JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 27.7%
Aerospace & Defense — 0.6%
Airbus Finance BV (France) 2.70%, 4/17/2023(a)		43		44
General Dynamics Corp. 3.50%, 5/15/2025		100		107
L3Harris Technologies, Inc. 3.85%, 12/15/2026(a)		70		75
Lockheed Martin Corp. 3.10%, 1/15/2023		174		179
Northrop Grumman Corp. 2.93%, 1/15/2025		150		154
United Technologies Corp.
3.95%, 8/16/2025		150		163
4.13%, 11/16/2028		100		113
				835
Automobiles — 0.6%
Daimler Finance North America LLC (Germany) 2.20%, 5/5/2020(a)		150		150
General Motors Co. 4.20%, 10/1/2027		500		511
Hyundai Capital America 2.85%, 11/1/2022(a)		200		202
				863
Banks — 5.3%
Bank of America Corp.
3.30%, 1/11/2023		90		93
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023(b)		60		61
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023(b)		100		102
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024(b)		42		44
Series L, 3.95%, 4/21/2025		154		164
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028(b)		610		639
Bank of Montreal (Canada) 2.35%, 9/11/2022		200		202
Bank of Nova Scotia (The) (Canada) 2.00%, 11/15/2022		150		150
Barclays plc (United Kingdom) 3.68%, 1/10/2023		317		324
Branch Banking & Trust Co. 2.25%, 6/1/2020		250		250
Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024		150		155
Citibank NA 2.13%, 10/20/2020		350		350
Citigroup, Inc.
4.40%, 6/10/2025		115		124
4.45%, 9/29/2027		150		165
Citizens Financial Group, Inc. 4.30%, 12/3/2025		50		54
Commonwealth Bank of Australia (Australia) 4.50%, 12/9/2025(a)		201		218
Cooperatieve Rabobank UA (Netherlands)
4.75%, 1/15/2020(a)		200		201
3.88%, 2/8/2022		118		122
Discover Bank 3.35%, 2/6/2023		250		258
Fifth Third Bancorp 2.38%, 1/28/2025		64		64
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023(b)		200		204
4.30%, 3/8/2026		200		217
Huntington National Bank (The) 2.88%, 8/20/2020		250		251
KeyCorp 5.10%, 3/24/2021		50		52
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		250		264
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.85%, 3/1/2026		225		241
Nordea Bank Abp (Finland) 4.88%, 1/27/2020(a)		250		251
PNC Financial Services Group, Inc. (The) 4.38%, 8/11/2020		133		135
Regions Financial Corp. 2.75%, 8/14/2022		107		109
Royal Bank of Canada (Canada) 2.25%, 11/1/2024		100		100
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024(a)		200		215
Swedbank AB (Sweden) 2.20%, 3/4/2020(a)		300		300
Toronto-Dominion Bank (The) (Canada) 2.50%, 12/14/2020		200		201
US Bancorp
Series V, 2.38%, 7/22/2026		133		134
Series X, 3.15%, 4/27/2027		68		72
Wells Fargo & Co. 2.63%, 7/22/2022		250		253
3.00%, 2/19/2025		99		101
4.10%, 6/3/2026		21		23
4.30%, 7/22/2027		30		33
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028(b)		250		266
Westpac Banking Corp. (Australia) 2.50%, 6/28/2022		300		303
				7,465

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Beverages — 0.4%
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.75%, 1/23/2029		265		308
Diageo Capital plc (United Kingdom) 4.83%, 7/15/2020		70		71
Keurig Dr Pepper, Inc.
4.42%, 5/25/2025		75		82
4.60%, 5/25/2028		50		57
				518
Biotechnology — 0.2%
AbbVie, Inc. 4.25%, 11/14/2028		100		110
Baxalta, Inc. 3.60%, 6/23/2022		23		24
Biogen, Inc. 3.63%, 9/15/2022		30		31
Gilead Sciences, Inc.
3.70%, 4/1/2024		36		38
3.50%, 2/1/2025		25		27
3.65%, 3/1/2026		57		61
				291
Building Products — 0.0%(c)
Johnson Controls International plc
3.75%, 12/1/2021		3		3
3.90%, 2/14/2026		12		13
				16
Capital Markets — 2.4%
Bank of New York Mellon Corp. (The)
4.60%, 1/15/2020		75		75
3.25%, 9/11/2024		150		158
Brookfield Finance, Inc. (Canada) 4.85%, 3/29/2029		75		86
Charles Schwab Corp. (The)
3.23%, 9/1/2022		40		41
3.20%, 1/25/2028		200		209
Deutsche Bank AG (Germany) 3.13%, 1/13/2021		38		38
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/2021		200		201
3.00%, 4/26/2022		80		81
3.75%, 5/22/2025		257		271
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(b)		349		370
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		88		94
Invesco Finance plc
4.00%, 1/30/2024		71		75
3.75%, 1/15/2026		125		133
Jefferies Group LLC 6.88%, 4/15/2021		50		53
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025(a)		100		107
Macquarie Group Ltd. (Australia)
6.00%, 1/14/2020(a)		100		100
6.25%, 1/14/2021(a)		40		42
Morgan Stanley
5.75%, 1/25/2021		100		104
5.50%, 7/28/2021		100		106
3.70%, 10/23/2024		83		88
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028(b)		500		531
Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020		84		85
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032(b)		17		17
State Street Corp. 3.10%, 5/15/2023		36		37
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		34		35
UBS AG (Switzerland) 2.45%, 12/1/2020(a)		200		201
				3,338
Chemicals — 0.5%
Ecolab, Inc.
3.25%, 1/14/2023		88		91
3.25%, 12/1/2027		43		46
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028		9		10
Mosaic Co. (The) 3.25%, 11/15/2022		246		251
Nutrien Ltd. (Canada) 3.38%, 3/15/2025		45		47
Sherwin-Williams Co. (The)
3.30%, 2/1/2025		110		112
3.45%, 6/1/2027		51		54
Union Carbide Corp. 7.50%, 6/1/2025		100		121
				732
Commercial Services & Supplies — 0.2%
Republic Services, Inc. 3.38%, 11/15/2027		200		212
Communications Equipment — 0.0%(c)
Cisco Systems, Inc. 2.95%, 2/28/2026		44		46
Construction Materials — 0.2%
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		78		81
3.50%, 12/15/2027		160		166
				247
Consumer Finance — 1.0%
American Express Co. 3.38%, 5/17/2021		100		102
American Honda Finance Corp. 1.95%, 7/20/2020		200		200
Avolon Holdings Funding Ltd. (Ireland)
5.13%, 10/1/2023(a)		150		161
3.95%, 7/1/2024(a)		20		21
Capital One Financial Corp. 3.20%, 2/5/2025		235		242

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Caterpillar Financial Services Corp.
1.85%, 9/4/2020		200		200
2.85%, 6/1/2022		58		59
John Deere Capital Corp.
3.15%, 10/15/2021		33		34
2.70%, 1/6/2023		89		91
2.65%, 6/24/2024		100		102
Synchrony Financial 4.25%, 8/15/2024		40		42
Toyota Motor Credit Corp. 2.00%, 10/7/2024		150		150
				1,404
Containers & Packaging — 0.1%
Packaging Corp. of America 3.00%, 12/15/2029		100		101
WRKCo, Inc. 3.00%, 9/15/2024		80		81
				182
Diversified Financial Services — 1.3%
AIG Global Funding 2.15%, 7/2/2020(a)		150		150
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		349		349
GTP Acquisition Partners I LLC 2.35%, 6/15/2020(a)		174		174
National Rural Utilities Cooperative Finance Corp. 2.30%, 9/15/2022		200		201
ORIX Corp. (Japan) 2.90%, 7/18/2022		81		82
Private Export Funding Corp.
Series EE, 2.80%, 5/15/2022		500		512
Series KK, 3.55%, 1/15/2024		200		214
Shell International Finance BV (Netherlands) 3.25%, 5/11/2025		100		105
				1,787
Diversified Telecommunication Services — 0.9%
AT&T, Inc.
3.60%, 7/15/2025		150		158
7.88%, 2/15/2030		350		474
Qwest Corp. 6.75%, 12/1/2021		148		159
Telefonica Emisiones SA (Spain) 5.13%, 4/27/2020		31		31
Verizon Communications, Inc.
4.33%, 9/21/2028		160		182
4.50%, 8/10/2033		208		243
				1,247
Electric Utilities — 1.8%
Arizona Public Service Co. 2.20%, 1/15/2020		16		16
Baltimore Gas & Electric Co. 2.80%, 8/15/2022		43		44
Commonwealth Edison Co. Series 122, 2.95%, 8/15/2027		200		208
DTE Electric Co. 2.65%, 6/15/2022		20		20
Duke Energy Corp. 3.75%, 4/15/2024		300		318
Duke Energy Indiana LLC 3.75%, 7/15/2020		60		61
Duke Energy Progress LLC 2.80%, 5/15/2022		40		41
Edison International 4.13%, 3/15/2028		150		152
Enel Finance International NV (Italy) 3.63%, 5/25/2027(a)		200		208
Entergy Mississippi LLC 2.85%, 6/1/2028		186		191
Evergy Metro, Inc. 3.15%, 3/15/2023		47		48
Jersey Central Power & Light Co. 4.30%, 1/15/2026(a)		200		218
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027		89		95
Niagara Mohawk Power Corp. 3.51%, 10/1/2024(a)		28		30
Pennsylvania Electric Co. 3.25%, 3/15/2028(a)		132		136
Public Service Co. of Colorado 3.20%, 11/15/2020		51		51
Public Service Co. of Oklahoma 4.40%, 2/1/2021		74		76
Southern California Edison Co. 1.85%, 2/1/2022		21		20
Southern Co. (The) 3.25%, 7/1/2026		317		329
Virginia Electric & Power Co.
Series C, 2.75%, 3/15/2023		191		195
3.45%, 2/15/2024		21		22
				2,479
Electrical Equipment — 0.1%
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		41		42
Eaton Corp. 3.10%, 9/15/2027		140		146
				188
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		16		17
3.88%, 1/12/2028		100		103
				120
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		150		152
Halliburton Co. 3.80%, 11/15/2025		107		113
Schlumberger Investment SA 3.30%, 9/14/2021(a)		47		48
				313
Entertainment — 0.1%
Viacom, Inc. 3.88%, 4/1/2024		112		118
Walt Disney Co. (The) 7.70%, 10/30/2025		50		65
				183

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Equity Real Estate Investment Trusts (REITs) — 1.3%
American Tower Corp.
3.50%, 1/31/2023		80		83
5.00%, 2/15/2024		38		42
Boston Properties LP 3.20%, 1/15/2025		152		157
Brixmor Operating Partnership LP 3.85%, 2/1/2025		50		52
ERP Operating LP 4.63%, 12/15/2021		255		267
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028(a)		52		54
Healthcare Trust of America Holdings LP 3.10%, 2/15/2030		68		68
Healthpeak Properties, Inc.
4.20%, 3/1/2024		17		18
3.88%, 8/15/2024		205		218
3.40%, 2/1/2025		38		40
Office Properties Income Trust 3.60%, 2/1/2020		75		75
Realty Income Corp.
3.88%, 7/15/2024		50		54
3.65%, 1/15/2028		150		161
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025(a)		150		155
Senior Housing Properties Trust 4.75%, 2/15/2028		100		101
Ventas Realty LP
3.75%, 5/1/2024		44		46
3.50%, 2/1/2025		27		28
4.13%, 1/15/2026		62		67
Welltower, Inc. 4.50%, 1/15/2024		100		108
				1,794
Food & Staples Retailing — 0.1%
CVS Pass-Through Trust 5.93%, 1/10/2034(a)		44		51
Kroger Co. (The) 4.00%, 2/1/2024		90		96
				147
Food Products — 0.7%
Campbell Soup Co. 3.95%, 3/15/2025		50		53
Cargill, Inc. 3.30%, 3/1/2022(a)		100		103
Conagra Brands, Inc. 4.60%, 11/1/2025		35		38
General Mills, Inc. 2.60%, 10/12/2022		200		203
Kellogg Co. 3.40%, 11/15/2027		95		99
Kraft Heinz Foods Co. 3.95%, 7/15/2025		202		212
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		92		100
Smithfield Foods, Inc. 5.20%, 4/1/2029(a)		7		8
Tyson Foods, Inc. 3.95%, 8/15/2024		73		78
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		100		106
				1,000
Gas Utilities — 0.0%(c)
Atmos Energy Corp. 2.63%, 9/15/2029		42		43
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co. 2.68%, 12/15/2019		66		66
Boston Scientific Corp. 3.75%, 3/1/2026		50		54
Zimmer Biomet Holdings, Inc.
3.70%, 3/19/2023		19		20
3.55%, 4/1/2025		50		52
				192
Health Care Providers & Services — 1.0%
Aetna, Inc. 2.80%, 6/15/2023		200		203
Anthem, Inc.
3.13%, 5/15/2022		115		117
3.50%, 8/15/2024		106		111
Cigna Corp.
3.05%, 11/30/2022(a)		200		203
3.50%, 6/15/2024(a)		72		75
CVS Health Corp. 4.10%, 3/25/2025		180		193
HCA, Inc. 4.13%, 6/15/2029		150		158
Laboratory Corp. of America Holdings 3.20%, 2/1/2022		214		219
UnitedHealth Group, Inc. 3.38%, 11/15/2021		112		115
				1,394
Hotels, Restaurants & Leisure — 0.1%
Starbucks Corp. 3.80%, 8/15/2025		150		162
Household Durables — 0.1%
DR Horton, Inc. 2.55%, 12/1/2020		150		150
Household Products — 0.0%(c)
Kimberly-Clark Corp. 2.40%, 3/1/2022		20		20
Procter & Gamble - ESOP Series A, 9.36%, 1/1/2021		18		18
				38

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.40%, 3/15/2022		80		82
4.25%, 6/15/2022		37		39
				121
Industrial Conglomerates — 0.0%(c)
Ingersoll-Rand Global Holding Co. Ltd. 4.25%, 6/15/2023		34		36
Insurance — 1.4%
Allstate Corp. (The) 3.15%, 6/15/2023		61		63
American International Group, Inc. 3.75%, 7/10/2025		161		171
Aon plc 3.88%, 12/15/2025		143		153
Assurant, Inc. 4.20%, 9/27/2023		90		94
Athene Global Funding 2.95%, 11/12/2026(a)		150		150
Chubb INA Holdings, Inc. 2.88%, 11/3/2022		130		134
CNA Financial Corp.
3.95%, 5/15/2024		52		56
4.50%, 3/1/2026		38		42
Guardian Life Global Funding 2.50%, 5/8/2022(a)		125		126
Lincoln National Corp. 4.20%, 3/15/2022		35		36
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		44		49
Marsh & McLennan Cos., Inc. 3.30%, 3/14/2023		50		52
Metropolitan Life Global Funding I 3.45%, 12/18/2026(a)		250		268
Principal Financial Group, Inc. 3.10%, 11/15/2026		150		156
Protective Life Global Funding 2.62%, 8/22/2022(a)		200		202
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025(a)		150		192
				1,944
IT Services — 0.1%
International Business Machines Corp. 3.50%, 5/15/2029		100		108
Western Union Co. (The) 3.60%, 3/15/2022		20		20
				128
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc.
4.15%, 2/1/2024		34		36
3.20%, 8/15/2027		100		105
				141
Machinery — 0.2%
Caterpillar, Inc. 2.60%, 6/26/2022		31		32
Illinois Tool Works, Inc. 3.50%, 3/1/2024		175		185
Stanley Black & Decker, Inc. 3.40%, 3/1/2026		110		116
				333
Media — 0.7%
CBS Corp. 4.00%, 1/15/2026		208		223
Charter Communications Operating LLC 4.91%, 7/23/2025		160		175
Comcast Corp.
3.00%, 2/1/2024		117		121
3.38%, 2/15/2025		77		81
3.38%, 8/15/2025		80		85
3.95%, 10/15/2025		14		15
3.15%, 3/1/2026		16		17
Cox Communications, Inc. 3.50%, 8/15/2027(a)		154		162
Discovery Communications LLC 4.38%, 6/15/2021		78		81
Fox Corp. 4.71%, 1/25/2029(a)		35		40
				1,000
Metals & Mining — 0.1%
Glencore Funding LLC (Switzerland) 4.88%, 3/12/2029(a)		60		65
Newmont Goldcorp Corp. 2.80%, 10/1/2029		22		22
Nucor Corp. 4.00%, 8/1/2023		27		28
				115
Multi-Utilities — 0.6%
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		155		170
DTE Energy Co. Series B, 3.30%, 6/15/2022		79		81
NiSource, Inc. 3.85%, 2/15/2023		200		209
Public Service Enterprise Group, Inc. 2.88%, 6/15/2024		100		102
Sempra Energy 4.05%, 12/1/2023		48		51
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		94		96
WEC Energy Group, Inc. 3.55%, 6/15/2025		87		92
				801
Oil, Gas & Consumable Fuels — 2.1%
Apache Corp. 3.25%, 4/15/2022		18		18
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027(a)		100		108
BP Capital Markets plc (United Kingdom)
3.81%, 2/10/2024		166		177
3.51%, 3/17/2025		60		64

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Buckeye Partners LP 4.88%, 2/1/2021		40		41
Canadian Natural Resources Ltd. (Canada) 3.90%, 2/1/2025		25		26
Cenovus Energy, Inc. (Canada) 3.00%, 8/15/2022		21		21
Chevron Corp. 2.36%, 12/5/2022		40		40
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		200		213
Ecopetrol SA (Colombia) 4.13%, 1/16/2025		58		60
Energy Transfer Operating LP
3.60%, 2/1/2023		28		29
4.90%, 2/1/2024		61		65
4.05%, 3/15/2025		91		94
Eni SpA (Italy) 4.15%, 10/1/2020(a)		200		203
Enterprise Products Operating LLC
2.80%, 2/15/2021		200		202
3.90%, 2/15/2024		49		52
3.75%, 2/15/2025		37		39
Gulf South Pipeline Co. LP 4.00%, 6/15/2022		50		52
Marathon Petroleum Corp. 3.63%, 9/15/2024		67		70
MPLX LP
3.38%, 3/15/2023		32		33
4.25%, 12/1/2027(a)		27		28
Noble Energy, Inc. 3.85%, 1/15/2028		100		104
Occidental Petroleum Corp. 3.50%, 6/15/2025		30		31
ONEOK Partners LP
3.38%, 10/1/2022		12		12
5.00%, 9/15/2023		28		31
ONEOK, Inc. 3.40%, 9/1/2029		150		149
Petroleos Mexicanos (Mexico) 6.88%, 8/4/2026		51		55
5.35%, 2/12/2028		42		41
6.84%, 1/23/2030(a)		70		73
Phillips 66 3.90%, 3/15/2028		70		76
Plains All American Pipeline LP 3.60%, 11/1/2024		100		102
Sinopec Group Overseas Development Ltd. (China) 4.38%, 10/17/2023(a)		200		213
Spectra Energy Partners LP 3.50%, 3/15/2025		63		66
TC PipeLines LP 3.90%, 5/25/2027		42		44
TransCanada PipeLines Ltd. (Canada) 3.75%, 10/16/2023		172		181
Williams Cos., Inc. (The) 3.90%, 1/15/2025		86		90
				2,903
Pharmaceuticals — 0.3%
Allergan Funding SCS 3.45%, 3/15/2022		69		71
Bristol-Myers Squibb Co.
3.25%, 8/15/2022(a)		98		101
3.40%, 7/26/2029(a)		71		76
Eli Lilly & Co. 3.38%, 3/15/2029		70		75
Merck & Co., Inc. 3.40%, 3/7/2029		100		109
				432
Real Estate Management & Development — 0.2%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022(a)		200		204
Road & Rail — 0.6%
Canadian Pacific Railway Co. (Canada) 4.50%, 1/15/2022		55		58
CSX Corp. 3.25%, 6/1/2027		162		171
ERAC USA Finance LLC
5.25%, 10/1/2020(a)		48		49
4.50%, 8/16/2021(a)		27		28
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		60		64
Norfolk Southern Corp. 2.55%, 11/1/2029		150		150
Penske Truck Leasing Co. LP 4.13%, 8/1/2023(a)		200		211
Ryder System, Inc. 2.50%, 5/11/2020		28		28
2.88%, 9/1/2020		86		87
				846
Semiconductors & Semiconductor Equipment — 0.3%
Analog Devices, Inc. 2.95%, 1/12/2021		70		71
Broadcom, Inc. 4.75%, 4/15/2029(a)		50		53
Intel Corp. 3.70%, 7/29/2025		116		125
QUALCOMM, Inc. 3.25%, 5/20/2027		94		99
				348
Software — 0.2%
Oracle Corp. 2.95%, 11/15/2024		200		208
Specialty Retail — 0.4%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		30		32
Home Depot, Inc. (The) 2.80%, 9/14/2027		150		157
Lowe’s Cos., Inc. 3.65%, 4/5/2029		200		215

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		100			106
3.60%, 9/1/2027		62			66
					576
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc. 2.75%, 1/13/2025		200			206
Tobacco — 0.3%
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		200			203
Philip Morris International, Inc. 3.38%, 8/11/2025		150			158
					361
Trading Companies & Distributors — 0.2%
Air Lease Corp. 3.63%, 12/1/2027		100			103
Aircastle Ltd. 4.40%, 9/25/2023		65			69
Aviation Capital Group LLC 3.88%, 5/1/2023(a)		100			103
					275
Water Utilities — 0.1%
American Water Capital Corp. 3.85%, 3/1/2024		150			159
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc. (Canada) 4.10%, 10/1/2023		160			170
TOTAL CORPORATE BONDS (Cost $37,074)					38,693
U.S. TREASURY OBLIGATIONS — 27.1%
U.S. Treasury Bonds
6.00%, 2/15/2026		516			646
6.13%, 8/15/2029		500			694
U.S. Treasury Notes
3.63%, 2/15/2020		2,000			2,008
1.88%, 1/31/2022		700			703
1.88%, 4/30/2022		1,000			1,006
2.25%, 1/31/2024		3,500			3,586
2.25%, 11/15/2024		250			257
2.88%, 5/31/2025		299			318
2.00%, 8/15/2025		2,500			2,542
2.25%, 11/15/2025		2,000			2,062
2.25%, 11/15/2027		2,000			2,075
2.88%, 8/15/2028		2,000			2,179
3.13%, 11/15/2028		2,000			2,224
2.63%, 2/15/2029		2,000			2,144
U.S. Treasury STRIPS Bonds
4.06%, 11/15/2021(d)		1,525			1,476
2.81%, 2/15/2022(d)		2,400			2,312
2.86%, 11/15/2022(d)		1,300			1,238
2.77%, 5/15/2023(d)		685			646
2.19%, 8/15/2023(d)		3,890			3,655
2.50%, 11/15/2023(d)		744			695
2.20%, 2/15/2024(d)		4,406			4,099
2.25%, 5/15/2024(d)		200			185
2.96%, 5/15/2025(d)		200			182
2.38%, 5/15/2026(d)		200			178
3.52%, 8/15/2026(d)		47			42
3.71%, 11/15/2026(d)		300			264
2.92%, 2/15/2027(d)		100			88
3.93%, 8/15/2027(d)		100			87
4.02%, 11/15/2027(d)		140			121
3.07%, 2/15/2028(d)		53			45
2.51%, 5/15/2028(d)		10			9
3.27%, 8/15/2028(d)		200			170
TOTAL U.S. TREASURY OBLIGATIONS (Cost $37,180)					37,936
COLLATERALIZED MORTGAGE OBLIGATIONS — 16.7%
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		755			805
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		117			110
Banc of America Funding Trust Series 2004-1, PO, 3/25/2034‡		14			12
BCAP LLC Trust Series 2010-RR7, Class 2A1, 4.23%, 7/26/2045(a)(e)		2			2
CHL Mortgage Pass-Through Trust
Series 2004-HYB3, Class 2A, 3.83%, 6/20/2034(e)		10			10
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		25			26
Series 2005-22, Class 2A1, 3.63%, 11/25/2035(e)		104			95
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 6/25/2033‡		—	(f)		—	(f)
Series 2003-HYB1, Class A, 4.24%, 9/25/2033(e)		10			11
Citigroup Mortgage Loan Trust, Inc. Series 2003-UP3, Class A3, 7.00%, 9/25/2033		3			3
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-3, Class 1A1, 4.34%, 6/25/2020(e)		17			17
FHLMC – GNMA Series 24, Class ZE, 6.25%, 11/25/2023		11			12

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
FHLMC, REMIC
Series 2934, Class EC, PO, 2/15/2020		—	(f)		—	(f)
Series 2347, Class VP, 6.50%, 3/15/2020		1			1
Series 2999, Class ND, 4.50%, 7/15/2020		4			4
Series 1807, Class G, 9.00%, 10/15/2020		—	(f)		—	(f)
Series 1084, Class F, 2.72%, 5/15/2021(e)		—	(f)		—	(f)
Series 1079, Class S, HB, IF, 28.00%, 5/15/2021(e)		—	(f)		—	(f)
Series 1084, Class S, HB, IF, 37.28%, 5/15/2021(e)		—	(f)		—	(f)
Series 1144, Class KB, 8.50%, 9/15/2021		1			1
Series 1196, Class B, HB, IF, 1,104.54%, 1/15/2022(e)		—	(f)		—	(f)
Series 1206, Class IA, 7.00%, 3/15/2022		1			1
Series 1250, Class J, 7.00%, 5/15/2022		1			1
Series 1343, Class LA, 8.00%, 8/15/2022		3			3
Series 2512, Class PG, 5.50%, 10/15/2022		41			43
Series 2535, Class BK, 5.50%, 12/15/2022		7			8
Series 1470, Class F, 2.16%, 2/15/2023(e)		—	(f)		—	(f)
Series 2568, Class KG, 5.50%, 2/15/2023		65			68
Series 1466, Class PZ, 7.50%, 2/15/2023		11			12
Series 1491, Class I, 7.50%, 4/15/2023		5			5
Series 1798, Class F, 5.00%, 5/15/2023		5			5
Series 1518, Class G, IF, 7.35%, 5/15/2023(e)		5			5
Series 1541, Class O, 0.90%, 7/15/2023(e)		5			5
Series 1608, Class L, 6.50%, 9/15/2023		17			18
Series 1602, Class SA, IF, 16.51%, 10/15/2023(e)		2			3
Series 2283, Class K, 6.50%, 12/15/2023		6			7
Series 1700, Class GA, PO, 2/15/2024		1			1
Series 1671, Class L, 7.00%, 2/15/2024		4			4
Series 1706, Class K, 7.00%, 3/15/2024		29			31
Series 2033, Class SN, HB, IF, 26.37%, 3/15/2024(e)		2			—	(f)
Series 1720, Class PL, 7.50%, 4/15/2024		84			90
Series 2306, Class K, PO, 5/15/2024		3			3
Series 2306, Class SE, IF, IO, 8.82%, 5/15/2024(e)		8			1
Series 1745, Class D, 7.50%, 8/15/2024		5			6
Series 1927, Class PH, 7.50%, 1/15/2027		42			47
Series 1981, Class Z, 6.00%, 5/15/2027		16			18
Series 1987, Class PE, 7.50%, 9/15/2027		5			6
Series 2038, Class PN, IO, 7.00%, 3/15/2028		7			1
Series 2040, Class PE, 7.50%, 3/15/2028		36			41
Series 2063, Class PG, 6.50%, 6/15/2028		39			44
Series 2064, Class TE, 7.00%, 6/15/2028		5			5
Series 2075, Class PM, 6.25%, 8/15/2028		26			28
Series 2075, Class PH, 6.50%, 8/15/2028		27			30
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		8			1
Series 2125, Class JZ, 6.00%, 2/15/2029		16			18
Series 2169, Class TB, 7.00%, 6/15/2029		72			81
Series 2163, Class PC, IO, 7.50%, 6/15/2029		4			—	(f)
Series 2172, Class QC, 7.00%, 7/15/2029		30			35
Series 2196, Class TL, 7.50%, 11/15/2029		—	(f)		—	(f)
Series 2201, Class C, 8.00%, 11/15/2029		12			14
Series 2210, Class Z, 8.00%, 1/15/2030		37			44
Series 2224, Class CB, 8.00%, 3/15/2030		12			14
Series 2256, Class MC, 7.25%, 9/15/2030		21			24
Series 2259, Class ZM, 7.00%, 10/15/2030		19			22
Series 2271, Class PC, 7.25%, 12/15/2030		18			21
Series 2296, Class PD, 7.00%, 3/15/2031		10			11
Series 2333, Class HC, 6.00%, 7/15/2031		24			27
Series 2344, Class ZD, 6.50%, 8/15/2031		181			212
Series 2344, Class ZJ, 6.50%, 8/15/2031		24			26

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2345, Class NE, 6.50%, 8/15/2031		13			14
Series 2351, Class PZ, 6.50%, 8/15/2031		19			21
Series 2410, Class OE, 6.38%, 2/15/2032		19			21
Series 2410, Class NG, 6.50%, 2/15/2032		13			14
Series 2410, Class QX, IF, IO, 6.88%, 2/15/2032(e)		10			2
Series 2412, Class SP, IF, 12.57%, 2/15/2032(e)		40			51
Series 2444, Class ES, IF, IO, 6.18%, 3/15/2032(e)		25			5
Series 2450, Class SW, IF, IO, 6.23%, 3/15/2032(e)		10			2
Series 2423, Class MC, 7.00%, 3/15/2032		12			13
Series 2423, Class MT, 7.00%, 3/15/2032		22			25
Series 2435, Class CJ, 6.50%, 4/15/2032		90			102
Series 2441, Class GF, 6.50%, 4/15/2032		25			29
Series 2455, Class GK, 6.50%, 5/15/2032		33			38
Series 2450, Class GZ, 7.00%, 5/15/2032		34			40
Series 2466, Class DH, 6.50%, 6/15/2032		51			57
Series 2474, Class NR, 6.50%, 7/15/2032		29			33
Series 2484, Class LZ, 6.50%, 7/15/2032		47			54
Series 2500, Class MC, 6.00%, 9/15/2032		42			47
Series 2543, Class YX, 6.00%, 12/15/2032		93			103
Series 2575, Class ME, 6.00%, 2/15/2033		168			190
Series 2586, Class WI, IO, 6.50%, 3/15/2033		14			3
Series 2990, Class SL, IF, 18.02%, 6/15/2034(e)		26			32
Series 3611, PO, 7/15/2034		22			20
Series 2990, Class UZ, 5.75%, 6/15/2035		552			634
Series 3117, Class EO, PO, 2/15/2036		54			48
Series 3117, Class OK, PO, 2/15/2036		6			5
Series 3122, Class OH, PO, 3/15/2036		51			46
Series 3152, Class MO, PO, 3/15/2036		127			115
Series 3607, Class AO, PO, 4/15/2036		32			28
Series 3137, Class XP, 6.00%, 4/15/2036		78			89
Series 3819, Class ZQ, 6.00%, 4/15/2036		217			249
Series 3149, Class SO, PO, 5/15/2036		6			5
Series 3171, Class MO, PO, 6/15/2036		36			33
Series 3179, Class OA, PO, 7/15/2036		21			19
Series 3202, Class HI, IF, IO, 4.88%, 8/15/2036(e)		173			27
Series 3232, Class ST, IF, IO, 4.93%, 10/15/2036(e)		29			4
Series 3417, Class EO, PO, 11/15/2036		308			289
Series 3316, Class JO, PO, 5/15/2037		5			5
Series 3607, Class OP, PO, 7/15/2037		151			132
Series 3481, Class SJ, IF, IO, 4.08%, 8/15/2038(e)		88			15
Series 3680, Class MA, 4.50%, 7/15/2039		194			205
Series 4219, Class JA, 3.50%, 8/15/2039		321			327
Series 3997, Class PF, 2.22%, 11/15/2039(e)		33			33
Series 4096, Class HA, 2.00%, 12/15/2041		259			256
Series 4374, Class NC, 3.75%, 2/15/2046(g)		178			180
FHLMC, STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		—	(f)		—	(f)
Series 262, Class 35, 3.50%, 7/15/2042		459			484
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.42%, 7/25/2032(e)		23			25
Series T-76, Class 2A, 2.27%, 10/25/2037(e)		113			121
Series T-51, Class 2A, 7.50%, 8/25/2042(e)		21			26
Series T-54, Class 2A, 6.50%, 2/25/2043		204			239
Series T-54, Class 3A, 7.00%, 2/25/2043		67			79
Series T-56, Class A5, 5.23%, 5/25/2043		511			569
Series T-58, Class APO, PO, 9/25/2043		14			12
FNMA Trust, Whole Loan
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		28			32
Series 2005-W3, Class 2AF, 1.93%, 3/25/2045(e)		92			92

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
FNMA, REMIC
Series 1990-7, Class B, 8.50%, 1/25/2020		—	(f)		—	(f)
Series 1990-60, Class K, 5.50%, 6/25/2020		—	(f)		—	(f)
Series 1990-63, Class H, 9.50%, 6/25/2020		—	(f)		—	(f)
Series 1990-93, Class G, 5.50%, 8/25/2020		—	(f)		—	(f)
Series 1990-102, Class J, 6.50%, 8/25/2020		—	(f)		—	(f)
Series 1990-94, Class H, HB, 505.00%, 8/25/2020		—	(f)		—	(f)
Series 1990-95, Class J, HB, 1,118.04%, 8/25/2020		—	(f)		—	(f)
Series 1990-134, Class SC, IF, 19.04%, 11/25/2020(e)		—	(f)		—	(f)
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(f)		—	(f)
Series 2001-4, Class PC, 7.00%, 3/25/2021		2			2
Series 1991-42, Class S, IF, 14.69%, 5/25/2021(e)		—	(f)		—	(f)
Series G-14, Class L, 8.50%, 6/25/2021		—	(f)		—	(f)
Series G-18, Class Z, 8.75%, 6/25/2021		—	(f)		—	(f)
Series 2001-48, Class Z, 6.50%, 9/25/2021		16			17
Series G-35, Class M, 8.75%, 10/25/2021		—	(f)		—	(f)
Series 2002-1, Class HC, 6.50%, 2/25/2022		6			7
Series 1992-107, Class SB, HB, IF, 24.69%, 6/25/2022(e)		6			7
Series G92-42, Class Z, 7.00%, 7/25/2022		—	(f)		—	(f)
Series G92-35, Class E, 7.50%, 7/25/2022		5			5
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(f)		—	(f)
Series 1996-59, Class J, 6.50%, 8/25/2022		2			2
Series 1992-143, Class MA, 5.50%, 9/25/2022		—	(f)		—	(f)
Series G92-54, Class ZQ, 7.50%, 9/25/2022		2			3
Series G93-5, Class Z, 6.50%, 2/25/2023		2			2
Series 1993-37, Class PX, 7.00%, 3/25/2023		30			31
Series 1993-25, Class J, 7.50%, 3/25/2023		4			5
Series 1998-4, Class C, PO, 4/25/2023		1			1
Series 1998-43, Class EA, PO, 4/25/2023		46			44
Series 1993-54, Class Z, 7.00%, 4/25/2023		9			10
Series 1993-62, Class SA, IF, 17.90%, 4/25/2023(e)		2			2
Series 1993-122, Class M, 6.50%, 7/25/2023		2			2
Series 1996-14, Class SE, IF, IO, 8.97%, 8/25/2023(e)		20			2
Series 1993-178, Class PK, 6.50%, 9/25/2023		5			5
Series 1993-165, Class SD, IF, 12.47%, 9/25/2023(e)		1			1
Series 1993-183, Class KA, 6.50%, 10/25/2023		69			73
Series 1993-189, Class PL, 6.50%, 10/25/2023		27			29
Series 1994-9, Class E, PO, 11/25/2023		—	(f)		—	(f)
Series 1993-247, Class SA, HB, IF, 26.02%, 12/25/2023(e)		7			8
Series G95-1, Class C, 8.80%, 1/25/2025		3			4
Series 2005-121, Class DX, 5.50%, 1/25/2026		186			197
Series 1997-20, IO, 1.84%, 3/25/2027(e)		5			—	(f)
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027(e)		7			—	(f)
Series 1997-27, Class J, 7.50%, 4/18/2027		8			9
Series 1997-29, Class J, 7.50%, 4/20/2027		9			11
Series 1997-39, Class PD, 7.50%, 5/20/2027		23			26
Series 2012-47, Class HF, 2.11%, 5/25/2027(e)		95			95
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		6			1
Series 1998-36, Class ZB, 6.00%, 7/18/2028		4			4
Series 2000-2, Class ZE, 7.50%, 2/25/2030		42			49
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		27			5
Series 2001-36, Class DE, 7.00%, 8/25/2031		40			46
Series 2001-49, Class Z, 6.50%, 9/25/2031		7			8
Series 2001-44, Class PD, 7.00%, 9/25/2031		8			9
Series 2003-52, Class SX, IF, 17.83%, 10/25/2031(e)		10			15
Series 2004-74, Class SW, IF, 11.98%, 11/25/2031(e)		24			32

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2001-81, Class LO, PO, 1/25/2032		5		4
Series 2002-1, Class SA, IF, 19.64%, 2/25/2032(e)		3		5
Series 2002-21, Class PE, 6.50%, 4/25/2032		19		21
Series 2002-28, Class PK, 6.50%, 5/25/2032		19		22
Series 2002-37, Class Z, 6.50%, 6/25/2032		24		27
Series 2004-61, Class SH, IF, 17.16%, 11/25/2032(e)		27		39
Series 2003-22, Class UD, 4.00%, 4/25/2033		84		90
Series 2003-34, Class GE, 6.00%, 5/25/2033		182		202
Series 2003-39, IO, 6.00%, 5/25/2033(e)		5		1
Series 2003-47, Class PE, 5.75%, 6/25/2033		86		97
Series 2003-64, Class SX, IF, 9.30%, 7/25/2033(e)		10		12
Series 2003-71, Class DS, IF, 5.09%, 8/25/2033(e)		80		87
Series 2005-56, Class TP, IF, 13.03%, 8/25/2033(e)		53		62
Series 2003-91, Class SD, IF, 9.65%, 9/25/2033(e)		7		8
Series 2003-116, Class SB, IF, IO, 5.89%, 11/25/2033(e)		70		12
Series 2006-44, Class P, PO, 12/25/2033		25		23
Series 2003-130, Class SX, IF, 8.96%, 1/25/2034(e)		3		4
Series 2004-25, Class SA, IF, 14.83%, 4/25/2034(e)		34		47
Series 2004-46, Class SK, IF, 11.80%, 5/25/2034(e)		24		30
Series 2004-36, Class SA, IF, 14.83%, 5/25/2034(e)		50		72
Series 2004-50, Class VZ, 5.50%, 7/25/2034		303		334
Series 2005-74, Class CS, IF, 15.32%, 5/25/2035(e)		30		37
Series 2005-45, Class DC, IF, 18.05%, 6/25/2035(e)		50		69
Series 2005-56, Class S, IF, IO, 5.00%, 7/25/2035(e)		35		7
Series 2005-68, Class PG, 5.50%, 8/25/2035		185		204
Series 2005-73, Class PS, IF, 12.43%, 8/25/2035(e)		88		112
Series 2005-106, Class US, IF, 18.30%, 11/25/2035(e)		60		84
Series 2006-27, Class OH, PO, 4/25/2036		49		45
Series 2006-65, Class QO, PO, 7/25/2036		25		22
Series 2006-56, Class FC, 2.00%, 7/25/2036(e)		159		159
Series 2006-79, Class DO, PO, 8/25/2036		29		27
Series 2006-77, Class PC, 6.50%, 8/25/2036		56		63
Series 2006-110, PO, 11/25/2036		46		42
Series 2006-124, Class HB, 4.09%, 11/25/2036(e)		67		69
Series 2007-14, Class ES, IF, IO, 4.73%, 3/25/2037(e)		34		6
Series 2007-81, Class GE, 6.00%, 8/25/2037		83		92
Series 2007-79, Class SB, IF, 17.75%, 8/25/2037(e)		31		50
Series 2007-88, Class VI, IF, IO, 4.83%, 9/25/2037(e)		88		17
Series 2007-91, Class ES, IF, IO, 4.75%, 10/25/2037(e)		236		44
Series 2007-106, Class A7, 6.18%, 10/25/2037(e)		30		33
Series 2007-116, Class HI, IO, 1.74%, 1/25/2038(e)		42		2
Series 2008-16, Class IS, IF, IO, 4.49%, 3/25/2038(e)		10		1
Series 2008-10, Class XI, IF, IO, 4.52%, 3/25/2038(e)		21		4
Series 2008-28, Class QS, IF, 15.58%, 4/25/2038(e)		25		35
Series 2008-46, Class HI, IO, 2.32%, 6/25/2038(e)		38		2
Series 2013-25, Class DC, 2.50%, 6/25/2039		320		322
Series 2009-69, PO, 9/25/2039		43		39
Series 2009-103, Class MB, 4.43%, 12/25/2039(e)		53		54
Series 2010-71, Class HJ, 5.50%, 7/25/2040		141		160
Series 2011-118, Class MT, 7.00%, 11/25/2041		155		183
Series 2011-118, Class NT, 7.00%, 11/25/2041		144		167
Series 2013-101, Class DO, PO, 10/25/2043		265		232
Series 2013-128, PO, 12/25/2043		247		219
Series 2019-65, Class PA, 2.50%, 5/25/2048		349		350
FNMA, REMIC Trust
Series 2006-72, Class GO, PO, 8/25/2036		37		34

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
FNMA, REMIC Trust, Whole Loan
Series 2007-W7, Class 1A4, HB, IF, 28.24%, 7/25/2037(e)		7			12
Series 2003-W4, Class 2A, 5.80%, 10/25/2042(e)		14			16
Series 2003-W1, Class 1A1, 5.30%, 12/25/2042(e)		78			85
FNMA, STRIPS
Series 218, Class 2, IO, 7.50%, 4/25/2023		—	(f)		—	(f)
Series 300, Class 1, PO, 9/25/2024		18			18
Series 329, Class 1, PO, 1/25/2033		5			4
GNMA
Series 1994-7, Class PQ, 6.50%, 10/16/2024		46			46
Series 2010-14, Class AO, PO, 12/20/2032		13			13
Series 2003-24, PO, 3/16/2033		7			7
Series 2003-40, Class TJ, 6.50%, 3/20/2033		171			190
Series 2003-52, Class AP, PO, 6/16/2033		44			39
Series 2004-28, Class S, IF, 14.82%, 4/16/2034(e)		12			18
Series 2004-73, Class AE, IF, 11.22%, 8/17/2034(e)		10			10
Series 2004-71, Class SB, HB, IF, 21.00%, 9/20/2034(e)		22			32
Series 2004-90, Class SI, IF, IO, 4.38%, 10/20/2034(e)		130			17
Series 2005-68, Class DP, IF, 12.19%, 6/17/2035(e)		26			32
Series 2005-68, Class KI, IF, IO, 4.58%, 9/20/2035(e)		237			47
Series 2006-38, Class ZK, 6.50%, 8/20/2036		387			433
Series 2006-59, Class SD, IF, IO, 4.98%, 10/20/2036(e)		26			5
Series 2007-17, Class JI, IF, IO, 5.05%, 4/16/2037(e)		98			18
Series 2007-27, Class SA, IF, IO, 4.48%, 5/20/2037(e)		121			13
Series 2007-45, Class QA, IF, IO, 4.92%, 7/20/2037(e)		104			12
Series 2007-40, Class SB, IF, IO, 5.03%, 7/20/2037(e)		168			28
Series 2007-50, Class AI, IF, IO, 5.05%, 8/20/2037(e)		89			17
Series 2007-53, Class ES, IF, IO, 4.83%, 9/20/2037(e)		27			4
Series 2007-53, Class SW, IF, 15.03%, 9/20/2037(e)		22			28
Series 2009-79, Class OK, PO, 11/16/2037		88			81
Series 2007-76, Class SA, IF, IO, 4.81%, 11/20/2037(e)		54			6
Series 2007-72, Class US, IF, IO, 4.83%, 11/20/2037(e)		53			9
Series 2009-106, Class ST, IF, IO, 4.28%, 2/20/2038(e)		183			24
Series 2008-33, Class XS, IF, IO, 5.94%, 4/16/2038(e)		35			6
Series 2008-40, Class SA, IF, IO, 4.64%, 5/16/2038(e)		107			16
Series 2008-55, Class SA, IF, IO, 4.48%, 6/20/2038(e)		66			10
Series 2008-50, Class KB, 6.00%, 6/20/2038		133			153
Series 2008-93, Class AS, IF, IO, 3.98%, 12/20/2038(e)		72			8
Series 2009-6, Class SA, IF, IO, 4.34%, 2/16/2039(e)		22			2
Series 2009-31, Class TS, IF, IO, 4.58%, 3/20/2039(e)		75			5
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		32			8
Series 2009-22, Class SA, IF, IO, 4.55%, 4/20/2039(e)		95			10
Series 2009-92, Class ZC, 5.00%, 10/20/2039		559			633
Series 2011-137, Class WA, 5.56%, 7/20/2040(e)		225			256
Series 2010-105, Class B, 5.00%, 8/20/2040		750			834
Series 2010-130, Class CP, 7.00%, 10/16/2040		60			70
Series 2013-91, Class WA, 4.49%, 4/20/2043(e)		413			441
Series 2012-H24, Class FA, 2.45%, 3/20/2060(e)		5			5
Series 2013-H03, Class FA, 2.30%, 8/20/2060(e)		1			1
Series 2012-H21, Class DF, 2.65%, 5/20/2061(e)		6			6
Series 2012-H26, Class MA, 2.55%, 7/20/2062(e)		8			8
Series 2012-H29, Class FA, 2.51%, 10/20/2062(e)		480			480
Series 2014-H15, Class FA, 2.50%, 7/20/2064(e)		624			624
Series 2014-H17, Class FC, 2.50%, 7/20/2064(e)		576			576
Series 2015-H15, Class FJ, 2.44%, 6/20/2065(e)		588			587
Series 2015-H18, Class FA, 2.45%, 6/20/2065(e)		459			458
Series 2015-H20, Class FA, 2.47%, 8/20/2065(e)		537			537
Series 2015-H26, Class FG, 2.52%, 10/20/2065(e)		632			633

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
GSR Mortgage Loan Trust Series 2006-1F, Class 1A3, 5.50%, 2/25/2036		64			80
Impac Secured Assets CMN Owner Trust Series 2002-2, Class APO, PO, 4/25/2033‡		1			1
JP Morgan Mortgage Trust
Series 2003-A1, Class 1A1, 3.76%, 10/25/2033(e)		173			178
Series 2006-A2, Class 5A3, 4.09%, 11/25/2033(e)		50			52
Series 2006-A2, Class 4A1, 4.71%, 8/25/2034(e)		16			16
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.60%, 4/21/2034(e)		42			42
Series 2004-3, Class 4A2, 3.93%, 4/25/2034(e)		11			11
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		1			1
Series 2005-6, Class 3A1, 5.50%, 11/25/2020		19			19
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		124			129
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		95			100
Series 2004-7, Class 30PO, PO, 8/25/2034‡		9			7
MASTR Asset Securitization Trust Series 2004-8, PO, 8/25/2019‡		—	(f)		—	(f)
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035‡(a)		8			7
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 2.33%, 10/25/2028(e)		99			100
Series 2004-A, Class A1, 2.17%, 4/25/2029(e)		31			30
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034(a)(e)		35			35
NCUA Guaranteed Notes Trust Series 2010-R3, Class 3A, 2.40%, 12/8/2020		11			11
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033		7			7
Series 2003-A1, Class A1, 5.50%, 5/25/2033		7			7
Series 2003-A1, Class A2, 6.00%, 5/25/2033		17			18
RALI Trust
Series 2002-QS16, Class A3, IF, 13.05%, 10/25/2017(e)		—	(f)		—	(f)
Series 2003-QS9, Class A3, IF, IO, 5.84%, 5/25/2018‡(e)		1			—	(f)
Series 2004-QS3, Class CB, 5.00%, 3/25/2019		—	(f)		1
Reperforming Loan REMIC Trust Series 2005-R1, Class 2APO, PO, 3/25/2035‡(a)		50			36
Residential Asset Securitization Trust Series 2003-A14, Class A1, 4.75%, 2/25/2019		—	(f)		—	(f)
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT, 3.50%, 7/25/2058‡		560			588
Series 2019-3, Class M55D, 4.00%, 10/25/2058		108			114
Series 2019-4, Class M55D, 4.00%, 2/25/2059		370			389
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028		440			457
Vendee Mortgage Trust
Series 1993-1, Class ZB, 7.25%, 2/15/2023		108			115
Series 1994-1, Class 1, 5.30%, 2/15/2024(e)		73			77
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		127			141
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		41			46
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		183			204
Series 1998-1, Class 2E, 7.00%, 3/15/2028		44			49
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR5, Class A7, 4.67%, 6/25/2033(e)		38			40
Series 2004-AR3, Class A2, 4.49%, 6/25/2034(e)		22			23
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB7, 5.50%, 6/25/2035		113			112
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2003-MS7, Class P, PO, 3/25/2033‡		—	(f)		—	(f)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $22,300)					23,366

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MORTGAGE-BACKED SECURITIES — 11.3%
FHLMC
Pool # 785618, ARM, 4.50%, 7/1/2026(e)		8		8
Pool # 611141, ARM, 4.59%, 1/1/2027(e)		9		10
Pool # 1B2656, ARM, 3.66%, 12/1/2034(e)		38		40
Pool # 1G2557, ARM, 4.88%, 6/1/2036(e)		70		74
Pool # 1A1085, ARM, 4.06%, 8/1/2036(e)		71		74
Pool # 1Q0105, ARM, 4.37%, 9/1/2036(e)		27		28
Pool # 1B7242, ARM, 4.73%, 9/1/2036(e)		50		53
Pool # 1Q0737, ARM, 4.12%, 11/1/2036(e)		25		26
Pool # 1N1511, ARM, 3.67%, 1/1/2037(e)		36		37
Pool # 1J1543, ARM, 5.48%, 2/1/2037(e)		12		13
Pool # 1Q0739, ARM, 4.30%, 3/1/2037(e)		35		37
Pool # 1Q0722, ARM, 5.06%, 4/1/2038(e)		29		31
FHLMC Gold Pools, 15 Year Pool # G12825, 6.50%, 3/1/2022		4		5
FHLMC Gold Pools, 20 Year Pool # C90985, 6.50%, 8/1/2026		8		9
FHLMC Gold Pools, 30 Year
Pool # G00245, 8.00%, 8/1/2024		1		1
Pool # C00376, 8.00%, 11/1/2024		1		1
Pool # C00414, 7.50%, 8/1/2025		2		2
Pool # C00452, 7.00%, 4/1/2026		3		3
Pool # G00981, 8.50%, 7/1/2028		6		6
Pool # A17537, 6.00%, 1/1/2034		26		30
Pool # G02682, 7.00%, 2/1/2037		20		24
Pool # Q58054, 4.50%, 11/1/2046		318		343
FHLMC Gold Pools, Other
Pool # G20027, 10.00%, 10/1/2030		9		10
Pool # L10151, 6.00%, 2/1/2033		7		7
Pool # U80336, 3.50%, 5/1/2033		381		393
Pool # U90690, 3.50%, 6/1/2042		230		241
Pool # U90975, 4.00%, 6/1/2042		217		230
Pool # U91427, 3.50%, 5/1/2043		583		613
FNMA
Pool # 54844, ARM, 2.82%, 9/1/2027(e)		3		3
Pool # 303532, ARM, 4.07%, 3/1/2029(e)		2		2
Pool # 745446, ARM, 4.75%, 4/1/2033(e)		38		40
Pool # 746299, ARM, 4.06%, 9/1/2033(e)		53		55
Pool # 743546, ARM, 3.49%, 11/1/2033(e)		40		42
Pool # 735332, ARM, 4.49%, 8/1/2034(e)		50		53
Pool # 790964, ARM, 3.84%, 9/1/2034(e)		29		30
Pool # 896463, ARM, 4.57%, 10/1/2034(e)		54		57
Pool # 810896, ARM, 3.76%, 1/1/2035(e)		39		40
Pool # 816361, ARM, 4.10%, 1/1/2035(e)		97		102
Pool # 816594, ARM, 3.96%, 2/1/2035(e)		30		31
Pool # 816597, ARM, 4.69%, 2/1/2035(e)		19		20
Pool # 745862, ARM, 4.71%, 4/1/2035(e)		32		33
Pool # 838972, ARM, 4.14%, 8/1/2035(e)		9		9
Pool # 832801, ARM, 3.73%, 9/1/2035(e)		62		65
Pool # 843026, ARM, 3.80%, 9/1/2035(e)		55		57
Pool # 920340, ARM, 4.75%, 2/1/2036(e)		41		43
Pool # 886558, ARM, 4.11%, 8/1/2036(e)		12		13
Pool # 893424, ARM, 3.84%, 9/1/2036(e)		39		41
Pool # 913984, ARM, 3.91%, 2/1/2037(e)		15		16
Pool # 915645, ARM, 4.51%, 2/1/2037(e)		43		46
Pool # 887094, ARM, 4.67%, 7/1/2046(e)		52		55
FNMA, 30 Year
Pool # 252409, 6.50%, 3/1/2029		10		12
Pool # 752786, 6.00%, 9/1/2033		10		11

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
FNMA, Other
Pool # AL0569, 4.26%, 6/1/2021		256			265
Pool # AM8317, 2.96%, 3/1/2025		185			192
Pool # AN2309, 2.21%, 7/1/2026		470			473
Pool # AM6381, 3.29%, 8/1/2026		1,000			1,069
Pool # AM7485, 3.24%, 12/1/2026		1,000			1,064
Pool # AM7515, 3.34%, 2/1/2027		500			536
Pool # BL1211, 4.01%, 2/1/2027		199			220
Pool # AM8529, 3.03%, 4/1/2027		1,000			1,055
Pool # AM8432, 2.79%, 5/1/2027		1,000			1,039
Pool # BL1040, 3.81%, 12/1/2028		150			167
Pool # BL0907, 3.88%, 12/1/2028		300			335
Pool # AM6755, 3.65%, 9/1/2029		281			310
Pool # AM6892, 3.76%, 9/1/2029		231			256
Pool # BM4162, 3.20%, 10/1/2029		297			313
Pool # BL4333, 2.52%, 11/1/2029		400			408
Pool # 109707, 3.80%, 9/1/2033		241			264
Pool # 888408, 6.00%, 3/1/2037		30			33
Pool # 257172, 5.50%, 4/1/2038		9			9
Pool # MA1125, 4.00%, 7/1/2042		387			411
GNMA I, 30 Year
Pool # 313110, 7.50%, 11/15/2022		—	(f)		—	(f)
Pool # 352108, 7.00%, 8/15/2023		—	(f)		1
Pool # 363030, 7.00%, 9/15/2023		18			19
Pool # 352022, 7.00%, 11/15/2023		1			1
Pool # 366706, 6.50%, 1/15/2024		6			7
Pool # 371281, 7.00%, 2/15/2024		5			6
Pool # 782507, 9.50%, 10/15/2024		2			2
Pool # 780029, 9.00%, 11/15/2024		—	(f)		—	(f)
Pool # 780965, 9.50%, 12/15/2025		1			1
Pool # 442119, 7.50%, 11/15/2026		2			2
Pool # 411829, 7.50%, 7/15/2027		2			2
Pool # 468149, 8.00%, 8/15/2028		1			1
Pool # 468236, 6.50%, 9/15/2028		36			40
Pool # 486537, 7.50%, 9/15/2028		3			3
Pool # 466406, 6.00%, 11/15/2028		22			25
Pool # 607645, 6.50%, 2/15/2033		10			11
Pool # 781614, 7.00%, 6/15/2033		17			20
Pool # 782615, 7.00%, 6/15/2035		51			59
Pool # 782025, 6.50%, 12/15/2035		63			72
Pool # 681638, 6.00%, 12/15/2038		68			76
GNMA II, 30 Year
Pool # 1974, 8.50%, 3/20/2025		1			1
Pool # 1989, 8.50%, 4/20/2025		3			3
Pool # 2006, 8.50%, 5/20/2025		3			3
Pool # 2141, 8.00%, 12/20/2025		1			1
Pool # 2234, 8.00%, 6/20/2026		1			1
Pool # 2270, 8.00%, 8/20/2026		1			1
Pool # 2285, 8.00%, 9/20/2026		1			1
Pool # 2324, 8.00%, 11/20/2026		1			1
Pool # 2499, 8.00%, 10/20/2027		3			3
Pool # 2512, 8.00%, 11/20/2027		2			3
Pool # 2525, 8.00%, 12/20/2027		1			1
Pool # 2549, 7.50%, 2/20/2028		1			1
Pool # 2562, 6.00%, 3/20/2028		13			15
Pool # 2606, 8.00%, 6/20/2028		1			1
Pool # 2633, 8.00%, 8/20/2028		—	(f)		—	(f)
Pool # 2646, 7.50%, 9/20/2028		3			4
Pool # 4245, 6.00%, 9/20/2038		75			86
Pool # BA7567, 4.50%, 5/20/2048		312			331

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Pool # BI0416, 4.50%, 11/20/2048		385			407
Pool # BM9692, 4.50%, 7/20/2049		199			214
Pool # BQ3224, 4.50%, 9/20/2049		498			540
GNMA II, Other Pool # AD0860, 3.50%, 11/20/2033		430			449
FNMA UMBS, 15 Year
Pool # 735911, 6.50%, 8/1/2020		—	(f)		—	(f)
Pool # 745406, 6.00%, 3/1/2021		7			7
Pool # 995381, 6.00%, 1/1/2024		22			23
FNMA UMBS, 20 Year Pool # 254305, 6.50%, 5/1/2022		14			15
FNMA UMBS, 30 Year
Pool # 70825, 8.00%, 3/1/2021		—	(f)		—	(f)
Pool # 189190, 7.50%, 11/1/2022		1			1
Pool # 250066, 8.00%, 5/1/2024		—	(f)		—	(f)
Pool # 250103, 8.50%, 7/1/2024		2			2
Pool # 303031, 7.50%, 10/1/2024		1			1
Pool # 308499, 8.50%, 5/1/2025		—	(f)		—	(f)
Pool # 695533, 8.00%, 6/1/2027		6			7
Pool # 313687, 7.00%, 9/1/2027		2			2
Pool # 755973, 8.00%, 11/1/2028		11			12
Pool # 598559, 6.50%, 8/1/2031		13			15
Pool # 995409, 8.00%, 11/1/2032		136			160
Pool # 675555, 6.00%, 12/1/2032		26			29
Pool # 674349, 6.00%, 3/1/2033		12			13
Pool # 702901, 6.00%, 5/1/2033		42			49
Pool # 721535, 5.00%, 7/1/2033		67			76
Pool # 723852, 5.00%, 7/1/2033		25			27
Pool # 729296, 5.00%, 7/1/2033		47			52
Pool # 713700, 4.50%, 8/1/2033		26			28
Pool # 737825, 6.00%, 9/1/2033		9			10
Pool # 725027, 5.00%, 11/1/2033		45			49
Pool # 725017, 5.50%, 12/1/2033		43			48
Pool # AA0922, 6.00%, 9/1/2036		63			73
Pool # 986648, 6.00%, 9/1/2037		29			34
Pool # AD9151, 5.00%, 8/1/2040		178			197
Pool # BM3375, 4.00%, 1/1/2048		336			358
Pool # BK8753, 4.50%, 6/1/2049		494			529
TOTAL MORTGAGE-BACKED SECURITIES (Cost $15,229)					15,876
ASSET-BACKED SECURITIES — 9.0%
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023(a)		150			150
Ally Auto Receivables Trust
Series 2018-2, Class A3, 2.92%, 11/15/2022		246			248
Series 2019-1, Class A3, 2.91%, 9/15/2023		69			70
American Airlines Pass-Through Trust
Series 2013-2, Class A, 4.95%, 1/15/2023		99			104
Series 2016-3, Class AA, 3.00%, 10/15/2028		71			73
American Credit Acceptance Receivables Trust
Series 2018-3, Class B, 3.49%, 6/13/2022(a)		55			55
Series 2019-1, Class A, 3.06%, 7/12/2022(a)		51			51
Series 2019-4, Class B, 2.43%, 10/12/2023(a)		135			135
American Express Credit Account Master Trust
Series 2019-1, Class A, 2.87%, 10/15/2024		135			138
AmeriCredit Automobile Receivables Trust
Series 2017-3, Class A3, 1.90%, 3/18/2022		49			49
Series 2018-1, Class A3, 3.07%, 12/19/2022		115			116
Series 2018-2, Class A3, 3.15%, 3/20/2023		148			149
Series 2019-1, Class A3, 2.97%, 11/20/2023		61			62
Series 2019-2, Class A3, 2.28%, 1/18/2024		250			251

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
B2R Mortgage Trust Series 2015-2, Class A, 3.34%, 11/15/2048(a)		60			60
BA Credit Card Trust Series 2019-A1, Class A1, 1.74%, 1/15/2025		230			229
British Airways Pass-Through Trust (United Kingdom) Series 2018-1, Class AA, 3.80%, 9/20/2031(a)		63			67
CarMax Auto Owner Trust
Series 2018-2, Class A3, 2.98%, 1/17/2023		136			138
Series 2018-3, Class A3, 3.13%, 6/15/2023		234			237
Series 2019-1, Class A3, 3.05%, 3/15/2024		220			224
Carvana Auto Receivables Trust Series 2019-2A, Class A3, 2.58%, 3/15/2023(a)		350			352
Continental Airlines Pass-Through Trust Series 1999-2, Class A-1, 7.26%, 3/15/2020		2			2
CoreVest American Finance Trust Series 2019-3, Class A, 2.71%, 10/15/2052(a)		100			100
CPS Auto Receivables Trust
Series 2015-B, Class C, 4.20%, 5/17/2021(a)		263			264
Series 2017-C, Class B, 2.30%, 7/15/2021(a)		—	(f)		—	(f)
Series 2015-C, Class D, 4.63%, 8/16/2021(a)		272			275
Series 2019-D, Class A, 2.17%, 12/15/2022(a)		97			97
CPS Auto Trust Series 2018-C, Class A, 2.87%, 9/15/2021(a)		17			17
Credit Acceptance Auto Loan Trust
Series 2018-2A, Class A, 3.47%, 5/17/2027(a)		250			253
Series 2019-3A, Class A, 2.38%, 11/15/2028(a)		250			250
Drive Auto Receivables Trust
Series 2019-1, Class A3, 3.18%, 10/17/2022		195			196
Series 2018-4, Class B, 3.36%, 10/17/2022		97			97
Series 2015-DA, Class D, 4.59%, 1/17/2023(a)		134			134
Series 2019-4, Class A3, 2.16%, 5/15/2023		50			50
Series 2018-2, Class C, 3.63%, 8/15/2024		100			100
DT Auto Owner Trust Series 2019-1A, Class A, 3.08%, 9/15/2022(a)		46			47
Exeter Automobile Receivables Trust
Series 2016-1A, Class C, 5.52%, 10/15/2021(a)		91			91
Series 2018-3A, Class A, 2.90%, 1/18/2022(a)		11			11
Series 2019-4A, Class A, 2.18%, 1/17/2023(a)		231			231
Federal Express Corp. Pass-Through Trust Series 1998, 6.72%, 1/15/2022		230			239
First Investors Auto Owner Trust
Series 2015-2A, Class D, 4.22%, 12/15/2021(a)		100			101
Series 2018-1A, Class A2, 3.22%, 1/17/2023(a)		68			68
Series 2019-1A, Class A, 2.89%, 3/15/2024(a)		68			69
Flagship Credit Auto Trust
Series 2015-3, Class B, 3.68%, 3/15/2022(a)		9			9
Series 2015-3, Class C, 4.65%, 3/15/2022(a)		113			114
Series 2016-1, Class C, 6.22%, 6/15/2022(a)		400			412
Series 2018-2, Class A, 2.97%, 10/17/2022(a)		71			71
Series 2018-3, Class A, 3.07%, 2/15/2023(a)		49			49
Series 2019-4, Class C, 2.77%, 12/15/2025(a)		105			105
Ford Credit Auto Lease Trust
Series 2018-B, Class A4, 3.30%, 2/15/2022		88			89
Series 2019-A, Class A3, 2.90%, 5/15/2022		115			116
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029‡(e)		20			17
GM Financial Automobile Leasing Trust
Series 2017-3, Class A3, 2.01%, 11/20/2020		3			3
Series 2018-2, Class A3, 3.06%, 6/21/2021		114			114
Series 2018-3, Class A3, 3.18%, 6/21/2021		107			108
Series 2018-1, Class A4, 2.68%, 12/20/2021		76			76
Series 2019-1, Class A3, 2.98%, 12/20/2021		91			92
GM Financial Consumer Automobile Receivables Trust Series 2018-2, Class A3, 2.81%, 12/16/2022		134			135
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043‡(a)(g)		2			2

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031(a)		31		31
Honda Auto Receivables Owner Trust
Series 2017-3, Class A3, 1.79%, 9/20/2021		34		34
Series 2018-2, Class A3, 3.01%, 5/18/2022		128		130
Series 2019-4, Class A3, 1.83%, 1/18/2024		180		180
Hyundai Auto Lease Securitization Trust
Series 2018-B, Class A4, 3.20%, 6/15/2022(a)		127		128
Series 2019-A, Class A3, 2.98%, 7/15/2022(a)		140		142
Hyundai Auto Receivables Trust
Series 2017-B, Class A3, 1.77%, 1/18/2022		131		130
Series 2018-A, Class A3, 2.79%, 7/15/2022		78		79
Kabbage Funding LLC Series 2019-1, Class A, 3.83%, 3/15/2024(a)		150		152
LV Tower 52 Issuer Series 2013-1, Class A, 5.75%, 7/15/2019‡(a)		934		939
Mercedes-Benz Auto Lease Trust
Series 2019-A, Class A3, 3.10%, 11/15/2021		40		41
Series 2019-B, Class A3, 2.00%, 10/17/2022		50		50
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024(a)		164		166
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024(a)		491		496
Progress Residential Trust
Series 2015-SFR3, Class A, 3.07%, 11/12/2032‡(a)		779		777
Series 2015-SFR3, Class D, 4.67%, 11/12/2032‡(a)		200		200
Santander Drive Auto Receivables Trust
Series 2018-3, Class A3, 3.03%, 2/15/2022		12		12
Series 2018-4, Class A3, 3.01%, 3/15/2022		20		20
Series 2019-1, Class A3, 3.00%, 12/15/2022		55		55
Series 2019-2, Class A3, 2.59%, 5/15/2023		110		111
Santander Retail Auto Lease Trust Series 2019-A, Class A3, 2.77%, 6/20/2022(a)		225		228
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.28%, 1/25/2036‡(g)		28		25
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		43		44
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		260		266
Tesla Auto Lease Trust Series 2019-A, Class A3, 2.16%, 10/20/2022(a)		168		168
United Airlines Pass-Through Trust Series 2016-2, Class AA, 2.88%, 10/7/2028		107		108
US Auto Funding LLC Series 2019-1A, Class B, 3.99%, 12/15/2022(a)		100		102
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		100		102
World Financial Network Credit Card Master Trust Series 2018-B, Class A, 3.46%, 7/15/2025		156		160
World Omni Auto Receivables Trust Series 2017-B, Class A3, 1.95%, 2/15/2023		89		89
World Omni Automobile Lease Securitization Trust
Series 2018-B, Class A3, 3.19%, 12/15/2021		93		94
Series 2019-A, Class A3, 2.94%, 5/16/2022		125		127
TOTAL ASSET-BACKED SECURITIES (Cost $12,445)				12,548
COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.2%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035(a)(e)		145		149
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 1.04%, 12/11/2049‡(a)(e)		10		—	(f)
Commercial Mortgage Trust Series 2015-CR25, Class A4, 3.76%, 8/10/2048		281		301
FHLMC, Multifamily Structured Pass-Through Certificates
Series KF12, Class A, 2.48%, 9/25/2022(e)		88		88
Series KSMC, Class A2, 2.62%, 1/25/2023		500		509
Series KL3L, Class ALNZ, 3.46%, 4/25/2025(e)		500		530
Series KLU2, Class A7, 2.23%, 9/25/2025(e)		350		350

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series K069, Class A2, 3.19%, 9/25/2027(e)		500		533
Series K081, Class A1, 3.88%, 2/25/2028		117		127
Series K083, Class A2, 4.05%, 9/25/2028(e)		297		336
Series K088, Class A2, 3.69%, 1/25/2029		480		532
FNMA ACES
Series 2010-M3, Class A3, 4.33%, 3/25/2020(e)		82		82
Series 2015-M17, Class FA, 2.97%, 11/25/2022(e)		154		154
Series 2014-M2, Class A2, 3.51%, 12/25/2023(e)		549		578
Series 2014-M13, Class A2, 3.02%, 8/25/2024(e)		636		659
Series 2015-M7, Class A2, 2.59%, 12/25/2024		820		839
Series 2018-M2, Class A2, 3.00%, 1/25/2028(e)		500		521
Series 2018-M13, Class A1, 3.82%, 3/25/2030(e)		223		247
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030(a)		116		119
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4, 3.53%, 5/10/2063		104		107
VNDO Mortgage Trust Series 2013-PENN, Class A, 3.81%, 12/13/2029(a)		500		508
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $6,967)				7,269
U.S. GOVERNMENT AGENCY SECURITIES — 0.3%
Resolution Funding Corp. STRIPS
1.77%, 7/15/2020(d)		250		247
DN, 3.03%, 1/15/2026(d)		90		80
DN, 2.83%, 10/15/2027(d)		80		68
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $388)				395
FOREIGN GOVERNMENT SECURITIES — 0.2%
United Mexican States (Mexico) 3.63%, 3/15/2022 (Cost $248)		244		252
	Shares (000)
SHORT-TERM INVESTMENTS — 2.1%
INVESTMENT COMPANIES — 2.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.74%(h)(i) (Cost $3,002)		3,001		3,002
Total Investments — 99.6% (Cost $134,833)				139,337
Other Assets Less Liabilities — 0.4%				613
Net Assets — 100.0%				139,950

Percentages indicated are based on net assets.

Abbreviations
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2019.
DN	Discount Notes
ESOP	Employee Stock Ownership Program
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA GO	Government National Mortgage Association General Obligation
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
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. The interest rate shown is the rate in effect as of November 30, 2019. 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.
LIBOR	London Interbank Offered Rate

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

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
USD	United States Dollar
(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 November 30, 2019.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	The rate shown is the effective yield as of November 30, 2019.
(e)	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, 2019.
(f)	Amount rounds to less than one thousand.
(g)	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 November 30, 2019.
(h)	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.
(i)	The rate shown is the current yield as of November 30, 2019.
‡	Value determined using significant unobservable inputs.

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.

J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This 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 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

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2019 (Unaudited) (continued)

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.

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 November 30, 2019.

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 (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other  significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	10,588	$	1,960		$	12,548
Collateralized Mortgage Obligations		—		22,715		651			23,366
Commercial Mortgage-Backed Securities		—		7,269		—	(a)		7,269
Corporate Bonds		—		38,693		—			38,693
Foreign Government Securities		—		252		—			252
Mortgage-Backed Securities		—		15,876		—			15,876
U.S. Government Agency Securities		—		395		—			395
U.S. Treasury Obligations		—		37,936		—			37,936
Short-Term Investments
Investment Companies		3,002		—		—			3,002
Total Investments in Securities	$	3,002	$	133,724	$	2,611		$	139,337

(a) Amount rounds to less than one thousand.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):

	Balance as of February 28, 2019		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of November 30, 2019
Investments in Securities
Asset-Backed Securities	$	3,073	$	—	(a)	$	9		$	—	(a)	$	—	(a)	$	(1,122	)	$	—	$	—	$	1,960
Collateralized Mortgage Obligations		107		—			37			—	(a)		598			(91	)		—		—		651
Commercial Mortgage-Backed Securities		1		—	(a)		—	(a)		—	(a)		—	(a)		(1	)		—		—		—	(a)
Corporate Bonds — Capital Markets		4		—	(a)		—	(a)		—	(a)		—	(a)		(4	)		—		—		—
Total	$	3,185	$	—	(a)	$	46		$	—	(a)	$	598		$	(1,218	)	$	—	$	—	$	2,611

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 change in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2019, which were valued using significant unobservable inputs (level 3) amounted to approximately $44,000.

There were no transfers into or out of level 3 for the period ended November 30, 2019.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)  (a)
	$	1,023	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 3.61% (0.15%)
				Constant Default Rate		0.00% - 30.00% (0.18%)
				Yield (Discount Rate of Cash Flows)		3.13% - 7.02% (3.52%)
Asset-Backed Securities		1,023
		644	Discounted Cash Flow	Constant Prepayment Rate		4.71% - 100.00% (91.95%)
				Constant Default Rate		0.00% - 3.93% (0.27%)
				Yield (Discount Rate of Cash Flows)		1.92% - 16.28% (2.71%)
Collateralized Mortgage Obligations		644
		0	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.99% (4.99%)
				Liquidity Discount		0.125% (0.125%)
Corporate Bonds		0
		0	Discounted Cash Flow	Constant Prepayment Rate		100.00% (100.00%)
				Yield (Discount Rate of Cash Flows)		3.21% (3.21%)
Commercial Mortgage-Backed Securities		0
Total	$	1,668

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2019, the value of these investments was approximately $943,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. 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 the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.

For the period ended November 30, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at November 30, 2019		Shares at November 30, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.74%(a)(b)	$	3,081	$	27,392	$	27,471	$	—	(c)	$	—	(c)	$	3,002		3,001	$	42		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares(a)		—		429		429		—			—			—		—		—	(c)		—
Total	$	3,081	$	27,821	$	27,900	$	—	(c)	$	—	(c)	$	3,002			$	42		$	—

(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, 2019.

(c) Amount rounds to less than one thousand.