NPORT-EX 2 JPMGOVBOND.htm EDGAR HTML
JPMorgan Government Bond Fund
Schedule of Portfolio Investments as of November 30, 2024
(Unaudited) 
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2024.
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Treasury Obligations — 36.0%
U.S. Treasury Bonds
5.25%, 11/15/2028
20,000
20,839
1.88%, 2/15/2041
14,500
10,236
2.00%, 11/15/2041
27,000
19,112
3.88%, 2/15/2043
15,000
13,908
3.88%, 5/15/2043
10,000
9,256
3.75%, 11/15/2043
75,300
68,138
3.00%, 5/15/2045
31,000
24,704
2.75%, 11/15/2047
35,000
26,076
2.00%, 2/15/2050
35,000
21,793
1.25%, 5/15/2050
10,000
5,112
U.S. Treasury Inflation Indexed Bonds
1.38%, 2/15/2044
37,204
32,623
U.S. Treasury Notes
1.13%, 2/28/2025
25,000
24,798
0.50%, 3/31/2025
50,000
49,365
0.38%, 4/30/2025
20,000
19,671
3.88%, 4/30/2025
10,000
9,977
2.00%, 8/15/2025
20,000
19,664
1.63%, 2/15/2026
20,000
19,378
3.63%, 5/15/2026
10,000
9,911
4.38%, 8/15/2026
35,000
35,085
2.25%, 2/15/2027
35,000
33,603
0.63%, 3/31/2027
30,000
27,681
2.25%, 8/15/2027
40,000
38,103
1.25%, 4/30/2028
11,120
10,108
3.50%, 4/30/2028
5,000
4,902
4.00%, 6/30/2028
25,000
24,903
3.13%, 11/15/2028
25,000
24,109
3.50%, 4/30/2030
30,000
29,121
4.25%, 2/28/2031
25,000
25,161
1.88%, 2/15/2032
20,000
17,187
3.50%, 2/15/2033
20,000
19,072
4.00%, 2/15/2034
10,000
9,849
3.88%, 8/15/2034
10,000
9,744
Total U.S. Treasury Obligations
(Cost $776,465)
713,189
Mortgage-Backed Securities — 29.6%
FHLMC Gold Pools, 30 Year
Pool # C00414, 7.50%, 8/1/2025
—
—
Pool # G00981, 8.50%, 7/1/2028
2
2
Pool # C00742, 6.50%, 4/1/2029
23
24
Pool # C00785, 6.50%, 6/1/2029
8
8
Pool # C47318, 7.00%, 9/1/2029
136
141
Pool # C01292, 6.00%, 2/1/2032
12
12
Pool # A16155, 5.50%, 11/1/2033
43
44
Pool # C03589, 4.50%, 10/1/2040
270
267
Pool # Q41177, 3.50%, 6/1/2046
10,874
10,036
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # G61334, 4.00%, 3/1/2047
2,139
2,056
Pool # Q54902, 4.00%, 3/1/2048
1,791
1,700
Pool # Q54950, 4.00%, 3/1/2048
3,017
2,892
Pool # Q59727, 4.00%, 11/1/2048
3,601
3,417
FHLMC Gold Pools, Other Pool # WA1640, 3.20%, 4/1/2034
10,422
9,422
FHLMC UMBS, 30 Year
Pool # ZT1593, 3.50%, 1/1/2049
876
808
Pool # RA2484, 3.00%, 6/1/2050
3,993
3,553
Pool # RA2904, 3.00%, 6/1/2050
6,415
5,696
Pool # RA2970, 2.50%, 7/1/2050
7,426
6,280
Pool # QB2020, 2.50%, 8/1/2050
5,356
4,538
Pool # SD7535, 2.50%, 2/1/2051
4,445
3,791
Pool # RA5576, 2.50%, 7/1/2051
4,863
4,124
Pool # QC6209, 2.50%, 8/1/2051
4,812
4,084
Pool # QC7451, 2.00%, 9/1/2051
11,448
9,300
Pool # RA7683, 5.00%, 7/1/2052
6,655
6,551
Pool # RA7937, 5.00%, 9/1/2052
13,021
12,816
Pool # SD5658, 5.50%, 6/1/2054
8,775
8,811
FNMA Pool # 620061 ARM, 6.08%, 11/1/2027 (a)
3
3
FNMA UMBS, 15 Year
Pool # MA0512, 4.00%, 9/1/2025
25
25
Pool # FM4449, 3.00%, 12/1/2034
5,203
5,032
Pool # CA7114, 2.50%, 9/1/2035
12,601
11,654
FNMA UMBS, 30 Year
Pool # 250575, 6.50%, 6/1/2026
2
2
Pool # 483802, 5.50%, 2/1/2029
45
46
Pool # 524949, 7.50%, 3/1/2030
3
3
Pool # 545639, 6.50%, 4/1/2032
54
56
Pool # 702435, 5.50%, 5/1/2033
386
390
Pool # 709441, 5.50%, 7/1/2033
111
111
Pool # 730711, 5.50%, 8/1/2033
160
163
Pool # 743127, 5.50%, 10/1/2033
153
156
Pool # 747628, 5.00%, 11/1/2033
261
261
Pool # 753662, 5.50%, 12/1/2033
184
185
Pool # 755615, 5.50%, 1/1/2034
242
247
Pool # 811755, 7.00%, 3/1/2035
592
614
Pool # 845834, 5.50%, 10/1/2035
131
134
Pool # 888201, 5.50%, 2/1/2036
59
61
Pool # 831409, 5.50%, 4/1/2036
297
304
Pool # 867420, 5.50%, 5/1/2036
176
180
Pool # 745802, 6.00%, 7/1/2036
305
319
Pool # 969708, 4.50%, 3/1/2038
33
33
Pool # AE1216, 3.50%, 1/1/2041
718
670
Pool # AE1260, 3.50%, 8/1/2041
463
424
Pool # AB5378, 3.50%, 5/1/2042
1,856
1,732
Pool # AO6710, 4.00%, 6/1/2042
1,757
1,692
Pool # AR5147, 3.00%, 3/1/2043
1,772
1,601
Pool # AT8192, 4.00%, 6/1/2043
1,210
1,161
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # AS1112, 4.00%, 11/1/2043
3,006
2,883
Pool # BM1109, 4.00%, 10/1/2044
2,093
2,015
Pool # AS4073, 4.00%, 12/1/2044
1,427
1,358
Pool # AL8660, 4.00%, 6/1/2045
3,120
3,001
Pool # AS5648, 3.50%, 7/1/2045
1,861
1,716
Pool # AS6208, 3.50%, 10/1/2045
666
622
Pool # AS6344, 3.50%, 12/1/2045
1,999
1,842
Pool # BM5560, 4.00%, 1/1/2046
5,838
5,619
Pool # AL8030, 4.00%, 2/1/2046
1,913
1,836
Pool # AX5520, 3.00%, 5/1/2046
620
551
Pool # AX5546, 3.00%, 9/1/2046
1,167
1,041
Pool # AX5547, 3.50%, 9/1/2046
1,470
1,355
Pool # BM3744, 4.00%, 3/1/2047
6,033
5,793
Pool # BM1049, 4.00%, 4/1/2047
5,929
5,635
Pool # CA0411, 4.00%, 9/1/2047
4,090
3,918
Pool # CA0861, 3.50%, 11/1/2047
3,460
3,189
Pool # BJ1666, 4.00%, 12/1/2047
3,290
3,146
Pool # BM3477, 4.00%, 1/1/2048
2,979
2,835
Pool # CA1006, 4.00%, 1/1/2048
3,575
3,407
Pool # CA1361, 3.50%, 2/1/2048
2,839
2,616
Pool # BD9074, 3.50%, 3/1/2048
1,098
1,012
Pool # BJ4640, 4.00%, 3/1/2048
1,416
1,354
Pool # BD9078, 4.00%, 4/1/2048
1,768
1,676
Pool # BD9077, 3.50%, 5/1/2048
236
218
Pool # BD9083, 4.00%, 7/1/2048
1,989
1,885
Pool # CA2489, 4.50%, 10/1/2048
888
853
Pool # BN7416, 3.50%, 9/1/2049
2,187
2,015
Pool # BO1418, 3.50%, 9/1/2049
2,447
2,251
Pool # BO1427, 3.50%, 9/1/2049
2,214
2,035
Pool # CA4431, 3.50%, 10/1/2049
3,222
2,960
Pool # MA3803, 3.50%, 10/1/2049
1,557
1,433
Pool # FM2014, 3.00%, 11/1/2049
6,716
5,967
Pool # BN0803, 3.50%, 12/1/2049
905
834
Pool # MA3872, 3.50%, 12/1/2049
1,546
1,422
Pool # BN0807, 3.50%, 1/1/2050
714
657
Pool # FM2437, 3.00%, 2/1/2050
8,305
7,377
Pool # CA6144, 2.50%, 6/1/2050
11,374
9,624
Pool # BP7345, 3.00%, 6/1/2050
11,336
10,046
Pool # CA6322, 2.50%, 7/1/2050
9,074
7,678
Pool # CA6361, 2.50%, 7/1/2050
5,164
4,405
Pool # BQ1645, 2.50%, 8/1/2050
5,703
4,856
Pool # BQ1911, 2.00%, 10/1/2050
3,868
3,156
Pool # BQ2999, 2.50%, 10/1/2050
6,245
5,304
Pool # BQ6118, 2.50%, 10/1/2050
6,779
5,736
Pool # FM8179, 2.50%, 7/1/2051
2,976
2,510
Pool # FM8787, 2.50%, 10/1/2051
15,177
12,911
Pool # FS2559, 3.00%, 12/1/2051
3,887
3,423
Pool # CB3121, 3.00%, 2/1/2052
7,005
6,124
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # CB3609, 3.50%, 5/1/2052
9,002
8,174
Pool # FS7706, 3.50%, 8/1/2052
20,051
18,333
Pool # CB4630, 5.50%, 9/1/2052
21,744
21,892
Pool # BW1328, 5.00%, 11/1/2052
4,276
4,208
Pool # CB5131, 5.00%, 11/1/2052
12,926
12,725
Pool # FS3421, 5.00%, 12/1/2052
6,150
6,054
Pool # FS5027, 4.00%, 2/1/2053
4,512
4,229
Pool # BU4029, 5.00%, 6/1/2053
12,870
12,647
Pool # CB6842, 5.50%, 8/1/2053
12,644
12,681
Pool # CB7319, 4.50%, 10/1/2053
13,807
13,287
FNMA, Other
Pool # AN0571, 3.10%, 1/1/2026
6,500
6,383
Pool # AM7199, 3.30%, 11/1/2026
2,842
2,778
Pool # FN0040, 3.04%, 6/1/2027 (a)
1,725
1,666
Pool # AN6800, 2.97%, 9/1/2027
3,215
3,090
Pool # AN6825, 2.80%, 10/1/2027
3,781
3,612
Pool # AN9486, 3.57%, 6/1/2028
12,188
11,755
Pool # 405220, 6.00%, 9/1/2028
1
1
Pool # AN3908, 3.12%, 1/1/2029
7,528
7,158
Pool # BL1950, 3.47%, 3/1/2029
12,590
12,111
Pool # AN8493, 3.30%, 2/1/2030
4,510
4,220
Pool # BM5425, 3.15%, 3/1/2030 (a)
1,996
1,873
Pool # BL9023, 1.22%, 11/1/2030
20,054
16,851
Pool # BL4576, 2.70%, 10/1/2031
15,000
13,295
Pool # AN8412, 3.39%, 2/1/2033
4,214
3,909
Pool # AN8464, 3.33%, 3/1/2033
6,053
5,593
Pool # BS3202, 1.94%, 9/1/2033
4,680
3,875
Pool # BL2944, 3.19%, 7/1/2034
1,700
1,512
Pool # BL3288, 2.52%, 9/1/2034
11,964
10,179
Pool # BL4331, 2.41%, 10/1/2034
15,130
12,769
Pool # BS2718, 1.95%, 8/1/2036
9,806
7,764
Pool # BL4215, 2.56%, 9/1/2036
6,757
5,624
Pool # BL7125, 2.04%, 6/1/2037
8,040
6,224
Pool # BF0617, 2.50%, 3/1/2062
5,059
4,141
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
345
336
Pool # 626938, 4.00%, 4/15/2045
183
178
Pool # 784041, 4.00%, 8/15/2045
2,357
2,294
Pool # 784208, 4.00%, 7/15/2046
3,354
3,265
Pool # 784897, 2.50%, 10/15/2049
7,988
6,937
Pool # BU5359, 3.00%, 4/15/2050
8,986
8,063
GNMA II, 30 Year
Pool # 2324, 8.00%, 11/20/2026
1
1
Pool # 2344, 8.00%, 12/20/2026
2
2
Pool # 2512, 8.00%, 11/20/2027
9
9
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # MA7589, 2.50%, 9/20/2051
4,767
4,074
Pool # CH2211, 3.50%, 9/20/2051
10,424
9,407
Total Mortgage-Backed Securities
(Cost $645,507)
586,911
Collateralized Mortgage Obligations — 20.3%
FHLMC Seasoned Credit Risk Transfer Trust
Series 2019-3, Class M55D, 4.00%, 10/25/2058
1,344
1,259
Series 2020-1, Class M55G, 3.00%, 8/25/2059
11,872
10,671
Series 2024-2, Class MT, 3.50%, 5/25/2064
4,325
3,809
FHLMC, REMIC
Series 3798, Class AY, 3.50%, 1/15/2026
162
161
Series 3809, Class BC, 3.50%, 2/15/2026
137
136
Series 3188, Class GE, 6.00%, 7/15/2026
86
87
Series 3926, Class MW, 4.50%, 9/15/2026
494
492
Series 1999, Class PU, 7.00%, 10/15/2027
6
6
Series 2031, Class PG, 7.00%, 2/15/2028
22
22
Series 2035, Class PC, 6.95%, 3/15/2028
60
61
Series 2064, Class PD, 6.50%, 6/15/2028
38
39
Series 2095, Class PE, 6.00%, 11/15/2028
33
33
Series 4314, Class DY, 3.50%, 3/15/2029
887
872
Series 4336, Class YB, 3.00%, 5/15/2029
783
773
Series 2152, Class BD, 6.50%, 5/15/2029
11
12
Series 2162, Class TH, 6.00%, 6/15/2029
80
80
Series 3737, Class DG, 5.00%, 10/15/2030
69
69
Series 3981, Class PA, 3.00%, 4/15/2031
421
418
Series 2367, Class ME, 6.50%, 10/15/2031
99
102
Series 2647, Class A, 3.25%, 4/15/2032
30
29
Series 2480, Class EJ, 6.00%, 8/15/2032
129
134
Series 4156, Class SB, IF, 4.91%, 1/15/2033 (a)
604
518
Series 4170, Class TS, IF, 5.17%, 2/15/2033 (a)
3,868
3,296
Series 4186, Class JE, 2.00%, 3/15/2033
4,324
4,046
Series 4188, Class JG, 2.00%, 4/15/2033
2,794
2,613
Series 4206, Class DA, 2.00%, 5/15/2033
2,036
1,905
Series 2611, Class QZ, 5.00%, 5/15/2033
765
755
Series 4429, Class HB, 3.00%, 1/15/2035
6,293
5,822
Series 2915, Class MU, 5.00%, 1/15/2035
716
725
Series 5000, Class CB, 1.25%, 1/25/2035
3,561
3,150
Series 4448, Class DY, 3.00%, 3/15/2035
5,542
5,202
Series 4458, Class BW, 3.00%, 4/15/2035
7,366
6,944
Series 3085, Class VS, IF, 9.04%, 12/15/2035 (a)
123
142
Series 3181, Class OP, PO, 7/15/2036
467
398
Series 3413, Class B, 5.50%, 4/15/2037
210
219
Series 4867, Class WF, 5.73%, 4/15/2037 (a)
3,186
3,142
Series 3325, Class JL, 5.50%, 6/15/2037
1,167
1,214
Series 3341, Class PE, 6.00%, 7/15/2037
778
815
Series 4365, Class HZ, 3.00%, 1/15/2040
2,967
2,747
Series 3699, Class QH, 5.50%, 7/15/2040
484
494
Series 3772, Class PE, 4.50%, 12/15/2040
2,786
2,769
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 4047, Class PB, 3.50%, 1/15/2041
1,040
1,032
Series 3927, Class PC, 4.50%, 9/15/2041
3,680
3,634
Series 4002, Class CY, 3.50%, 2/15/2042
4,819
4,182
Series 4039, Class SA, IF, IO, 1.58%, 5/15/2042 (a)
2,316
265
Series 4061, Class LB, 3.50%, 6/15/2042
3,570
2,987
Series 4062, Class GY, 4.00%, 6/15/2042
6,109
5,882
Series 4091, Class BQ, 2.00%, 8/15/2042
5,000
4,314
Series 4091, Class PB, 2.00%, 8/15/2042
3,673
3,024
Series 4122, Class PY, 3.00%, 10/15/2042
3,000
2,652
Series 4394, Class PL, 3.50%, 10/15/2044
5,000
4,549
Series 4594, Class GN, 2.50%, 2/15/2045
1,542
1,413
Series 4606, Class KP, 2.50%, 7/15/2046
9,110
7,920
Series 4748, Class HE, 3.00%, 1/15/2048
6,567
5,806
Series 4974, Class PH, 1.50%, 6/25/2048
1,121
894
Series 4933, Class PA, 2.50%, 10/25/2049
5,514
4,630
Series 4925, Class PA, 3.00%, 10/25/2049
8,003
7,263
Series 5072, Class QC, 1.00%, 10/25/2050
7,149
5,614
Series 5190, Class PH, 2.50%, 2/25/2052
5,567
5,030
FHLMC, STRIPS
Series 264, Class 30, 3.00%, 7/15/2042
2,862
2,612
Series 267, Class 30, 3.00%, 8/15/2042
1,652
1,503
Series 406, PO, 10/25/2053
8,149
6,853
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-54, Class 2A, 6.50%, 2/25/2043
896
911
Series T-56, Class A, PO, 5/25/2043
597
473
Series T-51, Class 1A, 6.50%, 9/25/2043 (a)
826
861
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027
28,721
27,486
FNMA, Grantor Trust, Whole Loan Series 2004-T1, Class 1A2, 6.50%, 1/25/2044
109
111
FNMA, REMIC
Series 2010-117, Class DY, 4.50%, 10/25/2025
208
207
Series 2010-155, Class B, 3.50%, 1/25/2026
301
297
Series 1998-58, Class PC, 6.50%, 10/25/2028
93
94
Series 2000-8, Class Z, 7.50%, 2/20/2030
45
47
Series 2002-92, Class FB, 5.50%, 4/25/2030 (a)
115
115
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031
74
9
Series 2003-67, Class SA, IF, 13.98%, 10/25/2031 (a)
13
15
Series 2011-145, Class PB, 3.50%, 1/25/2032
6,114
5,935
Series 2012-100, Class AY, 3.00%, 9/25/2032
5,226
5,004
Series 2013-50, Class YO, PO, 1/25/2033
1,793
1,488
Series 2003-21, Class PZ, 4.50%, 3/25/2033
576
558
Series 2013-106, Class PY, 3.00%, 10/25/2033
3,218
3,055
Series 2013-130, Class GY, 3.50%, 1/25/2034
3,699
3,527
Series 2014-2, Class QB, 3.00%, 2/25/2034
2,745
2,603
Series 2004-46, Class QD, IF, 4.61%, 3/25/2034 (a)
48
48
Series 2004-54, Class FL, 5.25%, 7/25/2034 (a)
200
199
Series 2015-11, Class AQ, 3.00%, 3/25/2035
4,641
4,339
Series 2005-22, Class EH, 5.00%, 4/25/2035
1,176
1,188
Series 2015-28, Class GB, 3.50%, 5/25/2035
4,000
3,834
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2015-41, Class AY, 3.00%, 6/25/2035
4,653
4,283
Series 2006-3, Class SB, IF, IO, 1.85%, 7/25/2035 (a)
94
—
Series 2015-51, Class LY, 3.00%, 7/25/2035
2,858
2,693
Series 2005-58, Class EP, 5.50%, 7/25/2035
82
84
Series 2015-59, Class EB, 3.00%, 8/25/2035
4,546
4,276
Series 2005-83, Class LA, 5.50%, 10/25/2035
144
147
Series 2015-65, Class LD, 3.50%, 1/25/2036
7,057
6,659
Series 2005-116, Class PC, 6.00%, 1/25/2036
516
528
Series 2006-51, Class FP, 5.20%, 3/25/2036 (a)
655
653
Series 2016-28, Class DW, 3.50%, 5/25/2036
4,491
4,178
Series 2006-81, Class FA, 5.20%, 9/25/2036 (a)
15
15
Series 2006-110, PO, 11/25/2036
161
137
Series 2007-76, Class PE, 6.00%, 8/25/2037
484
508
Series 2010-47, Class MB, 5.00%, 9/25/2039
1,140
1,157
Series 2010-4, Class SL, IF, 0.68%, 2/25/2040 (a)
46
36
Series 2010-11, Class CB, 4.50%, 2/25/2040
61
58
Series 2012-115, Class ME, 1.75%, 3/25/2042
1,421
1,321
Series 2012-60, Class EP, 3.00%, 4/25/2042
588
553
Series 2012-50, Class HY, 4.00%, 5/25/2042
5,566
4,967
Series 2012-141, Class PB, 2.50%, 12/25/2042
3,305
2,700
Series 2012-139, Class JA, 3.50%, 12/25/2042
2,438
2,291
Series 2013-128, Class AO, PO, 12/25/2043
3,877
2,943
Series 2024-6, Class AL, 2.00%, 3/25/2044
11,863
8,894
Series 2015-48, Class DE, 3.00%, 10/25/2044
11,897
10,928
Series 2016-45, Class PC, 3.00%, 9/25/2045
4,695
4,303
Series 2016-38, Class NA, 3.00%, 1/25/2046
5,343
4,924
Series 2019-71, Class CA, 2.50%, 7/25/2046
10,041
9,228
Series 2019-38, Class PC, 3.00%, 2/25/2048
4,846
4,508
Series 2019-65, Class PA, 2.50%, 5/25/2048
5,393
4,846
Series 2019-34, Class WA, 3.50%, 8/25/2048
4,973
4,710
Series 2019-42, Class KA, 3.00%, 7/25/2049
8,560
7,784
Series 2019-81, Class JA, 2.50%, 9/25/2049
9,140
7,828
Series 2019-77, Class ZL, 3.00%, 1/25/2050
19,254
16,642
Series 2020-12, Class JC, 2.00%, 3/25/2050
17,295
14,462
Series 2024-41, Class HV, 2.00%, 7/25/2050
4,896
3,619
FNMA, REMIC Trust, Whole Loan
Series 1999-W4, Class A9, 6.25%, 2/25/2029
23
23
Series 2002-W7, Class A4, 6.00%, 6/25/2029
376
374
Series 2003-W1, Class 1A1, 4.76%, 12/25/2042 (a)
238
236
Series 2003-W1, Class 2A, 5.25%, 12/25/2042 (a)
138
137
Series 2005-W1, Class 1A2, 6.50%, 10/25/2044
775
797
Series 2009-W1, Class A, 6.00%, 12/25/2049
181
186
GNMA
Series 2004-27, Class PD, 5.50%, 4/20/2034
575
577
Series 2008-15, Class NB, 4.50%, 2/20/2038
173
173
Series 2008-40, Class SA, IF, IO, 1.68%, 5/16/2038 (a)
902
58
Series 2009-42, Class TX, 4.50%, 6/20/2039
2,803
2,788
Series 2009-69, Class WM, 5.50%, 8/20/2039
727
742
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2011-29, Class Z, 5.00%, 5/20/2040
11,447
11,355
Series 2012-126, Class BE, 2.00%, 10/20/2042
4,000
3,168
Series 2023-1, Class E, 3.50%, 11/20/2047
5,077
4,852
Series 2019-123, Class MA, 3.00%, 10/20/2049
9,903
8,876
Series 2020-133, Class KB, 1.00%, 8/20/2050
7,969
6,340
Series 2024-151, Class CM, 4.50%, 5/20/2054
8,000
7,597
Total Collateralized Mortgage Obligations
(Cost $436,897)
401,786
Commercial Mortgage-Backed Securities — 9.0%
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K067, Class A2, 3.19%, 7/25/2027
6,558
6,351
Series K087, Class A1, 3.59%, 10/25/2027
2,500
2,469
Series W5FX, Class AFX, 3.34%, 4/25/2028 (a)
3,436
3,306
Series K078, Class A2, 3.85%, 6/25/2028
5,779
5,665
Series K088, Class A2, 3.69%, 1/25/2029
8,700
8,451
Series K158, Class A1, 3.90%, 7/25/2030
7,912
7,768
Series K-1511, Class A1, 3.28%, 10/25/2030
8,209
7,886
Series K149, Class A2, 3.53%, 8/25/2032
6,000
5,605
Series K-1511, Class A3, 3.54%, 3/25/2034
10,000
9,151
Series K-1512, Class A3, 3.06%, 4/25/2034
10,000
8,797
Series Q007, Class APT2, 7.41%, 10/25/2047 (a)
1,738
1,741
Series Q013, Class APT2, 1.16%, 5/25/2050 (a)
9,581
8,903
FHLMC, Multi-Family, Structured Pass-Through Certificates Series K753, Class A2, 4.40%, 10/25/2030
7,805
7,756
FNMA ACES
Series 2017-M3, Class A2, 2.55%, 12/25/2026 (a)
4,308
4,140
Series 2017-M4, Class A2, 2.64%, 12/25/2026 (a)
4,150
3,997
Series 2017-M7, Class A2, 2.96%, 2/25/2027 (a)
3,572
3,455
Series 2018-M4, Class A2, 3.16%, 3/25/2028 (a)
10,720
10,260
Series 2018-M8, Class A2, 3.41%, 6/25/2028 (a)
8,945
8,629
Series 2019-M1, Class A2, 3.66%, 9/25/2028 (a)
8,873
8,591
Series 2019-M5, Class A2, 3.27%, 2/25/2029
8,301
7,928
Series 2022-M2S, Class A2, 3.88%, 8/25/2032 (a)
4,800
4,539
Series 2023-M8, Class A2, 4.62%, 3/25/2033 (a)
6,000
5,923
Series 2019-M31, Class A2, 2.85%, 4/25/2034
5,500
4,762
Series 2020-M8, Class AL, 2.01%, 3/25/2035
17,881
14,142
Series 2020-M24, Class A3, 1.75%, 1/25/2037
15,000
11,819
Series 2019-M14, Class AL2, 3.07%, 4/25/2048
7,314
6,619
Total Commercial Mortgage-Backed Securities
(Cost $195,719)
178,653
U.S. Government Agency Securities — 3.2%
FFCB Funding Corp.
5.75%, 5/11/2026
10,000
10,197
3.33%, 4/28/2037
15,000
13,314
FNMA
6.25%, 5/15/2029
10,000
10,883
Resolution Funding Corp. STRIPS
DN, 26.96%, 4/15/2028 (b)
15,000
12,976
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Government Agency Securities — continued
DN, 6.85%, 1/15/2030 (b)
15,700
12,567
DN, 25.82%, 4/15/2030 (b)
5,000
3,956
Total U.S. Government Agency Securities
(Cost $65,383)
63,893
 
SHARES
(000)
Short-Term Investments — 1.6%
Investment Companies — 1.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 4.49% (c) (d)
(Cost $31,380)
31,380
31,380
Total Investments — 99.7%
(Cost $2,151,351)
1,975,812
Other Assets in Excess of Liabilities — 0.3%
6,197
NET ASSETS — 100.0%
1,982,009
 
Percentages indicated are based on net assets.
Amounts presented as a dash ("-") represent amounts that round to less than a thousand.
 
Abbreviations
 
ACES
Alternative Credit Enhancement Securities
ARM
Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2024.
DN
Discount Notes
FFCB
Federal Farm Credit Bank
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
IF
Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest
rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the
rate in effect as of November 30, 2024. The rate may be subject to a cap and floor.
IO
Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown
represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or
refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO
Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is
extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on
these securities increases.
REMIC
Real Estate Mortgage Investment Conduit
STRIPS
Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal
components of eligible notes and bonds as separate securities.
UMBS
Uniform Mortgage-Backed Securities
 
(a)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the
underlying pool of assets. The interest rate shown is the current rate as of November 30, 2024.
(b)
The rate shown is the effective yield as of November 30, 2024.
(c)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment
Management Inc.
(d)
The rate shown is the current yield as of November 30, 2024.
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 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 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
$—
$401,786
$—
$401,786
Commercial Mortgage-Backed Securities
—
178,653
—
178,653
Mortgage-Backed Securities
—
586,911
—
586,911
U.S. Government Agency Securities
—
63,893
—
63,893
U.S. Treasury Obligations
—
713,189
—
713,189
JPMorgan Government Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Short-Term Investments
Investment Companies
$31,380
$—
$—
$31,380
Total Investments in Securities
$31,380
$1,944,432
$—
$1,975,812
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended November 30, 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
November 30,
2024
Shares at
November 30,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market
Fund Class Institutional Shares, 4.49%
 (a) (b)
$48,936
$280,857
$298,413
$—
$—
$31,380
31,380
$2,211
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of November 30, 2024.