JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
U.S. TREASURY OBLIGATIONS — 29.5%
U.S. Treasury Bonds
6.00%, 2/15/2026		516		680
6.13%, 8/15/2029		500		749
U.S. Treasury Notes
2.75%, 9/30/2020		3,000		3,024
1.88%, 1/31/2022		700		720
1.88%, 4/30/2022		1,000		1,032
2.25%, 1/31/2024		1,500		1,611
2.25%, 11/15/2024		250		272
2.88%, 5/31/2025		299		337
2.00%, 8/15/2025		2,500		2,714
2.25%, 11/15/2025		2,000		2,203
2.25%, 11/15/2027		2,000		2,254
2.88%, 8/15/2028		2,000		2,371
3.13%, 11/15/2028		2,000		2,421
2.63%, 2/15/2029		3,200		3,752
1.50%, 2/15/2030		800		865
U.S. Treasury STRIPS Bonds
4.09%, 11/15/2021(a)		1,525		1,521
2.88%, 2/15/2022(a)		2,400		2,392
2.88%, 11/15/2022(a)		1,300		1,294
2.78%, 5/15/2023(a)		685		681
2.24%, 8/15/2023(a)		3,890		3,859
2.51%, 11/15/2023(a)		744		737
2.25%, 2/15/2024(a)		4,406		4,358
2.25%, 5/15/2024(a)		200		197
2.98%, 5/15/2025(a)		200		196
2.38%, 5/15/2026(a)		200		194
3.64%, 8/15/2026(a)		47		45
3.74%, 11/15/2026(a)		300		289
2.99%, 2/15/2027(a)		100		96
4.05%, 8/15/2027(a)		100		96
4.05%, 11/15/2027(a)		140		134
3.16%, 2/15/2028(a)		53		50
2.52%, 5/15/2028(a)		10		9
3.36%, 8/15/2028(a)		200		189
TOTAL U.S. TREASURY OBLIGATIONS (Cost $38,549)				41,342
CORPORATE BONDS — 27.2%
Aerospace & Defense — 0.7%
Airbus Finance BV (France) 2.70%, 4/17/2023(b)		43		44
Boeing Co. (The) 4.88%, 5/1/2025		54		57
General Dynamics Corp. 3.50%, 5/15/2025		100		111
L3Harris Technologies, Inc. 3.85%, 12/15/2026		70		78
Lockheed Martin Corp. 3.10%, 1/15/2023		174		186
Northrop Grumman Corp. 2.93%, 1/15/2025		150		163
Raytheon Technologies Corp.
3.95%, 8/16/2025		150		172
4.13%, 11/16/2028		100		116
Textron, Inc. 3.00%, 6/1/2030		100		95
				1,022
Automobiles — 0.1%
Hyundai Capital America 2.85%, 11/1/2022(b)		200		199
Banks — 4.9%
Bank of America Corp.
3.30%, 1/11/2023		90		95
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023(c)		60		62
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023(c)		100		103
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024(c)		42		45
Series L, 3.95%, 4/21/2025		154		168
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028(c)		610		664
Bank of Montreal (Canada) 2.35%, 9/11/2022		200		208
Bank of Nova Scotia (The) (Canada) 2.00%, 11/15/2022		150		154
Barclays plc (United Kingdom) 3.68%, 1/10/2023		317		328
Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024		150		159
Citibank NA 2.13%, 10/20/2020		350		352
Citigroup, Inc.
4.40%, 6/10/2025		115		127
4.45%, 9/29/2027		150		167
(SOFR + 1.15%), 2.67%, 1/29/2031(c)		350		355
Citizens Financial Group, Inc. 4.30%, 12/3/2025		50		55
Commonwealth Bank of Australia (Australia) 4.50%, 12/9/2025(b)		201		225
Cooperatieve Rabobank UA (Netherlands) 3.88%, 2/8/2022		118		124
Discover Bank 3.35%, 2/6/2023		250		257
Fifth Third Bancorp 2.38%, 1/28/2025		64		66
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023(c)		200		207
(ICE LIBOR USD 3 Month + 1.14%), 2.63%, 11/7/2025(c)		200		206

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Huntington National Bank (The) 2.88%, 8/20/2020		250		251
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		250		267
Mitsubishi UFJ Financial Group, Inc. (Japan) 2.19%, 2/25/2025		225		231
PNC Financial Services Group, Inc. (The) 4.38%, 8/11/2020		133		134
Regions Financial Corp. 2.75%, 8/14/2022		107		110
Royal Bank of Canada (Canada) 2.25%, 11/1/2024		100		105
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024(b)		200		213
Toronto-Dominion Bank (The) (Canada) 2.50%, 12/14/2020		200		202
US Bancorp
Series V, 2.38%, 7/22/2026		133		142
Series X, 3.15%, 4/27/2027		68		75
Wells Fargo & Co.
2.63%, 7/22/2022		250		258
3.00%, 2/19/2025		99		106
4.10%, 6/3/2026		21		23
4.30%, 7/22/2027		30		34
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028(c)		250		271
Westpac Banking Corp. (Australia) 2.50%, 6/28/2022		300		311
				6,860
Beverages — 0.5%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.75%, 1/23/2029		265		314
3.50%, 6/1/2030		125		137
Coca-Cola Co. (The) 1.45%, 6/1/2027		51		52
Constellation Brands, Inc. 2.88%, 5/1/2030		11		11
Diageo Capital plc (United Kingdom) 4.83%, 7/15/2020		70		70
Keurig Dr Pepper, Inc.
4.42%, 5/25/2025		75		86
4.60%, 5/25/2028		50		59
PepsiCo, Inc. 1.63%, 5/1/2030		33		33
				762
Biotechnology — 0.3%
AbbVie, Inc.
3.45%, 3/15/2022(b)		69		72
4.25%, 11/14/2028		100		115
Amgen, Inc. 2.20%, 2/21/2027		43		45
Baxalta, Inc. 3.60%, 6/23/2022		23		24
Biogen, Inc.
3.63%, 9/15/2022		30		32
2.25%, 5/1/2030		40		41
Gilead Sciences, Inc.
3.70%, 4/1/2024		36		40
3.50%, 2/1/2025		25		28
3.65%, 3/1/2026		57		65
				462
Building Products — 0.0%(d)
Johnson Controls International plc 3.75%, 12/1/2021		3		3
Capital Markets — 2.2%
Bank of New York Mellon Corp. (The) 3.25%, 9/11/2024		150		165
BlackRock, Inc. 1.90%, 1/28/2031		40		41
Brookfield Finance, Inc. (Canada) 4.85%, 3/29/2029		47		53
Charles Schwab Corp. (The)
3.23%, 9/1/2022		40		42
3.20%, 1/25/2028		200		217
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		281
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(c)		249		272
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		88		97
Invesco Finance plc
4.00%, 1/30/2024		71		75
3.75%, 1/15/2026		125		135
Jefferies Group LLC 6.88%, 4/15/2021		50		52
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025(b)		100		111
Macquarie Group Ltd. (Australia) 6.25%, 1/14/2021(b)		40		41
Morgan Stanley
5.75%, 1/25/2021		100		103
5.50%, 7/28/2021		100		105
3.70%, 10/23/2024		83		91
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028(c)		500		549
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032(c)		17		18
State Street Corp. 3.10%, 5/15/2023		36		38
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		34		35
UBS AG (Switzerland) 2.45%, 12/1/2020(b)		200		202
				3,043

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Chemicals — 0.4%
Ecolab, Inc.
3.25%, 1/14/2023		88		93
3.25%, 12/1/2027		43		48
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028		9		10
Mosaic Co. (The) 3.25%, 11/15/2022		21		21
Nutrien Ltd. (Canada) 3.38%, 3/15/2025		45		48
Sherwin-Williams Co. (The)
3.30%, 2/1/2025		110		117
3.45%, 6/1/2027		51		56
Union Carbide Corp. 7.50%, 6/1/2025		100		118
				511
Commercial Services & Supplies — 0.2%
Republic Services, Inc. 3.38%, 11/15/2027		200		221
Communications Equipment — 0.0%(d)
Cisco Systems, Inc. 2.95%, 2/28/2026		44		49
Construction Materials — 0.2%
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		78		82
3.50%, 12/15/2027		160		171
				253
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(b)		150		126
3.95%, 7/1/2024(b)		20		17
Capital One Financial Corp. 3.20%, 2/5/2025		235		245
Caterpillar Financial Services Corp.
1.85%, 9/4/2020		200		202
2.85%, 6/1/2022		58		60
John Deere Capital Corp.
3.15%, 10/15/2021		33		34
2.70%, 1/6/2023		89		94
2.65%, 6/24/2024		100		107
Toyota Motor Credit Corp. 2.00%, 10/7/2024		150		156
				1,343
Containers & Packaging — 0.1%
Packaging Corp. of America 3.00%, 12/15/2029		100		105
WRKCo, Inc. 3.00%, 9/15/2024		80		82
				187
Diversified Financial Services — 1.0%
AIG Global Funding 2.15%, 7/2/2020(b)		150		150
GTP Acquisition Partners I LLC 2.35%, 6/15/2020(b)		174		174
National Rural Utilities Cooperative Finance Corp. 2.30%, 9/15/2022		200		206
ORIX Corp. (Japan) 2.90%, 7/18/2022		81		84
Private Export Funding Corp.
Series EE, 2.80%, 5/15/2022		500		523
Series KK, 3.55%, 1/15/2024		200		218
Shell International Finance BV (Netherlands) 3.25%, 5/11/2025		100		111
				1,466
Diversified Telecommunication Services — 0.9%
AT&T, Inc.
3.60%, 7/15/2025		150		163
7.88%, 2/15/2030		350		445
Qwest Corp. 6.75%, 12/1/2021		148		156
Verizon Communications, Inc.
4.33%, 9/21/2028		160		191
4.50%, 8/10/2033		208		258
				1,213
Electric Utilities — 1.9%
American Electric Power Co., Inc. 2.30%, 3/1/2030		100		100
Baltimore Gas & Electric Co. 2.80%, 8/15/2022		43		45
Commonwealth Edison Co. Series 122, 2.95%, 8/15/2027		200		217
DTE Electric Co. 2.65%, 6/15/2022		20		21
Duke Energy Corp. 3.75%, 4/15/2024		300		329
Duke Energy Indiana LLC 3.75%, 7/15/2020		60		60
Duke Energy Progress LLC 2.80%, 5/15/2022		40		42
Edison International 4.13%, 3/15/2028		150		156
Enel Finance International NV (Italy) 3.63%, 5/25/2027(b)		200		213
Entergy Mississippi LLC 2.85%, 6/1/2028		186		196
Evergy Metro, Inc. 3.15%, 3/15/2023		47		49
ITC Holdings Corp. 2.95%, 5/14/2030(b)		39		41
Jersey Central Power & Light Co. 4.30%, 1/15/2026(b)		200		229
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027		89		100

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Niagara Mohawk Power Corp. 3.51%, 10/1/2024(b)		28		31
Pennsylvania Electric Co. 3.25%, 3/15/2028(b)		132		141
Public Service Co. of Colorado 3.20%, 11/15/2020		51		51
Public Service Co. of Oklahoma 4.40%, 2/1/2021		74		75
Southern California Edison Co. 1.85%, 2/1/2022		17		17
Southern Co. (The) 3.25%, 7/1/2026		317		349
Virginia Electric & Power Co.
Series C, 2.75%, 3/15/2023		191		200
3.45%, 2/15/2024		21		23
				2,685
Electrical Equipment — 0.1%
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		41		42
Eaton Corp. 3.10%, 9/15/2027		140		150
				192
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		16		17
3.88%, 1/12/2028		100		102
				119
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		150		156
Halliburton Co. 3.80%, 11/15/2025		7		7
Schlumberger Investment SA 3.30%, 9/14/2021(b)		47		48
				211
Entertainment — 0.0%(d)
Walt Disney Co. (The) 7.70%, 10/30/2025		50		65
Equity Real Estate Investment Trusts (REITs) — 1.3%
American Tower Corp.
3.50%, 1/31/2023		80		86
5.00%, 2/15/2024		38		43
AvalonBay Communities, Inc.
3.35%, 5/15/2027		28		30
2.45%, 1/15/2031		100		103
Boston Properties LP 3.20%, 1/15/2025		152		160
Brixmor Operating Partnership LP 3.85%, 2/1/2025		50		50
ERP Operating LP 4.63%, 12/15/2021		255		266
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028(b)		52		56
Healthcare Trust of America Holdings LP 3.10%, 2/15/2030		68		65
Healthpeak Properties, Inc.
4.20%, 3/1/2024		17		18
3.88%, 8/15/2024		205		218
3.40%, 2/1/2025		38		40
Realty Income Corp.
3.88%, 7/15/2024		50		53
3.65%, 1/15/2028		150		160
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025(b)		150		153
SITE Centers Corp. 3.63%, 2/1/2025		12		12
Ventas Realty LP
3.75%, 5/1/2024		44		44
3.50%, 2/1/2025		27		27
4.13%, 1/15/2026		62		62
Welltower, Inc. 4.50%, 1/15/2024		100		105
				1,751
Food & Staples Retailing — 0.2%
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030(b)		23		23
Costco Wholesale Corp. 1.60%, 4/20/2030		95		96
Kroger Co. (The) 4.00%, 2/1/2024		90		99
				218
Food Products — 0.7%
Archer-Daniels-Midland Co. 3.25%, 3/27/2030		53		60
Campbell Soup Co.
3.95%, 3/15/2025		50		56
2.38%, 4/24/2030		74		74
Cargill, Inc. 3.30%, 3/1/2022(b)		100		104
General Mills, Inc. 4.20%, 4/17/2028		200		234
Kellogg Co. 3.40%, 11/15/2027		95		104
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		92		106
Mondelez International, Inc. 2.75%, 4/13/2030		2		2
Smithfield Foods, Inc. 5.20%, 4/1/2029(b)		7		7
Tyson Foods, Inc. 3.95%, 8/15/2024		73		81
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		100		111
				939
Gas Utilities — 0.1%
Atmos Energy Corp. 2.63%, 9/15/2029		42		45
ONE Gas, Inc. 2.00%, 5/15/2030		26		26
				71

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Health Care Equipment & Supplies — 0.1%
Boston Scientific Corp. 3.75%, 3/1/2026		50		57
Zimmer Biomet Holdings, Inc.
3.70%, 3/19/2023		19		20
3.55%, 4/1/2025		50		53
				130
Health Care Providers & Services — 1.0%
Aetna, Inc. 2.80%, 6/15/2023		200		209
Anthem, Inc.
3.13%, 5/15/2022		115		120
3.50%, 8/15/2024		106		116
Cigna Corp.
3.05%, 11/30/2022(b)		200		209
3.50%, 6/15/2024(b)		72		78
CVS Health Corp. 4.10%, 3/25/2025		180		201
HCA, Inc. 4.13%, 6/15/2029		150		163
Laboratory Corp. of America Holdings 3.20%, 2/1/2022		214		222
UnitedHealth Group, Inc. 3.38%, 11/15/2021		112		116
				1,434
Hotels, Restaurants & Leisure — 0.2%
McDonald’s Corp. 2.13%, 3/1/2030		58		59
Starbucks Corp. 3.80%, 8/15/2025		150		167
				226
Household Durables — 0.1%
DR Horton, Inc. 2.55%, 12/1/2020		150		151
Household Products — 0.0%(d)
Kimberly-Clark Corp. 2.40%, 3/1/2022		20		21
Procter & Gamble - ESOP Series A, 9.36%, 1/1/2021		12		12
				33
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.40%, 3/15/2022		80		83
4.25%, 6/15/2022		37		39
				122
Industrial Conglomerates — 0.0%(d)
Ingersoll-Rand Global Holding Co. Ltd. 4.25%, 6/15/2023		34		37
Roper Technologies, Inc. 3.80%, 12/15/2026		15		17
				54
Insurance — 1.4%
Allstate Corp. (The) 3.15%, 6/15/2023		61		65
American International Group, Inc. 3.75%, 7/10/2025		161		175
Aon plc 3.88%, 12/15/2025		143		158
Assurant, Inc. 4.20%, 9/27/2023		90		94
Athene Global Funding 2.95%, 11/12/2026(b)		150		150
Chubb INA Holdings, Inc. 2.88%, 11/3/2022		130		136
CNA Financial Corp.
3.95%, 5/15/2024		52		56
4.50%, 3/1/2026		38		41
Guardian Life Global Funding 2.50%, 5/8/2022(b)		125		129
Lincoln National Corp. 4.20%, 3/15/2022		35		37
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		44		50
Marsh & McLennan Cos., Inc. 3.30%, 3/14/2023		50		53
Metropolitan Life Global Funding I 3.45%, 12/18/2026(b)		250		282
Principal Financial Group, Inc. 3.10%, 11/15/2026		150		161
Protective Life Global Funding 2.62%, 8/22/2022(b)		200		203
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025(b)		150		193
				1,983
IT Services — 0.1%
International Business Machines Corp. 3.50%, 5/15/2029		100		114
Western Union Co. (The) 3.60%, 3/15/2022		20		21
				135
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc.
4.15%, 2/1/2024		34		38
3.20%, 8/15/2027		100		110
				148
Machinery — 0.3%
Caterpillar, Inc. 2.60%, 6/26/2022		31		32
Illinois Tool Works, Inc. 3.50%, 3/1/2024		175		193
Otis Worldwide Corp. 2.57%, 2/15/2030(b)		44		44
Stanley Black & Decker, Inc. 3.40%, 3/1/2026		110		120
				389
Media — 0.7%
Charter Communications Operating LLC 4.91%, 7/23/2025		160		183

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Comcast Corp.
3.00%, 2/1/2024		117		126
3.38%, 2/15/2025		77		85
3.38%, 8/15/2025		80		89
3.95%, 10/15/2025		14		16
3.15%, 3/1/2026		16		18
Cox Communications, Inc. 3.50%, 8/15/2027(b)		154		166
Fox Corp. 4.71%, 1/25/2029		35		41
ViacomCBS, Inc. 4.00%, 1/15/2026		208		222
				946
Metals & Mining — 0.1%
Glencore Funding LLC (Switzerland) 4.88%, 3/12/2029(b)		60		65
Nucor Corp. 4.00%, 8/1/2023		27		29
Steel Dynamics, Inc. 3.45%, 4/15/2030		21		21
				115
Multiline Retail — 0.2%
Dollar General Corp. 4.13%, 5/1/2028		150		171
Target Corp. 2.25%, 4/15/2025		96		102
				273
Multi-Utilities — 0.6%
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		155		174
DTE Energy Co. Series B, 3.30%, 6/15/2022		79		82
NiSource, Inc. 3.85%, 2/15/2023		200		212
Public Service Enterprise Group, Inc. 2.88%, 6/15/2024		100		106
Sempra Energy 4.05%, 12/1/2023		48		52
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		94		96
WEC Energy Group, Inc. 3.55%, 6/15/2025		87		95
				817
Oil, Gas & Consumable Fuels — 2.1%
Apache Corp. 3.25%, 4/15/2022		18		17
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027(b)		100		108
BP Capital Markets plc (United Kingdom)
3.81%, 2/10/2024		166		181
3.51%, 3/17/2025		60		66
Cameron LNG LLC 2.90%, 7/15/2031(b)		84		87
Chevron Corp.
2.36%, 12/5/2022		40		42
2.00%, 5/11/2027		19		20
CNOOC Finance 2014 ULC (China) 4.25%, 4/30/2024		200		218
Ecopetrol SA (Colombia) 4.13%, 1/16/2025		58		59
Energy Transfer Operating LP
3.60%, 2/1/2023		28		29
4.90%, 2/1/2024		61		65
4.05%, 3/15/2025		91		95
Eni SpA (Italy) 4.15%, 10/1/2020(b)		200		201
Enterprise Products Operating LLC
2.80%, 2/15/2021		200		202
3.90%, 2/15/2024		49		53
3.75%, 2/15/2025		37		41
Exxon Mobil Corp. 2.61%, 10/15/2030		141		150
Gulf South Pipeline Co. LP 4.00%, 6/15/2022		50		50
Marathon Petroleum Corp. 3.63%, 9/15/2024		67		70
MPLX LP
3.38%, 3/15/2023		32		33
4.25%, 12/1/2027		27		28
Newfield Exploration Co. 5.38%, 1/1/2026		100		89
Noble Energy, Inc. 3.85%, 1/15/2028		100		91
ONEOK Partners LP
3.38%, 10/1/2022		12		12
5.00%, 9/15/2023		28		30
ONEOK, Inc. 3.40%, 9/1/2029		150		139
Plains All American Pipeline LP 3.60%, 11/1/2024		100		100
Sinopec Group Overseas Development 2013 Ltd. (China) 4.38%, 10/17/2023(b)		200		218
Spectra Energy Partners LP 3.50%, 3/15/2025		63		68
TC PipeLines LP 3.90%, 5/25/2027		42		43
TransCanada PipeLines Ltd. (Canada) 3.75%, 10/16/2023		172		185
Williams Cos., Inc. (The) 3.90%, 1/15/2025		86		92
				2,882
Pharmaceuticals — 0.3%
Bristol-Myers Squibb Co.
3.25%, 8/15/2022(b)		98		103
3.40%, 7/26/2029(b)		71		81
Eli Lilly and Co. 3.38%, 3/15/2029		70		81
Merck & Co., Inc. 3.40%, 3/7/2029		100		115
Zoetis, Inc. 2.00%, 5/15/2030		80		81
				461

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Real Estate Management & Development — 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022(b)		200			202
Road & Rail — 0.6%
Canadian Pacific Railway Co. (Canada) 4.50%, 1/15/2022		55			58
CSX Corp. 3.25%, 6/1/2027		162			179
ERAC USA Finance LLC
5.25%, 10/1/2020(b)		48			48
4.50%, 8/16/2021(b)		27			28
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		60			68
Norfolk Southern Corp. 2.55%, 11/1/2029		150			158
Penske Truck Leasing Co. LP 4.13%, 8/1/2023(b)		200			211
Ryder System, Inc. 2.88%, 9/1/2020		86			86
					836
Semiconductors & Semiconductor Equipment — 0.4%
Analog Devices, Inc. 2.95%, 1/12/2021		70			71
Broadcom, Inc.
4.75%, 4/15/2029(b)		50			55
4.15%, 11/15/2030(b)		150			155
Intel Corp. 3.70%, 7/29/2025		116			132
QUALCOMM, Inc.
3.25%, 5/20/2027		94			105
2.15%, 5/20/2030		77			79
					597
Software — 0.2%
Oracle Corp. 2.95%, 11/15/2024		200			218
Specialty Retail — 0.5%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		30			32
AutoZone, Inc. 4.00%, 4/15/2030		83			93
Home Depot, Inc. (The) 2.50%, 4/15/2027		88			96
Lowe’s Cos., Inc. 3.65%, 4/5/2029		200			226
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		100			110
3.60%, 9/1/2027		62			68
TJX Cos., Inc. (The) 3.50%, 4/15/2025		65			73
					698
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc.
2.75%, 1/13/2025		200			218
1.65%, 5/11/2030		90			91
					309
Tobacco — 0.3%
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		200			210
Philip Morris International, Inc. 3.38%, 8/11/2025		150			166
					376
Trading Companies & Distributors — 0.1%
Air Lease Corp. 3.63%, 12/1/2027		100			89
Aviation Capital Group LLC 3.88%, 5/1/2023(b)		100			80
					169
Water Utilities — 0.1%
American Water Capital Corp. 3.85%, 3/1/2024		150			165
Wireless Telecommunication Services — 0.2%
Rogers Communications, Inc. (Canada) 4.10%, 10/1/2023		160			178
T-Mobile USA, Inc. 3.88%, 4/15/2030(b)		150			163
					341
TOTAL CORPORATE BONDS (Cost $35,811)					38,055
COLLATERALIZED MORTGAGE OBLIGATIONS — 15.4%
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		687			695
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		104			93
Banc of America Funding Trust Series 2004-1, PO, 3/25/2034‡		13			10
CHL Mortgage Pass-Through Trust
Series 2004-HYB3, Class 2A, 3.07%, 6/20/2034(e)		10			9
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		22			22
Series 2005-22, Class 2A1, 3.56%, 11/25/2035(e)		99			87
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			10
Citigroup Mortgage Loan Trust, Inc. Series 2003-UP3, Class A3, 7.00%, 9/25/2033		3			3

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-3, Class 1A1, 4.27%, 6/25/2020(e)		16			16
FHLMC - GNMA Series 24, Class ZE, 6.25%, 11/25/2023		9			10
FHLMC, REMIC
Series 2999, Class ND, 4.50%, 7/15/2020		—	(f)		—	(f)
Series 1807, Class G, 9.00%, 10/15/2020		—	(f)		—	(f)
Series 1084, Class F, 1.13%, 5/15/2021(e)		—	(f)		—	(f)
Series 1084, Class S, HB, IF, 44.40%, 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		—	(f)		—	(f)
Series 1343, Class LA, 8.00%, 8/15/2022		2			2
Series 2512, Class PG, 5.50%, 10/15/2022		31			33
Series 2535, Class BK, 5.50%, 12/15/2022		5			6
Series 1470, Class F, 1.99%, 2/15/2023(e)		—	(f)		—	(f)
Series 2568, Class KG, 5.50%, 2/15/2023		49			51
Series 1466, Class PZ, 7.50%, 2/15/2023		9			10
Series 1491, Class I, 7.50%, 4/15/2023		4			4
Series 1798, Class F, 5.00%, 5/15/2023		4			4
Series 1518, Class G, IF, 8.79%, 5/15/2023(e)		4			4
Series 1541, Class O, 0.00%, 7/15/2023(e)		4			4
Series 1608, Class L, 6.50%, 9/15/2023		13			14
Series 1602, Class SA, HB, IF, 20.10%, 10/15/2023(e)		2			2
Series 2283, Class K, 6.50%, 12/15/2023		5			5
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		24			26
Series 2033, Class SN, HB, IF, 27.46%, 3/15/2024(e)		1			—	(f)
Series 1720, Class PL, 7.50%, 4/15/2024		70			75
Series 2306, Class K, PO, 5/15/2024		3			3
Series 2306, Class SE, IF, IO, 9.92%, 5/15/2024(e)		7			1
Series 1745, Class D, 7.50%, 8/15/2024		5			5
Series 1927, Class PH, 7.50%, 1/15/2027		38			43
Series 1981, Class Z, 6.00%, 5/15/2027		14			16
Series 1987, Class PE, 7.50%, 9/15/2027		5			5
Series 2038, Class PN, IO, 7.00%, 3/15/2028		6			1
Series 2040, Class PE, 7.50%, 3/15/2028		32			37
Series 2063, Class PG, 6.50%, 6/15/2028		35			39
Series 2064, Class TE, 7.00%, 6/15/2028		4			5
Series 2075, Class PM, 6.25%, 8/15/2028		23			25
Series 2075, Class PH, 6.50%, 8/15/2028		24			27
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		7			1
Series 2125, Class JZ, 6.00%, 2/15/2029		15			16
Series 2169, Class TB, 7.00%, 6/15/2029		66			77
Series 2163, Class PC, IO, 7.50%, 6/15/2029		4			—	(f)
Series 2172, Class QC, 7.00%, 7/15/2029		28			33
Series 2196, Class TL, 7.50%, 11/15/2029		—	(f)		—	(f)
Series 2201, Class C, 8.00%, 11/15/2029		11			12
Series 2210, Class Z, 8.00%, 1/15/2030		33			41
Series 2224, Class CB, 8.00%, 3/15/2030		11			13
Series 2256, Class MC, 7.25%, 9/15/2030		17			21
Series 2259, Class ZM, 7.00%, 10/15/2030		18			21
Series 2271, Class PC, 7.25%, 12/15/2030		15			18
Series 2296, Class PD, 7.00%, 3/15/2031		9			11
Series 2333, Class HC, 6.00%, 7/15/2031		23			27
Series 2344, Class ZD, 6.50%, 8/15/2031		165			192

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2344, Class ZJ, 6.50%, 8/15/2031		22			26
Series 2345, Class NE, 6.50%, 8/15/2031		12			14
Series 2351, Class PZ, 6.50%, 8/15/2031		16			18
Series 2410, Class OE, 6.38%, 2/15/2032		17			19
Series 2410, Class NG, 6.50%, 2/15/2032		12			14
Series 2410, Class QX, IF, IO, 8.47%, 2/15/2032(e)		10			2
Series 2412, Class SP, IF, 15.73%, 2/15/2032(e)		38			52
Series 2423, Class MC, 7.00%, 3/15/2032		10			12
Series 2423, Class MT, 7.00%, 3/15/2032		20			24
Series 2444, Class ES, IF, IO, 7.77%, 3/15/2032(e)		23			5
Series 2450, Class SW, IF, IO, 7.82%, 3/15/2032(e)		9			2
Series 2435, Class CJ, 6.50%, 4/15/2032		85			100
Series 2441, Class GF, 6.50%, 4/15/2032		23			27
Series 2455, Class GK, 6.50%, 5/15/2032		30			35
Series 2450, Class GZ, 7.00%, 5/15/2032		32			39
Series 2466, Class DH, 6.50%, 6/15/2032		41			46
Series 2474, Class NR, 6.50%, 7/15/2032		28			32
Series 2484, Class LZ, 6.50%, 7/15/2032		42			50
Series 2500, Class MC, 6.00%, 9/15/2032		39			46
Series 2543, Class YX, 6.00%, 12/15/2032		85			98
Series 2575, Class ME, 6.00%, 2/15/2033		154			179
Series 2586, Class WI, IO, 6.50%, 3/15/2033		13			3
Series 2990, Class SL, HB, IF, 23.82%, 6/15/2034(e)		22			29
Series 3611, PO, 7/15/2034		20			19
Series 2990, Class UZ, 5.75%, 6/15/2035		507			586
Series 3117, Class EO, PO, 2/15/2036		50			47
Series 3117, Class OK, PO, 2/15/2036		5			5
Series 3122, Class OH, PO, 3/15/2036		44			41
Series 3152, Class MO, PO, 3/15/2036		117			111
Series 3607, Class AO, PO, 4/15/2036		30			28
Series 3137, Class XP, 6.00%, 4/15/2036		71			85
Series 3819, Class ZQ, 6.00%, 4/15/2036		198			236
Series 3149, Class SO, PO, 5/15/2036		6			5
Series 3171, Class MO, PO, 6/15/2036		31			30
Series 3179, Class OA, PO, 7/15/2036		18			17
Series 3202, Class HI, IF, IO, 6.47%, 8/15/2036(e)		155			34
Series 3232, Class ST, IF, IO, 6.52%, 10/15/2036(e)		29			6
Series 3417, Class EO, PO, 11/15/2036		277			267
Series 3316, Class JO, PO, 5/15/2037		5			5
Series 3607, Class OP, PO, 7/15/2037		142			130
Series 3481, Class SJ, IF, IO, 5.67%, 8/15/2038(e)		84			17
Series 3680, Class MA, 4.50%, 7/15/2039		147			156
Series 4219, Class JA, 3.50%, 8/15/2039		248			255
Series 3997, Class PF, 0.63%, 11/15/2039(e)		23			23
Series 4096, Class HA, 2.00%, 12/15/2041		233			238
Series 4374, Class NC, 3.75%, 2/15/2046(g)		72			72
FHLMC, STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		—	(f)		—	(f)
Series 262, Class 35, 3.50%, 7/15/2042		417			467
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.32%, 7/25/2032(e)		22			25
Series T-76, Class 2A, 2.25%, 10/25/2037(e)		106			117
Series T-51, Class 2A, 7.50%, 8/25/2042(e)		20			27
Series T-54, Class 2A, 6.50%, 2/25/2043		198			242
Series T-54, Class 3A, 7.00%, 2/25/2043		65			80
Series T-56, Class A5, 5.23%, 5/25/2043		486			558
Series T-58, Class APO, PO, 9/25/2043		13			12

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
FNMA Trust, Whole Loan
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		26			30
Series 2005-W3, Class 2AF, 0.39%, 3/25/2045(e)		85			85
FNMA, REMIC
Series 1990-102, Class J, 6.50%, 8/25/2020		—	(f)		—	(f)
Series 1990-95, Class J, HB, 1,118.04%, 8/25/2020		—	(f)		—	(f)
Series 1990-134, Class SC, HB, IF, 21.35%, 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		1			1
Series 1991-42, Class S, IF, 17.38%, 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		10			10
Series G-35, Class M, 8.75%, 10/25/2021		—	(f)		—	(f)
Series 2002-1, Class HC, 6.50%, 2/25/2022		4			4
Series 1992-107, Class SB, HB, IF, 28.63%, 6/25/2022(e)		3			4
Series G92-42, Class Z, 7.00%, 7/25/2022		—	(f)		—	(f)
Series G92-35, Class E, 7.50%, 7/25/2022		3			3
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(f)		—	(f)
Series 1996-59, Class J, 6.50%, 8/25/2022		1			1
Series 1992-143, Class MA, 5.50%, 9/25/2022		—	(f)		—	(f)
Series G92-54, Class ZQ, 7.50%, 9/25/2022		2			2
Series G93-5, Class Z, 6.50%, 2/25/2023		1			2
Series 1993-37, Class PX, 7.00%, 3/25/2023		24			26
Series 1993-25, Class J, 7.50%, 3/25/2023		3			3
Series 1998-4, Class C, PO, 4/25/2023		1			1
Series 1998-43, Class EA, PO, 4/25/2023		35			35
Series 1993-54, Class Z, 7.00%, 4/25/2023		7			8
Series 1993-62, Class SA, IF, 18.47%, 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, 10.00%, 8/25/2023(e)		16			2
Series 1993-178, Class PK, 6.50%, 9/25/2023		4			4
Series 1993-165, Class SD, IF, 12.98%, 9/25/2023(e)		1			1
Series 1993-183, Class KA, 6.50%, 10/25/2023		58			62
Series 1993-189, Class PL, 6.50%, 10/25/2023		21			23
Series 1994-9, Class E, PO, 11/25/2023		—	(f)		—	(f)
Series 1993-247, Class SA, HB, IF, 27.10%, 12/25/2023(e)		6			7
Series G95-1, Class C, 8.80%, 1/25/2025		3			3
Series 2005-121, Class DX, 5.50%, 1/25/2026		159			170
Series 1997-20, IO, 1.84%, 3/25/2027(e)		4			—	(f)
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027(e)		5			—	(f)
Series 1997-27, Class J, 7.50%, 4/18/2027		7			8
Series 1997-29, Class J, 7.50%, 4/20/2027		9			10
Series 1997-39, Class PD, 7.50%, 5/20/2027		20			22
Series 2012-47, Class HF, 0.57%, 5/25/2027(e)		81			81
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		5			—	(f)
Series 1998-36, Class ZB, 6.00%, 7/18/2028		4			4
Series 2000-2, Class ZE, 7.50%, 2/25/2030		36			42
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		25			4
Series 2001-36, Class DE, 7.00%, 8/25/2031		32			37
Series 2001-49, Class Z, 6.50%, 9/25/2031		6			7
Series 2001-44, Class PD, 7.00%, 9/25/2031		7			8
Series 2003-52, Class SX, HB, IF, 22.45%, 10/25/2031(e)		8			14
Series 2004-74, Class SW, IF, 15.14%, 11/25/2031(e)		22			32
Series 2001-81, Class LO, PO, 1/25/2032		4			4
Series 2002-1, Class SA, HB, IF, 24.64%, 2/25/2032(e)		3			4

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2002-21, Class PE, 6.50%, 4/25/2032		17		20
Series 2002-28, Class PK, 6.50%, 5/25/2032		17		20
Series 2002-37, Class Z, 6.50%, 6/25/2032		22		25
Series 2004-61, Class SH, HB, IF, 23.32%, 11/25/2032(e)		25		41
Series 2003-22, Class UD, 4.00%, 4/25/2033		78		87
Series 2003-34, Class GE, 6.00%, 5/25/2033		170		195
Series 2003-39, IO, 6.00%, 5/25/2033(e)		4		1
Series 2003-47, Class PE, 5.75%, 6/25/2033		74		88
Series 2003-64, Class SX, IF, 12.82%, 7/25/2033(e)		10		13
Series 2003-71, Class DS, IF, 6.97%, 8/25/2033(e)		76		91
Series 2005-56, Class TP, IF, 17.65%, 8/25/2033(e)		47		59
Series 2003-91, Class SD, IF, 12.22%, 9/25/2033(e)		6		8
Series 2003-116, Class SB, IF, IO, 7.43%, 11/25/2033(e)		63		13
Series 2006-44, Class P, PO, 12/25/2033		23		22
Series 2003-130, Class SX, IF, 11.27%, 1/25/2034(e)		3		3
Series 2004-25, Class SA, IF, 19.06%, 4/25/2034(e)		30		45
Series 2004-46, Class SK, IF, 16.04%, 5/25/2034(e)		21		29
Series 2004-36, Class SA, IF, 19.06%, 5/25/2034(e)		45		71
Series 2004-50, Class VZ, 5.50%, 7/25/2034		270		308
Series 2005-74, Class CS, IF, 19.56%, 5/25/2035(e)		26		34
Series 2005-45, Class DC, HB, IF, 23.69%, 6/25/2035(e)		45		70
Series 2005-56, Class S, IF, IO, 6.54%, 7/25/2035(e)		30		7
Series 2005-68, Class PG, 5.50%, 8/25/2035		167		190
Series 2005-73, Class PS, IF, 16.28%, 8/25/2035(e)		80		112
Series 2005-106, Class US, HB, IF, 23.95%, 11/25/2035(e)		52		80
Series 2006-27, Class OH, PO, 4/25/2036		42		40
Series 2006-65, Class QO, PO, 7/25/2036		23		21
Series 2006-56, Class FC, 0.46%, 7/25/2036(e)		145		144
Series 2006-79, Class DO, PO, 8/25/2036		26		25
Series 2006-77, Class PC, 6.50%, 8/25/2036		49		56
Series 2006-110, PO, 11/25/2036		42		40
Series 2006-124, Class HB, 3.81%, 11/25/2036(e)		62		64
Series 2007-14, Class ES, IF, IO, 6.27%, 3/25/2037(e)		33		6
Series 2007-81, Class GE, 6.00%, 8/25/2037		75		85
Series 2007-79, Class SB, HB, IF, 23.40%, 8/25/2037(e)		28		46
Series 2007-88, Class VI, IF, IO, 6.37%, 9/25/2037(e)		75		17
Series 2007-91, Class ES, IF, IO, 6.29%, 10/25/2037(e)		220		49
Series 2007-116, Class HI, IO, 2.70%, 1/25/2038(e)		39		2
Series 2008-16, Class IS, IF, IO, 6.03%, 3/25/2038(e)		10		2
Series 2008-10, Class XI, IF, IO, 6.06%, 3/25/2038(e)		18		4
Series 2008-28, Class QS, HB, IF, 20.20%, 4/25/2038(e)		24		37
Series 2008-46, Class HI, IO, 3.02%, 6/25/2038(e)		36		2
Series 2013-25, Class DC, 2.50%, 6/25/2039		292		302
Series 2009-69, PO, 9/25/2039		40		38
Series 2009-103, Class MB, 3.94%, 12/25/2039(e)		50		52
Series 2010-71, Class HJ, 5.50%, 7/25/2040		125		146
Series 2011-118, Class MT, 7.00%, 11/25/2041		139		170
Series 2011-118, Class NT, 7.00%, 11/25/2041		127		152
Series 2013-101, Class DO, PO, 10/25/2043		242		211
Series 2013-128, PO, 12/25/2043		229		202
Series 2019-65, Class PA, 2.50%, 5/25/2048		338		351
FNMA, REMIC Trust Series 2006-72, Class GO, PO, 8/25/2036		33		32
FNMA, REMIC Trust, Whole Loan
Series 2007-W7, Class 1A4, HB, IF, 38.17%, 7/25/2037(e)		7		15
Series 2003-W4, Class 2A, 5.78%, 10/25/2042(e)		13		15
Series 2003-W1, Class 1A1, 5.25%, 12/25/2042(e)		73		81

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
FNMA, REMIC, Whole Loan Series 2007-106, Class A7, 6.19%, 10/25/2037(e)		28			32
FNMA, STRIPS
Series 218, Class 2, IO, 7.50%, 4/25/2023		—	(f)		—	(f)
Series 300, Class 1, PO, 9/25/2024		15			15
Series 329, Class 1, PO, 1/25/2033		4			4
GNMA
Series 2010-14, Class AO, PO, 12/20/2032		8			8
Series 2003-24, PO, 3/16/2033		7			7
Series 2003-40, Class TJ, 6.50%, 3/20/2033		159			182
Series 2003-52, Class AP, PO, 6/16/2033		41			39
Series 2004-28, Class S, IF, 19.16%, 4/16/2034(e)		12			18
Series 2004-73, Class AE, IF, 14.48%, 8/17/2034(e)		7			8
Series 2004-71, Class SB, HB, IF, 28.63%, 9/20/2034(e)		21			34
Series 2004-90, Class SI, IF, IO, 5.93%, 10/20/2034(e)		121			20
Series 2005-68, Class DP, IF, 15.99%, 6/17/2035(e)		23			30
Series 2005-68, Class KI, IF, IO, 6.13%, 9/20/2035(e)		220			49
Series 2006-38, Class ZK, 6.50%, 8/20/2036		361			418
Series 2006-59, Class SD, IF, IO, 6.53%, 10/20/2036(e)		25			5
Series 2007-17, Class JI, IF, IO, 6.63%, 4/16/2037(e)		91			21
Series 2007-27, Class SA, IF, IO, 6.03%, 5/20/2037(e)		110			18
Series 2007-45, Class QA, IF, IO, 6.47%, 7/20/2037(e)		96			15
Series 2007-40, Class SB, IF, IO, 6.58%, 7/20/2037(e)		154			24
Series 2007-50, Class AI, IF, IO, 6.60%, 8/20/2037(e)		81			13
Series 2007-53, Class ES, IF, IO, 6.38%, 9/20/2037(e)		26			4
Series 2007-53, Class SW, IF, 19.69%, 9/20/2037(e)		20			28
Series 2009-79, Class OK, PO, 11/16/2037		78			75
Series 2007-76, Class SA, IF, IO, 6.36%, 11/20/2037(e)		50			7
Series 2007-72, Class US, IF, IO, 6.38%, 11/20/2037(e)		49			7
Series 2009-106, Class ST, IF, IO, 5.83%, 2/20/2038(e)		168			27
Series 2008-33, Class XS, IF, IO, 7.52%, 4/16/2038(e)		33			6
Series 2008-40, Class SA, IF, IO, 6.22%, 5/16/2038(e)		99			19
Series 2008-50, Class KB, 6.00%, 6/20/2038		123			145
Series 2008-55, Class SA, IF, IO, 6.03%, 6/20/2038(e)		61			11
Series 2008-93, Class AS, IF, IO, 5.53%, 12/20/2038(e)		66			9
Series 2009-6, Class SA, IF, IO, 5.92%, 2/16/2039(e)		20			3
Series 2009-31, Class TS, IF, IO, 6.13%, 3/20/2039(e)		67			5
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		30			7
Series 2009-22, Class SA, IF, IO, 6.10%, 4/20/2039(e)		86			14
Series 2009-92, Class ZC, 5.00%, 10/20/2039		505			576
Series 2011-137, Class WA, 5.57%, 7/20/2040(e)		211			249
Series 2010-105, Class B, 5.00%, 8/20/2040		678			779
Series 2010-130, Class CP, 7.00%, 10/16/2040		54			66
Series 2013-91, Class WA, 4.47%, 4/20/2043(e)		393			434
Series 2012-H24, Class FA, 1.47%, 3/20/2060(e)		5			5
Series 2013-H03, Class FA, 1.32%, 8/20/2060(e)		1			1
Series 2012-H21, Class DF, 1.67%, 5/20/2061(e)		5			5
Series 2012-H26, Class MA, 1.57%, 7/20/2062(e)		6			6
Series 2012-H29, Class FA, 1.53%, 10/20/2062(e)		410			410
Series 2014-H15, Class FA, 1.52%, 7/20/2064(e)		609			607
Series 2014-H17, Class FC, 1.52%, 7/20/2064(e)		534			533
Series 2015-H15, Class FJ, 1.46%, 6/20/2065(e)		567			565
Series 2015-H18, Class FA, 1.47%, 6/20/2065(e)		430			429
Series 2015-H20, Class FA, 1.49%, 8/20/2065(e)		528			526
Series 2015-H26, Class FG, 1.54%, 10/20/2065(e)		602			601
GSR Mortgage Loan Trust Series 2006-1F, Class 1A3, 5.50%, 2/25/2036		59			72

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Impac Secured Assets CMN Owner Trust Series 2002-2, Class APO, PO, 4/25/2033‡		1			—	(f)
JP Morgan Mortgage Trust
Series 2003-A1, Class 1A1, 3.32%, 10/25/2033(e)		163			158
Series 2006-A2, Class 5A3, 4.11%, 11/25/2033(e)		42			41
Series 2006-A2, Class 4A1, 4.40%, 8/25/2034(e)		12			12
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.35%, 4/21/2034(e)		36			35
Series 2004-3, Class 4A2, 3.44%, 4/25/2034(e)		9			8
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		13			13
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		102			103
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		78			81
Series 2004-7, Class 30PO, PO, 8/25/2034‡		8			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‡(b)		8			6
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 0.79%, 10/25/2028(e)		85			82
Series 2004-A, Class A1, 0.63%, 4/25/2029(e)		27			25
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034(b)(e)		33			32
NCUA Guaranteed Notes Trust Series 2010-R3, Class 3A, 2.40%, 12/8/2020		5			5
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, 16.27%, 10/25/2017(e)		—	(f)		—	(f)
Series 2003-QS9, Class A3, IF, IO, 7.38%, 5/25/2018‡(e)		1			—	(f)
Series 2004-QS3, Class CB, 5.00%, 3/25/2019		—	(f)		—	(f)
Reperforming Loan REMIC Trust Series 2005-R1, Class 2APO, PO, 3/25/2035‡(b)		44			33
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‡		530			579
Series 2019-3, Class M55D, 4.00%, 10/25/2058‡		99			108
Series 2019-4, Class M55D, 4.00%, 2/25/2059		346			377
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028		407			431
Vendee Mortgage Trust
Series 1993-1, Class ZB, 7.25%, 2/15/2023		84			89
Series 1994-1, Class 1, 5.30%, 2/15/2024(e)		56			59
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		113			129
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		36			41
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		160			185
Series 1998-1, Class 2E, 7.00%, 3/15/2028		40			45
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR5, Class A7, 3.78%, 6/25/2033(e)		35			33
Series 2004-AR3, Class A2, 3.68%, 6/25/2034(e)		19			18
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB7, 5.50%, 6/25/2035		105			90
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2003-MS7, Class P, PO, 3/25/2033‡		—	(f)		—	(f)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $20,132)					21,561
MORTGAGE-BACKED SECURITIES — 11.8%
FHLMC
Pool # 785618, ARM, 4.50%, 7/1/2026(e)		8			8

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Pool # 611141, ARM, 3.77%, 1/1/2027(e)		8			8
Pool # 1B2656, ARM, 3.66%, 12/1/2034(e)		37			37
Pool # 1G2557, ARM, 4.13%, 6/1/2036(e)		63			67
Pool # 1A1085, ARM, 3.57%, 8/1/2036(e)		70			71
Pool # 1B7242, ARM, 4.14%, 9/1/2036(e)		49			52
Pool # 1Q0105, ARM, 4.34%, 9/1/2036(e)		25			26
Pool # 1Q0737, ARM, 4.07%, 11/1/2036(e)		24			24
Pool # 1N1511, ARM, 3.04%, 1/1/2037(e)		35			35
Pool # 1J1543, ARM, 4.36%, 2/1/2037(e)		12			12
Pool # 1Q0739, ARM, 3.75%, 3/1/2037(e)		31			33
Pool # 1Q0722, ARM, 4.15%, 4/1/2038(e)		26			27
FHLMC Gold Pools, 15 Year Pool # G12825, 6.50%, 3/1/2022		3			3
FHLMC Gold Pools, 20 Year Pool # C90985, 6.50%, 8/1/2026		7			8
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		2			3
Pool # G00981, 8.50%, 7/1/2028		5			6
Pool # A17537, 6.00%, 1/1/2034		25			29
Pool # G02682, 7.00%, 2/1/2037		19			23
Pool # Q58054, 4.50%, 11/1/2046		305			339
FHLMC Gold Pools, Other
Pool # G20027, 10.00%, 10/1/2030		6			6
Pool # U80336, 3.50%, 5/1/2033		370			397
Pool # U90690, 3.50%, 6/1/2042		215			233
Pool # U90975, 4.00%, 6/1/2042		191			209
Pool # U91427, 3.50%, 5/1/2043		566			614
FNMA
Pool # 54844, ARM, 2.70%, 9/1/2027(e)		2			2
Pool # 303532, ARM, 4.05%, 3/1/2029(e)		2			2
Pool # 745446, ARM, 3.94%, 4/1/2033(e)		31			33
Pool # 746299, ARM, 4.06%, 9/1/2033(e)		46			48
Pool # 743546, ARM, 3.49%, 11/1/2033(e)		39			39
Pool # 735332, ARM, 3.86%, 8/1/2034(e)		47			49
Pool # 790964, ARM, 3.84%, 9/1/2034(e)		28			28
Pool # 896463, ARM, 4.44%, 10/1/2034(e)		49			51
Pool # 810896, ARM, 3.03%, 1/1/2035(e)		35			36
Pool # 816361, ARM, 3.50%, 1/1/2035(e)		95			96
Pool # 816594, ARM, 3.42%, 2/1/2035(e)		22			22
Pool # 816597, ARM, 3.54%, 2/1/2035(e)		12			12
Pool # 745862, ARM, 3.49%, 4/1/2035(e)		29			29
Pool # 843026, ARM, 3.35%, 9/1/2035(e)		44			45
Pool # 832801, ARM, 3.73%, 9/1/2035(e)		60			62
Pool # 920340, ARM, 4.35%, 2/1/2036(e)		39			40
Pool # 886558, ARM, 4.11%, 8/1/2036(e)		12			13
Pool # 893424, ARM, 3.84%, 9/1/2036(e)		38			40
Pool # 913984, ARM, 3.36%, 2/1/2037(e)		15			15
Pool # 915645, ARM, 3.92%, 2/1/2037(e)		41			43
Pool # 887094, ARM, 3.64%, 7/1/2046(e)		49			52
FNMA UMBS, 15 Year
Pool # 735911, 6.50%, 8/1/2020		—	(f)		—	(f)
Pool # 745406, 6.00%, 3/1/2021		3			3
Pool # 995381, 6.00%, 1/1/2024		16			16
FNMA UMBS, 20 Year Pool # 254305, 6.50%, 5/1/2022		10			11
FNMA UMBS, 30 Year Pool # 70825, 8.00%, 3/1/2021		—	(f)		—	(f)

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
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		1			1
Pool # 755973, 8.00%, 11/1/2028		10			12
Pool # 598559, 6.50%, 8/1/2031		13			15
Pool # 995409, 8.00%, 11/1/2032		117			142
Pool # 675555, 6.00%, 12/1/2032		25			29
Pool # 674349, 6.00%, 3/1/2033		9			10
Pool # 702901, 6.00%, 5/1/2033		38			44
Pool # 721535, 5.00%, 7/1/2033		65			74
Pool # 723852, 5.00%, 7/1/2033		23			26
Pool # 729296, 5.00%, 7/1/2033		44			49
Pool # 713700, 4.50%, 8/1/2033		25			28
Pool # 737825, 6.00%, 9/1/2033		8			10
Pool # 725027, 5.00%, 11/1/2033		40			46
Pool # 725017, 5.50%, 12/1/2033		41			47
Pool # AA0922, 6.00%, 9/1/2036		55			64
Pool # 986648, 6.00%, 9/1/2037		28			32
Pool # AD9151, 5.00%, 8/1/2040		156			180
Pool # BM3375, 4.00%, 1/1/2048		307			341
Pool # BK8753, 4.50%, 6/1/2049		456			501
Pool # BP6363, 3.00%, 4/1/2050		500			528
FNMA, 30 Year
Pool # 252409, 6.50%, 3/1/2029		9			10
Pool # 752786, 6.00%, 9/1/2033		10			12
FNMA, Other
Pool # AL0569, 4.26%, 6/1/2021(e)		210			216
Pool # AM8317, 2.96%, 3/1/2025		183			198
Pool # AN2309, 2.21%, 7/1/2026		465			492
Pool # AM6381, 3.29%, 8/1/2026		1,000			1,119
Pool # AM7485, 3.24%, 12/1/2026		1,000			1,126
Pool # AM7515, 3.34%, 2/1/2027		500			563
Pool # BL1211, 4.01%, 2/1/2027		198			226
Pool # AM8529, 3.03%, 4/1/2027		999			1,110
Pool # AM8432, 2.79%, 5/1/2027		1,000			1,100
Pool # BL1040, 3.81%, 12/1/2028		150			177
Pool # BL0907, 3.88%, 12/1/2028		300			355
Pool # AM6892, 3.76%, 9/1/2029		229			263
Pool # BM4162, 3.20%, 10/1/2029(e)		296			338
Pool # BL4333, 2.52%, 11/1/2029		400			438
Pool # 109707, 3.80%, 9/1/2033		235			270
Pool # 888408, 6.00%, 3/1/2037		29			34
Pool # 257172, 5.50%, 4/1/2038		9			10
Pool # MA1125, 4.00%, 7/1/2042		339			370
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.00%, 7/25/2050(h)		200			203
TBA, 2.50%, 7/25/2050(h)		250			259
GNMA I, 30 Year
Pool # 313110, 7.50%, 11/15/2022		—	(f)		—	(f)
Pool # 352108, 7.00%, 8/15/2023		—	(f)		—	(f)
Pool # 363030, 7.00%, 9/15/2023		16			17
Pool # 352022, 7.00%, 11/15/2023		1			1
Pool # 366706, 6.50%, 1/15/2024		6			6
Pool # 371281, 7.00%, 2/15/2024		4			5
Pool # 782507, 9.50%, 10/15/2024		1			1
Pool # 780029, 9.00%, 11/15/2024		—	(f)		—	(f)

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
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		34			38
Pool # 486537, 7.50%, 9/15/2028		3			3
Pool # 466406, 6.00%, 11/15/2028		21			24
Pool # 607645, 6.50%, 2/15/2033		9			10
Pool # 781614, 7.00%, 6/15/2033		16			20
Pool # 782615, 7.00%, 6/15/2035		47			56
Pool # 782025, 6.50%, 12/15/2035		58			69
Pool # 681638, 6.00%, 12/15/2038		67			75
GNMA II, 30 Year
Pool # 1974, 8.50%, 3/20/2025		—	(f)		—	(f)
Pool # 1989, 8.50%, 4/20/2025		3			3
Pool # 2006, 8.50%, 5/20/2025		2			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		2			3
Pool # 2512, 8.00%, 11/20/2027		2			2
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		12			14
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			3
Pool # 4245, 6.00%, 9/20/2038		69			79
Pool # BA7567, 4.50%, 5/20/2048		283			307
Pool # BI0416, 4.50%, 11/20/2048		332			363
Pool # BM9692, 4.50%, 7/20/2049		195			214
Pool # BQ3224, 4.50%, 9/20/2049		494			552
GNMA II, Other Pool # AD0860, 3.50%, 11/20/2033		381			408
TOTAL MORTGAGE-BACKED SECURITIES (Cost $15,268)					16,430
ASSET-BACKED SECURITIES — 8.0%
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023(b)		104			105
Ally Auto Receivables Trust
Series 2018-2, Class A3, 2.92%, 11/15/2022		173			174
Series 2019-1, Class A3, 2.91%, 9/15/2023		69			71
American Airlines Pass-Through Trust
Series 2013-2, Class A, 4.95%, 1/15/2023		94			74
Series 2016-3, Class AA, 3.00%, 10/15/2028		69			61
American Credit Acceptance Receivables Trust
Series 2019-1, Class A, 3.06%, 7/12/2022(b)		8			8
Series 2019-4, Class B, 2.43%, 10/12/2023(b)		135			136
American Express Credit Account Master Trust Series 2019-1, Class A, 2.87%, 10/15/2024		135			141
AmeriCredit Automobile Receivables Trust
Series 2017-3, Class A3, 1.90%, 3/18/2022		13			13
Series 2018-1, Class A3, 3.07%, 12/19/2022		75			76
Series 2018-2, Class A3, 3.15%, 3/20/2023		139			141
Series 2019-1, Class A3, 2.97%, 11/20/2023		61			62
Series 2019-2, Class A3, 2.28%, 1/18/2024		250			253
Series 2020-1, Class A3, 1.11%, 8/19/2024		70			70

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026(b)		100		93
B2R Mortgage Trust Series 2015-2, Class A, 3.34%, 11/15/2048(b)		37		37
BA Credit Card Trust Series 2019-A1, Class A1, 1.74%, 1/15/2025		230		236
British Airways Pass-Through Trust (United Kingdom) Series 2018-1, Class AA, 3.80%, 9/20/2031(b)		61		55
CarMax Auto Owner Trust
Series 2018-2, Class A3, 2.98%, 1/17/2023		128		129
Series 2018-3, Class A3, 3.13%, 6/15/2023		234		238
Series 2019-1, Class A3, 3.05%, 3/15/2024		220		227
Series 2020-1, Class A3, 1.89%, 12/16/2024		87		89
Carvana Auto Receivables Trust Series 2019-2A, Class A3, 2.58%, 3/15/2023(b)		350		352
CoreVest American Finance Trust Series 2019-3, Class A, 2.71%, 10/15/2052(b)		99		99
CPS Auto Receivables Trust
Series 2015-B, Class C, 4.20%, 5/17/2021(b)		125		126
Series 2015-C, Class D, 4.63%, 8/16/2021(b)		137		137
Series 2019-D, Class A, 2.17%, 12/15/2022(b)		62		62
Series 2020-A, Class A, 2.09%, 5/15/2023(b)		80		80
Credit Acceptance Auto Loan Trust
Series 2018-2A, Class A, 3.47%, 5/17/2027(b)		250		251
Series 2019-3A, Class A, 2.38%, 11/15/2028(b)		250		248
Series 2020-1A, Class A, 2.01%, 2/15/2029(b)		250		248
CVS Pass-Through Trust 5.93%, 1/10/2034(b)		43		47
Drive Auto Receivables Trust
Series 2019-1, Class A3, 3.18%, 10/17/2022		35		35
Series 2019-4, Class A3, 2.16%, 5/15/2023		50		51
Series 2020-1, Class A3, 2.02%, 11/15/2023		42		42
Series 2018-2, Class C, 3.63%, 8/15/2024		47		47
DT Auto Owner Trust Series 2019-1A, Class A, 3.08%, 9/15/2022(b)		17		17
Exeter Automobile Receivables Trust
Series 2019-4A, Class A, 2.18%, 1/17/2023(b)		132		133
Series 2020-1A, Class A, 2.05%, 6/15/2023(b)		68		68
Federal Express Corp. Pass-Through Trust Series 1998, 6.72%, 1/15/2022		113		120
First Investors Auto Owner Trust
Series 2015-2A, Class D, 4.22%, 12/15/2021(b)		64		64
Series 2018-1A, Class A2, 3.22%, 1/17/2023(b)		40		40
Series 2019-1A, Class A, 2.89%, 3/15/2024(b)		48		48
Flagship Credit Auto Trust
Series 2015-3, Class C, 4.65%, 3/15/2022(b)		64		65
Series 2016-1, Class C, 6.22%, 6/15/2022(b)		346		351
Series 2018-2, Class A, 2.97%, 10/17/2022(b)		38		38
Series 2018-3, Class A, 3.07%, 2/15/2023(b)		29		29
Series 2019-4, Class C, 2.77%, 12/15/2025(b)		105		103
Ford Credit Auto Lease Trust
Series 2018-B, Class A4, 3.30%, 2/15/2022		88		90
Series 2019-A, Class A3, 2.90%, 5/15/2022		115		116
Series 2020-A, Class A3, 1.85%, 3/15/2023		55		56
FREED ABS Trust Series 2020-FP1, Class A, 2.52%, 3/18/2027(b)		83		82
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029‡(e)		17		15
GM Financial Automobile Leasing Trust
Series 2018-3, Class A3, 3.18%, 6/21/2021		66		66
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		116		118
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031(b)		24		24
Honda Auto Receivables Owner Trust
Series 2017-3, Class A3, 1.79%, 9/20/2021		17		17
Series 2018-2, Class A3, 3.01%, 5/18/2022		104		106

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2019-4, Class A3, 1.83%, 1/18/2024		180		184
Hyundai Auto Lease Securitization Trust
Series 2018-B, Class A4, 3.20%, 6/15/2022(b)		127		129
Series 2019-A, Class A3, 2.98%, 7/15/2022(b)		340		344
Hyundai Auto Receivables Trust
Series 2017-B, Class A3, 1.77%, 1/18/2022		63		63
Series 2018-A, Class A3, 2.79%, 7/15/2022		66		68
Kabbage Funding LLC Series 2019-1, Class A, 3.83%, 3/15/2024‡(b)		150		149
LV Tower 52 Issuer Series 2013-1, Class A, 5.75%, 7/15/2019‡(b)		802		808
Mercedes-Benz Auto Lease Trust
Series 2019-A, Class A3, 3.10%, 11/15/2021		40		40
Series 2019-B, Class A3, 2.00%, 10/17/2022		50		50
Series 2020-A, Class A3, 1.84%, 12/15/2022		68		70
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024(b)		164		166
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024(b)		491		471
Santander Drive Auto Receivables Trust
Series 2019-1, Class A3, 3.00%, 12/15/2022		28		28
Series 2019-2, Class A3, 2.59%, 5/15/2023		110		110
Santander Retail Auto Lease Trust Series 2019-A, Class A3, 2.77%, 6/20/2022(b)		225		228
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.28%, 1/25/2036‡(g)		27		25
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		41		36
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		260		267
Tesla Auto Lease Trust Series 2019-A, Class A3, 2.16%, 10/20/2022(b)		168		171
Toyota Auto Receivables Owner Trust
Series 2020-A, Class A2, 1.67%, 11/15/2022		220		222
Series 2020-A, Class A3, 1.66%, 5/15/2024		180		184
United Airlines Pass-Through Trust Series 2016-2, Class AA, 2.88%, 10/7/2028		104		95
US Auto Funding LLC Series 2019-1A, Class B, 3.99%, 12/15/2022(b)		100		100
Vericrest Opportunity Loan Trust Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050‡(b)(g)		92		87
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		100		102
VOLT LXXXVII LLC Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050(b)(g)		142		135
World Financial Network Credit Card Master Trust Series 2018-B, Class A, 3.46%, 7/15/2025		156		158
World Omni Auto Receivables Trust
Series 2020-A, Class A3, 1.70%, 1/17/2023		130		131
Series 2017-B, Class A3, 1.95%, 2/15/2023		61		61
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 $11,133)				11,151
COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.5%
20 Times Square Trust Series 2018-20TS, Class A, 3.10%, 5/15/2035(b)(e)		145		139
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 1.30%, 12/11/2049‡(b)(e)		10		—	(f)
Commercial Mortgage Trust Series 2015-CR25, Class A4, 3.76%, 8/10/2048		281		304
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KF12, Class A, 1.03%, 9/25/2022(e)		18		18
Series KSMC, Class A2, 2.62%, 1/25/2023		500		523
Series KL3L, Class ALNZ, 3.32%, 4/25/2025(e)		500		560
Series KLU2, Class A7, 2.23%, 9/25/2025(e)		350		374

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series K737, Class AM, 2.10%, 10/25/2026		305		323
Series K069, Class A2, 3.19%, 9/25/2027(e)		500		566
Series K081, Class A1, 3.88%, 2/25/2028		115		130
Series K083, Class A2, 4.05%, 9/25/2028(e)		297		357
Series K088, Class A2, 3.69%, 1/25/2029		480		568
FNMA ACES
Series 2015-M17, Class FA, 1.68%, 11/25/2022(e)		148		148
Series 2014-M2, Class A2, 3.51%, 12/25/2023(e)		503		539
Series 2014-M13, Class A2, 3.02%, 8/25/2024(e)		610		653
Series 2015-M7, Class A2, 2.59%, 12/25/2024		766		819
Series 2018-M2, Class A2, 2.90%, 1/25/2028(e)		500		553
Series 2018-M13, Class A1, 3.70%, 3/25/2030(e)		222		256
MRCD Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036(b)		200		199
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030(b)		116		118
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(b)		500		502
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $7,186)				7,756
U.S. GOVERNMENT AGENCY SECURITIES — 0.3%
Resolution Funding Corp. STRIPS 1.82%, 7/15/2020(a)		250		249
DN, 3.12%, 1/15/2026(a)		60		58
DN, 2.88%, 10/15/2027(a)		80		74
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $366)				381
FOREIGN GOVERNMENT SECURITIES — 0.2%
United Mexican States (Mexico) 3.63%, 3/15/2022 (Cost $247)		244		253
	Shares (000)
SHORT-TERM INVESTMENTS — 2.0%
INVESTMENT COMPANIES — 2.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.44%(i)(j) (Cost $2,774)		2,774		2,777
Total Investments — 99.9% (Cost $131,466)				139,706
Other Assets Less Liabilities — 0.1%				88
Net Assets — 100.0%				139,794

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 May 31, 2020.
DN	Discount Notes
ESOP	Employee Stock Ownership Program
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of May 31, 2020. 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
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

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.
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	The rate shown is the effective yield as of May 31, 2020.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2020.
(d)	Amount rounds to less than 0.1% of net assets.
(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 May 31, 2020.
(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 May 31, 2020.
(h)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(i)	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.
(j)	The rate shown is the current yield as of May 31, 2020.
‡	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 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 or NAV per share as of the report date.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at May 31, 2020.

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 (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Asset-Backed Securities	$	—	$	10,067	$	1,084		$	11,151
Collateralized Mortgage Obligations		—		20,818		743			21,561
Commercial Mortgage-Backed Securities		—		7,756		—	(a)		7,756
Corporate Bonds		—		38,055		—			38,055
Foreign Government Securities		—		253		—			253
Mortgage-Backed Securities		—		16,430		—			16,430
U.S. Government Agency Securities		—		381		—			381
U.S. Treasury Obligations		—		41,342		—			41,342
Short-Term Investments
Investment Companies		2,777		—		—			2,777
Total Investments in Securities	$	2,777	$	135,102	$	1,827		$	139,706

(a) Amount rounds to less than one thousand.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

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 29, 2020			Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of May 31, 2020
Investments in Securities:
Asset-Backed Securities	$	1,996		$	—	$	(8	)	$	—	(a)	$	—		$	(1,057	)	$	153.00	$	—	$	1,084
Collateralized Mortgage Obligations		60			—		-1			—	(a)		1			(23	)		706.00		—		743
Commercial Mortgage-Backed Securities		—	(a)		—		—	(a)		—	(a)		—	(a)		—	(a)		—		—		—	(a)
Total	$	2,056		$	—	$	(9	)	$	—	(a)	$	1		$	(1,080	)	$	859	$	—	$	1,827

¹   Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2020, which were valued using significant unobservable inputs (level 3), amounted to approximately $(8,000).

Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the period ended May 31, 2020.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at May 31, 2020			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)  (a)
	$	275		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (6.88%)
					Constant Default Rate		0.00% - 4.92% (0.41%)
					Yield (Discount Rate of Cash Flows)		4.48% - 14.49% (10.77%)
Asset-Backed Securities		275
		738		Discounted Cash Flow	Constant Prepayment Rate		1.05% - 100.00% (93.68%)
					Constant Default Rate		0.00% - 1.97% (0.12%)
					Yield (Discount Rate of Cash Flows)		1.77% - 6.16% (2.18%)
Collateralized Mortgage Obligations		738
		—	(b)	Discounted Cash Flow	Constant Prepayment Rate		100.00% (100.00%)
					Yield (Discount Rate of Cash Flows)		3.96% (3.96%)
Commercial Mortgage-Backed Securities		—	(b)
Total	$	1,013

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

(b) Amount rounds to less than one thousand.

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At May 31, 2020, the value of these investments was approximately $814,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A.

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.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2020 (Unaudited) (continued)

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 May 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at May 31, 2020		Shares at May 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.44% (a) (b)	$	2,364	$	6,528	$	6,117	$	—	(c)	$	2	$	2,777		2,774	$	5		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		—		76		76		—			—		—		—		—	(c)		—
Total	$	2,364	$	6,604	$	6,193	$	—	(c)	$	2	$	2,777			$	5		$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of May 31, 2020.

(c) Amount rounds to less than one thousand.