, 6/25/2048
1,225
948
Series 4933, Class PA, 2.50%, 10/25/2049
5,891
4,825
Series 4925, Class PA, 3.00%, 10/25/2049
8,572
7,422
Series 5072, Class QC, 1.00%, 10/25/2050
7,351
5,601
Series 5190, Class PH, 2.50%, 2/25/2052
6,045
5,325
FHLMC, STRIPS
Series 264, Class 30, 3.00%, 7/15/2042
2,971
2,640
Series 267, Class 30, 3.00%, 8/15/2042
1,733
1,535
Series 406, PO, 10/25/2053
9,169
7,257
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-54, Class 2A, 6.50%, 2/25/2043
924
923
Series T-56, Class A, PO, 5/25/2043
600
460
Series T-51, Class 1A, 6.50%, 9/25/2043 (a)
842
857
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027
28,750
26,928
FNMA, Grantor Trust, Whole Loan Series 2004-T1, Class 1A2, 6.50%, 1/25/2044
119
120
FNMA, REMIC
Series 2010-117, Class DY, 4.50%, 10/25/2025
591
586
Series 2010-155, Class B, 3.50%, 1/25/2026
482
473
Series 1998-58, Class PC, 6.50%, 10/25/2028
113
113
Series 2000-8, Class Z, 7.50%, 2/20/2030
52
53
Series 2002-92, Class FB, 6.09%, 4/25/2030 (a)
128
128
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031
81
11
Series 2003-67, Class SA, IF, 10.15%, 10/25/2031 (a)
16
17
Series 2011-145, Class PB, 3.50%, 1/25/2032
6,928
6,635
Series 2012-100, Class AY, 3.00%, 9/25/2032
5,750
5,393
Series 2013-50, Class YO, PO, 1/25/2033
1,874
1,498
Series 2003-21, Class PZ, 4.50%, 3/25/2033
640
609
Series 2013-106, Class PY, 3.00%, 10/25/2033
3,548
3,315
Series 2013-130, Class GY, 3.50%, 1/25/2034
3,699
3,432
Series 2014-2, Class QB, 3.00%, 2/25/2034
2,745
2,540
Series 2004-46, Class QD, IF, 2.25%, 3/25/2034 (a)
70
67
Series 2004-54, Class FL, 5.84%, 7/25/2034 (a)
242
241
Series 2015-11, Class AQ, 3.00%, 3/25/2035
4,913
4,508
Series 2005-22, Class EH, 5.00%, 4/25/2035
1,298
1,285
Series 2015-28, Class GB, 3.50%, 5/25/2035
4,000
3,738
Series 2015-41, Class AY, 3.00%, 6/25/2035
4,653
4,146
Series 2006-3, Class SB, IF, IO, 1.26%, 7/25/2035 (a)
194
2
Series 2015-51, Class LY, 3.00%, 7/25/2035
3,092
2,864
Series 2005-58, Class EP, 5.50%, 7/25/2035
97
98
Series 2015-59, Class EB, 3.00%, 8/25/2035
4,871
4,503
Series 2005-83, Class LA, 5.50%, 10/25/2035
169
169
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2015-65, Class LD, 3.50%, 1/25/2036
7,057
6,469
Series 2005-116, Class PC, 6.00%, 1/25/2036
654
656
Series 2006-51, Class FP, 5.79%, 3/25/2036 (a)
852
848
Series 2016-28, Class DW, 3.50%, 5/25/2036
4,491
4,044
Series 2006-81, Class FA, 5.79%, 9/25/2036 (a)
16
16
Series 2006-110, PO, 11/25/2036
175
145
Series 2007-76, Class PE, 6.00%, 8/25/2037
519
532
Series 2010-47, Class MB, 5.00%, 9/25/2039
1,237
1,226
Series 2010-11, Class CB, 4.50%, 2/25/2040
65
62
Series 2010-4, Class SL, IF, 10.08%, 2/25/2040 (a)
46
34
Series 2012-115, Class ME, 1.75%, 3/25/2042
1,568
1,423
Series 2012-60, Class EP, 3.00%, 4/25/2042
687
631
Series 2012-50, Class HY, 4.00%, 5/25/2042
5,566
4,786
Series 2012-141, Class PB, 2.50%, 12/25/2042
3,305
2,593
Series 2012-139, Class JA, 3.50%, 12/25/2042
2,588
2,369
Series 2013-128, Class AO, PO, 12/25/2043
4,031
2,967
Series 2024-6, Class AL, 2.00%, 3/25/2044
11,863
8,492
Series 2015-48, Class DE, 3.00%, 10/25/2044
11,897
10,579
Series 2016-45, Class PC, 3.00%, 9/25/2045
5,007
4,465
Series 2016-38, Class NA, 3.00%, 1/25/2046
5,842
5,242
Series 2019-71, Class CA, 2.50%, 7/25/2046
10,682
9,566
Series 2019-38, Class PC, 3.00%, 2/25/2048
5,154
4,675
Series 2019-65, Class PA, 2.50%, 5/25/2048
5,802
5,080
Series 2019-34, Class WA, 3.50%, 8/25/2048
5,367
5,050
Series 2019-42, Class KA, 3.00%, 7/25/2049
9,084
7,991
Series 2019-81, Class JA, 2.50%, 9/25/2049
9,543
7,953
Series 2019-77, Class ZL, 3.00%, 1/25/2050
20,146
17,089
Series 2020-12, Class JC, 2.00%, 3/25/2050
18,487
15,044
FNMA, REMIC Trust, Whole Loan
Series 1999-W4, Class A9, 6.25%, 2/25/2029
27
26
Series 2002-W7, Class A4, 6.00%, 6/25/2029
403
396
Series 2003-W1, Class 1A1, 4.76%, 12/25/2042 (a)
255
248
Series 2003-W1, Class 2A, 5.27%, 12/25/2042 (a)
148
145
Series 2005-W1, Class 1A2, 6.50%, 10/25/2044
838
847
Series 2009-W1, Class A, 6.00%, 12/25/2049
209
211
GNMA
Series 2004-27, Class PD, 5.50%, 4/20/2034
691
688
Series 2008-15, Class NB, 4.50%, 2/20/2038
184
181
Series 2008-40, Class SA, IF, IO, 0.97%, 5/16/2038 (a)
1,019
51
Series 2009-42, Class TX, 4.50%, 6/20/2039
2,965
2,891
Series 2009-69, Class WM, 5.50%, 8/20/2039
782
785
Series 2011-29, Class Z, 5.00%, 5/20/2040
12,104
11,753
Series 2012-126, Class BE, 2.00%, 10/20/2042
4,000
3,050
Series 2019-123, Class MA, 3.00%, 10/20/2049
10,372
9,045
Series 2020-133, Class KB, 1.00%, 8/20/2050
8,705
6,741
Total Collateralized Mortgage Obligations
(Cost $439,724)
391,841
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Commercial Mortgage-Backed Securities — 9.6%
FHLMC Series K753, Class A2, 4.40%, 10/25/2030
7,805
7,576
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K067, Class A2, 3.19%, 7/25/2027
6,558
6,215
Series K087, Class A1, 3.59%, 10/25/2027
3,813
3,706
Series W5FX, Class AFX, 3.21%, 4/25/2028 (a)
3,436
3,206
Series K078, Class A2, 3.85%, 6/25/2028
5,779
5,548
Series K088, Class A2, 3.69%, 1/25/2029
8,700
8,263
Series K158, Class A1, 3.90%, 7/25/2030
8,207
7,940
Series K-1511, Class A1, 3.28%, 10/25/2030
8,587
8,117
Series K149, Class A2, 3.53%, 8/25/2032
6,000
5,437
Series K-1511, Class A3, 3.54%, 3/25/2034
10,000
8,877
Series K-1512, Class A3, 3.06%, 4/25/2034
10,000
8,471
Series Q007, Class APT2, 3.61%, 10/25/2047 (a)
1,876
1,857
Series Q013, Class APT2, 1.16%, 5/25/2050 (a)
9,662
8,728
FNMA ACES
Series 2017-M3, Class A2, 2.46%, 12/25/2026 (a)
4,401
4,129
Series 2017-M4, Class A2, 2.55%, 12/25/2026 (a)
4,287
4,031
Series 2017-M7, Class A2, 2.96%, 2/25/2027 (a)
3,614
3,422
Series 2018-M4, Class A2, 3.06%, 3/25/2028 (a)
11,322
10,619
Series 2018-M8, Class A2, 3.30%, 6/25/2028 (a)
8,970
8,450
Series 2019-M1, Class A2, 3.55%, 9/25/2028 (a)
9,160
8,715
Series 2019-M5, Class A2, 3.27%, 2/25/2029
8,463
7,890
Series 2022-M2S, Class A2, 3.75%, 8/25/2032 (a)
4,800
4,416
Series 2023-M8, Class A2, 4.47%, 3/25/2033 (a)
6,000
5,786
Series 2019-M31, Class A2, 2.85%, 4/25/2034
5,500
4,552
Series 2020-M8, Class AL, 2.01%, 3/25/2035
17,896
13,484
Series 2020-M24, Class A3, 1.75%, 1/25/2037
15,000
11,370
Series 2019-M14, Class AL2, 3.07%, 4/25/2048
7,806
6,868
Total Commercial Mortgage-Backed Securities
(Cost $199,992)
177,673
U.S. Government Agency Securities — 3.3%
FFCB Funding Corp.
5.75%, 5/11/2026
10,000
10,153
3.33%, 4/28/2037
15,000
12,678
FNMA
6.25%, 5/15/2029
10,000
10,748
Resolution Funding Corp. STRIPS
DN, 25.91%, 4/15/2028 (c)
15,000
12,534
DN, 6.78%, 1/15/2030 (c)
15,700
11,981
DN, 24.82%, 4/15/2030 (c)
5,000
3,766
Total U.S. Government Agency Securities
(Cost $64,830)
61,860
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
 INVESTMENTS
SHARES
(000)
VALUE
($000)
Short-Term Investments — 3.7%
Investment Companies — 3.7%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 5.17% (d) (e)
(Cost $67,743)
67,743
67,743
Total Investments — 100.0%
(Cost $2,075,576)
1,847,807
Liabilities in Excess of Other Assets — (0.0)% ^
(634
)
NET ASSETS — 100.0%
1,847,173
 
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 May 31, 2024.
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 May 31, 2024. 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
 
^
Amount rounds to less than 0.1% of net assets.
(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 May 31, 2024.
 
(b)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(c)
The rate shown is the effective yield as of May 31, 2024.
 
(d)
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.
 
(e)
The rate shown is the current yield as of May 31, 2024.
 
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (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
Collateralized Mortgage Obligations
$—
$391,841
$—
$391,841
Commercial Mortgage-Backed Securities
—
177,673
—
177,673
Mortgage-Backed Securities
—
505,346
—
505,346
U.S. Government Agency Securities
—
61,860
—
61,860
U.S. Treasury Obligations
—
643,344
—
643,344
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (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
$67,743
$—
$—
$67,743
Total Investments in Securities
$67,743
$1,780,064
$—
$1,847,807
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 May 31, 2024
Security Description
Value at
February 29,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2024
Shares at
May 31,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market Fund
Class Institutional Shares, 5.17%  (a) (b)
$48,936
$83,806
$64,999
$—
$—
$67,743
67,743
$719
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of May 31, 2024.