JPMorgan Government Bond Fund
Schedule of Portfolio Investments as of May 31, 2025
(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., 2025.
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Treasury Obligations — 32.1%
U.S. Treasury Bonds
5.25%, 11/15/2028
20,000
20,856
1.88%, 2/15/2041
14,500
9,766
2.00%, 11/15/2041
27,000
18,197
3.88%, 2/15/2043
15,000
13,175
3.88%, 5/15/2043
10,000
8,763
3.75%, 11/15/2043
75,300
64,520
3.00%, 5/15/2045
31,000
23,228
2.75%, 11/15/2047
35,000
24,317
2.00%, 2/15/2050
35,000
20,043
1.25%, 5/15/2050
10,000
4,672
U.S. Treasury Inflation Indexed Bonds
1.38%, 2/15/2044
37,735
31,330
U.S. Treasury Notes
2.00%, 8/15/2025
20,000
19,905
1.63%, 2/15/2026
20,000
19,639
3.63%, 5/15/2026
10,000
9,950
4.38%, 8/15/2026
35,000
35,115
2.25%, 2/15/2027
35,000
34,020
0.63%, 3/31/2027
20,000
18,846
2.25%, 8/15/2027
40,000
38,623
1.25%, 4/30/2028
11,120
10,325
3.50%, 4/30/2028
5,000
4,950
4.00%, 6/30/2028
25,000
25,098
4.88%, 10/31/2028
25,000
25,776
3.13%, 11/15/2028
25,000
24,384
3.50%, 4/30/2030
30,000
29,365
4.25%, 2/28/2031
25,000
25,249
1.88%, 2/15/2032
20,000
17,345
4.00%, 2/15/2034
35,000
34,197
3.88%, 8/15/2034
10,000
9,634
4.63%, 2/15/2035
10,000
10,188
Total U.S. Treasury Obligations
(Cost $703,333)
631,476
Mortgage-Backed Securities — 29.5%
FHLMC Gold Pools, 30 Year
Pool # C00414, 7.50%, 8/1/2025
—
—
Pool # G00981, 8.50%, 7/1/2028
1
1
Pool # C00742, 6.50%, 4/1/2029
19
20
Pool # C00785, 6.50%, 6/1/2029
7
7
Pool # C47318, 7.00%, 9/1/2029
119
124
Pool # C01292, 6.00%, 2/1/2032
10
11
Pool # A16155, 5.50%, 11/1/2033
41
42
Pool # C03589, 4.50%, 10/1/2040
257
253
Pool # Q41177, 3.50%, 6/1/2046
10,658
9,704
Pool # G61334, 4.00%, 3/1/2047
2,035
1,918
Pool # Q54902, 4.00%, 3/1/2048
1,763
1,647
Pool # Q54950, 4.00%, 3/1/2048
2,913
2,731
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # Q59727, 4.00%, 11/1/2048
3,539
3,303
FHLMC Gold Pools, Other Pool # WA1640, 3.20%, 4/1/2034
10,333
9,301
FHLMC UMBS, 30 Year
Pool # ZT1593, 3.50%, 1/1/2049
838
753
Pool # RA2484, 3.00%, 6/1/2050
3,929
3,388
Pool # RA2904, 3.00%, 6/1/2050
6,161
5,297
Pool # RA2970, 2.50%, 7/1/2050
7,120
5,865
Pool # QB2020, 2.50%, 8/1/2050
5,283
4,373
Pool # SD7535, 2.50%, 2/1/2051
4,268
3,549
Pool # RA5576, 2.50%, 7/1/2051
4,641
3,831
Pool # QC6209, 2.50%, 8/1/2051
4,628
3,819
Pool # QC7451, 2.00%, 9/1/2051
11,137
8,790
Pool # RA7683, 5.00%, 7/1/2052
6,299
6,121
Pool # RA7937, 5.00%, 9/1/2052
12,602
12,246
Pool # QI4073, 5.50%, 4/1/2054
5,523
5,472
Pool # SD5658, 5.50%, 6/1/2054
8,637
8,609
Pool # RJ2920, 6.00%, 11/1/2054
9,598
9,773
FNMA Pool # 620061 ARM, 5.65%, 11/1/2027 (a)
2
2
FNMA UMBS, 15 Year
Pool # MA0512, 4.00%, 9/1/2025
5
5
Pool # FM4449, 3.00%, 12/1/2034
4,386
4,274
Pool # CA7114, 2.50%, 9/1/2035
11,971
11,090
FNMA UMBS, 30 Year
Pool # 250575, 6.50%, 6/1/2026
1
1
Pool # 483802, 5.50%, 2/1/2029
36
36
Pool # 524949, 7.50%, 3/1/2030
2
2
Pool # 545639, 6.50%, 4/1/2032
47
49
Pool # 702435, 5.50%, 5/1/2033
364
370
Pool # 709441, 5.50%, 7/1/2033
103
103
Pool # 730711, 5.50%, 8/1/2033
152
153
Pool # 743127, 5.50%, 10/1/2033
145
146
Pool # 747628, 5.00%, 11/1/2033
224
226
Pool # 753662, 5.50%, 12/1/2033
171
173
Pool # 755615, 5.50%, 1/1/2034
228
230
Pool # 811755, 7.00%, 3/1/2035
551
575
Pool # 845834, 5.50%, 10/1/2035
126
128
Pool # 888201, 5.50%, 2/1/2036
55
56
Pool # 831409, 5.50%, 4/1/2036
285
290
Pool # 867420, 5.50%, 5/1/2036
169
172
Pool # 745802, 6.00%, 7/1/2036
281
293
Pool # 969708, 4.50%, 3/1/2038
32
31
Pool # AE1216, 3.50%, 1/1/2041
700
648
Pool # AE1260, 3.50%, 8/1/2041
452
410
Pool # AB5378, 3.50%, 5/1/2042
1,816
1,678
Pool # AO6710, 4.00%, 6/1/2042
1,654
1,573
Pool # AR5147, 3.00%, 3/1/2043
1,664
1,476
Pool # AT8192, 4.00%, 6/1/2043
1,179
1,120
Pool # AS1112, 4.00%, 11/1/2043
2,792
2,650
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # BM1109, 4.00%, 10/1/2044
1,963
1,866
Pool # AS4073, 4.00%, 12/1/2044
1,341
1,256
Pool # AL8660, 4.00%, 6/1/2045
2,964
2,800
Pool # AS5648, 3.50%, 7/1/2045
1,831
1,665
Pool # AS6208, 3.50%, 10/1/2045
617
572
Pool # AS6344, 3.50%, 12/1/2045
1,732
1,575
Pool # BM5560, 4.00%, 1/1/2046
5,424
5,147
Pool # AL8030, 4.00%, 2/1/2046
1,812
1,702
Pool # AX5520, 3.00%, 5/1/2046
610
531
Pool # AX5546, 3.00%, 9/1/2046
881
772
Pool # AX5547, 3.50%, 9/1/2046
1,380
1,255
Pool # BM3744, 4.00%, 3/1/2047
5,628
5,296
Pool # BM1049, 4.00%, 4/1/2047
5,696
5,319
Pool # CA0411, 4.00%, 9/1/2047
3,893
3,656
Pool # CA0861, 3.50%, 11/1/2047
3,399
3,064
Pool # BJ1666, 4.00%, 12/1/2047
3,180
2,974
Pool # BM3477, 4.00%, 1/1/2048
2,748
2,565
Pool # CA1006, 4.00%, 1/1/2048
3,337
3,114
Pool # CA1361, 3.50%, 2/1/2048
2,746
2,470
Pool # BD9074, 3.50%, 3/1/2048
1,080
977
Pool # BJ4640, 4.00%, 3/1/2048
1,392
1,302
Pool # BD9078, 4.00%, 4/1/2048
1,745
1,627
Pool # BD9077, 3.50%, 5/1/2048
233
211
Pool # BD9083, 4.00%, 7/1/2048
1,868
1,743
Pool # CA2489, 4.50%, 10/1/2048
846
811
Pool # BN7416, 3.50%, 9/1/2049
2,157
1,936
Pool # BO1418, 3.50%, 9/1/2049
2,210
1,982
Pool # BO1427, 3.50%, 9/1/2049
2,188
1,962
Pool # CA4431, 3.50%, 10/1/2049
3,090
2,768
Pool # MA3803, 3.50%, 10/1/2049
1,492
1,338
Pool # FM2014, 3.00%, 11/1/2049
6,512
5,666
Pool # BN0803, 3.50%, 12/1/2049
888
798
Pool # MA3872, 3.50%, 12/1/2049
1,482
1,329
Pool # BN0807, 3.50%, 1/1/2050
706
633
Pool # FM2437, 3.00%, 2/1/2050
7,928
6,819
Pool # CA6144, 2.50%, 6/1/2050
10,854
8,948
Pool # BP7345, 3.00%, 6/1/2050
11,175
9,600
Pool # CA6322, 2.50%, 7/1/2050
8,626
7,112
Pool # CA6361, 2.50%, 7/1/2050
4,955
4,108
Pool # BQ1645, 2.50%, 8/1/2050
5,406
4,484
Pool # BQ1911, 2.00%, 10/1/2050
3,813
3,017
Pool # BQ2999, 2.50%, 10/1/2050
6,064
5,010
Pool # BQ6118, 2.50%, 10/1/2050
6,417
5,285
Pool # FM6135, 2.00%, 2/1/2051
5,474
4,316
Pool # FM8179, 2.50%, 7/1/2051
2,833
2,321
Pool # FM8787, 2.50%, 10/1/2051
14,658
12,116
Pool # FS2559, 3.00%, 12/1/2051
3,660
3,143
Pool # CB3121, 3.00%, 2/1/2052
6,604
5,630
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # CB3609, 3.50%, 5/1/2052
8,630
7,679
Pool # FS7706, 3.50%, 8/1/2052
19,099
17,093
Pool # CB4630, 5.50%, 9/1/2052
20,156
20,188
Pool # BW1328, 5.00%, 11/1/2052
4,179
4,057
Pool # CB5131, 5.00%, 11/1/2052
12,660
12,296
Pool # FS3421, 5.00%, 12/1/2052
5,844
5,680
Pool # FS5027, 4.00%, 2/1/2053
4,369
4,012
Pool # BU4029, 5.00%, 6/1/2053
12,438
12,067
Pool # CB6842, 5.50%, 8/1/2053
12,388
12,284
Pool # CB7319, 4.50%, 10/1/2053
12,976
12,263
FNMA, Other
Pool # AN0571, 3.10%, 1/1/2026
6,500
6,432
Pool # AM7199, 3.30%, 11/1/2026
2,813
2,770
Pool # FN0040, 3.04%, 6/1/2027 (a)
1,701
1,663
Pool # AN6800, 2.97%, 9/1/2027
3,183
3,094
Pool # AN6825, 2.80%, 10/1/2027
3,742
3,622
Pool # AN9486, 3.57%, 6/1/2028
12,088
11,824
Pool # 405220, 6.00%, 9/1/2028
—
—
Pool # AN3908, 3.12%, 1/1/2029
7,432
7,166
Pool # BL1950, 3.47%, 3/1/2029
12,487
12,134
Pool # AN8493, 3.30%, 2/1/2030
4,460
4,221
Pool # BM5425, 3.15%, 3/1/2030 (a)
1,981
1,880
Pool # BL9023, 1.22%, 11/1/2030
19,835
16,972
Pool # BL4576, 2.70%, 10/1/2031
15,000
13,436
Pool # AN8412, 3.39%, 2/1/2033
4,165
3,867
Pool # AN8464, 3.33%, 3/1/2033
5,978
5,528
Pool # BS3202, 1.94%, 9/1/2033
4,626
3,842
Pool # BL2944, 3.19%, 7/1/2034
1,700
1,502
Pool # BL3288, 2.52%, 9/1/2034
11,852
10,071
Pool # BL4331, 2.41%, 10/1/2034
14,975
12,629
Pool # BS2718, 1.95%, 8/1/2036
9,691
7,609
Pool # BL4215, 2.56%, 9/1/2036
6,695
5,506
Pool # BL7125, 2.04%, 6/1/2037
7,982
6,093
Pool # BF0617, 2.50%, 3/1/2062
4,868
3,744
GNMA I, 30 Year
Pool # 401860, 7.50%, 6/15/2025
—
—
Pool # 377557, 8.00%, 7/15/2025
—
—
Pool # 472679, 7.00%, 6/15/2028
—
—
Pool # 784010, 4.00%, 3/15/2045
334
317
Pool # 626938, 4.00%, 4/15/2045
177
168
Pool # 784041, 4.00%, 8/15/2045
2,277
2,123
Pool # 784208, 4.00%, 7/15/2046
3,264
3,044
Pool # 784897, 2.50%, 10/15/2049
7,779
6,629
Pool # BU5359, 3.00%, 4/15/2050
8,621
7,600
GNMA II, 30 Year
Pool # 2324, 8.00%, 11/20/2026
1
1
Pool # 2344, 8.00%, 12/20/2026
1
1
Pool # 2512, 8.00%, 11/20/2027
6
6
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # MA7589, 2.50%, 9/20/2051
4,562
3,823
Pool # CH2211, 3.50%, 9/20/2051
10,144
8,907
Total Mortgage-Backed Securities
(Cost $643,259)
579,342
Collateralized Mortgage Obligations — 23.6%
FHLMC Seasoned Credit Risk Transfer Trust
Series 2019-3, Class M55D, 4.00%, 10/25/2058
1,279
1,192
Series 2020-1, Class M55G, 3.00%, 8/25/2059
11,348
10,141
Series 2024-2, Class MT, 3.50%, 5/25/2064
4,212
3,620
FHLMC, REMIC
Series 3798, Class AY, 3.50%, 1/15/2026
69
69
Series 3809, Class BC, 3.50%, 2/15/2026
52
52
Series 3188, Class GE, 6.00%, 7/15/2026
45
45
Series 3926, Class MW, 4.50%, 9/15/2026
233
232
Series 1999, Class PU, 7.00%, 10/15/2027
3
3
Series 2031, Class PG, 7.00%, 2/15/2028
16
16
Series 2035, Class PC, 6.95%, 3/15/2028
44
44
Series 2064, Class PD, 6.50%, 6/15/2028
28
28
Series 2095, Class PE, 6.00%, 11/15/2028
27
27
Series 4314, Class DY, 3.50%, 3/15/2029
724
715
Series 4336, Class YB, 3.00%, 5/15/2029
442
438
Series 2152, Class BD, 6.50%, 5/15/2029
8
8
Series 2162, Class TH, 6.00%, 6/15/2029
59
60
Series 3737, Class DG, 5.00%, 10/15/2030
15
15
Series 2367, Class ME, 6.50%, 10/15/2031
83
86
Series 2647, Class A, 3.25%, 4/15/2032
27
26
Series 2480, Class EJ, 6.00%, 8/15/2032
122
126
Series 4156, Class SB, IF, 0.10%, 1/15/2033 (a)
600
525
Series 4170, Class TS, IF, 5.17%, 2/15/2033 (a)
3,831
3,336
Series 4186, Class JE, 2.00%, 3/15/2033
3,840
3,620
Series 4188, Class JG, 2.00%, 4/15/2033
2,509
2,365
Series 4206, Class DA, 2.00%, 5/15/2033
1,802
1,701
Series 2611, Class QZ, 5.00%, 5/15/2033
647
643
Series 4429, Class HB, 3.00%, 1/15/2035
6,293
5,877
Series 2915, Class MU, 5.00%, 1/15/2035
652
663
Series 5000, Class CB, 1.25%, 1/25/2035
3,226
2,872
Series 4448, Class DY, 3.00%, 3/15/2035
5,542
5,243
Series 4458, Class BW, 3.00%, 4/15/2035
6,769
6,417
Series 3085, Class VS, IF, 10.93%, 12/15/2035 (a)
114
134
Series 3181, Class OP, PO, 7/15/2036
440
377
Series 4867, Class WF, 4.85%, 4/15/2037 (a)
2,954
2,918
Series 3413, Class B, 5.50%, 4/15/2037
204
213
Series 3325, Class JL, 5.50%, 6/15/2037
1,074
1,121
Series 3341, Class PE, 6.00%, 7/15/2037
718
755
Series 4365, Class HZ, 3.00%, 1/15/2040
2,779
2,589
Series 3699, Class QH, 5.50%, 7/15/2040
405
415
Series 3772, Class PE, 4.50%, 12/15/2040
2,598
2,588
Series 4047, Class PB, 3.50%, 1/15/2041
747
742
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 3927, Class PC, 4.50%, 9/15/2041
3,432
3,402
Series 4002, Class CY, 3.50%, 2/15/2042
4,819
4,133
Series 4039, Class SA, IF, IO, 2.05%, 5/15/2042 (a)
2,238
253
Series 4061, Class LB, 3.50%, 6/15/2042
3,570
2,917
Series 4062, Class GY, 4.00%, 6/15/2042
6,109
5,910
Series 4091, Class BQ, 2.00%, 8/15/2042
5,000
4,475
Series 4091, Class PB, 2.00%, 8/15/2042
3,673
3,065
Series 4122, Class PY, 3.00%, 10/15/2042
3,000
2,674
Series 4394, Class PL, 3.50%, 10/15/2044
5,000
4,536
Series 4594, Class GN, 2.50%, 2/15/2045
1,409
1,303
Series 4606, Class KP, 2.50%, 7/15/2046
8,602
7,486
Series 4748, Class HE, 3.00%, 1/15/2048
6,567
5,827
Series 4974, Class PH, 1.50%, 6/25/2048
1,009
802
Series 4933, Class PA, 2.50%, 10/25/2049
5,418
4,543
Series 4925, Class PA, 3.00%, 10/25/2049
7,523
6,834
Series 5072, Class QC, 1.00%, 10/25/2050
6,843
5,397
Series 5190, Class PH, 2.50%, 2/25/2052
5,297
4,819
FHLMC, STRIPS
Series 264, Class 30, 3.00%, 7/15/2042
2,733
2,479
Series 267, Class 30, 3.00%, 8/15/2042
1,569
1,418
Series 358, Class 300, 3.00%, 10/15/2047
8,869
7,916
Series 406, PO, 10/25/2053
7,316
5,905
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-54, Class 2A, 6.50%, 2/25/2043
870
864
Series T-56, Class A, PO, 5/25/2043
594
511
Series T-51, Class 1A, 6.50%, 9/25/2043 (a)
811
827
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027
28,681
27,779
FNMA, Grantor Trust, Whole Loan Series 2004-T1, Class 1A2, 6.50%, 1/25/2044
96
99
FNMA, REMIC
Series 2010-117, Class DY, 4.50%, 10/25/2025
6
6
Series 2010-155, Class B, 3.50%, 1/25/2026
115
114
Series 1998-58, Class PC, 6.50%, 10/25/2028
75
76
Series 2000-8, Class Z, 7.50%, 2/20/2030
39
40
Series 2002-92, Class FB, 5.09%, 4/25/2030 (a)
103
103
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031
66
7
Series 2003-67, Class SA, IF, 16.66%, 10/25/2031 (a)
10
11
Series 2011-145, Class PB, 3.50%, 1/25/2032
5,398
5,273
Series 2012-100, Class AY, 3.00%, 9/25/2032
4,633
4,467
Series 2013-50, Class YO, PO, 1/25/2033
1,707
1,446
Series 2003-21, Class PZ, 4.50%, 3/25/2033
507
495
Series 2013-106, Class PY, 3.00%, 10/25/2033
2,908
2,779
Series 2013-130, Class GY, 3.50%, 1/25/2034
3,699
3,553
Series 2014-2, Class QB, 3.00%, 2/25/2034
2,745
2,631
Series 2004-46, Class QD, IF, 6.25%, 3/25/2034 (a)
28
28
Series 2004-54, Class FL, 4.84%, 7/25/2034 (a)
161
161
Series 2015-11, Class AQ, 3.00%, 3/25/2035
4,400
4,137
Series 2005-22, Class EH, 5.00%, 4/25/2035
1,074
1,089
Series 2015-28, Class GB, 3.50%, 5/25/2035
4,000
3,860
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2015-41, Class AY, 3.00%, 6/25/2035
4,653
4,317
Series 2015-51, Class LY, 3.00%, 7/25/2035
2,658
2,518
Series 2005-58, Class EP, 5.50%, 7/25/2035
69
69
Series 2015-59, Class EB, 3.00%, 8/25/2035
4,185
3,957
Series 2005-83, Class LA, 5.50%, 10/25/2035
123
126
Series 2015-65, Class LD, 3.50%, 1/25/2036
7,057
6,705
Series 2005-116, Class PC, 6.00%, 1/25/2036
435
446
Series 2006-51, Class FP, 4.79%, 3/25/2036 (a)
500
499
Series 2016-28, Class DW, 3.50%, 5/25/2036
4,491
4,194
Series 2006-81, Class FA, 4.79%, 9/25/2036 (a)
13
13
Series 2006-110, PO, 11/25/2036
149
128
Series 2007-76, Class PE, 6.00%, 8/25/2037
461
486
Series 2010-47, Class MB, 5.00%, 9/25/2039
1,055
1,075
Series 2010-4, Class SL, IF, 1.61%, 2/25/2040 (a)
46
35
Series 2010-11, Class CB, 4.50%, 2/25/2040
54
52
Series 2012-115, Class ME, 1.75%, 3/25/2042
1,286
1,206
Series 2012-60, Class EP, 3.00%, 4/25/2042
546
519
Series 2012-50, Class HY, 4.00%, 5/25/2042
5,566
5,139
Series 2012-138, Class YS, IF, 2.22%, 12/25/2042 (a)
3,540
2,475
Series 2012-141, Class PB, 2.50%, 12/25/2042
3,305
2,694
Series 2012-139, Class JA, 3.50%, 12/25/2042
2,295
2,164
Series 2013-128, Class AO, PO, 12/25/2043
3,503
2,661
Series 2024-6, Class AL, 2.00%, 3/25/2044
11,863
8,804
Series 2015-48, Class DE, 3.00%, 10/25/2044
11,897
11,065
Series 2016-45, Class PC, 3.00%, 9/25/2045
4,420
4,069
Series 2016-38, Class NA, 3.00%, 1/25/2046
5,007
4,635
Series 2019-71, Class CA, 2.50%, 7/25/2046
9,377
8,692
Series 2019-38, Class PC, 3.00%, 2/25/2048
4,533
4,256
Series 2019-65, Class PA, 2.50%, 5/25/2048
5,054
4,575
Series 2019-34, Class WA, 3.50%, 8/25/2048
4,648
4,421
Series 2019-42, Class KA, 3.00%, 7/25/2049
8,090
7,371
Series 2019-81, Class JA, 2.50%, 9/25/2049
8,933
7,646
Series 2019-77, Class ZL, 3.00%, 1/25/2050
18,556
15,978
Series 2020-12, Class JC, 2.00%, 3/25/2050
16,452
13,641
Series 2024-41, Class HV, 2.00%, 7/25/2050
4,896
3,566
Series 2023-41, PO, 9/25/2053
4,702
3,676
Series 2025-18, Class MA, 0.50%, 9/25/2054
18,223
14,791
Series 2025-31, Class MA, 0.50%, 9/25/2054
1,766
1,452
FNMA, REMIC Trust, Whole Loan
Series 1999-W4, Class A9, 6.25%, 2/25/2029
19
19
Series 2002-W7, Class A4, 6.00%, 6/25/2029
345
344
Series 2003-W1, Class 1A1, 4.75%, 12/25/2042 (a)
226
225
Series 2003-W1, Class 2A, 5.13%, 12/25/2042 (a)
129
128
Series 2005-W1, Class 1A2, 6.50%, 10/25/2044
728
751
Series 2009-W1, Class A, 6.00%, 12/25/2049
153
158
GNMA
Series 2004-27, Class PD, 5.50%, 4/20/2034
477
477
Series 2008-15, Class NB, 4.50%, 2/20/2038
160
160
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2008-40, Class SA, IF, IO, 1.96%, 5/16/2038 (a)
787
39
Series 2009-42, Class TX, 4.50%, 6/20/2039
2,639
2,637
Series 2009-69, Class WM, 5.50%, 8/20/2039
675
691
Series 2011-29, Class Z, 5.00%, 5/20/2040
10,815
10,791
Series 2012-126, Class BE, 2.00%, 10/20/2042
4,000
3,171
Series 2023-1, Class E, 3.50%, 11/20/2047
4,732
4,546
Series 2019-123, Class MA, 3.00%, 10/20/2049
9,441
8,452
Series 2020-133, Class KB, 1.00%, 8/20/2050
7,694
6,134
Series 2024-197, Class BN, 3.00%, 5/20/2051
11,404
10,494
Series 2022-94, Class AO, PO, 5/20/2052
7,648
5,376
Series 2022-120, Class LN, 4.00%, 7/20/2052
7,000
6,004
Series 2024-151, Class CM, 4.50%, 5/20/2054
8,000
7,600
Series 2024-159, Class PA, 4.50%, 10/20/2054
15,921
15,392
Seasoned Credit Risk Transfer Trust Series 2025-1, Class MAU, 3.25%, 11/25/2064
13,884
12,535
Total Collateralized Mortgage Obligations
(Cost $497,320)
464,747
Commercial Mortgage-Backed Securities — 8.5%
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K067, Class A2, 3.19%, 7/25/2027
6,558
6,415
Series K087, Class A1, 3.59%, 10/25/2027
1,582
1,570
Series W5FX, Class AFX, 3.21%, 4/25/2028 (a)
3,436
3,345
Series K078, Class A2, 3.85%, 6/25/2028
5,779
5,718
Series K088, Class A2, 3.69%, 1/25/2029
8,700
8,538
Series K158, Class A1, 3.90%, 7/25/2030
7,427
7,353
Series K-1511, Class A1, 3.28%, 10/25/2030
7,755
7,546
Series K753, Class A2, 4.40%, 10/25/2030
7,805
7,809
Series K149, Class A2, 3.53%, 8/25/2032
6,000
5,622
Series K-1511, Class A3, 3.54%, 3/25/2034
10,000
9,138
Series K-1512, Class A3, 3.06%, 4/25/2034
10,000
8,765
Series Q007, Class APT2, 6.43%, 10/25/2047 (a)
1,351
1,350
Series Q013, Class APT2, 1.17%, 5/25/2050 (a)
9,486
8,976
FNMA ACES
Series 2017-M3, Class A2, 2.46%, 12/25/2026 (a)
4,223
4,104
Series 2017-M4, Class A2, 2.55%, 12/25/2026 (a)
4,104
3,992
Series 2017-M7, Class A2, 2.96%, 2/25/2027 (a)
3,446
3,366
Series 2018-M4, Class A2, 3.06%, 3/25/2028 (a)
10,640
10,306
Series 2018-M8, Class A2, 3.30%, 6/25/2028 (a)
8,919
8,693
Series 2019-M5, Class A2, 3.27%, 2/25/2029
8,109
7,848
Series 2022-M2S, Class A2, 3.75%, 8/25/2032 (a)
4,800
4,546
Series 2023-M8, Class A2, 4.47%, 3/25/2033 (a)
6,000
5,945
Series 2019-M31, Class A2, 2.85%, 4/25/2034
5,500
4,763
Series 2020-M8, Class AL, 2.01%, 3/25/2035
17,862
14,158
Series 2020-M24, Class A3, 1.75%, 1/25/2037
15,000
11,888
Series 2019-M14, Class AL2, 3.07%, 4/25/2048
6,086
5,570
Total Commercial Mortgage-Backed Securities
(Cost $182,323)
167,324
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Government Agency Securities — 3.3%
FFCB Funding Corp.
5.75%, 5/11/2026
10,000
10,135
3.33%, 4/28/2037
15,000
12,923
FNMA
6.25%, 5/15/2029
10,000
10,828
Resolution Funding Corp. STRIPS
DN, 27.68%, 4/15/2028 (b)
15,000
13,363
DN, 7.10%, 1/15/2030 (b)
15,700
12,947
DN, 26.57%, 4/15/2030 (b)
5,000
4,077
Total U.S. Government Agency Securities
(Cost $65,954)
64,273
 
SHARES
(000)
Short-Term Investments — 3.2%
Investment Companies — 3.2%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 4.16% (c) (d)
(Cost $63,919)
63,919
63,919
Total Investments — 100.2%
(Cost $2,156,108)
1,971,081
Liabilities in Excess of Other Assets — (0.2)%
(4,490
)
NET ASSETS — 100.0%
1,966,591
 
Percentages indicated are based on net assets.
Amounts presented as a dash ("-") represent amounts that round to less than a thousand.
 
Abbreviations
 
ACES
Alternative Credit Enhancement Securities
ARM
Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2025.
DN
Discount Notes
FFCB
Federal Farm Credit Bank
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
IF
Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest
rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the
rate in effect as of May 31, 2025. The rate may be subject to a cap and floor.
IO
Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown
represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or
refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO
Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is
extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on
these securities increases.
REMIC
Real Estate Mortgage Investment Conduit
STRIPS
Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal
components of eligible notes and bonds as separate securities.
UMBS
Uniform Mortgage-Backed Securities
 
(a)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the
underlying pool of assets. The interest rate shown is the current rate as of May 31, 2025.
(b)
The rate shown is the effective yield as of May 31, 2025.
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
(c)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment
Management Inc.
(d)
The rate shown is the current yield as of May 31, 2025.
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (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 Securities and Exchange Commission Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values ("NAV") per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Collateralized Mortgage Obligations
$—
$464,747
$—
$464,747
Commercial Mortgage-Backed Securities
—
167,324
—
167,324
Mortgage-Backed Securities
—
579,342
—
579,342
U.S. Government Agency Securities
—
64,273
—
64,273
U.S. Treasury Obligations
—
631,476
—
631,476
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Short-Term Investments
Investment Companies
$63,919
$—
$—
$63,919
Total Investments in Securities
$63,919
$1,907,162
$—
$1,971,081
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, 2025
Security Description
Value at
February 28,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2025
Shares at
May 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market Fund
Class Institutional Shares, 4.16%  (a) (b)
$39,433
$224,547
$200,061
$—
$—
$63,919
63,919
$549
$—
 
 
(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, 2025.