NPORT-EX 2 JPMSDBF.htm EDGAR HTML
JPMorgan Short Duration 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 Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — 28.2%
Aerospace & Defense — 0.1%
Boeing Co. (The) 6.30%, 5/1/2029 (a)
9,980
10,061
Automobiles — 0.5%
General Motors Co. 6.13%, 10/1/2025
9,000
9,044
Hyundai Capital America
1.80%, 10/15/2025 (a)
8,440
8,007
1.30%, 1/8/2026 (a)
5,075
4,738
3.00%, 2/10/2027 (a)
5,806
5,442
Mercedes-Benz Finance North America LLC (Germany) 2.70%, 6/14/2024 (a)
6,150
6,144
Volkswagen Group of America Finance LLC (Germany) 5.25%, 3/22/2029 (a)
11,430
11,320
 
44,695
Banks — 16.3%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (a)
9,191
9,050
AIB Group plc (Ireland) (SOFR + 2.33%), 6.61%, 9/13/2029 (a) (b)
14,120
14,518
ASB Bank Ltd. (New Zealand) 5.35%, 6/15/2026 (a)
17,260
17,247
Banco Bilbao Vizcaya Argentaria SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.86%,
9/14/2026 (b)
24,200
24,181
Banco Santander SA (Spain)
2.75%, 5/28/2025
4,400
4,273
5.15%, 8/18/2025
8,400
8,327
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (b)
5,000
4,569
6.61%, 11/7/2028
8,200
8,598
Bank of America Corp.
(SOFR + 0.91%), 0.98%, 9/25/2025 (b)
15,110
14,885
(3-MONTH CME TERM SOFR + 1.13%), 2.46%, 10/22/2025 (b)
11,710
11,558
(SOFR + 1.15%), 1.32%, 6/19/2026 (b)
14,105
13,471
(SOFR + 1.29%), 5.08%, 1/20/2027 (b)
35,240
34,987
(3-MONTH CME TERM SOFR + 1.77%), 3.71%, 4/24/2028 (b)
6,558
6,260
(SOFR + 1.63%), 5.20%, 4/25/2029 (b)
25,545
25,407
Bank of Ireland Group plc (Ireland)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.25%, 9/16/2026 (a) (b)
11,690
11,738
(SOFR + 1.62%), 5.60%, 3/20/2030 (a) (b)
8,870
8,764
Bank of Montreal (Canada)
5.30%, 6/5/2026
20,025
19,989
5.27%, 12/11/2026
10,410
10,391
Bank of New Zealand (New Zealand)
4.85%, 2/7/2028 (a)
15,120
14,894
5.08%, 1/30/2029 (a)
8,570
8,500
Bank of Nova Scotia (The) (Canada)
4.75%, 2/2/2026
21,890
21,650
5.35%, 12/7/2026
16,400
16,390
Banque Federative du Credit Mutuel SA (France)
4.94%, 1/26/2026 (a)
19,910
19,736
5.90%, 7/13/2026 (a)
13,540
13,664
5.09%, 1/23/2027 (a)
11,975
11,916
Barclays plc (United Kingdom) (SOFR + 1.49%), 5.67%, 3/12/2028 (b)
20,355
20,366
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
BNP Paribas SA (France)
(SOFR + 2.07%), 2.22%, 6/9/2026 (a) (b)
17,100
16,500
(SOFR + 1.00%), 1.32%, 1/13/2027 (a) (b)
9,670
9,018
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.34%, 6/12/2029 (a) (b)
12,000
11,985
(SOFR + 1.59%), 5.50%, 5/20/2030 (a) (b)
13,370
13,312
BPCE SA (France)
4.63%, 7/11/2024 (a)
10,774
10,754
5.15%, 7/21/2024 (a)
15,685
15,655
(SOFR + 1.52%), 1.65%, 10/6/2026 (a) (b)
16,801
15,871
(SOFR + 2.10%), 5.98%, 1/18/2027 (a) (b)
10,480
10,509
(SOFR + 2.27%), 6.71%, 10/19/2029 (a) (b)
10,000
10,390
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.96%), 5.72%, 1/18/2030 (a) (b)
9,825
9,820
CaixaBank SA (Spain) (SOFR + 2.08%), 6.68%, 9/13/2027 (a) (b)
18,495
18,830
Canadian Imperial Bank of Commerce (Canada)
5.00%, 4/28/2028
17,230
17,072
5.26%, 4/8/2029
13,820
13,777
Citibank NA 5.49%, 12/4/2026
12,135
12,202
Citigroup, Inc.
(SOFR + 2.84%), 3.11%, 4/8/2026 (b)
8,525
8,337
(SOFR + 1.55%), 5.61%, 9/29/2026 (b)
23,415
23,406
(SOFR + 0.77%), 1.12%, 1/28/2027 (b)
13,725
12,766
(SOFR + 1.36%), 5.17%, 2/13/2030 (b)
18,585
18,404
Cooperatieve Rabobank UA (Netherlands)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.00%, 9/24/2026 (a) (b)
10,550
9,933
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.56%, 2/28/2029 (a) (b)
9,495
9,513
Credit Agricole SA (France)
4.38%, 3/17/2025 (a)
29,887
29,461
(SOFR + 1.68%), 1.91%, 6/16/2026 (a) (b)
12,090
11,620
(SOFR + 1.86%), 6.32%, 10/3/2029 (a) (b)
8,895
9,169
(SOFR + 1.69%), 5.34%, 1/10/2030 (a) (b)
14,830
14,735
Danske Bank A/S (Denmark)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 0.98%, 9/10/2025 (a) (b)
18,460
18,207
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.71%, 3/1/2030 (a) (b)
7,155
7,163
DNB Bank ASA (Norway)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.13%, 9/16/2026 (a) (b)
14,945
14,109
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.61%, 3/30/2028 (a) (b)
20,942
18,808
Federation des Caisses Desjardins du Quebec (Canada)
2.05%, 2/10/2025 (a)
2,378
2,319
4.40%, 8/23/2025 (a)
2,052
2,025
(SOFRINDX + 1.09%), 5.28%, 1/23/2026 (a) (b)
25,970
25,870
5.25%, 4/26/2029 (a)
15,410
15,316
HSBC Holdings plc (United Kingdom)
(SOFR + 1.43%), 3.00%, 3/10/2026 (b)
10,650
10,426
(SOFR + 1.54%), 1.65%, 4/18/2026 (b)
15,272
14,731
(SOFR + 1.93%), 2.10%, 6/4/2026 (b)
11,950
11,517
(SOFR + 1.57%), 5.89%, 8/14/2027 (b)
15,380
15,484
(SOFR + 1.06%), 5.60%, 5/17/2028 (b)
18,740
18,793
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
KBC Group NV (Belgium) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%,
1/19/2029 (a) (b)
5,645
5,676
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.72%, 8/11/2026 (b)
21,380
21,119
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), 5.99%, 8/7/2027 (b)
16,745
16,827
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%), 5.87%, 3/6/2029 (b)
13,210
13,356
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 5.72%, 6/5/2030 (b)
20,665
20,784
Mitsubishi UFJ Financial Group, Inc. (Japan)
1.41%, 7/17/2025
5,310
5,073
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 0.95%, 7/19/2025 (b)
12,160
12,083
Mizuho Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%,
5/22/2027 (b)
18,070
16,642
NatWest Group plc (United Kingdom)
4.80%, 4/5/2026
13,000
12,836
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%), 7.47%, 11/10/2026 (b)
2,770
2,837
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.85%, 3/2/2027 (b)
16,754
16,799
NatWest Markets plc (United Kingdom) 5.41%, 5/17/2029 (a)
15,350
15,304
Nordea Bank Abp (Finland) 4.75%, 9/22/2025 (a)
19,165
19,006
Santander UK Group Holdings plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026 (b)
5,660
5,374
(SOFR + 2.75%), 6.83%, 11/21/2026 (b)
10,560
10,713
Skandinaviska Enskilda Banken AB (Sweden) 5.38%, 3/5/2029 (a)
15,980
15,908
Societe Generale SA (France)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.23%, 1/21/2026 (a) (b)
13,440
13,113
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.45%, 1/12/2027 (a) (b)
31,760
32,010
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (a) (b)
2,059
1,897
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.63%, 1/19/2030 (a) (b)
22,960
22,772
Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.69%,
5/14/2028 (a) (b)
33,120
33,120
Sumitomo Mitsui Financial Group, Inc. (Japan) 1.47%, 7/8/2025
20,905
20,004
Sumitomo Mitsui Trust Bank Ltd. (Japan) 5.65%, 3/9/2026 (a)
7,590
7,619
Toronto-Dominion Bank (The) (Canada) 5.53%, 7/17/2026
17,645
17,693
UBS AG (Switzerland) 5.00%, 7/9/2027
6,725
6,649
Wells Fargo & Co.
(SOFR + 1.32%), 3.91%, 4/25/2026 (b)
600
590
(SOFR + 1.51%), 3.53%, 3/24/2028 (b)
14,645
13,925
(SOFR + 1.07%), 5.71%, 4/22/2028 (b)
23,760
23,923
(SOFR + 1.98%), 4.81%, 7/25/2028 (b)
14,025
13,775
(SOFR + 1.74%), 5.57%, 7/25/2029 (b)
16,450
16,543
(SOFR + 1.79%), 6.30%, 10/23/2029 (b)
7,920
8,196
Westpac New Zealand Ltd. (New Zealand)
5.13%, 2/26/2027 (a)
10,695
10,655
4.90%, 2/15/2028 (a)
8,935
8,822
 
1,344,779
Beverages — 0.2%
Constellation Brands, Inc. 5.00%, 2/2/2026
13,160
13,143
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Biotechnology — 0.1%
AbbVie, Inc. 2.60%, 11/21/2024
5,500
5,423
Capital Markets — 4.5%
Deutsche Bank AG (Germany)
(SOFR + 1.87%), 2.13%, 11/24/2026 (b)
8,703
8,242
(SOFR + 1.22%), 2.31%, 11/16/2027 (b)
4,997
4,592
(SOFR + 1.59%), 5.71%, 2/8/2028 (b)
6,000
5,988
5.41%, 5/10/2029
5,235
5,226
(SOFR + 2.51%), 6.82%, 11/20/2029 (b)
22,395
23,247
Goldman Sachs Bank USA (SOFR + 0.75%), 5.41%, 5/21/2027 (b)
7,050
7,029
Goldman Sachs Group, Inc. (The)
(SOFR + 1.08%), 5.80%, 8/10/2026 (b)
28,070
28,089
(SOFR + 0.79%), 1.09%, 12/9/2026 (b)
13,850
12,929
(SOFR + 1.77%), 6.48%, 10/24/2029 (b)
13,300
13,840
(SOFR + 1.27%), 5.73%, 4/25/2030 (b)
13,460
13,638
Macquarie Group Ltd. (Australia) (SOFR + 1.07%), 1.34%, 1/12/2027 (a) (b)
15,754
14,691
Morgan Stanley
(SOFR + 0.51%), 5.88%, 1/22/2025 (b)
46,955
46,988
(SOFR + 0.72%), 0.99%, 12/10/2026 (b)
18,126
16,893
(SOFR + 2.24%), 6.30%, 10/18/2028 (b)
20,930
21,528
(SOFR + 1.73%), 5.12%, 2/1/2029 (b)
10,610
10,540
(SOFR + 1.63%), 5.45%, 7/20/2029 (b)
3,690
3,703
(SOFR + 1.26%), 5.66%, 4/18/2030 (b)
17,775
18,008
Nomura Holdings, Inc. (Japan)
1.85%, 7/16/2025
8,625
8,254
1.65%, 7/14/2026
20,765
19,125
State Street Corp. (SOFR + 1.48%), 5.68%, 11/21/2029 (b)
16,125
16,463
UBS AG (Switzerland) 7.50%, 2/15/2028
1,030
1,100
UBS Group AG (Switzerland)
3.75%, 3/26/2025
2,555
2,515
(SOFR + 1.56%), 2.59%, 9/11/2025 (a) (b)
30,000
29,728
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.71%, 1/12/2027 (a) (b)
8,594
8,590
(SOFR + 3.70%), 6.44%, 8/11/2028 (a) (b)
5,038
5,163
(USD SOFR ICE Swap Rate 1 Year + 1.34%), 5.62%, 9/13/2030 (a) (b)
24,645
24,689
 
370,798
Construction & Engineering — 0.2%
Quanta Services, Inc. 0.95%, 10/1/2024
16,200
15,935
Consumer Finance — 1.8%
AerCap Ireland Capital DAC (Ireland)
1.65%, 10/29/2024
5,830
5,732
6.50%, 7/15/2025
12,660
12,756
4.45%, 10/1/2025
4,295
4,230
6.45%, 4/15/2027
14,854
15,205
American Express Co.
(SOFR + 1.00%), 4.99%, 5/1/2026 (b)
11,195
11,121
(SOFR + 0.75%), 5.65%, 4/23/2027 (b)
20,170
20,240
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Consumer Finance — continued
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2026 (a)
16,775
16,598
5.75%, 3/1/2029 (a)
22,610
22,451
Capital One Financial Corp.
(SOFR + 2.08%), 5.47%, 2/1/2029 (b)
10,450
10,366
(SOFR + 1.91%), 5.70%, 2/1/2030 (b)
13,230
13,223
General Motors Financial Co., Inc. 5.55%, 7/15/2029
15,965
15,894
 
147,816
Electric Utilities — 0.7%
Alliant Energy Finance LLC 1.40%, 3/15/2026 (a)
4,640
4,268
Entergy Corp. 0.90%, 9/15/2025
2,915
2,746
NextEra Energy Capital Holdings, Inc. 5.75%, 9/1/2025
7,435
7,448
Pacific Gas and Electric Co. 5.55%, 5/15/2029
26,901
26,883
Virginia Power Fuel Securitization LLC Series A-1, 5.09%, 5/1/2027
4,085
4,062
Vistra Operations Co. LLC 3.55%, 7/15/2024 (a)
12,000
11,963
 
57,370
Financial Services — 0.4%
Global Payments, Inc. 4.95%, 8/15/2027
12,305
12,143
Nationwide Building Society (United Kingdom)
(SOFR + 1.91%), 6.56%, 10/18/2027 (a) (b)
17,115
17,454
(SOFR + 1.29%), 2.97%, 2/16/2028 (a) (b)
5,000
4,669
 
34,266
Ground Transportation — 0.1%
Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (a)
9,600
9,005
Health Care Providers & Services — 0.2%
McKesson Corp. 5.25%, 2/15/2026
17,250
17,188
Independent Power and Renewable Electricity Producers — 0.2%
Constellation Energy Generation LLC
3.25%, 6/1/2025
4,675
4,568
5.60%, 3/1/2028
10,415
10,509
 
15,077
Insurance — 1.4%
Athene Global Funding
2.75%, 6/25/2024 (a)
2,970
2,964
0.91%, 8/19/2024 (a)
29,420
29,115
2.50%, 1/14/2025 (a)
3,165
3,103
CNO Global Funding 5.88%, 6/4/2027 (a)
16,775
16,816
Equitable Financial Life Global Funding 1.00%, 1/9/2026 (a)
13,395
12,452
F&G Global Funding 1.75%, 6/30/2026 (a)
11,240
10,302
Jackson National Life Global Funding 3.88%, 6/11/2025 (a)
10,000
9,805
Metropolitan Life Global Funding I 4.85%, 1/8/2029 (a)
13,780
13,597
Protective Life Global Funding 5.21%, 4/14/2026 (a)
17,325
17,279
 
115,433
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Multi-Utilities — 0.4%
DTE Energy Co. 5.10%, 3/1/2029
20,225
19,951
NiSource, Inc. 0.95%, 8/15/2025
7,710
7,296
WEC Energy Group, Inc. 5.00%, 9/27/2025
5,625
5,587
 
32,834
Oil, Gas & Consumable Fuels — 0.4%
Energy Transfer LP 5.63%, 5/1/2027 (a)
16,335
16,284
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (a)
12,825
12,280
 
28,564
Semiconductors & Semiconductor Equipment — 0.1%
Microchip Technology, Inc. 4.25%, 9/1/2025
7,850
7,726
Software — 0.1%
VMware LLC 1.00%, 8/15/2024
11,550
11,436
Trading Companies & Distributors — 0.3%
Air Lease Corp.
4.25%, 9/15/2024
2,500
2,488
1.88%, 8/15/2026
19,605
18,101
 
20,589
Wireless Telecommunication Services — 0.2%
T-Mobile USA, Inc. 3.38%, 4/15/2029
17,770
16,263
Total Corporate Bonds
(Cost $2,343,901)
2,318,401
U.S. Treasury Obligations — 24.5%
U.S. Treasury Notes
4.25%, 9/30/2024
2,445
2,436
4.25%, 12/31/2024
3,410
3,389
3.88%, 3/31/2025
1,417
1,402
4.63%, 6/30/2025
2,925
2,909
5.00%, 8/31/2025
3,685
3,679
4.00%, 12/15/2025
6,360
6,265
3.88%, 1/15/2026
9,835
9,665
4.00%, 2/15/2026
983
968
4.63%, 2/28/2026
1,695
1,686
4.63%, 3/15/2026
2,240
2,228
4.88%, 4/30/2026
9,030
9,027
3.63%, 5/15/2026
41,665
40,695
4.13%, 6/15/2026
10,400
10,252
4.50%, 7/15/2026
171,595
170,415
4.63%, 10/15/2026
133,540
133,060
4.63%, 11/15/2026
120,125
119,740
4.38%, 12/15/2026
29,655
29,392
4.00%, 1/15/2027
401,135
393,974
4.13%, 2/15/2027
255,220
251,451
4.25%, 3/15/2027
289,340
285,994
4.50%, 4/15/2027
159,840
159,066
2.75%, 4/30/2027
3,000
2,844
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Treasury Obligations — continued
4.50%, 5/15/2027
368,290
366,564
4.25%, 2/28/2029
5,195
5,137
Total U.S. Treasury Obligations
(Cost $2,024,585)
2,012,238
Asset-Backed Securities — 24.0%
ACC Trust Series 2022-1, Class B, 2.55%, 2/20/2025 (a)
1,434
1,410
Accelerated LLC Series 2021-1H, Class A, 1.35%, 10/20/2040 (a)
925
844
ACHV ABS TRUST Series 2023-1PL, Class B, 6.80%, 3/18/2030 (a)
2,848
2,850
ACM Auto Trust Series 2023-1A, Class B, 7.26%, 1/22/2030 (a)
2,237
2,239
ACRE Commercial Mortgage Ltd. Series 2021-FL4, Class A, 6.26%, 12/18/2037 (a) (c)
110
109
Affirm Asset Securitization Trust
Series 2023-A, Class 1A, 6.61%, 1/18/2028 (a)
11,645
11,685
Series 2024-X1, Class A, 6.27%, 5/15/2029 (a)
9,000
9,008
Ally Auto Receivables Trust Series 2024-1, Class A3, 5.08%, 12/15/2028
7,491
7,455
American Credit Acceptance Receivables Trust
Series 2023-2, Class B, 5.61%, 6/14/2027 (a)
3,800
3,791
Series 2024-2, Class B, 6.10%, 12/13/2027 (a)
5,330
5,334
Series 2021-4, Class C, 1.32%, 2/14/2028 (a)
607
606
Series 2022-3, Class D, 5.83%, 10/13/2028 (a)
4,299
4,288
Series 2022-4, Class C, 7.86%, 2/15/2029 (a)
8,395
8,458
Series 2023-1, Class C, 5.59%, 4/12/2029 (a)
2,500
2,490
Series 2023-1, Class D, 6.35%, 4/12/2029 (a)
3,625
3,624
Series 2024-2, Class C, 6.24%, 4/12/2030 (a)
11,879
11,899
AMSR Trust
Series 2020-SFR3, Class A, 1.36%, 9/17/2037 (a)
5,682
5,377
Series 2020-SFR3, Class B, 1.81%, 9/17/2037 (a)
9,780
9,260
Series 2020-SFR4, Class A, 1.36%, 11/17/2037 (a)
4,130
3,886
Series 2020-SFR5, Class A, 1.38%, 11/17/2037 (a)
12,400
11,684
Series 2020-SFR4, Class C, 1.86%, 11/17/2037 (a)
8,000
7,513
Series 2021-SFR1, Class B, 2.15%, 6/17/2038 (a)
8,230
7,160
Series 2021-SFR2, Class B, 1.78%, 8/17/2038 (a)
15,096
13,780
Series 2021-SFR2, Class C, 1.88%, 8/17/2038 (a)
2,000
1,820
Series 2021-SFR3, Class A, 1.48%, 10/17/2038 (a)
1,422
1,290
Series 2021-SFR3, Class B, 1.73%, 10/17/2038 (a)
7,207
6,532
Series 2022-SFR3, Class C, 4.00%, 10/17/2039 (a)
2,000
1,871
Amur Equipment Finance Receivables LLC
Series 2021-1A, Class A2, 0.75%, 11/20/2026 (a)
119
119
Series 2023-1A, Class A2, 6.09%, 12/20/2029 (a)
4,781
4,805
Series 2024-1A, Class A2, 5.38%, 1/21/2031 (a)
6,125
6,101
Aqua Finance Trust
Series 2019-A, Class A, 3.14%, 7/16/2040 (a)
1,296
1,220
Series 2021-A, Class A, 1.54%, 7/17/2046 (a)
1,570
1,405
Series 2020-AA, Class A, 1.90%, 7/17/2046 (a)
641
594
Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL4, Class A, 6.78%, 11/15/2036 (a) (c)
3,425
3,411
AREIT Trust Series 2021-CRE5, Class C, 7.69%, 11/17/2038 ‡ (a) (c)
8,292
7,981
Auxilior Term Funding LLC Series 2023-1A, Class A2, 6.18%, 12/15/2028 (a)
12,500
12,537
Avis Budget Rental Car Funding AESOP LLC
Series 2020-2A, Class A, 2.02%, 2/20/2027 (a)
22,865
21,605
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2021-2A, Class A, 1.66%, 2/20/2028 (a)
4,500
4,091
Barings CLO Ltd. (Cayman Islands)
Series 2018-4A, Class A1R, 6.48%, 10/15/2030 (a) (c)
16,615
16,619
Series 2015-2A, Class B2R, 7.18%, 10/20/2030 (a) (c)
1,800
1,802
Bayview Opportunity Master Fund LLC Series 2024-CAR1, Class A, 6.42%, 12/26/2031 (a) (c)
8,614
8,638
Bayview Opportunity Master Fund Trust Series 2024-SN1, Class C, 5.83%, 12/15/2028 (a)
1,000
997
Bear Stearns Asset-Backed Securities Trust Series 2003-SD2, Class 2A, 5.74%, 6/25/2043 (c)
92
87
BHG Securitization Trust Series 2021-B, Class A, 0.90%, 10/17/2034 (a)
2,574
2,523
BOF Funding Trust Series 2023-CAR3, Class C, 4.50%, 7/26/2032 (a)
2,012
1,962
BofA Auto Trust
Series 2024-1A, Class A3, 5.35%, 11/15/2028 (a)
6,975
6,953
Series 2024-1A, Class A4, 5.31%, 6/17/2030 (a)
4,260
4,239
Bridge Trust Series 2022-SFR1, Class B, 4.15%, 11/17/2037 (a)
10,575
10,202
Bridgecrest Lending Auto Securitization Trust
Series 2024-1, Class A3, 5.53%, 1/18/2028
4,000
3,994
Series 2024-1, Class B, 5.43%, 8/15/2028
5,500
5,475
Series 2024-1, Class C, 5.65%, 4/16/2029
6,750
6,727
Series 2023-1, Class B, 6.80%, 8/15/2029
1,546
1,570
Series 2023-1, Class C, 7.10%, 8/15/2029
6,950
7,116
Series 2024-2, Class B, 5.94%, 2/15/2030
1,075
1,077
Series 2024-2, Class C, 6.07%, 2/15/2030
10,360
10,389
British Airways Pass-Through Trust (United Kingdom) Series 2013-1, Class A, 4.63%, 6/20/2024 (a)
292
292
BRSP Ltd. Series 2021-FL1, Class A, 6.58%, 8/19/2038 (a) (c)
4,348
4,297
BSPRT Issuer Ltd. (Cayman Islands) Series 2021-FL7, Class B, 7.48%, 12/15/2038 (a) (c)
7,025
6,901
Business Jet Securities LLC
Series 2021-1A, Class A, 2.16%, 4/15/2036 ‡ (a)
9,943
9,349
Series 2024-1A, Class A, 6.20%, 5/15/2039 (a)
15,666
15,731
Buttermilk Park CLO Ltd. (Cayman Islands) Series 2018-1A, Class A1R, 0.00%, 10/15/2031 (a) (c) (d)
8,902
8,902
BXMT Ltd. Series 2021-FL4, Class A, 6.49%, 5/15/2038 (a) (c)
5,777
5,549
CarMax Auto Owner Trust Series 2024-2, Class A3, 5.50%, 1/16/2029
5,125
5,143
CarNow Auto Receivables Trust Series 2023-1A, Class B, 6.95%, 3/16/2026 (a)
3,024
3,023
CarVal CLO Ltd. (Cayman Islands) Series 2018-1A, Class AR, 6.55%, 7/16/2031 (a) (c)
17,492
17,520
Carvana Auto Receivables Trust
Series 2019-3A, Class E, 4.60%, 7/15/2026 (a)
1,300
1,296
Series 2023-N1, Class B, 5.85%, 11/10/2027 (a)
13,950
13,931
Series 2024-N1, Class A3, 5.60%, 3/10/2028 (a)
6,500
6,482
Series 2023-P3, Class A3, 5.82%, 8/10/2028 (a)
3,445
3,454
Series 2021-N4, Class B, 1.24%, 9/11/2028
1,207
1,137
Series 2021-N4, Class C, 1.72%, 9/11/2028
1,314
1,239
Series 2023-P1, Class A4, 5.94%, 1/10/2029 (a)
3,500
3,534
Series 2024-P1, Class A3, 5.05%, 4/10/2029 (a)
6,900
6,845
Series 2023-P3, Class A4, 5.71%, 7/10/2029 (a)
1,750
1,765
Series 2024-P1, Class A4, 5.08%, 3/11/2030 (a)
3,250
3,220
Series 2024-N1, Class B, 5.63%, 5/10/2030 (a)
9,857
9,835
CFMT LLC
Series 2021-HB7, Class A, 1.15%, 10/27/2031 ‡ (a) (c)
3,924
3,840
Series 2022-HB9, Class A, 3.25%, 9/25/2037 ‡ (a) (c)
5,892
5,634
Continental Finance Credit Card ABS Master Trust Series 2020-1A, Class A, 2.24%, 12/15/2028 (a)
1,562
1,550
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
CoreVest American Finance Trust
Series 2020-4, Class A, 1.17%, 12/15/2052 (a)
2,381
2,246
Series 2020-3, Class A, 1.36%, 8/15/2053 (a)
1,712
1,610
CPS Auto Receivables Trust
Series 2020-C, Class D, 2.41%, 11/16/2026 (a)
1,766
1,761
Series 2021-D, Class C, 1.59%, 12/15/2027 (a)
7,545
7,487
Series 2022-A, Class C, 2.17%, 4/16/2029 (a)
9,256
9,114
Series 2022-A, Class D, 2.84%, 4/16/2029 (a)
4,425
4,232
Series 2023-A, Class D, 6.44%, 4/16/2029 (a)
2,250
2,259
Series 2022-C, Class C, 5.28%, 4/15/2030 (a)
8,120
8,059
Series 2022-C, Class D, 6.45%, 4/15/2030 (a)
5,040
5,054
Credit Acceptance Auto Loan Trust
Series 2021-2A, Class C, 1.64%, 6/17/2030 (a)
1,553
1,550
Series 2021-4, Class A, 1.26%, 10/15/2030 (a)
4,930
4,879
Series 2021-4, Class B, 1.74%, 12/16/2030 (a)
2,596
2,524
Series 2023-1A, Class A, 6.48%, 3/15/2033 (a)
2,250
2,267
Series 2023-2A, Class A, 5.92%, 5/16/2033 (a)
9,250
9,257
Series 2023-1A, Class B, 7.02%, 5/16/2033 (a)
6,000
6,107
Series 2023-2A, Class B, 6.61%, 7/15/2033 (a)
6,000
6,065
Series 2023-1A, Class C, 7.71%, 7/15/2033 (a)
7,000
7,198
Series 2023-3A, Class A, 6.39%, 8/15/2033 (a)
1,858
1,879
Series 2023-3A, Class B, 7.09%, 10/17/2033 (a)
1,350
1,381
Series 2023-3A, Class C, 7.62%, 12/15/2033 (a)
5,952
6,149
Series 2023-5A, Class B, 6.71%, 2/15/2034 (a)
4,000
4,068
Series 2024-1A, Class A, 5.68%, 3/15/2034 (a)
14,025
14,029
Series 2023-5A, Class C, 7.30%, 4/17/2034 (a)
8,892
9,132
Series 2024-1A, Class C, 6.71%, 7/17/2034 (a)
10,450
10,554
Crossroads Asset Trust Series 2022-A, Class A, 6.35%, 4/21/2031 (a)
3,785
3,779
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 6.34%, 10/25/2034 (c)
78
77
Dext ABS LLC Series 2021-1, Class A, 1.12%, 2/15/2028 (a)
1,069
1,059
Diamond Resorts Owner Trust
Series 2021-1A, Class A, 1.51%, 11/21/2033 (a)
1,289
1,205
Series 2021-1A, Class B, 2.05%, 11/21/2033 (a)
297
279
Drive Auto Receivables Trust
Series 2021-2, Class C, 0.87%, 10/15/2027
386
384
Series 2024-1, Class B, 5.31%, 1/16/2029
3,750
3,726
Series 2024-1, Class C, 5.43%, 11/17/2031
7,142
7,103
Driven Brands Funding LLC Series 2019-1A, Class A2, 4.64%, 4/20/2049 (a)
1,161
1,127
Dryden Senior Loan Fund (Cayman Islands) Series 2017-49A, Class AR, 6.54%, 7/18/2030 (a) (c)
629
630
DT Auto Owner Trust
Series 2020-1A, Class D, 2.55%, 11/17/2025 (a)
1,647
1,640
Series 2020-3A, Class C, 1.47%, 6/15/2026 (a)
44
44
Series 2021-1A, Class C, 0.84%, 10/15/2026 (a)
953
949
Series 2021-1A, Class D, 1.16%, 11/16/2026 (a)
3,250
3,155
Series 2021-2A, Class C, 1.10%, 2/16/2027 (a)
933
929
Series 2021-3A, Class C, 0.87%, 5/17/2027 (a)
5,855
5,791
Series 2021-3A, Class D, 1.31%, 5/17/2027 (a)
9,655
9,138
Series 2021-4A, Class C, 1.50%, 9/15/2027 (a)
6,211
6,085
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2022-3A, Class C, 7.69%, 7/17/2028 (a)
7,478
7,611
Series 2023-1A, Class C, 5.55%, 10/16/2028 (a)
13,425
13,352
Series 2023-1A, Class D, 6.44%, 11/15/2028 (a)
1,993
2,000
Series 2023-3A, Class C, 6.40%, 5/15/2029 (a)
6,746
6,770
Elara HGV Timeshare Issuer LLC
Series 2021-A, Class A, 1.36%, 8/27/2035 (a)
491
451
Series 2021-A, Class B, 1.74%, 8/27/2035 (a)
672
617
Elmwood CLO Ltd. (Cayman Islands) Series 2021-3A, Class A1R, 6.59%, 7/20/2037 (a) (c)
21,665
21,691
Equify ABS LLC Series 2023-1A, Class A, 7.20%, 9/15/2031 (a)
7,818
7,844
Exeter Automobile Receivables Trust
Series 2019-4A, Class D, 2.58%, 9/15/2025 (a)
1,329
1,324
Series 2020-2A, Class D, 4.73%, 4/15/2026 (a)
795
794
Series 2021-2A, Class C, 0.98%, 6/15/2026
268
267
Series 2021-3A, Class C, 0.96%, 10/15/2026
12,410
12,271
Series 2022-2A, Class B, 3.65%, 10/15/2026
469
468
Series 2023-3A, Class B, 6.11%, 9/15/2027
2,062
2,063
Series 2021-4A, Class C, 1.46%, 10/15/2027
5,483
5,422
Series 2024-2A, Class B, 5.61%, 4/17/2028
2,383
2,379
Series 2023-3A, Class C, 6.21%, 6/15/2028
6,815
6,835
Series 2023-5A, Class C, 6.85%, 1/16/2029
9,000
9,175
Series 2022-6A, Class D, 8.03%, 4/6/2029
6,964
7,205
Series 2024-2A, Class C, 5.74%, 5/15/2029
15,216
15,174
Series 2023-5A, Class D, 7.13%, 2/15/2030
3,300
3,386
FCI Funding LLC Series 2021-1A, Class A, 1.13%, 4/15/2033 ‡ (a)
704
695
FHF Trust
Series 2021-2A, Class A, 0.83%, 12/15/2026 (a)
3,825
3,734
Series 2021-1A, Class A, 1.27%, 3/15/2027 (a)
1,697
1,668
Series 2023-1A, Class A2, 6.57%, 6/15/2028 (a)
8,145
8,167
First Investors Auto Owner Trust Series 2023-1A, Class B, 6.55%, 12/17/2029 (a)
5,685
5,775
FirstKey Homes Trust
Series 2020-SFR1, Class A, 1.34%, 8/17/2037 (a)
5,776
5,471
Series 2020-SFR1, Class C, 1.94%, 8/17/2037 (a)
2,307
2,188
Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (a)
6,534
6,151
Series 2021-SFR1, Class B, 1.79%, 8/17/2038 (a)
2,735
2,497
Series 2021-SFR1, Class C, 1.89%, 8/17/2038 (a)
4,000
3,645
Series 2021-SFR1, Class D, 2.19%, 8/17/2038 (a)
13,000
11,875
Series 2022-SFR1, Class B, 4.49%, 5/19/2039 (a)
5,000
4,815
Series 2022-SFR1, Class C, 4.64%, 5/19/2039 (a)
7,000
6,709
Flagship Credit Auto Trust
Series 2020-2, Class D, 5.75%, 4/15/2026 (a)
2,732
2,724
Series 2020-3, Class C, 1.73%, 9/15/2026 (a)
3,464
3,419
Series 2020-3, Class D, 2.50%, 9/15/2026 (a)
4,665
4,496
Series 2020-4, Class C, 1.28%, 2/16/2027 (a)
442
436
Series 2021-1, Class C, 0.91%, 3/15/2027 (a)
6,832
6,693
Series 2021-3, Class C, 1.46%, 9/15/2027 (a)
16,250
15,515
Series 2022-3, Class D, 6.00%, 7/17/2028 (a)
6,666
6,578
Series 2023-3, Class C, 6.01%, 7/16/2029 (a)
2,550
2,560
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Foundation Finance Trust
Series 2020-1A, Class A, 3.54%, 7/16/2040 (a)
1,459
1,429
Series 2021-1A, Class A, 1.27%, 5/15/2041 (a)
8,154
7,386
FRTKL
Series 2021-SFR1, Class B, 1.72%, 9/17/2038 (a)
4,960
4,498
Series 2021-SFR1, Class C, 1.92%, 9/17/2038 (a)
5,000
4,526
Galaxy CLO Ltd. (Cayman Islands)
Series 2015-19A, Class A1RR, 6.53%, 7/24/2030 (a) (c)
3,809
3,816
Series 2018-26A, Class AR, 6.50%, 11/22/2031 (a) (c)
13,865
13,865
GLS Auto Receivables Issuer Trust
Series 2020-2A, Class C, 4.57%, 4/15/2026 (a)
952
951
Series 2021-3A, Class C, 1.11%, 9/15/2026 (a)
4,627
4,557
Series 2020-4A, Class D, 1.64%, 10/15/2026 (a)
5,911
5,824
Series 2024-1A, Class C, 5.64%, 12/17/2029 (a)
4,925
4,894
GLS Auto Select Receivables Trust
Series 2023-2A, Class A2, 6.37%, 6/15/2028 (a)
5,522
5,552
Series 2023-1A, Class A3, 5.96%, 10/16/2028 (a)
4,000
4,024
Series 2023-1A, Class B, 6.09%, 3/15/2029 (a)
3,400
3,441
Series 2024-1A, Class A2, 5.24%, 3/15/2030 (a)
5,149
5,120
Series 2024-1A, Class C, 5.69%, 3/15/2030 (a)
973
967
Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2, Class A, 1.15%, 6/25/2051 (a)
7,085
6,668
Granite Park Equipment Leasing LLC Series 2023-1A, Class A3, 6.46%, 9/20/2032 (a)
12,000
12,167
Harley-Davidson Motorcycle Trust Series 2024-A, Class A3, 5.37%, 3/15/2029
15,539
15,546
Hertz Vehicle Financing LLC
Series 2022-4A, Class A, 3.73%, 9/25/2026 (a)
1,140
1,115
Series 2023-3A, Class A, 5.94%, 2/25/2028 (a)
10,000
10,014
Hilton Grand Vacations Trust
Series 2023-1A, Class A, 5.72%, 1/25/2038 (a)
2,704
2,718
Series 2024-2A, Class A, 5.50%, 3/25/2038 (a)
1,843
1,845
Series 2020-AA, Class A, 2.74%, 2/25/2039 (a)
198
188
Home Partners of America Trust
Series 2021-2, Class A, 1.90%, 12/17/2026 (a)
1,312
1,199
Series 2021-2, Class B, 2.30%, 12/17/2026 (a)
5,766
5,291
Honda Auto Receivables Owner Trust Series 2024-1, Class A3, 5.21%, 8/15/2028
18,416
18,395
Hyundai Auto Lease Securitization Trust Series 2024-A, Class A4, 5.07%, 2/15/2028 (a)
5,000
4,969
Hyundai Auto Receivables Trust Series 2024-A, Class A3, 4.99%, 2/15/2029
9,487
9,433
KKR Static CLO Ltd. (Cayman Islands) Series 2022-1A, Class AR, 6.71%, 7/20/2031 (a) (c)
8,526
8,543
LCM LP (Cayman Islands) Series 14A, Class AR, 6.63%, 7/20/2031 (a) (c)
10,674
10,693
Lendbuzz Securitization Trust
Series 2021-1A, Class A, 1.46%, 6/15/2026 (a)
5,042
4,931
Series 2022-1A, Class A, 4.22%, 5/17/2027 (a)
3,184
3,137
Series 2023-2A, Class A2, 7.09%, 10/16/2028 (a)
3,141
3,167
Lendmark Funding Trust Series 2021-2A, Class A, 2.00%, 4/20/2032 (a)
4,888
4,415
LP LMS Asset Securitization Trust Series 2023-1A, Class A, 8.18%, 10/17/2033 (a)
5,595
5,609
M&T Equipment Notes Series 2023-1A, Class A3, 5.74%, 7/15/2030 (a)
11,454
11,442
Magnetite Ltd. (Cayman Islands) Series 2015-15A, Class AR, 6.60%, 7/25/2031 (a) (c)
734
735
Mariner Finance Issuance Trust
Series 2020-AA, Class A, 2.19%, 8/21/2034 (a)
1,282
1,268
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2023-AA, Class A, 6.70%, 10/22/2035 (a)
14,800
14,943
Series 2021-AA, Class A, 1.86%, 3/20/2036 (a)
15,923
14,645
Merchants Fleet Funding LLC Series 2023-1A, Class A, 7.21%, 5/20/2036 (a)
13,694
13,754
Mercury Financial Credit Card Master Trust Series 2023-1A, Class A, 8.04%, 9/20/2027 (a)
15,481
15,592
Mission Lane Credit Card Master Trust Series 2022-A, Class A, 6.92%, 9/15/2027 (a)
3,616
3,616
Morgan Stanley ABS Capital I, Inc. Trust Series 2003-SD1, Class M1, 7.69%, 3/25/2033 (c)
102
100
MVW LLC Series 2020-1A, Class A, 1.74%, 10/20/2037 (a)
973
914
Neuberger Berman CLO (Cayman Islands) Series 2013-15A, Class A1R2, 6.51%, 10/15/2029 (a) (c)
10,620
10,635
New Economy Assets Phase Sponsor LLC Series 2021-1, Class A1, 1.91%, 10/20/2061 (a)
1,816
1,608
Nissan Auto Lease Trust
Series 2024-A, Class A2A, 5.11%, 10/15/2026
5,300
5,280
Series 2024-A, Class A3, 4.91%, 4/15/2027
5,714
5,660
NMEF Funding LLC
Series 2021-A, Class B, 1.85%, 12/15/2027 (a)
256
256
Series 2022-A, Class B, 3.35%, 10/16/2028 (a)
2,750
2,683
Series 2023-A, Class A2, 6.57%, 6/17/2030 (a)
9,715
9,764
NRZ Excess Spread-Collateralized Notes
Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (a)
803
758
Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (a)
8,723
8,227
Series 2021-GNT1, Class A, 3.47%, 11/25/2026 (a)
2,713
2,515
OCP CLO Ltd. (Cayman Islands) Series 2014-6A, Class A1R2, 6.47%, 10/17/2030 (a) (c)
19,170
19,173
Octagon Investment Partners Ltd. (Cayman Islands) Series 2018-18A, Class A1A, 6.55%, 4/16/2031 (a) (c)
2,327
2,330
Octane Receivables Trust
Series 2020-1A, Class C, 2.89%, 3/20/2026 (a)
3,486
3,465
Series 2021-2A, Class A, 1.21%, 9/20/2028 (a)
928
910
Series 2021-2A, Class B, 2.02%, 9/20/2028 (a)
4,800
4,567
Series 2023-1A, Class A, 5.87%, 5/21/2029 (a)
4,256
4,256
Series 2023-1A, Class B, 5.96%, 7/20/2029 (a)
4,100
4,091
OnDeck Asset Securitization Trust IV LLC Series 2023-1A, Class A, 7.00%, 8/19/2030 (a)
5,850
5,940
Oportun Funding XIV LLC Series 2021-A, Class A, 1.21%, 3/8/2028 (a)
2,614
2,534
Oportun Issuance Trust
Series 2021-B, Class B, 1.96%, 5/8/2031 (a)
6,148
5,824
Series 2021-C, Class A, 2.18%, 10/8/2031 (a)
18,975
17,964
Pagaya AI Debt Selection Trust Series 2021-HG1, Class A, 1.22%, 1/16/2029 (a)
1,380
1,354
Pagaya AI Debt Trust Series 2023-1, Class A, 7.56%, 7/15/2030 (a)
2,629
2,639
Palmer Square Loan Funding Ltd. (Cayman Islands)
Series 2022-1A, Class A1, 6.38%, 4/15/2030 (a) (c)
7,147
7,157
Series 2023-2A, Class A1, 6.77%, 1/25/2032 (a) (c)
15,825
15,908
Series 2024-3A, Class A1, 0.00%, 8/8/2032 (a) (c) (d)
16,832
16,832
Pawneee Equipment Receivables LLC
Series 2021-1, Class A2, 1.10%, 7/15/2027 (a)
632
625
Series 2021-1, Class B, 1.82%, 7/15/2027 (a)
5,934
5,737
Series 2022-1, Class A3, 5.17%, 2/15/2028 (a)
5,612
5,585
Post Road Equipment Finance LLC Series 2024-1A, Class A2, 5.59%, 11/15/2029 (a)
16,384
16,362
PowerPay Issuance Trust Series 2024-1A, Class A, 6.53%, 2/18/2039 (a)
2,850
2,844
PRET LLC
Series 2021-NPL3, Class A1, 1.87%, 7/25/2051 (a) (e)
9,762
9,474
Series 2021-NPL6, Class A1, 2.49%, 7/25/2051 (a) (e)
5,243
5,122
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Pretium Mortgage Credit Partners I LLC
Series 2021-NPL2, Class A1, 1.99%, 6/27/2060 (a) (e)
9,290
9,083
Series 2021-NPL1, Class A1, 5.24%, 9/27/2060 (a) (e)
4,491
4,444
Series 2021-NPL4, Class A1, 2.36%, 10/27/2060 (a) (e)
6,509
6,347
Progress Residential
Series 2021-SFR3, Class B, 1.89%, 5/17/2026 (a)
16,067
14,859
Series 2021-SFR3, Class E1, 2.54%, 5/17/2026 (a)
1,800
1,658
Series 2021-SFR1, Class B, 1.30%, 4/17/2038 (a)
2,750
2,532
Series 2021-SFR4, Class B, 1.81%, 5/17/2038 (a)
8,800
8,148
Progress Residential Trust
Series 2021-SFR6, Class A, 1.52%, 7/17/2038 (a)
7,256
6,654
Series 2021-SFR6, Class B, 1.75%, 7/17/2038 (a)
17,500
16,033
Series 2021-SFR8, Class B, 1.68%, 10/17/2038 (a)
9,000
8,157
Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 (a)
4,650
4,186
Series 2022-SFR6, Class B, 5.00%, 7/20/2039 (a)
4,000
3,907
PRPM LLC
Series 2021-2, Class A1, 5.11%, 3/25/2026 (a) (c)
5,896
5,846
Series 2021-3, Class A1, 4.87%, 4/25/2026 (a) (e)
2,869
2,817
Series 2021-4, Class A1, 4.87%, 4/25/2026 (a) (e)
4,879
4,833
Series 2021-5, Class A1, 1.79%, 6/25/2026 (a) (e)
12,398
12,186
Series 2021-6, Class A1, 1.79%, 7/25/2026 (a) (e)
9,783
9,508
Series 2021-7, Class A1, 1.87%, 8/25/2026 (a) (e)
4,446
4,303
Series 2021-11, Class A1, 2.49%, 11/25/2026 (a) (e)
1,702
1,668
Reach ABS Trust Series 2023-1A, Class A, 7.05%, 2/18/2031 (a)
1,225
1,228
Regional Management Issuance Trust
Series 2020-1, Class A, 2.34%, 10/15/2030 (a)
2,220
2,191
Series 2021-1, Class A, 1.68%, 3/17/2031 (a)
11,173
10,853
Series 2021-2, Class A, 1.90%, 8/15/2033 (a)
1,103
995
Republic Finance Issuance Trust
Series 2020-A, Class A, 2.47%, 11/20/2030 (a)
2,266
2,247
Series 2021-A, Class A, 2.30%, 12/22/2031 (a)
9,937
9,561
Series 2021-A, Class B, 2.80%, 12/22/2031 (a)
3,000
2,794
Santander Bank Auto Credit-Linked Notes Series 2023-B, Class D, 6.66%, 12/15/2033 (a)
1,200
1,199
Santander Consumer Auto Receivables Trust Series 2021-AA, Class C, 1.03%, 11/16/2026 (a)
1,500
1,437
Santander Drive Auto Receivables Trust
Series 2020-2, Class D, 2.22%, 9/15/2026
764
762
Series 2021-1, Class D, 1.13%, 11/16/2026
3,164
3,108
Series 2020-3, Class D, 1.64%, 11/16/2026
498
493
Series 2020-4, Class D, 1.48%, 1/15/2027
6,108
6,023
Series 2021-2, Class D, 1.35%, 7/15/2027
2,798
2,726
Series 2021-3, Class D, 1.33%, 9/15/2027
2,694
2,613
Series 2023-4, Class B, 5.77%, 12/15/2028
7,291
7,324
Series 2023-6, Class B, 5.98%, 4/16/2029
2,500
2,528
Series 2022-3, Class C, 4.49%, 8/15/2029
1,000
981
Series 2022-4, Class C, 5.00%, 11/15/2029
20,750
20,432
Series 2023-3, Class C, 5.77%, 11/15/2030
4,000
4,011
Series 2022-5, Class D, 5.67%, 12/16/2030
16,625
16,458
Series 2022-6, Class D, 5.69%, 2/18/2031
10,600
10,550
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2023-5, Class C, 6.43%, 2/18/2031
6,750
6,924
Series 2024-2, Class D, 6.28%, 8/15/2031
4,700
4,750
Series 2023-4, Class C, 6.04%, 12/15/2031
14,925
15,087
SBNA Auto Lease Trust
Series 2024-A, Class A3, 5.39%, 11/20/2026 (a)
22,050
21,994
Series 2024-B, Class A3, 5.56%, 11/22/2027 (a)
1,560
1,560
Series 2024-B, Class A4, 5.55%, 12/20/2028 (a)
9,000
9,017
Series 2024-A, Class A4, 5.24%, 1/22/2029 (a)
4,000
3,984
SCF Equipment Leasing LLC
Series 2022-2A, Class B, 6.50%, 2/20/2032 (a)
2,000
2,030
Series 2023-1A, Class A3, 6.17%, 5/20/2032 (a)
4,057
4,133
Sierra Timeshare Receivables Funding LLC
Series 2019-3A, Class A, 2.34%, 8/20/2036 (a)
274
271
Series 2020-2A, Class A, 1.33%, 7/20/2037 (a)
156
150
Series 2020-2A, Class B, 2.32%, 7/20/2037 (a)
610
588
Series 2021-1A, Class A, 0.99%, 11/20/2037 (a)
874
829
Series 2021-1A, Class B, 1.34%, 11/20/2037 (a)
538
510
Series 2021-1A, Class C, 1.79%, 11/20/2037 (a)
478
453
Series 2022-3A, Class B, 6.32%, 7/20/2039 (a)
1,244
1,245
Series 2022-2A, Class B, 5.04%, 6/20/2040 (a)
630
615
Series 2022-2A, Class C, 6.36%, 6/20/2040 (a)
630
622
Stonepeak ABS Series 2021-1A, 2.30%, 2/28/2033 ‡ (a)
4,974
4,639
Symphony CLO Ltd. (Cayman Islands)
Series 2018-19A, Class A, 6.55%, 4/16/2031 (a) (c)
2,401
2,406
Series 2015-16A, Class ARR, 6.52%, 10/15/2031 (a) (c)
19,155
19,155
TCI-Symphony CLO Ltd. (Cayman Islands) Series 2016-1A, Class AR2, 6.61%, 10/13/2032 (a) (c)
5,308
5,317
Tesla Auto Lease Trust Series 2024-A, Class A3, 5.30%, 6/21/2027 (a)
16,104
16,055
Theorem Funding Trust
Series 2022-2A, Class A, 6.06%, 12/15/2028 (a)
3,882
3,876
Series 2022-3A, Class A, 7.60%, 4/15/2029 (a)
2,530
2,545
Toyota Lease Owner Trust Series 2024-A, Class A3, 5.25%, 4/20/2027 (a)
18,400
18,360
Tricon Residential Trust
Series 2021-SFR1, Class A, 1.94%, 7/17/2038 (a)
1,795
1,658
Series 2021-SFR1, Class B, 2.24%, 7/17/2038 (a)
4,100
3,791
Series 2024-SFR2, Class A, 4.75%, 6/17/2040 ‡ (a) (d)
11,395
11,000
Upstart Pass-Through Trust
Series 2021-ST5, Class A, 2.00%, 7/20/2027 (a)
400
391
Series 2021-ST6, Class A, 1.85%, 8/20/2027 (a)
961
946
Series 2021-ST8, Class A, 1.75%, 10/20/2029 (a)
431
427
Series 2021-ST9, Class A, 1.70%, 11/20/2029 (a)
1,078
1,067
Series 2021-ST10, Class A, 2.25%, 1/20/2030 (a)
3,216
3,159
Upstart Securitization Trust
Series 2021-5, Class B, 2.49%, 11/20/2031 (a)
2,425
2,396
Series 2022-4, Class A, 5.98%, 8/20/2032 (a)
2,863
2,855
Series 2023-1, Class A, 6.59%, 2/20/2033 (a)
1,050
1,051
Upstart Structured Pass-Through Trust Series 2022-4A, Class A, 7.01%, 11/15/2030 (a)
3,234
3,239
VCAT LLC
Series 2021-NPL1, Class A1, 5.29%, 12/26/2050 (a) (e)
609
605
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2021-NPL2, Class A1, 5.11%, 3/27/2051 (a) (e)
1,500
1,478
Series 2021-NPL3, Class A1, 4.74%, 5/25/2051 (a) (e)
2,505
2,429
Series 2021-NPL4, Class A1, 1.87%, 8/25/2051 (a) (e)
5,548
5,449
Veros Auto Receivables Trust
Series 2022-1, Class A, 3.47%, 12/15/2025 (a)
81
81
Series 2022-1, Class C, 5.03%, 8/16/2027 (a)
2,750
2,707
Series 2024-1, Class A, 6.28%, 11/15/2027 (a)
3,750
3,750
Series 2023-1, Class A, 7.12%, 11/15/2028 (a)
3,231
3,241
Series 2023-1, Class B, 7.17%, 11/15/2028 (a)
5,000
5,052
Series 2023-1, Class C, 8.32%, 11/15/2028 (a)
1,500
1,547
Series 2022-1, Class D, 7.23%, 7/16/2029 (a)
2,750
2,716
VFI ABS LLC Series 2023-1A, Class A, 7.27%, 3/26/2029 (a)
5,179
5,194
VOLT C LLC Series 2021-NPL9, Class A1, 4.99%, 5/25/2051 (a) (e)
3,179
3,087
VOLT CI LLC Series 2021-NP10, Class A1, 4.99%, 5/25/2051 (a) (e)
9,131
8,894
VOLT CIII LLC Series 2021-CF1, Class A1, 1.99%, 8/25/2051 (a) (e)
10,203
9,847
VOLT XCII LLC Series 2021-NPL1, Class A1, 4.89%, 2/27/2051 (a) (e)
3,120
3,054
VOLT XCIII LLC Series 2021-NPL2, Class A1, 4.89%, 2/27/2051 (a) (e)
8,223
8,061
VOLT XCIV LLC Series 2021-NPL3, Class A1, 5.24%, 2/27/2051 (a) (e)
8,278
8,169
VOLT XCIX LLC Series 2021-NPL8, Class A1, 5.12%, 4/25/2051 (a) (e)
4,385
4,322
VOLT XCV LLC Series 2021-NPL4, Class A1, 5.24%, 3/27/2051 (a) (e)
7,186
7,107
VOLT XCVI LLC Series 2021-NPL5, Class A1, 5.12%, 3/27/2051 (a) (e)
6,927
6,832
VOLT XCVII LLC Series 2021-NPL6, Class A1, 5.24%, 4/25/2051 (a) (e)
5,659
5,584
VStrong Auto Receivables Trust
Series 2023-A, Class A3, 6.87%, 11/15/2027 (a)
6,400
6,461
Series 2023-A, Class B, 7.11%, 2/15/2030 (a)
5,375
5,487
Westgate Resorts LLC Series 2020-1A, Class A, 2.71%, 3/20/2034 (a)
156
156
Westlake Automobile Receivables Trust
Series 2020-3A, Class D, 1.65%, 2/17/2026 (a)
2,470
2,454
Series 2021-1A, Class D, 1.23%, 4/15/2026 (a)
22,136
21,824
Series 2021-3A, Class C, 1.58%, 1/15/2027 (a)
22,066
21,759
Series 2021-3A, Class D, 2.12%, 1/15/2027 (a)
9,550
9,172
Series 2023-3A, Class B, 5.92%, 9/15/2028 (a)
11,000
11,020
Series 2023-3A, Class C, 6.02%, 9/15/2028 (a)
6,400
6,411
Series 2023-4A, Class C, 6.64%, 11/15/2028 (a)
5,000
5,067
Series 2023-1A, Class D, 6.79%, 11/15/2028 (a)
3,500
3,554
Westlake Flooring Master Trust Series 2024-1A, Class A, 5.43%, 2/15/2028 (a)
7,750
7,730
Wheels Fleet Lease Funding LLC Series 2024-1A, Class A1, 5.49%, 2/18/2039 (a)
12,736
12,714
World Omni Automobile Lease Securitization Trust Series 2024-A, Class A3, 5.26%, 10/15/2027
11,571
11,556
Total Asset-Backed Securities
(Cost $1,997,773)
1,977,172
Collateralized Mortgage Obligations — 8.4%
Alternative Loan Trust Series 2003-J3, Class 2A1, 6.25%, 12/25/2033
5
5
Angel Oak Mortgage Trust Series 2020-5, Class A1, 1.37%, 5/25/2065 (a) (c)
1,024
948
Bear Stearns ARM Trust Series 2003-7, Class 3A, 6.93%, 10/25/2033 (c)
10
9
CFMT LLC Series 2024-HB13, Class A, 3.00%, 5/25/2034 (a) (c)
4,804
4,579
CHL Mortgage Pass-Through Trust Series 2004-8, Class 2A1, 4.50%, 6/25/2019 ‡
2
1
Citigroup Mortgage Loan Trust Series 2004-UST1, Class A6, 6.23%, 8/25/2034 (c)
107
98
Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2, 8.32%, 1/25/2042 (a) (c)
1,775
1,826
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
CSFB Mortgage-Backed Pass-Through Certificates Series 2004-8, Class 6A1, 4.50%, 12/25/2019
67
53
CSMC Mortgage-Backed Trust Series 2007-5, Class 5A5, 5.50%, 4/1/2037 (c)
286
31
CSMC Trust Series 2021-RPL1, Class A1, 4.05%, 9/27/2060 (a) (c)
8,252
8,001
FHLMC - GNMA Series 56, Class Z, 7.50%, 9/20/2026
5
5
FHLMC Structured Pass-Through Securities Certificates Series T-20, Class A6, 7.99%, 9/25/2029 (e)
—
—
FHLMC, Reference REMIC Series R005, Class ZA, 5.50%, 2/15/2036
2,048
2,072
FHLMC, REMIC
Series 1754, Class Z, 8.50%, 9/15/2024
—
—
Series 1779, Class Z, 8.50%, 4/15/2025
4
4
Series 4303, Class VA, 3.50%, 5/15/2025
106
105
Series 3005, Class ED, 5.00%, 7/15/2025
64
63
Series 3826, Class BK, 3.00%, 3/15/2026
92
90
Series 3864, Class PG, 3.50%, 5/15/2026
15
15
Series 3887, Class GM, 4.00%, 7/15/2026 (e)
20
20
Series 3903, Class GB, 4.00%, 8/15/2026
45
45
Series 3909, Class HG, 4.00%, 8/15/2026 (e)
61
60
Series 1888, Class Z, 7.00%, 8/15/2026
9
9
Series 3936, Class AB, 3.00%, 10/15/2026
145
142
Series 3946, Class BU, 3.00%, 10/15/2026
50
48
Series 3996, Class BA, 1.50%, 2/15/2027
37
35
Series 4015, Class GL, 2.25%, 3/15/2027
42
40
Series 4020, Class N, 3.00%, 3/15/2027
25
24
Series 4054, Class AE, 1.50%, 4/15/2027
76
73
Series 4029, Class LY, 3.00%, 4/15/2027
1,000
964
Series 4039, Class AB, 1.50%, 5/15/2027
84
80
Series 4039, Class PB, 1.50%, 5/15/2027
277
264
Series 4043, Class PB, 1.50%, 5/15/2027
204
195
Series 4097, Class HJ, 1.50%, 8/15/2027
312
296
Series 4089, Class AI, IO, 3.00%, 8/15/2027
1,300
37
Series 4103, Class HA, 2.50%, 9/15/2027
96
92
Series 4361, Class CA, 2.50%, 9/15/2027
218
210
Series 4131, Class BC, 1.25%, 11/15/2027
63
59
Series 4129, Class AP, 1.50%, 11/15/2027
366
346
Series 4141, Class BI, IO, 2.50%, 12/15/2027
1,551
45
Series 4304, Class DW, 2.50%, 12/15/2027
884
850
Series 4207, Class JD, 1.50%, 5/15/2028
85
81
Series 4217, Class UD, 1.75%, 6/15/2028
144
136
Series 2090, Class F, 5.64%, 10/15/2028 (c)
8
7
Series 3523, Class MX, 4.50%, 4/15/2029
49
48
Series 4338, Class GE, 2.50%, 5/15/2029
24
24
Series 2995, Class FT, 5.69%, 5/15/2029 (c)
71
70
Series 3721, Class DG, 2.75%, 9/15/2030
117
110
Series 3775, Class DB, 4.00%, 12/15/2030
221
215
Series 3779, Class LB, 4.00%, 12/15/2030
243
237
Series 2303, Class FY, 5.74%, 4/15/2031 (c)
70
70
Series 2326, Class ZQ, 6.50%, 6/15/2031
67
67
Series 2362, Class F, 5.84%, 9/15/2031 (c)
14
14
Series 2500, Class FD, 5.94%, 3/15/2032 (c)
95
95
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 4170, Class QE, 2.00%, 5/15/2032
41
40
Series 4094, Class BF, 5.84%, 8/15/2032 (c)
258
257
Series 2492, Class GH, 6.00%, 8/15/2032
148
150
Series 4120, Class KA, 1.75%, 10/15/2032
376
347
Series 4142, Class PG, 2.00%, 12/15/2032
40
38
Series 2711, Class FC, 6.34%, 2/15/2033 (c)
636
641
Series 2602, Class FH, 5.75%, 4/15/2033 (c)
118
117
Series 4206, Class DZ, 3.00%, 5/15/2033
519
469
Series 4423, Class VN, 3.00%, 5/15/2033
1,100
1,064
Series 2617, Class Z, 5.50%, 5/15/2033
2,650
2,668
Series 2662, Class MT, 4.50%, 8/15/2033
37
36
Series 4620, IO, 5.00%, 9/15/2033
233
35
Series 4255, Class LZ, 3.00%, 10/15/2033
8,513
7,946
Series 3005, Class PV, IF, 4.18%, 10/15/2033 (c)
1
1
Series 2686, Class KZ, 4.50%, 10/15/2033
510
485
Series 2693, Class Z, 5.50%, 10/15/2033
109
109
Series 2727, Class PM, 4.50%, 1/15/2034
629
614
Series 2736, Class PE, 5.00%, 1/15/2034
2,584
2,562
Series 4301, Class UL, 3.50%, 2/15/2034
7,977
7,571
Series 2806, Class FA, 6.44%, 2/15/2034 (c)
193
187
Series 2989, Class MU, IF, IO, 1.56%, 7/15/2034 (c)
784
34
Series 3204, Class ZM, 5.00%, 8/15/2034
400
396
Series 2963, Class ZG, 5.00%, 11/15/2034
350
347
Series 2901, Class S, IF, 4.64%, 12/15/2034 (c)
289
282
Series 2898, Class PG, 5.00%, 12/15/2034
526
522
Series 3003, Class LD, 5.00%, 12/15/2034
85
84
Series 2933, Class EM, 5.50%, 1/15/2035
43
43
Series 4265, Class FD, 5.84%, 1/15/2035 (c)
206
203
Series 2929, Class PG, 5.00%, 2/15/2035
61
61
Series 2941, Class Z, 4.50%, 3/15/2035
1,187
1,120
Series 2953, Class PG, 5.50%, 3/15/2035
213
215
Series 3002, Class BN, 5.00%, 7/15/2035
178
173
Series 3013, Class HZ, 5.00%, 8/15/2035
585
580
Series 3101, Class UZ, 6.00%, 1/15/2036
145
148
Series 3174, Class LF, 5.79%, 5/15/2036 (c)
102
101
Series 3662, Class ZB, 5.50%, 8/15/2036
115
116
Series 4646, Class JV, 3.50%, 11/15/2036
6,446
6,153
Series 3688, Class NB, 4.50%, 11/15/2036
470
459
Series 3855, Class AM, 6.50%, 11/15/2036
1,133
1,144
Series 3704, Class CZ, 4.00%, 12/15/2036
1,202
1,144
Series 3249, Class CL, 4.25%, 12/15/2036
702
676
Series 3258, Class PM, 5.50%, 12/15/2036
248
249
Series 5280, Class T, 5.50%, 1/25/2037
20,333
20,511
Series 3305, Class IW, IF, IO, 1.01%, 4/15/2037 (c)
226
6
Series 3318, Class HF, 5.70%, 5/15/2037 (c)
107
105
Series 3724, Class CM, 5.50%, 6/15/2037
245
248
Series 3326, Class FG, 5.79%, 6/15/2037 (c)
431
423
Series 3351, Class ZC, 5.50%, 7/15/2037
965
976
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 3420, Class EI, IO, 1.12%, 8/15/2037 (e)
2,040
92
Series 3429, Class S, IF, IO, 1.38%, 3/15/2038 (c)
383
26
Series 3447, Class DB, 5.00%, 5/15/2038
1,159
1,149
Series 3459, Class MB, 5.00%, 6/15/2038
80
79
Series 3575, Class ZA, 5.00%, 6/15/2038
3,004
2,986
Series 3546, Class A, 5.73%, 2/15/2039 (c)
285
287
Series 3540, Class A, 5.00%, 5/15/2039
154
153
Series 4346, Class A, 3.50%, 7/15/2039
42
41
Series 3597, Class HM, 4.50%, 8/15/2039
70
69
Series 3569, Class NY, 5.00%, 8/15/2039
528
524
Series 3572, Class JS, IF, IO, 1.36%, 9/15/2039 (c)
214
12
Series 4212, Class LA, 3.00%, 10/15/2039
103
102
Series 3585, Class KW, 4.50%, 10/15/2039
1,232
1,201
Series 3609, Class SA, IF, IO, 0.90%, 12/15/2039 (c)
1,318
58
Series 3632, Class PK, 5.00%, 2/15/2040
209
208
Series 3656, Class PM, 5.00%, 4/15/2040
1,970
1,957
Series 3786, Class NA, 4.50%, 7/15/2040
57
56
Series 3726, Class PA, 3.00%, 8/15/2040
78
76
Series 3706, Class P, 4.00%, 8/15/2040
2,712
2,567
Series 4655, Class DJ, 3.00%, 10/15/2040
1,834
1,687
Series 4088, Class LE, 4.00%, 10/15/2040
40
40
Series 4318, Class KZ, 4.00%, 12/15/2040
2,202
2,084
Series 3769, Class ZC, 4.50%, 12/15/2040
987
942
Series 3803, Class FY, 5.84%, 1/15/2041 (c)
24
24
Series 3822, Class ZG, 4.00%, 2/15/2041
5,731
5,424
Series 4080, Class DA, 2.00%, 3/15/2041
175
163
Series 3862, Class GA, 4.00%, 4/15/2041
163
158
Series 3844, Class FA, 5.89%, 4/15/2041 (c)
189
186
Series 4074, Class PA, 3.00%, 5/15/2041
290
281
Series 3859, Class JB, 5.00%, 5/15/2041
262
260
Series 4150, Class JE, 2.00%, 6/15/2041
607
564
Series 3884, Class BL, 4.50%, 6/15/2041
4,331
4,192
Series 3939, Class BZ, 4.50%, 6/15/2041
2,020
1,921
Series 3881, Class AT, 5.85%, 6/15/2041
18,183
18,520
Series 4150, Class FN, 5.74%, 7/15/2041 (c)
287
283
Series 4152, Class LE, 1.75%, 8/15/2041
2,289
2,078
Series 3904, Class HC, 4.00%, 8/15/2041
591
550
Series 3906, Class B, 4.00%, 8/15/2041
2,634
2,486
Series 4150, Class FY, 5.74%, 8/15/2041 (c)
282
278
Series 3952, Class BQ, 2.00%, 10/15/2041
2,098
1,837
Series 3947, Class BH, 2.50%, 10/15/2041
2,909
2,484
Series 3934, Class KB, 5.00%, 10/15/2041
434
431
Series 3966, Class VZ, 4.00%, 12/15/2041
599
561
Series 4550, Class NA, 3.00%, 1/15/2042
326
316
Series 4122, Class PA, 1.50%, 2/15/2042
202
188
Series 4144, Class KD, 1.75%, 3/15/2042
410
363
Series 4215, Class NA, 3.00%, 4/15/2042
101
96
Series 4088, Class BP, 3.00%, 8/15/2042
3,435
3,013
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 4143, Class AE, 2.00%, 9/15/2042
1,339
1,227
Series 4158, Class TC, 1.75%, 12/15/2042
203
184
Series 4247, Class AK, 4.50%, 12/15/2042
230
227
Series 4158, Class LD, 2.00%, 1/15/2043
415
351
Series 4199, Class YZ, 3.50%, 5/15/2043
3,587
3,258
Series 4302, Class MA, 3.00%, 7/15/2043
846
816
Series 4314, Class LP, 3.50%, 7/15/2043
23
23
Series 4558, Class DA, 3.50%, 7/15/2043
82
81
Series 5115, Class FD, 4.00%, 8/15/2043 (c)
6,749
6,312
Series 4311, Class ED, 2.75%, 9/15/2043
55
53
Series 4480, Class LA, 3.50%, 9/15/2043
90
88
Series 4330, Class PE, 3.00%, 11/15/2043
104
98
Series 4286, Class MP, 4.00%, 12/15/2043
330
313
Series 4316, Class DZ, 3.00%, 3/15/2044
3,390
2,994
Series 4338, Class A, 2.50%, 5/15/2044
340
316
Series 4505, Class P, 3.50%, 5/15/2044
897
849
Series 4571, Class EB, 3.50%, 5/15/2044
1,792
1,699
Series 4483, Class CA, 3.00%, 6/15/2044
35,427
33,003
Series 4360, Class PZ, 3.00%, 7/15/2044
1,173
1,019
Series 4417, Class PZ, 3.00%, 12/15/2044
3,149
2,740
Series 4545, Class PG, 3.00%, 12/15/2044
369
351
Series 4745, Class EC, 3.00%, 12/15/2044
1,101
1,052
Series 4425, Class TA, 2.00%, 1/15/2045
298
242
Series 4461, Class LZ, 3.00%, 3/15/2045
3,897
3,345
Series 4457, Class KZ, 3.00%, 4/15/2045
7,718
6,619
Series 4478, Class PC, 2.00%, 5/15/2045
861
722
Series 4631, Class PA, 3.00%, 5/15/2045
1,802
1,643
Series 4664, Class PH, 3.50%, 5/15/2045
783
747
Series 4698, Class DA, 4.50%, 5/15/2045
1,560
1,493
Series 4759, Class MA, 3.00%, 9/15/2045
57
55
Series 4591, Class QE, 2.75%, 4/15/2046
186
162
Series 4574, Class YH, 3.00%, 4/15/2046
260
226
Series 4774, Class LP, 3.50%, 9/15/2046
2,676
2,544
Series 4714, Class PA, 3.00%, 11/15/2046
1,626
1,472
Series 4657, Class VZ, 3.00%, 2/15/2047
9,453
8,116
Series 4830, Class AP, 4.00%, 2/15/2047
880
823
Series 4675, Class EZ, 3.50%, 4/15/2047
1,665
1,436
Series 4682, Class LC, 2.50%, 5/15/2047
473
396
Series 4682, Class AP, 3.00%, 5/15/2047
621
531
Series 4703, Class KZ, 3.50%, 7/15/2047
5,661
5,070
Series 4740, Class JA, 3.00%, 10/15/2047
1,640
1,411
Series 4749, Class ZL, 3.50%, 12/15/2047
15,789
13,880
Series 4936, Class AP, 2.50%, 9/25/2048
228
203
Series 4941, Class NP, 2.50%, 5/25/2049
776
641
Series 4922, Class GE, 2.50%, 7/25/2049
726
614
Series 4952, Class PA, 2.50%, 2/25/2050
1,185
987
FHLMC, STRIPS
Series 302, Class 350, 3.50%, 2/15/2028
98
95
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 218, PO, 2/1/2032
64
54
Series 290, Class 200, 2.00%, 11/15/2032
319
290
Series 277, Class 30, 3.00%, 9/15/2042
2,367
2,073
Series 359, Class 350, 3.50%, 10/15/2047
1,385
1,257
FNMA, REMIC
Series 2011-48, Class CN, 4.00%, 6/25/2026 (e)
21
21
Series 2011-61, Class B, 3.00%, 7/25/2026
102
100
Series 2011-72, Class KB, 3.50%, 8/25/2026
118
116
Series 2012-32, Class DE, 3.00%, 12/25/2026
17
17
Series 2012-26, Class CA, 2.50%, 3/25/2027
196
190
Series 2012-46, Class KI, IO, 3.50%, 5/25/2027
2,073
56
Series 2012-102, Class IB, IO, 3.50%, 9/25/2027
1,204
39
Series 2012-127, Class AC, 1.50%, 11/25/2027
229
218
Series 2012-124, Class HG, 2.00%, 11/25/2027
99
95
Series 2013-5, Class DA, 1.50%, 2/25/2028
124
118
Series 2013-13, Class KD, 1.50%, 3/25/2028
126
119
Series 2013-137, Class BA, 1.50%, 1/25/2029
224
210
Series 2009-15, Class AC, 5.50%, 3/25/2029
453
450
Series 2009-58, Class B, 4.50%, 8/25/2029
565
555
Series 2010-14, Class AC, 4.00%, 3/25/2030
118
115
Series 2010-92, Class B, 4.50%, 8/25/2030
2,000
1,962
Series 2016-8, Class CA, 2.00%, 3/25/2031
9,562
8,882
Series 2001-38, Class EA, PO, 8/25/2031
14
14
Series 2015-89, Class KE, 2.00%, 11/25/2031
59
54
Series 2012-98, Class QG, 1.75%, 1/25/2032
148
143
Series 2001-81, Class HE, 6.50%, 1/25/2032
1,338
1,367
Series 2002-34, Class FA, 5.94%, 5/18/2032 (c)
51
50
Series 2012-112, Class AY, 3.00%, 10/25/2032
13,425
12,274
Series 2013-109, Class BA, 3.00%, 10/25/2032
428
412
Series 2002-64, Class PG, 5.50%, 10/25/2032
1,107
1,111
Series 2004-61, Class FH, 6.24%, 11/25/2032 (c)
574
577
Series 2002-77, Class TF, 6.44%, 12/18/2032 (c)
107
108
Series 2012-134, Class JY, 3.00%, 12/25/2032
14,229
13,057
Series 2002-77, Class QG, 5.50%, 12/25/2032
241
242
Series 2002-84, Class DZ, 5.50%, 12/25/2032
130
131
Series 2002-94, Class BZ, 5.50%, 1/25/2033
694
682
Series 2013-18, Class TG, 2.00%, 2/25/2033
242
228
Series 2003-7, Class FB, 6.19%, 2/25/2033 (c)
153
153
Series 2013-31, Class NL, 4.00%, 4/25/2033
315
305
Series 2003-42, Class CI, IO, 6.50%, 5/25/2033
112
13
Series 2003-63, Class A7, 5.50%, 6/25/2033
1,160
1,144
Series 2003-49, IO, 6.50%, 6/25/2033
160
25
Series 2013-69, Class L, 3.00%, 7/25/2033
10,000
9,235
Series 2003-58, Class GL, 3.50%, 7/25/2033
80
76
Series 2013-133, Class WA, 3.00%, 8/25/2033
1,479
1,407
Series 2013-91, Class DZ, 3.00%, 9/25/2033
21,390
19,561
Series 2003-84, Class PZ, 5.00%, 9/25/2033
42
41
Series 2013-100, Class WB, 3.00%, 10/25/2033
5,623
5,273
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2003-107, Class ZD, 6.00%, 11/25/2033
947
956
Series 2013-126, Class JZ, 3.50%, 12/25/2033
16,534
15,656
Series 2004-38, Class AO, PO, 5/25/2034
1,622
1,205
Series 2004-72, Class F, 5.94%, 9/25/2034 (c)
66
65
Series 2004-91, Class BR, 5.50%, 12/25/2034
47
47
Series 2004-90, Class ZU, 6.00%, 12/25/2034
744
756
Series 2005-5, Class PA, 5.00%, 1/25/2035
213
208
Series 2004-101, Class AR, 5.50%, 1/25/2035
6
6
Series 2005-27, Class HZ, 5.00%, 4/25/2035
1,333
1,319
Series 2005-31, Class PB, 5.50%, 4/25/2035
482
482
Series 2005-38, Class FK, 5.74%, 5/25/2035 (c)
269
266
Series 2015-41, Class CA, 3.00%, 6/25/2035
407
377
Series 2005-55, Class PN, 5.50%, 7/25/2035
1,388
1,401
Series 2005-64, Class PL, 5.50%, 7/25/2035
36
36
Series 2005-66, Class PF, 5.69%, 7/25/2035 (c)
74
73
Series 2005-103, Class BT, IF, 6.50%, 7/25/2035 (c)
177
173
Series 2005-88, Class ZC, 5.00%, 10/25/2035
1,600
1,584
Series 2007-109, Class VZ, 5.00%, 10/25/2035
1,197
1,184
Series 2005-84, Class MB, 5.75%, 10/25/2035
429
428
Series 2010-39, Class FT, 6.39%, 10/25/2035 (c)
489
492
Series 2013-114, Class JA, 3.00%, 11/25/2035
4
4
Series 2015-87, Class TB, 4.00%, 11/25/2035
3,067
2,962
Series 2005-101, Class B, 5.00%, 11/25/2035
711
704
Series 2005-99, Class AF, 5.79%, 12/25/2035 (c)
80
80
Series 2014-88, Class ER, 2.50%, 2/25/2036
50
47
Series 2006-14, Class DB, 5.50%, 3/25/2036
249
251
Series 2006-16, Class FC, 5.74%, 3/25/2036 (c)
55
55
Series 2006-27, Class BF, 5.74%, 4/25/2036 (c)
93
92
Series 2006-50, Class PE, 5.00%, 6/25/2036
252
250
Series 2006-46, Class FW, 5.84%, 6/25/2036 (c)
195
193
Series 2006-42, Class PF, 5.85%, 6/25/2036 (c)
138
136
Series 2009-71, Class JT, 6.00%, 6/25/2036
150
153
Series 2006-58, Class ST, IF, IO, 1.71%, 7/25/2036 (c)
355
26
Series 2006-101, Class FC, 5.50%, 7/25/2036 (c)
116
114
Series 2006-101, Class FD, 5.50%, 7/25/2036 (c)
74
73
Series 2006-56, Class DC, 6.09%, 7/25/2036 (c)
180
179
Series 2007-1, Class NF, 5.69%, 2/25/2037 (c)
189
187
Series 2007-22, Class SC, IF, IO, 0.64%, 3/25/2037 (c)
22
—
Series 2007-16, Class FC, 6.19%, 3/25/2037 (c)
13
12
Series 2007-33, Class MS, IF, IO, 1.15%, 4/25/2037 (c)
919
57
Series 2007-57, Class ZE, 4.75%, 5/25/2037
130
130
Series 2007-B2, Class ZA, 5.50%, 6/25/2037
1,447
1,459
Series 2008-5, Class PE, 5.00%, 8/25/2037
76
76
Series 2007-85, Class SH, IF, IO, 1.06%, 9/25/2037 (c)
605
12
Series 2017-59, Class DW, 3.50%, 12/25/2037
7
7
Series 2007-117, Class FM, 6.14%, 1/25/2038 (c)
124
123
Series 2007-117, Class MF, 6.14%, 1/25/2038 (c)
232
231
Series 2008-24, Class PF, 6.09%, 2/25/2038 (c)
31
31
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2008-18, Class SE, IF, IO, 0.83%, 3/25/2038 (c)
77
5
Series 2008-25, Class DZ, 5.75%, 4/25/2038
397
386
Series 2008-83, Class CA, 6.00%, 9/25/2038
398
408
Series 2009-29, Class LA, 1.17%, 5/25/2039 (c)
803
659
Series 2013-25, Class DC, 2.50%, 6/25/2039
343
320
Series 2009-59, Class HB, 5.00%, 8/25/2039
977
968
Series 2009-73, Class HJ, 6.00%, 9/25/2039
100
102
Series 2009-70, Class FA, 6.64%, 9/25/2039 (c)
60
59
Series 2009-86, Class PE, 5.00%, 10/25/2039
2,245
2,223
Series 2013-125, Class AB, 4.00%, 11/25/2039
173
165
Series 2009-87, Class B, 4.50%, 11/25/2039
971
955
Series 2009-112, Class SW, IF, IO, 0.81%, 1/25/2040 (c)
1,815
117
Series 2010-37, Class CY, 5.00%, 4/25/2040
42
42
Series 2011-3, Class KA, 5.00%, 4/25/2040
50
50
Series 2011-61, Class ZA, 5.00%, 4/25/2040
763
755
Series 2010-35, Class KF, 5.94%, 4/25/2040 (c)
127
127
Series 2010-43, Class HJ, 5.50%, 5/25/2040
136
138
Series 2010-64, Class DM, 5.00%, 6/25/2040
465
459
Series 2010-58, Class FA, 5.99%, 6/25/2040 (c)
254
252
Series 2010-58, Class FY, 6.17%, 6/25/2040 (c)
111
110
Series 2010-109, Class M, 3.00%, 9/25/2040
903
854
Series 2010-126, Class LI, IO, 4.00%, 11/25/2040
203
10
Series 2010-154, Class MW, 3.50%, 1/25/2041
3,059
2,899
Series 2011-63, Class LB, 4.00%, 1/25/2041
2,474
2,353
Series 2011-18, Class KY, 4.00%, 3/25/2041
529
501
Series 2011-35, Class PE, 4.00%, 4/25/2041
986
928
Series 2011-52, Class GB, 5.00%, 6/25/2041
76
76
Series 2011-53, Class FT, 6.02%, 6/25/2041 (c)
98
97
Series 2011-128, Class KP, 4.50%, 7/25/2041
38
36
Series 2011-59, Class NZ, 5.50%, 7/25/2041
544
550
Series 2012-147, Class NE, 1.75%, 8/25/2041
1,065
991
Series 2012-14, Class PA, 2.00%, 8/25/2041
143
132
Series 2013-72, Class LY, 3.50%, 8/25/2041
321
312
Series 2015-45, Class GA, 2.50%, 9/25/2041
244
236
Series 2013-126, Class CA, 4.00%, 9/25/2041
221
210
Series 2011-123, Class BP, 2.00%, 10/25/2041
2,600
2,335
Series 2011-141, Class MA, 3.50%, 10/25/2041
150
145
Series 2012-64, Class PK, 4.50%, 12/25/2041
799
773
Series 2012-113, Class DC, 2.25%, 1/25/2042
114
106
Series 2012-27, Class PL, 2.00%, 2/25/2042
140
131
Series 2012-139, Class NY, 5.00%, 2/25/2042
1,248
1,234
Series 2012-133, Class AP, 1.75%, 3/25/2042
3,107
2,733
Series 2012-100, Class TL, 4.00%, 4/25/2042
222
213
Series 2012-80, Class EB, 4.50%, 4/25/2042
100
98
Series 2013-9, Class CB, 5.50%, 4/25/2042
2,161
2,174
Series 2013-73, Class PG, 2.50%, 6/25/2042
649
595
Series 2012-128, Class VF, 5.69%, 6/25/2042 (c)
361
356
Series 2013-93, Class PJ, 3.00%, 7/25/2042
564
528
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2013-96, Class FY, 5.79%, 7/25/2042 (c)
169
165
Series 2013-34, Class PC, 2.50%, 8/25/2042
434
399
Series 2014-18, Class DE, 4.00%, 8/25/2042
618
593
Series 2012-94, Class K, 2.00%, 9/25/2042
814
672
Series 2013-60, Class PD, 2.00%, 10/25/2042
469
426
Series 2012-112, Class DA, 3.00%, 10/25/2042
1,709
1,508
Series 2013-81, Class NC, 3.00%, 10/25/2042
298
288
Series 2013-72, Class AF, 5.69%, 11/25/2042 (c)
31
31
Series 2013-6, Class HD, 1.50%, 12/25/2042
309
264
Series 2013-35, Class LP, 3.00%, 1/25/2043
6,100
5,654
Series 2013-61, Class BA, 3.00%, 1/25/2043
1,480
1,344
Series 2013-10, Class PA, 1.50%, 2/25/2043
841
688
Series 2013-10, Class UB, 2.00%, 2/25/2043
973
802
Series 2013-58, Class FP, 5.69%, 2/25/2043 (c)
526
517
Series 2013-18, Class BZ, 3.00%, 3/25/2043
6,916
6,483
Series 2013-100, Class PL, 4.50%, 3/25/2043
587
572
Series 2013-66, Class LB, 1.50%, 4/25/2043
53
49
Series 2013-26, Class ZV, 3.50%, 4/25/2043
11,802
10,551
Series 2013-33, Class UZ, 3.50%, 4/25/2043
8,339
7,553
Series 2013-64, Class PF, 5.69%, 4/25/2043 (c)
466
456
Series 2014-3, Class BL, 2.50%, 6/25/2043
8
8
Series 2013-66, Class MB, 3.00%, 7/25/2043
1,831
1,618
Series 2014-43, Class PZ, 3.00%, 7/25/2043
1,281
1,018
Series 2014-32, Class DK, 3.00%, 8/25/2043
330
310
Series 2013-92, Class DE, 4.00%, 9/25/2043
600
534
Series 2015-34, Class UP, 3.00%, 11/25/2043
561
529
Series 2020-45, Class CB, 2.00%, 2/25/2044
3,881
3,526
Series 2016-80, Class KV, 3.00%, 6/25/2044
3,452
3,298
Series 2014-56, Class Z, 3.50%, 9/25/2044
5,751
5,194
Series 2017-74, Class KA, 3.00%, 11/25/2044
134
131
Series 2016-100, Class P, 3.50%, 11/25/2044
57
54
Series 2020-18, Class DC, 2.50%, 2/25/2045
98
96
Series 2015-33, Class DT, 2.50%, 6/25/2045
433
393
Series 2015-51, Class KC, 3.00%, 6/25/2045
223
207
Series 2017-18, Class DA, 3.00%, 8/25/2045
856
817
Series 2016-84, Class LA, 3.00%, 12/25/2045
784
714
Series 2016-2, Class GA, 3.00%, 2/25/2046
1,502
1,379
Series 2016-16, Class AL, 3.00%, 4/25/2046
8,534
7,534
Series 2017-15, Class PE, 3.50%, 4/25/2046
1,031
951
Series 2017-68, Class HQ, 3.00%, 7/25/2046
1,037
943
Series 2016-80, Class JP, 3.00%, 11/25/2046
613
525
Series 2017-85, Class HA, 3.00%, 12/25/2046
1,195
1,086
Series 2017-11, Class PH, 2.50%, 3/25/2047
187
157
Series 2017-10, Class AE, 3.00%, 3/25/2047
1,856
1,715
Series 2017-9, Class B, 3.00%, 3/25/2047
2,035
1,883
Series 2017-10, Class FA, 5.84%, 3/25/2047 (c)
179
176
Series 2017-89, Class KZ, 3.50%, 8/25/2047
7,114
5,848
Series 2017-84, Class JA, 2.75%, 9/25/2047
516
442
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2017-96, Class MA, 3.00%, 12/25/2047
419
359
Series 2017-102, Class PZ, 3.50%, 12/25/2047
2,385
1,995
Series 2018-37, Class BC, 3.50%, 12/25/2047
250
228
Series 2018-13, Class PA, 3.00%, 3/25/2048
7,465
6,347
Series 2018-15, Class NZ, 3.00%, 3/25/2048
7,344
6,374
Series 2018-15, Class ZG, 3.50%, 3/25/2048
1,695
1,496
Series 2019-17, Class KA, 3.50%, 4/25/2048
232
220
Series 2019-65, Class PA, 2.50%, 5/25/2048
153
134
Series 2019-11, Class EA, 3.00%, 5/25/2048
618
561
Series 2019-20, Class PB, 2.75%, 7/25/2048
250
218
Series 2018-87, Class BA, 4.00%, 7/25/2048
118
111
Series 2020-94, PO, 9/25/2048
406
330
Series 2019-9, Class ZA, 3.50%, 9/25/2048
6,219
5,465
Series 2019-51, Class DW, 3.50%, 11/25/2048
475
452
Series 2020-49, Class GA, 1.50%, 2/25/2049
2,366
1,858
Series 2009-11, Class ZY, 5.50%, 3/25/2049
2,597
2,594
Series 2019-18, Class BA, 3.50%, 5/25/2049
7,737
7,188
Series 2019-70, Class JA, 2.50%, 9/25/2049
120
102
Series 2019-72, Class KA, 2.50%, 9/25/2049
167
139
Series 2020-15, Class EA, 2.00%, 10/25/2049
614
502
Series 2019-70, Class MB, 2.50%, 12/25/2049
1,000
704
Series 2019-81, Class LA, 2.50%, 12/25/2049
347
285
Series 2020-7, Class DZ, 3.00%, 2/25/2050
684
564
Series 2020-15, Class EM, 3.00%, 3/25/2050
545
454
Series 2019-33, Class MA, 3.50%, 7/25/2055
513
491
Series 2018-70, Class HA, 3.50%, 10/25/2056
520
495
FNMA, REMIC, Whole Loan
Series 2007-54, Class FA, 5.84%, 6/25/2037 (c)
100
98
Series 2007-106, Class A7, 6.02%, 10/25/2037 (c)
110
112
Series 2001-50, Class BA, 7.00%, 10/25/2041
49
49
FNMA, STRIPS
Series 289, Class 1, PO, 11/25/2027
36
34
Series 334, Class 17, IO, 6.50%, 2/25/2033 (c)
102
14
Series 334, Class 13, IO, 6.00%, 3/25/2033 (c)
84
11
Series 334, Class 9, IO, 6.00%, 3/25/2033
222
28
Series 356, Class 16, IO, 5.50%, 6/25/2035 (c)
71
10
Series 359, Class 16, IO, 5.50%, 10/25/2035 (c)
58
9
Series 369, Class 19, IO, 6.00%, 10/25/2036 (c)
44
8
Series 369, Class 26, IO, 6.50%, 10/25/2036 (c)
29
5
Series 386, Class 20, IO, 6.50%, 8/25/2038 (c)
121
21
Series 394, Class C3, IO, 6.50%, 9/25/2038
225
39
Series 411, Class A3, 3.00%, 8/25/2042
1,037
916
FNMA, Whole Loan Series 2007-W1, Class 1AF1, 5.70%, 11/25/2046 (c)
898
889
GNMA
Series 2011-132, Class GJ, 2.00%, 9/16/2026
79
78
Series 2011-155, Class A, 3.00%, 11/20/2026
27
26
Series 2013-75, Class AC, 1.50%, 5/20/2028
550
519
Series 2003-50, Class F, 5.73%, 5/16/2033 (c)
50
50
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2004-39, Class IN, IO, 5.50%, 6/20/2033
52
1
Series 2003-102, Class PE, 6.00%, 11/20/2033
852
851
Series 2006-26, Class S, IF, IO, 1.07%, 6/20/2036 (c)
2,872
86
Series 2007-16, Class KU, IF, IO, 1.22%, 4/20/2037 (c)
1,630
67
Series 2009-106, Class XL, IF, IO, 1.32%, 6/20/2037 (c)
1,493
69
Series 2013-23, Class BP, 3.00%, 9/20/2037
64
64
Series 2008-75, Class SP, IF, IO, 2.04%, 8/20/2038 (c)
589
22
Series 2009-14, Class SA, IF, IO, 0.65%, 3/20/2039 (c)
1,733
31
Series 2009-14, Class KS, IF, IO, 0.87%, 3/20/2039 (c)
719
18
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039
220
27
Series 2009-75, Class NB, 4.50%, 6/20/2039
45
44
Series 2010-59, Class HZ, 4.50%, 5/16/2040
1,190
1,147
Series 2011-26, Class PA, 4.00%, 7/20/2040
—
—
Series 2010-98, Class ME, 4.50%, 8/20/2040
11,695
11,394
Series 2013-71, Class NA, 2.50%, 8/20/2041
47
44
Series 2012-96, Class WP, 6.50%, 8/16/2042
1,940
1,989
Series 2013-42, Class ND, 1.75%, 11/20/2042
82
74
Series 2013-28, Class DE, 1.75%, 12/20/2042
192
161
Series 2014-3, Class GA, 2.50%, 1/16/2044
3,358
3,060
Series 2014-12, Class ZA, 3.00%, 1/20/2044
14,182
12,449
Series 2018-29, Class LC, 3.00%, 4/20/2044
74
72
Series 2016-25, Class QH, 3.00%, 12/16/2044
1,042
958
Series 2015-80, Class CP, 4.50%, 6/20/2045
214
202
Series 2015-80, Class CQ, 5.00%, 6/20/2045
154
147
Series 2018-36, Class AM, 3.00%, 7/20/2045
379
356
Series 2016-79, Class LA, 3.00%, 9/20/2045
203
196
Series 2016-90, Class MA, 3.00%, 10/20/2045
141
137
Series 2016-104, Class MA, 3.00%, 11/20/2045
99
98
Series 2020-125, Class AG, 2.50%, 2/20/2046
1,191
1,122
Series 2016-91, Class WH, 2.75%, 3/20/2046
931
823
Series 2017-65, Class DZ, 3.00%, 4/20/2047
2,894
2,317
Series 2017-139, Class PE, 2.75%, 8/20/2047
3,643
3,037
Series 2018-34, Class TY, 3.50%, 3/20/2048
836
731
Series 2019-74, Class AT, 3.00%, 6/20/2049
446
399
Series 2019-145, Class PA, 3.50%, 8/20/2049
186
172
Series 2020-5, Class NA, 3.50%, 12/20/2049
3,082
2,769
Series 2020-74, Class DY, 2.00%, 5/20/2050
890
717
Series 2020-83, Class KP, 3.00%, 6/20/2050
270
231
Series 2010-H26, Class LF, 5.79%, 8/20/2058 (c)
70
69
Series 2010-H03, Class FA, 5.98%, 3/20/2060 (c)
1,045
1,044
Series 2011-H07, Class FA, 5.94%, 2/20/2061 (c)
678
677
Series 2011-H08, Class FA, 6.04%, 2/20/2061 (c)
609
609
Series 2011-H11, Class FA, 5.94%, 3/20/2061 (c)
189
189
Series 2011-H11, Class FB, 5.94%, 4/20/2061 (c)
118
118
Series 2011-H21, Class FA, 6.04%, 10/20/2061 (c)
79
79
Series 2013-H05, Class FB, 5.83%, 2/20/2062 (c)
57
56
Series 2012-H14, Class FK, 6.02%, 7/20/2062 (c)
91
91
Series 2012-H18, Class NA, 5.96%, 8/20/2062 (c)
74
74
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2012-H20, Class BA, 6.00%, 9/20/2062 (c)
118
116
Series 2012-H29, Class FA, 5.95%, 10/20/2062 (c)
29
29
Series 2012-H23, Class WA, 5.96%, 10/20/2062 (c)
110
110
Series 2012-H30, Class GA, 5.79%, 12/20/2062 (c)
80
79
Series 2013-H08, Class FA, 5.79%, 3/20/2063 (c)
300
299
Series 2013-H11, Class FA, 5.89%, 4/20/2063 (c)
90
90
Series 2013-H14, Class FG, 5.91%, 5/20/2063 (c)
260
260
Series 2013-H15, Class FA, 5.98%, 6/20/2063 (c)
307
307
Series 2013-H19, Class FC, 6.04%, 8/20/2063 (c)
487
487
Series 2014-H05, Class FB, 6.04%, 12/20/2063 (c)
61
61
Series 2014-H02, Class FB, 6.09%, 12/20/2063 (c)
263
263
Series 2014-H14, Class GF, 5.91%, 7/20/2064 (c)
65
65
Series 2014-H16, Class FL, 5.91%, 7/20/2064 (c)
486
482
Series 2014-H21, Class FA, 6.09%, 10/20/2064 (c)
220
220
Series 2015-H04, Class FL, 5.91%, 2/20/2065 (c)
114
114
Series 2015-H06, Class FB, 6.09%, 2/20/2065 (c)
7,889
7,848
Series 2015-H13, Class FG, 5.84%, 4/20/2065 (c)
144
144
Series 2015-H10, Class FH, 6.04%, 4/20/2065 (c)
905
900
Series 2015-H09, Class FA, 6.06%, 4/20/2065 (c)
311
309
Series 2015-H10, Class FK, 6.06%, 4/20/2065 (c)
9,154
9,105
Series 2015-H14, Class FB, 5.87%, 5/20/2065 (c)
38
38
Series 2015-H12, Class FB, 6.04%, 5/20/2065 (c)
6,615
6,583
Series 2015-H12, Class FD, 6.04%, 5/20/2065 (c)
1,072
1,065
Series 2015-H14, Class FA, 6.01%, 6/20/2065 (c)
3,554
3,537
Series 2015-H16, Class FM, 6.04%, 7/20/2065 (c)
2,529
2,515
Series 2015-H24, Class FA, 6.09%, 9/20/2065 (c)
4,200
4,178
Series 2015-H27, Class FA, 6.19%, 9/20/2065 (c)
1,132
1,129
Series 2015-H25, Class FD, 6.09%, 10/20/2065 (c)
4,830
4,805
Series 2015-H29, Class FA, 6.14%, 10/20/2065 (c)
3
3
Series 2015-H29, Class FJ, 6.12%, 11/20/2065 (c)
3,118
3,105
Series 2016-H01, Class FA, 6.34%, 1/20/2066 (c)
2,523
2,530
Series 2016-H06, Class FC, 6.36%, 2/20/2066 (c)
1,681
1,679
Series 2016-H06, Class FA, 6.39%, 2/20/2066 (c)
1,817
1,815
Series 2016-H09, Class FN, 6.29%, 3/20/2066 (c)
2,125
2,120
Series 2016-H14, Class FA, 6.24%, 6/20/2066 (c)
1,114
1,111
Series 2016-H22, Class FA, 6.21%, 10/20/2066 (c)
3,994
4,002
Series 2016-H24, Class AF, 6.29%, 11/20/2066 (c)
1,662
1,658
Series 2017-H07, Class FG, 5.90%, 2/20/2067 (c)
197
197
Series 2017-H14, Class FD, 5.91%, 6/20/2067 (c)
324
321
Series 2017-H16, Class CF, 5.91%, 7/20/2067 (c)
5,659
5,646
Series 2017-H15, Class FN, 5.94%, 7/20/2067 (c)
147
146
Series 2017-H19, Class FA, 5.89%, 8/20/2067 (c)
406
405
Series 2018-H04, Class FG, 5.72%, 2/20/2068 (c)
255
254
Series 2018-H07, Class FE, 5.79%, 2/20/2068 (c)
52
51
Series 2019-H01, Class FT, 5.84%, 10/20/2068 (c)
418
418
Series 2019-H05, Class FT, 5.44%, 4/20/2069 (c)
1,140
1,139
Series 2020-H13, Class FK, 5.94%, 7/20/2070 (c)
3,355
3,318
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
JPMorgan Mortgage Trust
Series 2004-S2, Class 5A1, 5.50%, 12/25/2019
110
98
Series 2006-A2, Class 4A1, 6.02%, 8/25/2034 (c)
300
298
Legacy Mortgage Asset Trust Series 2021-GS3, Class A1, 4.75%, 7/25/2061 (a) (e)
3,317
3,247
MASTR Alternative Loan Trust Series 2004-8, Class 6A1, 5.50%, 9/25/2019
—
—
MFA Trust Series 2021-NQM2, Class A1, 1.03%, 11/25/2064 (a) (c)
927
794
New Residential Mortgage Loan Trust Series 2024-RTL1, Class A1, 6.66%, 3/25/2039 (a) (e)
6,035
6,079
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-AR6, Class 4A1, 5.96%, 12/25/2035 (c)
1,233
325
NYMT Loan Trust Series 2021-SP1, Class A1, 1.67%, 8/25/2061 (a) (e)
9,213
8,903
OBX Trust Series 2020-EXP3, Class 2A1, 6.34%, 1/25/2060 (a) (c)
636
633
PRPM LLC
Series 2020-4, Class A1, 5.61%, 10/25/2025 (a) (e)
7,010
7,001
Series 2020-6, Class A1, 5.36%, 11/25/2025 (a) (e)
2,825
2,812
Series 2021-RPL2, Class A1, 1.46%, 10/25/2051 (a) (c)
1,589
1,417
Visio Trust Series 2019-2, Class A1, 2.72%, 11/25/2054 (a) (c)
1,544
1,465
Total Collateralized Mortgage Obligations
(Cost $747,522)
687,232
Mortgage-Backed Securities — 8.3%
FHLMC
Pool # 611141, ARM, 6.30%, 1/1/2027 (c)
3
3
Pool # 846774, ARM, 6.28%, 12/1/2027 (c)
—
—
Pool # 1B2844, ARM, 6.27%, 3/1/2035 (c)
27
27
Pool # 1L1380, ARM, 6.55%, 3/1/2035 (c)
582
603
Pool # 1L1379, ARM, 7.08%, 10/1/2035 (c)
357
357
Pool # 1J1380, ARM, 6.31%, 3/1/2036 (c)
89
89
Pool # 1G1861, ARM, 6.54%, 3/1/2036 (c)
178
179
Pool # 1J1313, ARM, 5.50%, 6/1/2036 (c)
35
36
Pool # 1G1028, ARM, 5.92%, 7/1/2036 (c)
16
17
Pool # 1K0035, ARM, 6.36%, 8/1/2036 (c)
50
50
Pool # 1N0273, ARM, 7.66%, 8/1/2036 (c)
42
42
Pool # 1J1393, ARM, 5.82%, 10/1/2036 (c)
240
245
Pool # 1J1378, ARM, 5.89%, 11/1/2036 (c)
98
98
Pool # 1J1418, ARM, 5.94%, 12/1/2036 (c)
63
63
Pool # 1J1467, ARM, 5.99%, 12/1/2036 (c)
88
91
Pool # 1N0346, ARM, 7.44%, 12/1/2036 (c)
93
93
Pool # 1J1541, ARM, 6.05%, 1/1/2037 (c)
302
304
Pool # 1J1516, ARM, 6.07%, 2/1/2037 (c)
62
63
Pool # 1J1635, ARM, 6.06%, 3/1/2037 (c)
130
132
Pool # 1J1522, ARM, 6.66%, 3/1/2037 (c)
62
64
Pool # 1N1458, ARM, 7.07%, 3/1/2037 (c)
81
83
Pool # 1Q0339, ARM, 5.78%, 4/1/2037 (c)
11
11
Pool # 1Q0697, ARM, 7.35%, 5/1/2037 (c)
431
434
Pool # 1J1681, ARM, 5.73%, 6/1/2037 (c)
441
446
Pool # 1J1685, ARM, 5.73%, 6/1/2037 (c)
139
139
Pool # 1J2834, ARM, 6.14%, 8/1/2037 (c)
49
49
Pool # 847871, ARM, 6.59%, 8/1/2037 (c)
99
99
Pool # 1Q0476, ARM, 6.03%, 10/1/2037 (c)
87
87
Pool # 1J2945, ARM, 6.00%, 11/1/2037 (c)
47
47
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # 1Q0894, ARM, 5.93%, 1/1/2038 (c)
161
160
Pool # 1Q0722, ARM, 6.32%, 4/1/2038 (c)
145
145
FHLMC Gold Pools, 15 Year
Pool # J14783, 4.00%, 3/1/2026
14
14
Pool # G14643, 4.00%, 8/1/2026
20
20
Pool # G14973, 4.00%, 12/1/2028
38
38
Pool # J31731, 3.00%, 5/1/2030
221
211
Pool # G16018, 3.00%, 12/1/2031
3,027
2,864
Pool # G18692, 3.50%, 6/1/2033 (d)
7,924
7,536
Pool # G16584, 3.50%, 8/1/2033 (d)
11,478
10,916
Pool # G18713, 3.50%, 11/1/2033 (d)
18,687
17,771
FHLMC Gold Pools, 20 Year
Pool # G30262, 6.00%, 10/1/2024
—
—
Pool # G30325, 5.50%, 3/1/2027
241
238
Pool # C91261, 4.50%, 8/1/2029
66
65
Pool # C91349, 4.50%, 12/1/2030
70
69
Pool # G30565, 4.50%, 10/1/2031
165
162
Pool # G30701, 5.00%, 11/1/2031
56
56
Pool # C91388, 3.50%, 2/1/2032
1,614
1,538
Pool # C91447, 3.50%, 5/1/2032
123
117
Pool # C91449, 4.00%, 5/1/2032
572
554
Pool # C91581, 3.00%, 11/1/2032
649
606
Pool # K90311, 3.00%, 4/1/2033
1,294
1,203
Pool # G30669, 4.50%, 12/1/2033
864
847
Pool # C91761, 4.00%, 5/1/2034
650
626
Pool # K92617, 3.00%, 4/1/2035
3,537
3,255
Pool # C91862, 3.50%, 1/1/2036
2,363
2,224
Pool # C91880, 3.50%, 6/1/2036
1,326
1,241
FHLMC Gold Pools, 30 Year
Pool # A30588, 6.00%, 7/1/2032
56
57
Pool # G01665, 5.50%, 3/1/2034
1,206
1,211
Pool # G05046, 5.00%, 11/1/2036
69
69
Pool # G03073, 5.50%, 7/1/2037
569
572
Pool # G04772, 7.00%, 8/1/2038
69
72
Pool # G05091, 4.50%, 9/1/2038
562
542
Pool # G05798, 5.50%, 1/1/2040
140
141
Pool # G08729, 4.50%, 9/1/2046
385
369
FHLMC Gold Pools, Other
Pool # T45022, 2.50%, 1/1/2028
1,706
1,631
Pool # U79013, 2.50%, 4/1/2028
314
301
Pool # U79014, 2.50%, 5/1/2028
391
374
Pool # T40143, 2.50%, 7/1/2028
365
348
Pool # U79019, 3.00%, 7/1/2028
69
66
Pool # U79026, 2.50%, 9/1/2028
79
75
Pool # U49013, 3.00%, 9/1/2028
638
614
Pool # G20027, 10.00%, 10/1/2030
6
6
Pool # ZT1051, 3.50%, 12/1/2033
1,702
1,607
Pool # G20028, 7.50%, 12/1/2036
993
1,006
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # RE6019, 3.00%, 12/1/2049
538
445
Pool # RE6030, 3.50%, 2/1/2050
369
319
Pool # RE6028, 3.00%, 4/1/2050
311
257
Pool # RE6048, 2.50%, 5/1/2050
1,288
1,021
Pool # RE6041, 3.00%, 5/1/2050
4,826
3,988
FHLMC UMBS, 10 Year
Pool # RD5058, 2.00%, 5/1/2031
13,505
12,440
Pool # RD5059, 1.50%, 6/1/2031
14,586
13,213
Pool # RD5121, 4.50%, 9/1/2032
2,396
2,338
Pool # RD5122, 4.00%, 10/1/2032
2,758
2,647
Pool # RD5146, 4.50%, 5/1/2033
3,068
2,993
Pool # RD5150, 5.00%, 5/1/2033
5,262
5,211
Pool # RD5157, 4.50%, 7/1/2033
2,087
2,036
FHLMC UMBS, 15 Year
Pool # ZS6893, 3.00%, 1/1/2029
12,724
12,194
Pool # ZK7588, 3.00%, 2/1/2029
8,057
7,752
Pool # ZS7344, 3.00%, 1/1/2031
10,657
10,083
Pool # ZS8602, 3.00%, 3/1/2031 (d)
3,250
3,071
Pool # ZK8739, 3.00%, 5/1/2032
8,128
7,626
Pool # SB0722, 3.00%, 4/1/2033
4,602
4,354
Pool # ZS8076, 4.00%, 7/1/2033
1,398
1,354
Pool # ZS8124, 4.00%, 8/1/2033
2,173
2,103
Pool # ZT1403, 3.50%, 11/1/2033 (d)
12,390
11,768
Pool # ZT1412, 4.00%, 11/1/2033
13,427
13,000
Pool # SB1084, 3.00%, 3/1/2035
14,572
13,826
Pool # SB0754, 2.00%, 3/1/2036
931
820
FHLMC UMBS, 20 Year
Pool # ZT2375, 4.00%, 3/1/2032
8,904
8,626
Pool # ZT1674, 5.00%, 2/1/2035
2,725
2,702
Pool # SC0379, 4.50%, 4/1/2035
3,644
3,557
Pool # ZT1808, 3.50%, 5/1/2037
8,132
7,673
FHLMC UMBS, 30 Year Pool # SD4986, 5.50%, 11/1/2052
6,208
6,230
FNMA
Pool # 325081, ARM, 6.72%, 10/1/2025 (c)
1
1
Pool # 409902, ARM, 6.49%, 6/1/2027 (c)
3
3
Pool # 52597, ARM, 4.47%, 7/1/2027 (c)
1
1
Pool # 810896, ARM, 7.27%, 1/1/2035 (c)
15
15
Pool # 865095, ARM, 6.68%, 10/1/2035 (c)
177
176
Pool # 877009, ARM, 6.42%, 3/1/2036 (c)
192
195
Pool # AD0295, ARM, 6.43%, 3/1/2036 (c)
217
217
Pool # 894571, ARM, 6.71%, 3/1/2036 (c)
478
498
Pool # 895687, ARM, 7.58%, 5/1/2036 (c)
32
32
Pool # 882099, ARM, 7.03%, 7/1/2036 (c)
63
62
Pool # 884722, ARM, 5.24%, 8/1/2036 (c)
27
27
Pool # 745858, ARM, 5.77%, 8/1/2036 (c)
19
19
Pool # 886558, ARM, 6.02%, 8/1/2036 (c)
134
135
Pool # 887714, ARM, 6.17%, 8/1/2036 (c)
49
48
Pool # 882241, ARM, 5.91%, 10/1/2036 (c)
103
102
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # 905593, ARM, 5.81%, 12/1/2036 (c)
11
11
Pool # AD0296, ARM, 5.86%, 12/1/2036 (c)
319
318
Pool # 870920, ARM, 5.87%, 12/1/2036 (c)
14
15
Pool # 905196, ARM, 6.29%, 12/1/2036 (c)
14
14
Pool # 888143, ARM, 5.81%, 1/1/2037 (c)
37
37
Pool # 920954, ARM, 7.30%, 1/1/2037 (c)
295
298
Pool # 913984, ARM, 7.18%, 2/1/2037 (c)
161
162
Pool # 910178, ARM, 6.37%, 3/1/2037 (c)
298
298
Pool # 888750, ARM, 6.57%, 4/1/2037 (c)
35
35
Pool # 936588, ARM, 6.77%, 4/1/2037 (c)
55
56
Pool # 944105, ARM, 5.53%, 7/1/2037 (c)
4
4
Pool # 948208, ARM, 7.12%, 7/1/2037 (c)
226
228
Pool # 950385, ARM, 6.57%, 8/1/2037 (c)
2
2
Pool # 950382, ARM, 6.70%, 8/1/2037 (c)
462
470
Pool # AD0081, ARM, 5.84%, 11/1/2037 (c)
56
56
Pool # 952182, ARM, 5.95%, 11/1/2037 (c)
111
112
Pool # 995108, ARM, 6.02%, 11/1/2037 (c)
292
299
Pool # 966911, ARM, 6.04%, 12/1/2037 (c)
35
35
FNMA UMBS, 10 Year
Pool # MA2233, 2.50%, 4/1/2025
8
8
Pool # MA4040, 2.00%, 6/1/2030
353
328
Pool # MA4332, 2.00%, 5/1/2031
13,228
12,202
Pool # MA4367, 1.50%, 6/1/2031
17,516
15,868
Pool # BP3513, 2.00%, 6/1/2031
1,060
976
Pool # FS0868, 2.50%, 3/1/2032
2,636
2,439
Pool # MA4637, 3.00%, 6/1/2032
691
648
Pool # MA5079, 5.00%, 6/1/2033
1,917
1,898
Pool # MA5117, 4.50%, 7/1/2033
2,074
2,025
FNMA UMBS, 15 Year
Pool # 931730, 5.00%, 8/1/2024
3
2
Pool # AD0662, 5.50%, 1/1/2025
3
3
Pool # AL2193, 5.50%, 7/1/2025
1
1
Pool # AJ5336, 3.00%, 11/1/2026
23
22
Pool # AK0971, 3.00%, 2/1/2027
25
25
Pool # AO0800, 3.00%, 4/1/2027
35
34
Pool # AP7842, 3.00%, 9/1/2027
27
26
Pool # AL3439, 4.00%, 9/1/2027
115
113
Pool # AL4307, 4.00%, 10/1/2028
285
278
Pool # AL6105, 4.00%, 12/1/2029
19
19
Pool # AZ0888, 3.50%, 7/1/2030
2,627
2,526
Pool # AZ8018, 3.00%, 9/1/2030
3,660
3,469
Pool # FM9465, 3.00%, 1/1/2031
3,492
3,350
Pool # FM3524, 3.00%, 4/1/2032
5,620
5,356
Pool # BN6225, 3.50%, 3/1/2034
2,769
2,630
Pool # CA4258, 2.50%, 10/1/2034
4,352
3,922
Pool # CA4263, 3.00%, 10/1/2034 (d)
4,154
3,861
Pool # FS4368, 4.00%, 11/1/2034
26,863
25,923
Pool # FS4292, 3.00%, 2/1/2035
3,141
2,973
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # FS3924, 3.00%, 6/1/2035
19,450
18,384
Pool # FS4504, 3.50%, 9/1/2035
5,311
5,098
Pool # FS4848, 3.00%, 7/1/2036
3,318
3,112
Pool # FS4430, 3.50%, 1/1/2037
4,539
4,348
FNMA UMBS, 20 Year
Pool # 256714, 5.50%, 5/1/2027
60
60
Pool # MA0214, 5.00%, 10/1/2029
453
448
Pool # AD5474, 5.00%, 5/1/2030
171
168
Pool # MA0534, 4.00%, 10/1/2030
66
64
Pool # AL4165, 4.50%, 1/1/2031
379
370
Pool # MA0804, 4.00%, 7/1/2031
76
74
Pool # MA0792, 4.50%, 7/1/2031
658
646
Pool # MA3894, 4.00%, 9/1/2031
98
94
Pool # 890653, 4.50%, 1/1/2032
316
309
Pool # AL5958, 4.00%, 3/1/2032
753
727
Pool # MA1037, 3.00%, 4/1/2032
688
645
Pool # AL1722, 4.50%, 4/1/2032
56
55
Pool # AB5811, 3.00%, 8/1/2032
1,005
939
Pool # AL7474, 3.50%, 10/1/2032
625
591
Pool # MA1270, 2.50%, 11/1/2032
444
409
Pool # AL3190, 4.00%, 12/1/2032
296
285
Pool # MA1802, 3.00%, 1/1/2034
550
508
Pool # BM4298, 3.50%, 4/1/2034
9,717
9,200
Pool # AL8051, 4.00%, 5/1/2034
2,587
2,486
Pool # AL5373, 4.50%, 5/1/2034
297
290
Pool # MA1922, 4.00%, 6/1/2034
15,152
14,543
Pool # BM4606, 4.00%, 1/1/2036
10,690
10,317
Pool # MA2587, 3.50%, 4/1/2036
1,611
1,515
Pool # FM2477, 3.00%, 5/1/2036
2,348
2,190
Pool # AS7789, 3.00%, 8/1/2036
2,945
2,699
Pool # FM6297, 3.50%, 12/1/2036
2,477
2,342
Pool # FS0448, 3.00%, 1/1/2037
5,904
5,484
Pool # BM1370, 3.00%, 4/1/2037
1,446
1,318
Pool # BJ2544, 3.00%, 12/1/2037
1,064
958
Pool # FM2922, 3.00%, 2/1/2038
1,684
1,565
Pool # FS4583, 4.00%, 6/1/2038
1,742
1,673
Pool # FS1689, 4.50%, 4/1/2039
1,448
1,418
Pool # FS4048, 4.50%, 4/1/2039
11,504
11,261
FNMA UMBS, 30 Year
Pool # 250511, 6.50%, 3/1/2026
—
—
Pool # 555889, 8.00%, 12/1/2030
5
5
Pool # 254548, 5.50%, 12/1/2032
605
612
Pool # 555458, 5.50%, 5/1/2033
1,220
1,214
Pool # AB0054, 4.50%, 12/1/2034
1,588
1,535
Pool # 735503, 6.00%, 4/1/2035
883
902
Pool # 745275, 5.00%, 2/1/2036
1,520
1,501
Pool # 889118, 5.50%, 4/1/2036
1,660
1,656
Pool # 889209, 5.00%, 5/1/2036
86
85
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # 745948, 6.50%, 10/1/2036
131
135
Pool # 889494, 5.50%, 1/1/2037
116
117
Pool # AD0249, 5.50%, 4/1/2037
1,172
1,176
Pool # 995024, 5.50%, 8/1/2037
182
183
Pool # FS4003, 5.50%, 8/1/2037
6,381
6,404
Pool # 950302, 7.00%, 8/1/2037
299
307
Pool # 888890, 6.50%, 10/1/2037
385
401
Pool # 929005, 6.00%, 1/1/2038
244
250
Pool # 890268, 6.50%, 10/1/2038
681
698
Pool # 995149, 6.50%, 10/1/2038
411
418
Pool # AL7521, 5.00%, 6/1/2039
225
222
Pool # AC3237, 5.00%, 10/1/2039
112
110
Pool # AB2025, 5.00%, 1/1/2040
609
601
Pool # AD6431, 4.50%, 6/1/2040
121
117
Pool # AK6740, 4.00%, 3/1/2042
1,299
1,223
Pool # AO7185, 4.00%, 9/1/2042
655
611
Pool # AL7590, 3.50%, 10/1/2045
589
529
Pool # FS5552, 5.00%, 12/1/2047
6,013
5,936
Pool # FS6870, 5.50%, 11/1/2052
4,241
4,257
FNMA, 30 Year Pool # 801357, 5.50%, 8/1/2034
31
31
FNMA, Other
Pool # AN0254, 2.97%, 12/1/2025
4,761
4,593
Pool # AN1461, 2.59%, 5/1/2026
10,000
9,510
Pool # AN1613, 2.55%, 7/1/2026
9,564
9,074
Pool # BL4482, 2.19%, 11/1/2026
10,165
9,511
Pool # AM8146, 2.78%, 2/1/2027
7,308
6,925
Pool # AN5041, 3.08%, 3/1/2027
5,099
4,863
Pool # AN6585, 2.84%, 9/1/2027
6,539
6,140
Pool # AN6586, 2.84%, 9/1/2027
5,982
5,617
Pool # AN7079, 2.80%, 10/1/2027
2,748
2,579
Pool # AN7169, 2.83%, 10/1/2027
5,354
5,024
Pool # BL9763, 1.24%, 12/1/2027
2,500
2,202
Pool # AB7351, 2.50%, 12/1/2027
318
304
Pool # AQ8837, 2.50%, 12/1/2027
206
198
Pool # AQ9357, 2.50%, 1/1/2028
117
112
Pool # AN8048, 3.08%, 1/1/2028
3,160
3,005
Pool # AQ9760, 2.50%, 2/1/2028
572
544
Pool # MA1360, 2.50%, 2/1/2028
647
618
Pool # BS1625, 1.35%, 4/1/2028
5,041
4,435
Pool # BS8763, 4.50%, 6/1/2028
1,335
1,314
Pool # BS9129, 4.39%, 7/1/2028
3,798
3,720
Pool # MA1557, 3.00%, 8/1/2028
118
113
Pool # AN9814, 3.63%, 8/1/2028
3,588
3,413
Pool # BS9590, 4.82%, 9/1/2028
7,345
7,302
Pool # BS9454, 5.34%, 9/1/2028
4,505
4,574
Pool # BZ0016, 5.55%, 12/1/2028
5,000
5,090
Pool # BZ0809, 4.89%, 4/1/2029
1,272
1,268
Pool # BM7222, 3.50%, 10/1/2029
3,306
3,188
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # BM7221, 3.00%, 2/1/2031
6,679
6,422
Pool # BK4847, 2.50%, 4/1/2033
194
186
Pool # BM6947, 3.50%, 7/1/2033
2,854
2,714
Pool # BM6595, 4.00%, 6/1/2037
1,751
1,682
Pool # BF0194, 4.50%, 7/1/2040
2,206
2,088
Pool # BF0238, 4.50%, 8/1/2041
12,901
12,506
Pool # MA0896, 4.00%, 11/1/2041
291
267
Pool # MA1188, 3.00%, 9/1/2042
1,501
1,301
Pool # MA1349, 3.00%, 2/1/2043
1,518
1,315
Pool # MA1371, 3.00%, 3/1/2043
512
441
Pool # MA1433, 3.00%, 5/1/2043
670
577
Pool # MA1510, 4.00%, 7/1/2043
717
667
Pool # AL6167, 3.50%, 1/1/2044
1,084
983
Pool # BM3994, 3.50%, 1/1/2044
1,395
1,265
Pool # AL6854, 3.00%, 2/1/2044
2,024
1,774
Pool # AL7826, 3.50%, 1/1/2046
1,599
1,498
Pool # MA2621, 3.50%, 5/1/2046
322
281
Pool # MA2744, 3.50%, 9/1/2046
808
705
Pool # BH8493, 3.00%, 11/1/2047
1,097
926
Pool # MA3197, 3.00%, 11/1/2047
565
477
Pool # BM5053, 3.00%, 4/1/2048
414
359
Pool # BF0371, 5.00%, 7/1/2048
1,703
1,683
Pool # BF0573, 5.50%, 12/1/2048
13,230
13,080
Pool # BM6073, 3.00%, 7/1/2049
958
832
Pool # MA3876, 3.00%, 12/1/2049
2,063
1,705
Pool # MA3913, 3.00%, 1/1/2050
971
802
Pool # CA5133, 3.00%, 2/1/2050
484
401
Pool # MA3971, 3.00%, 3/1/2050
3,145
2,600
Pool # CA5979, 3.00%, 5/1/2050
453
374
Pool # MA4029, 3.00%, 5/1/2050
410
339
Pool # MA4057, 2.50%, 6/1/2050
768
610
Pool # CA6065, 3.00%, 6/1/2050
377
311
Pool # MA4058, 3.00%, 6/1/2050
320
264
Pool # CA6385, 3.00%, 7/1/2050
482
399
GNMA I, 15 Year Pool # 783929, 4.00%, 5/15/2026
7
7
GNMA I, 30 Year
Pool # 780115, 8.50%, 4/15/2025
—
—
Pool # 423946, 9.00%, 10/15/2026
—
—
Pool # 786458, 5.50%, 3/15/2033
3,111
3,144
Pool # 784278, 5.50%, 1/15/2034
2,254
2,293
Pool # 687926, 6.50%, 9/15/2038
923
954
Pool # 785282, 4.25%, 10/15/2040
7,822
7,321
Pool # 785859, 5.50%, 6/15/2041
24,228
24,659
Pool # AE7700, 3.50%, 8/15/2043
436
398
GNMA II
Pool # 8746, ARM, 3.75%, 11/20/2025 (c)
4
4
Pool # 8790, ARM, 4.62%, 1/20/2026 (c)
2
2
Pool # 80053, ARM, 4.62%, 3/20/2027 (c)
—
—
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # 80152, ARM, 4.62%, 1/20/2028 (c)
—
—
GNMA II, 15 Year
Pool # 5136, 4.00%, 8/20/2026
18
18
Pool # 5208, 3.00%, 10/20/2026
336
328
Pool # 5277, 3.50%, 1/20/2027
73
72
Pool # MA3495, 2.50%, 3/20/2031
7,889
7,372
Pool # MA3638, 2.50%, 5/20/2031
4,223
3,937
GNMA II, 30 Year
Pool # 1989, 8.50%, 4/20/2025
1
1
Pool # 2285, 8.00%, 9/20/2026
2
2
Pool # 2499, 8.00%, 10/20/2027
1
1
Pool # 2525, 8.00%, 12/20/2027
—
—
Pool # 2646, 7.50%, 9/20/2028
1
2
Pool # 4224, 7.00%, 8/20/2038
414
422
Pool # 4245, 6.00%, 9/20/2038
598
622
Pool # 4247, 7.00%, 9/20/2038
861
878
Pool # MA8619, 6.50%, 11/20/2038
2,872
2,947
Pool # MA8918, 5.50%, 12/20/2038
1,959
1,977
GNMA II, Other Pool # MA6081, 3.50%, 8/20/2049
698
618
Total Mortgage-Backed Securities
(Cost $707,678)
686,919
Commercial Mortgage-Backed Securities — 2.1%
BX Series 2021-MFM1, Class A, 6.13%, 1/15/2034 (a) (c)
2,299
2,287
Commercial Mortgage Trust
Series 2020-CBM, Class B, 3.10%, 2/10/2037 (a)
4,765
4,604
Series 2014-CR16, Class AM, 4.28%, 4/10/2047
9,853
9,513
Series 2014-UBS3, Class B, 4.31%, 6/10/2047
3,000
2,696
Series 2015-CR26, Class B, 4.46%, 10/10/2048 (c)
2,000
1,910
CSAIL Commercial Mortgage Trust Series 2015-C1, Class A3, 3.24%, 4/15/2050
2,246
2,222
DBJPM Mortgage Trust Series 2017-C6, Class A3, 3.27%, 6/10/2050
1,603
1,594
FHLMC, Multifamily Structured Pass-Through Certificates
Series K506, Class A1, 4.65%, 5/25/2028
1,182
1,168
Series K507, Class A2, 4.80%, 9/25/2028 (c)
2,500
2,480
Series KG04, Class A1, 0.85%, 6/25/2030
3,631
3,150
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KC07, Class A7, 2.51%, 10/25/2026
2,372
2,231
Series K068, Class X1, IO, 0.42%, 8/25/2027 (c)
65,027
770
Series K740, Class X1, IO, 0.74%, 9/25/2027 (c)
102,831
2,085
Series K114, Class X1, IO, 1.11%, 6/25/2030 (c)
39,705
2,149
FNMA ACES Series 2020-M10, Class X1, IO, 1.77%, 12/25/2030 (c)
53,957
3,768
FREMF Mortgage Trust
Series 2018-K733, Class C, 4.07%, 9/25/2025 (a) (c)
7,000
6,781
Series 2019-K735, Class B, 4.02%, 5/25/2026 (a) (c)
7,480
7,210
Series 2014-K39, Class C, 4.05%, 8/25/2047 (a) (c)
6,500
6,458
Series 2014-K41, Class C, 3.83%, 11/25/2047 (a) (c)
4,350
4,289
Series 2015-K44, Class C, 3.72%, 1/25/2048 (a) (c)
2,000
1,964
Series 2015-K42, Class C, 3.85%, 1/25/2048 (a) (c)
1,000
983
Series 2015-K43, Class C, 3.73%, 2/25/2048 (a) (c)
6,000
5,882
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Commercial Mortgage-Backed Securities — continued
Series 2015-K45, Class B, 3.60%, 4/25/2048 (a) (c)
1,246
1,224
Series 2015-K45, Class C, 3.60%, 4/25/2048 (a) (c)
9,700
9,509
Series 2016-K54, Class B, 4.05%, 4/25/2048 (a) (c)
1,500
1,455
Series 2015-K50, Class B, 3.78%, 10/25/2048 (a) (c)
8,000
7,785
Series 2015-K50, Class C, 3.78%, 10/25/2048 (a) (c)
2,000
1,935
Series 2016-K53, Class B, 4.02%, 3/25/2049 (a) (c)
2,260
2,198
Series 2016-K57, Class B, 3.92%, 8/25/2049 (a) (c)
2,000
1,920
Series 2019-K734, Class B, 4.05%, 2/25/2051 (a) (c)
3,400
3,290
Independence Plaza Trust Series 2018-INDP, Class C, 4.16%, 7/10/2035 (a)
3,225
3,034
JPMBB Commercial Mortgage Securities Trust
Series 2015-C30, Class C, 4.23%, 7/15/2048 (c)
9,000
7,145
Series 2015-C31, Class C, 4.62%, 8/15/2048 (c)
2,750
2,336
JPMCC Commercial Mortgage Securities Trust Series 2017-JP6, Class A3, 3.11%, 7/15/2050
3,895
3,742
MHC Commercial Mortgage Trust
Series 2021-MHC, Class A, 6.23%, 4/15/2038 (a) (c)
2,936
2,919
Series 2021-MHC, Class D, 7.03%, 4/15/2038 (a) (c)
2,097
2,084
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17, Class C, 4.40%, 8/15/2047 (c)
5,339
5,252
Series 2014-C18, Class B, 4.37%, 10/15/2047 (c)
5,250
5,167
Series 2016-C31, Class B, 3.88%, 11/15/2049 (c)
4,140
3,653
Morgan Stanley Capital I Trust Series 2021-L6, Class A2, 2.13%, 6/15/2054 (c)
3,884
3,384
MRCD MARK Mortgage Trust Series 2019-PARK, Class B, 2.72%, 12/15/2036 (a)
6,000
4,968
OPG Trust Series 2021-PORT, Class B, 6.14%, 10/15/2036 (a) (c)
4,075
4,025
Wells Fargo Commercial Mortgage Trust
Series 2021-SAVE, Class A, 6.58%, 2/15/2040 (a) (c)
6,613
6,586
Series 2015-C28, Class B, 4.08%, 5/15/2048 (c)
3,000
2,859
Series 2015-C29, Class C, 4.22%, 6/15/2048 (c)
1,250
1,142
Series 2017-C41, Class A2, 2.59%, 11/15/2050
1,452
1,338
WFRBS Commercial Mortgage Trust Series 2014-C25, Class AS, 3.98%, 11/15/2047
7,605
7,412
Total Commercial Mortgage-Backed Securities
(Cost $184,895)
172,556
 
SHARES
(000)
Short-Term Investments — 5.3%
Investment Companies — 3.9%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 5.17% (f) (g)
(Cost $324,419)
324,419
324,419
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
 INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Treasury Obligations — 1.4%
U.S. Treasury Bills
5.21%, 8/8/2024 (h) (i)
21,353
21,148
21.73%, 1/23/2025 (h)
95,105
92,062
Total U.S. Treasury Obligations
(Cost $113,318)
113,210
Total Short-Term Investments
(Cost $437,737)
437,629
Total Investments — 100.8%
(Cost $8,444,091)
8,292,147
Liabilities in Excess of Other Assets — (0.8)%
(63,182
)
NET ASSETS — 100.0%
8,228,965
 
Percentages indicated are based on net assets.
Amounts presented as a dash ("-") represent amounts that round to less than a thousand.
 
Abbreviations
 
ABS
Asset-Backed Securities
ACES
Alternative Credit Enhancement Securities
ARM
Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2024.
CLO
Collateralized Loan Obligations
CME
Chicago Mercantile Exchange
CSMC
Credit Suisse Mortgage Trust
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
ICE
Intercontinental Exchange
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
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
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
USD
United States Dollar
 
‡
Value determined using significant unobservable inputs.
(a)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2024.
(c)
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.
(d)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(e)
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined
trigger. The interest rate shown is the current rate as of May 31, 2024.
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
(f)
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.
(g)
The rate shown is the current yield as of May 31, 2024.
(h)
The rate shown is the effective yield as of May 31, 2024.
(i)
All or a portion of this security is deposited with the broker as initial margin for futures contracts.
Futures contracts outstanding as of May 31, 2024 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
U.S. Treasury 2 Year Note
10,686
09/30/2024
USD
2,177,940
1,612
Short Contracts
U.S. Treasury 10 Year Note
(1,379
)
09/19/2024
USD
(150,268
)
(3
)
U.S. Treasury 10 Year Ultra Note
(708
)
09/19/2024
USD
(79,506
)
9
U.S. Treasury Ultra Bond
(86
)
09/19/2024
USD
(10,559
)
149
U.S. Treasury 5 Year Note
(10,921
)
09/30/2024
USD
(1,157,114
)
(1,639
)
 
(1,484
)
 
128
 
Abbreviations
 
USD
United States Dollar
JPMorgan Short Duration 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.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at May 31, 2024.
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.
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
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
$—
$1,934,034
$43,138
$1,977,172
Collateralized Mortgage Obligations
—
687,231
1
687,232
Commercial Mortgage-Backed Securities
—
172,556
—
172,556
Corporate Bonds
—
2,318,401
—
2,318,401
Mortgage-Backed Securities
—
686,919
—
686,919
U.S. Treasury Obligations
—
2,012,238
—
2,012,238
Short-Term Investments
Investment Companies
324,419
—
—
324,419
U.S. Treasury Obligations
—
113,210
—
113,210
Total Short-Term Investments
324,419
113,210
—
437,629
Total Investments in Securities
$324,419
$7,924,589
$43,139
$8,292,147
Appreciation in Other Financial Instruments
Futures Contracts
$1,770
$—
$—
$1,770
Depreciation in Other Financial Instruments
Futures Contracts
(1,642
)
—
—
(1,642
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$128
$—
$—
$128
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value: 
 
Balance as of
February 29,
2024
Realized
gain (loss)
Change in net
unrealized
appreciation
(depreciation)
Net
accretion
(amortization)
Purchases1
Sales2
Transfers
into
Level 3
Transfers
out of
Level 3
Balance as of
May 31,
2024
Investments in Securities:
Asset-Backed Securities
$43,814
$—
$702
$8
$11,009
$(12,395
)
$—
$—
$43,138
Collateralized Mortgage
Obligations
56
—
—
(a)
—
—
—
—
(55
)
1
Total
$43,870
$—
$702
$8
$11,009
$(12,395
)
$—
$(55
)
$43,139
 
 
1
Purchases include all purchases of securities and securities received in corporate actions.
2
Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
 
(a)
Amount rounds to less than one thousand.
The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2024, which were valued using significant unobservable inputs (level 3) amounted to $561.
There were no significant transfers into or out of level 3 for the period ended May 31, 2024.
The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may
JPMorgan Short Duration Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.
Quantitative Information about Level 3 Fair Value Measurements # 
 
Fair Value at
May 31, 2024
Valuation
Technique(s)
Unobservable
Input
Range (Weighted
Average) (a)
 
$24,158
Discounted Cash Flow
Constant Prepayment Rate
0.00% - 100.00% (26.01%)
 
 
Yield (Discount Rate of Cash Flows)
6.03% - 7.33% (6.42%)
 
 
 
 
Asset-Backed Securities
24,158
 
 
 
Total
$24,158
 
 
 
 
#
The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At May 31, 2024, the value of
these investments was $18,981. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally
those inputs described in Note A.
(a)
Unobservable inputs were weighted by the relative fair value of the instruments.
B. 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)
$184,181
$795,757
$655,519
$—
$—
$324,419
324,419
$3,268
$—
 
 
(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.