JPMorgan USD Emerging Markets Sovereign Bond ETF
Schedule of Portfolio Investments as of May 31, 2026
(Unaudited) 
THE “UNAUDITED EXCHANGE-TRADED 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., 2026.
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — 87.4%
Angola — 2.4%
Republic of Angola
8.00%, 11/26/2029 (a)
500,000
508,437
9.24%, 1/15/2031 (a)
200,000
210,150
8.75%, 4/14/2032 (a)
300,000
307,125
9.38%, 5/8/2048 (a)
300,000
294,000
9.13%, 11/26/2049 (a)
200,000
190,625
 
1,510,337
Bahrain — 4.5%
Kingdom of Bahrain
7.00%, 10/12/2028 (a)
600,000
606,852
6.75%, 9/20/2029 (a)
500,000
503,250
5.63%, 9/30/2031 (a)
200,000
192,374
5.45%, 9/16/2032 (a)
400,000
375,770
5.63%, 5/18/2034 (a)
400,000
369,500
7.50%, 2/12/2036 (a)
600,000
624,666
6.00%, 9/19/2044 (a)
260,000
219,483
 
2,891,895
Benin — 0.3%
Benin Government Bond 7.96%, 2/13/2038 (a)
200,000
210,974
Brazil — 6.6%
Federative Republic of Brazil
4.50%, 5/30/2029
200,000
198,450
5.50%, 11/6/2030
400,000
404,900
6.13%, 1/22/2032
400,000
410,460
5.50%, 2/4/2033
200,000
197,550
6.00%, 10/20/2033
400,000
403,050
6.63%, 3/15/2035
1,400,000
1,444,975
5.00%, 1/27/2045
800,000
638,800
7.13%, 5/13/2054
335,000
335,365
7.25%, 1/12/2056
200,000
199,900
 
4,233,450
Bulgaria — 0.3%
Republic of Bulgaria 5.00%, 3/5/2037 (a)
200,000
195,336
Chile — 1.4%
Republic of Chile
3.24%, 2/6/2028
200,000
196,710
4.85%, 1/22/2029
200,000
201,920
5.33%, 1/5/2054
400,000
381,560
3.25%, 9/21/2071
200,000
125,228
 
905,418
Colombia — 5.8%
Republic of Colombia
4.50%, 3/15/2029
300,000
290,850
3.00%, 1/30/2030
800,000
720,880
7.38%, 4/25/2030
600,000
624,900
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Colombia—continued
6.13%, 1/21/2031
200,000
199,150
7.75%, 11/7/2036
600,000
628,200
7.38%, 9/18/2037
349,000
355,258
6.13%, 1/18/2041
200,000
178,900
5.63%, 2/26/2044
700,000
570,500
5.20%, 5/15/2049
200,000
150,080
 
3,718,718
Costa Rica — 1.4%
Republic of Costa Rica
7.16%, 3/12/2045 (a)
400,000
438,392
7.30%, 11/13/2054 (a)
400,000
446,630
 
885,022
Dominican Republic — 5.7%
Dominican Republic Government Bond
6.00%, 7/19/2028 (a)
300,000
305,103
4.50%, 1/30/2030 (a)
600,000
580,254
7.05%, 2/3/2031 (a)
400,000
422,100
4.88%, 9/23/2032 (a)
150,000
142,428
6.95%, 3/15/2037 (b)
150,000
157,605
6.95%, 3/15/2037 (a)
150,000
157,605
5.30%, 1/21/2041 (a)
750,000
668,812
7.45%, 4/30/2044 (a)
300,000
322,556
6.40%, 6/5/2049 (b)
150,000
144,553
7.15%, 2/24/2055 (a)
300,000
314,919
5.88%, 1/30/2060 (a)
500,000
437,938
 
3,653,873
Egypt — 4.0%
Arab Republic of Egypt
6.59%, 2/21/2028 (a)
400,000
403,926
8.63%, 2/4/2030 (a)
200,000
213,745
5.88%, 2/16/2031 (a)
400,000
389,156
7.63%, 5/29/2032 (a)
200,000
205,066
7.30%, 9/30/2033 (a)
200,000
199,340
8.50%, 1/31/2047 (a)
400,000
380,248
8.70%, 3/1/2049 (a)
400,000
383,055
8.88%, 5/29/2050 (a)
200,000
195,860
7.50%, 2/16/2061 (a)
200,000
168,000
 
2,538,396
El Salvador — 0.3%
Republic of El Salvador 9.65%, 11/21/2054 (a)
150,000
168,435
Ghana — 1.4%
Republic of Ghana
5.00%, 7/3/2029 (a) (c)
265,125
261,148
5.00%, 7/3/2035 (a) (c)
684,000
640,169
 
901,317
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Guatemala — 0.9%
Republic of Guatemala 6.60%, 6/13/2036 (a)
526,000
559,308
Hungary — 1.9%
Hungary Government Bond
5.25%, 6/16/2029 (a)
200,000
202,309
2.13%, 9/22/2031 (a)
400,000
346,000
6.25%, 9/22/2032 (a)
200,000
212,000
6.00%, 9/26/2035 (a)
200,000
207,762
6.75%, 9/25/2052 (a)
244,000
262,759
 
1,230,830
India — 0.6%
Export-Import Bank of India 2.25%, 1/13/2031 (a)
400,000
358,788
Indonesia — 2.3%
Perusahaan Penerbit SBSN Indonesia III 2.80%, 6/23/2030 (a)
400,000
371,544
Republic of Indonesia
4.75%, 2/11/2029
200,000
201,350
5.60%, 1/15/2035
200,000
204,000
7.75%, 1/17/2038 (a)
300,000
357,060
4.20%, 10/15/2050
450,000
354,937
 
1,488,891
Ivory Coast — 1.8%
Republic of Cote d'Ivoire
6.13%, 6/15/2033 (a)
450,000
447,683
8.25%, 1/30/2037 (a)
480,000
528,300
6.75%, 2/25/2041 (a)
200,000
191,125
 
1,167,108
Jamaica — 1.1%
Jamaica Government Bond
8.00%, 3/15/2039
200,000
238,063
7.88%, 7/28/2045
400,000
474,577
 
712,640
Jordan — 1.0%
Hashemite Kingdom of Jordan
7.50%, 1/13/2029 (a)
450,000
470,813
7.38%, 10/10/2047 (a)
200,000
195,906
 
666,719
Kazakhstan — 0.7%
Republic of Kazakhstan
5.50%, 7/1/2037 (a)
200,000
205,660
6.50%, 7/21/2045 (a)
200,000
218,258
 
423,918
Latvia — 0.3%
Latvia Government Bond 5.13%, 7/30/2034 (a)
200,000
200,264
Mexico — 2.9%
Eagle Funding Luxco SARL 5.50%, 8/17/2030 (a)
250,000
251,250
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Mexico—continued
United Mexican States
4.75%, 4/27/2032
400,000
384,050
5.63%, 2/9/2034
200,000
196,602
6.88%, 5/13/2037
200,000
209,325
6.05%, 1/11/2040
166,000
162,182
7.38%, 5/13/2055
400,000
423,840
3.75%, 4/19/2071
200,000
114,868
5.75%, 10/12/2110
150,000
122,355
 
1,864,472
Morocco — 0.8%
Kingdom of Morocco
3.00%, 12/15/2032 (a)
400,000
349,300
4.00%, 12/15/2050 (a)
200,000
141,264
 
490,564
Nigeria — 4.4%
Federal Republic of Nigeria
8.38%, 3/24/2029 (a)
200,000
212,756
7.14%, 2/23/2030 (a)
800,000
825,272
7.38%, 9/28/2033 (a)
700,000
719,481
10.38%, 12/9/2034 (a)
200,000
241,345
9.13%, 1/13/2046 (a)
200,000
223,500
7.63%, 11/28/2047 (a)
600,000
594,900
 
2,817,254
Oman — 2.0%
Sultanate of Oman Government Bond
5.63%, 1/17/2028 (a)
400,000
405,000
7.38%, 10/28/2032 (a)
400,000
454,272
6.75%, 1/17/2048 (a)
200,000
217,832
7.00%, 1/25/2051 (a)
200,000
226,000
 
1,303,104
Pakistan — 1.1%
Islamic Republic of Pakistan
6.88%, 12/5/2027 (a)
200,000
200,359
7.38%, 4/8/2031 (a)
521,000
511,804
 
712,163
Panama — 1.9%
Republic of Panama
2.25%, 9/29/2032
200,000
168,628
5.23%, 2/23/2034
200,000
198,350
6.88%, 1/31/2036
316,000
345,676
5.66%, 2/23/2038
200,000
200,250
4.50%, 4/1/2056
400,000
310,412
 
1,223,316
Paraguay — 0.3%
Republic of Paraguay 5.40%, 3/30/2050 (a)
200,000
182,040
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Peru — 2.0%
Republic of Peru
2.78%, 1/23/2031
100,000
92,250
8.75%, 11/21/2033
108,000
131,933
3.00%, 1/15/2034
378,000
327,537
5.38%, 2/8/2035
200,000
202,104
3.30%, 3/11/2041
200,000
154,960
5.88%, 8/8/2054
25,000
24,450
2.78%, 12/1/2060
289,000
157,736
3.23%, 7/28/2121
319,000
174,844
 
1,265,814
Philippines — 2.4%
Republic of Philippines
6.38%, 1/15/2032
400,000
431,900
5.00%, 1/13/2037
400,000
387,500
3.70%, 3/1/2041
650,000
523,250
ROP Sukuk Trust 5.05%, 6/6/2029 (a)
200,000
202,000
 
1,544,650
Poland — 1.8%
Republic of Poland
4.63%, 3/18/2029
100,000
100,882
4.88%, 2/12/2030
200,000
203,796
4.88%, 10/4/2033
350,000
349,475
5.13%, 9/18/2034
200,000
201,254
5.50%, 4/4/2053
300,000
277,893
 
1,133,300
Romania — 2.3%
Romania Government Bond
5.75%, 9/16/2030 (a)
250,000
252,445
7.13%, 1/17/2033 (a)
350,000
372,704
6.38%, 1/30/2034 (a)
100,000
101,775
5.75%, 3/24/2035 (b)
100,000
96,625
6.63%, 5/16/2036 (a)
200,000
204,190
7.50%, 2/10/2037 (a)
150,000
161,934
6.13%, 1/22/2044 (a)
150,000
141,795
4.00%, 2/14/2051 (a)
250,000
170,055
 
1,501,523
Saudi Arabia — 3.3%
Kingdom of Saudi Arabia
4.38%, 4/16/2029 (a)
400,000
397,504
4.75%, 1/16/2030 (a)
400,000
400,500
2.25%, 2/2/2033 (a)
700,000
596,750
5.25%, 1/16/2050 (a)
800,000
737,000
 
2,131,754
Serbia — 1.0%
Republic of Serbia 6.50%, 9/26/2033 (a)
600,000
634,950
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
South Africa — 4.4%
Republic of South Africa
4.85%, 9/30/2029
500,000
499,125
5.88%, 6/22/2030
400,000
413,552
7.10%, 11/19/2036 (a)
600,000
640,500
5.65%, 9/27/2047
400,000
336,500
5.75%, 9/30/2049
400,000
336,920
7.30%, 4/20/2052
200,000
199,750
7.95%, 11/19/2054 (a)
400,000
426,000
 
2,852,347
Sri Lanka — 1.8%
Democratic Socialist Republic of Sri Lanka
4.00%, 4/15/2028 (a)
53,000
50,960
3.10%, 1/15/2030 (a) (c)
100,000
98,000
3.35%, 3/15/2033 (a) (c)
600,000
550,500
3.60%, 6/15/2035 (a) (c)
200,000
159,250
3.60%, 2/15/2038 (a) (c)
300,000
292,125
 
1,150,835
Suriname — 0.3%
Suriname Government International Bond 8.50%, 11/6/2035 (a)
200,000
214,256
Trinidad And Tobago — 0.3%
Republic of Trinidad and Tobago 6.50%, 1/28/2036 (a)
200,000
205,814
Turkey — 7.6%
Hazine Mustesarligi Varlik Kiralama A/S
6.50%, 4/26/2030 (a)
200,000
202,046
6.75%, 9/1/2030 (a)
200,000
203,266
Republic of Turkiye (The)
5.13%, 2/17/2028
1,100,000
1,090,375
5.95%, 1/15/2031
500,000
491,500
7.13%, 2/12/2032
900,000
920,250
6.50%, 9/20/2033
201,000
196,980
6.95%, 9/16/2035
600,000
594,900
6.88%, 3/17/2036
450,000
443,700
6.80%, 11/4/2036
200,000
194,854
5.75%, 5/11/2047
700,000
549,500
 
4,887,371
Uruguay — 1.5%
Oriental Republic of Uruguay
4.38%, 1/23/2031
134,000
134,737
5.75%, 10/28/2034
425,000
446,129
5.10%, 6/18/2050
100,000
92,452
4.98%, 4/20/2055
332,000
299,074
 
972,392
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Zambia — 0.6%
Republic of Zambia
5.75%, 6/30/2033 (a) (c)
212,118
210,105
0.50%, 12/31/2053 (a)
228,000
180,359
 
390,464
Total Foreign Government Securities
(Cost $55,245,891)
56,100,020
Corporate Bonds — 10.3%
Bahrain — 0.3%
Bapco Energies Sukuk Ltd. 6.25%, 1/29/2035 (a)
200,000
196,600
Chile — 1.3%
Corp. Nacional del Cobre de Chile
3.00%, 9/30/2029 (a)
400,000
377,140
5.53%, 1/30/2037 (a)
200,000
196,651
3.70%, 1/30/2050 (a)
400,000
276,048
 
849,839
China — 1.3%
CNAC HK Finbridge Co. Ltd. 5.13%, 3/14/2028 (a)
450,000
455,785
Sinopec Group Overseas Development 2018 Ltd. 2.95%, 11/12/2029 (a)
200,000
191,728
State Grid Overseas Investment BVI Ltd. 1.63%, 8/5/2030 (a)
200,000
179,814
 
827,327
Hong Kong — 0.5%
China Life Insurance Overseas Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.23%), 5.35%,
8/15/2033 (a) (d)
329,000
334,840
Hungary — 0.5%
MFB Magyar Fejlesztesi Bank Zrt. 6.50%, 6/29/2028 (a)
282,000
291,258
Indonesia — 0.6%
Pertamina Hulu Energi PT 5.25%, 5/21/2030 (a)
200,000
200,889
Pertamina Persero PT 4.18%, 1/21/2050 (a)
200,000
153,924
 
354,813
Malaysia — 1.3%
Petronas Capital Ltd.
2.48%, 1/28/2032 (a)
400,000
358,230
5.34%, 4/3/2035 (a)
200,000
206,150
3.40%, 4/28/2061 (a)
397,000
267,459
 
831,839
Mexico — 1.6%
Petroleos Mexicanos
8.75%, 6/2/2029
300,000
322,575
6.70%, 2/16/2032
150,000
151,050
10.00%, 2/7/2033
100,000
117,450
6.63%, 6/15/2035
250,000
240,938
6.50%, 6/2/2041
135,000
120,448
7.69%, 1/23/2050
100,000
91,553
 
1,044,014
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Panama — 0.3%
Aeropuerto Internacional de Tocumen SA 5.13%, 8/11/2061 (a)
200,000
167,700
Peru — 0.2%
Petroleos del Peru SA 5.63%, 6/19/2047 (a)
200,000
145,000
Poland — 0.6%
Bank Gospodarstwa Krajowego
5.38%, 5/22/2033 (a)
200,000
203,490
5.75%, 7/9/2034 (b)
200,000
206,556
 
410,046
Saudi Arabia — 1.2%
Gaci First Investment Co.
4.75%, 2/14/2030 (a)
200,000
198,500
4.88%, 2/14/2035 (a)
571,000
557,262
 
755,762
South Africa — 0.3%
Transnet 8.25%, 2/6/2028 (a)
200,000
208,000
Turkey — 0.3%
TVF Varlik Kiralama A/S 6.95%, 1/23/2030 (a)
200,000
200,515
Total Corporate Bonds
(Cost $6,540,669)
6,617,553
 
SHARES
Short-Term Investments — 0.8%
Investment Companies — 0.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.58% (e) (f)
(Cost $543,833)
543,833
543,833
Total Investments — 98.5%
(Cost $62,330,393)
63,261,406
Other Assets in Excess of Liabilities — 1.5%
955,316
NET ASSETS — 100.0%
64,216,722
 
Percentages indicated are based on net assets.
 
Abbreviations
 
PT
Limited liability company
 
(a)
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that
are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)
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, 2026.
(d)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2026.
(e)
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.
(f)
The rate shown is the current yield as of May 31, 2026.
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
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 "1940 Act"), the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (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 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
Corporate Bonds
$—
$6,617,553
$—
$6,617,553
Foreign Government Securities
—
56,100,020
—
56,100,020
Short-Term Investments
Investment Companies
543,833
—
—
543,833
Total Investments in Securities
$543,833
$62,717,573
$—
$63,261,406
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
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, 2026
Security Description
Value at
February 28,
2026
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2026
Shares at
May 31,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 3.58%  (a) (b)
$604,287
$1,448,474
$1,508,928
$—
$—
$543,833
543,833
$5,155
$—
 
 
(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, 2026.