JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 29.5%
Aerospace & Defense — 1.0%
Airbus Finance BV (France) 2.70%, 4/17/2023(a)		43		45
Boeing Co. (The)
4.88%, 5/1/2025		54		60
3.10%, 5/1/2026		250		261
L3Harris Technologies, Inc. 3.85%, 12/15/2026		70		81
Leidos, Inc. 2.30%, 2/15/2031(a)		40		40
Lockheed Martin Corp. 3.10%, 1/15/2023		174		183
Northrop Grumman Corp. 2.93%, 1/15/2025		150		163
Raytheon Technologies Corp. 4.13%, 11/16/2028		100		119
Textron, Inc. 3.00%, 6/1/2030		100		107
				1,059
Automobiles — 0.3%
Daimler Finance North America LLC (Germany) 2.13%, 3/10/2025(a)		150		157
Hyundai Capital America 2.85%, 11/1/2022(a)		200		206
				363
Banks — 4.7%
Bank of America Corp.
3.30%, 1/11/2023		90		95
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023(b)		60		62
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023(b)		100		103
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024(b)		42		45
Series L, 3.95%, 4/21/2025		154		173
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028(b)		300		338
Bank of Montreal (Canada) 2.35%, 9/11/2022		200		207
Bank of Nova Scotia (The) (Canada) 2.00%, 11/15/2022		150		155
Barclays plc (United Kingdom) 3.68%, 1/10/2023		100		103
Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024		150		162
Citigroup, Inc.
4.40%, 6/10/2025		115		132
4.45%, 9/29/2027		150		176
(SOFR + 1.15%), 2.67%, 1/29/2031(b)		350		376
Citizens Financial Group, Inc. 2.64%, 9/30/2032(a)		50		52
Commonwealth Bank of Australia (Australia) 4.50%, 12/9/2025(a)		201		230
Cooperatieve Rabobank UA (Netherlands) 3.88%, 2/8/2022		118		123
Discover Bank 3.35%, 2/6/2023		250		264
Fifth Third Bancorp 2.38%, 1/28/2025		64		68
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.14%), 2.63%, 11/7/2025(b)		200		211
(SOFR + 1.29%), 1.59%, 5/24/2027(b)		200		201
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		250		282
Mitsubishi UFJ Financial Group, Inc. (Japan) 2.19%, 2/25/2025		225		237
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024(a)		200		220
Toronto-Dominion Bank (The) (Canada) 2.50%, 12/14/2020		200		200
US Bancorp Series X, 3.15%, 4/27/2027		68		77
Wells Fargo & Co.
3.00%, 2/19/2025		99		107
4.10%, 6/3/2026		21		24
4.30%, 7/22/2027		30		35
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028(b)		250		283
Westpac Banking Corp. (Australia) 2.50%, 6/28/2022		300		310
				5,051
Beverages — 0.5%
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.75%, 1/23/2029		265		325
Constellation Brands, Inc. 2.88%, 5/1/2030		11		12
Keurig Dr Pepper, Inc.
4.42%, 5/25/2025		75		87
4.60%, 5/25/2028		50		60
PepsiCo, Inc. 1.63%, 5/1/2030		33		34
				518
Biotechnology — 0.5%
AbbVie, Inc.
3.45%, 3/15/2022		69		71
4.25%, 11/14/2028		100		121
Amgen, Inc. 2.20%, 2/21/2027		43		46
Baxalta, Inc. 3.60%, 6/23/2022		23		24

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
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		39
3.50%, 2/1/2025		25		28
3.65%, 3/1/2026		57		64
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		28		27
				493
Building Products — 0.0%(c)
Johnson Controls International plc 3.75%, 12/1/2021		3		3
Capital Markets — 1.7%
Brookfield Finance, Inc. (Canada) 4.85%, 3/29/2029		47		58
Charles Schwab Corp. (The)
3.23%, 9/1/2022		40		42
3.20%, 1/25/2028		200		226
Deutsche Bank AG (Germany) 3.13%, 1/13/2021		38		38
Goldman Sachs Group, Inc. (The)
3.00%, 4/26/2022		80		81
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028(b)		249		285
Invesco Finance plc
4.00%, 1/30/2024		71		78
3.75%, 1/15/2026		125		141
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025(a)		100		114
Macquarie Group Ltd. (Australia) 6.25%, 1/14/2021(a)		40		40
Morgan Stanley
5.75%, 1/25/2021		100		101
5.50%, 7/28/2021		100		103
3.70%, 10/23/2024		83		92
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028(b)		250		284
(SOFR + 1.03%), 1.79%, 2/13/2032(b)		90		91
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032(b)		17		19
				1,793
Chemicals — 0.3%
Ecolab, Inc. 3.25%, 12/1/2027		43		49
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028		9		11
Mosaic Co. (The) 3.25%, 11/15/2022		21		22
Nutrien Ltd. (Canada) 3.38%, 3/15/2025		45		49
Nutrition & Biosciences, Inc. 1.83%, 10/15/2027(a)		40		41
Sherwin-Williams Co. (The)
3.30%, 2/1/2025		110		116
3.45%, 6/1/2027		51		58
				346
Commercial Services & Supplies — 0.2%
Republic Services, Inc. 3.38%, 11/15/2027		200		228
Construction & Engineering — 0.0%(c)
Quanta Services, Inc. 2.90%, 10/1/2030		21		23
Construction Materials — 0.1%
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		78		87
Consumer Finance — 1.0%
AerCap Ireland Capital DAC (Ireland)
3.50%, 5/26/2022		150		154
4.13%, 7/3/2023		200		212
Avolon Holdings Funding Ltd. (Ireland)
5.13%, 10/1/2023(a)		150		158
3.95%, 7/1/2024(a)		120		124
4.25%, 4/15/2026(a)		90		93
Caterpillar Financial Services Corp. 2.85%, 6/1/2022		58		60
John Deere Capital Corp. 2.65%, 6/24/2024		100		107
Park Aerospace Holdings Ltd. (Ireland) 5.25%, 8/15/2022(a)		200		209
				1,117
Containers & Packaging — 0.2%
Packaging Corp. of America 3.00%, 12/15/2029		100		111
WRKCo, Inc. 3.00%, 9/15/2024		80		86
				197
Diversified Financial Services — 1.1%
Blackstone 3.65%, 7/14/2023(a)		55		57
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		518
Series KK, 3.55%, 1/15/2024		200		218
Shell International Finance BV (Netherlands) 3.25%, 5/11/2025		100		111
				1,194
Diversified Telecommunication Services — 0.8%
AT&T, Inc. 7.88%, 2/15/2030		350		480
Qwest Corp. 6.75%, 12/1/2021		148		156
Verizon Communications, Inc. 4.50%, 8/10/2033		208		265
				901

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Electric Utilities — 2.1%
American Electric Power Co., Inc. 2.30%, 3/1/2030		100		104
Baltimore Gas and Electric Co. 2.80%, 8/15/2022		43		45
Commonwealth Edison Co. Series 122, 2.95%, 8/15/2027		200		222
DTE Electric Co. 2.65%, 6/15/2022		20		21
Duke Energy Corp. 3.75%, 4/15/2024		150		165
Duke Energy Progress LLC 2.80%, 5/15/2022		40		41
Duquesne Light Holdings, Inc. 2.53%, 10/1/2030(a)		51		52
Edison International 4.13%, 3/15/2028		150		164
Enel Finance International NV (Italy) 3.63%, 5/25/2027(a)		200		227
Entergy Mississippi LLC 2.85%, 6/1/2028		186		205
Evergy Metro, Inc. 3.15%, 3/15/2023		47		50
ITC Holdings Corp. 2.95%, 5/14/2030(a)		39		43
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027		89		101
Niagara Mohawk Power Corp.
3.51%, 10/1/2024(a)		28		31
1.96%, 6/27/2030(a)		29		30
NRG Energy, Inc. 2.45%, 12/2/2027(a)		37		38
Pacific Gas and Electric Co.
(ICE LIBOR USD 3 Month + 1.38%), 1.60%, 11/15/2021(b)		81		81
4.55%, 7/1/2030		150		171
Pennsylvania Electric Co. 3.25%, 3/15/2028(a)		132		142
Public Service Co. of Oklahoma 4.40%, 2/1/2021		74		74
Southern California Edison Co. 1.85%, 2/1/2022		12		12
Southern Co. (The) 3.25%, 7/1/2026		167		187
Virginia Electric and Power Co. 3.45%, 2/15/2024		21		23
				2,229
Electrical Equipment — 0.2%
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		41		43
Eaton Corp. 3.10%, 9/15/2027		140		156
				199
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		16		17
3.88%, 1/12/2028		100		113
				130
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		8
Schlumberger Investment SA 2.65%, 6/26/2030		94		99
				263
Entertainment — 0.1%
Walt Disney Co. (The) 7.70%, 10/30/2025		50		66
Equity Real Estate Investment Trusts (REITs) — 1.9%
American Tower Corp.
3.50%, 1/31/2023		80		85
5.00%, 2/15/2024		38		43
1.50%, 1/31/2028		68		69
AvalonBay Communities, Inc.
3.35%, 5/15/2027		28		31
2.45%, 1/15/2031		100		107
Boston Properties LP 3.20%, 1/15/2025		152		165
Brixmor Operating Partnership LP 3.85%, 2/1/2025		50		54
Crown Castle International Corp. 2.25%, 1/15/2031		72		75
Essex Portfolio LP 1.65%, 1/15/2031		53		52
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028(a)		52		57
Healthcare Trust of America Holdings LP
3.10%, 2/15/2030		68		74
2.00%, 3/15/2031		29		29
Healthpeak Properties, Inc.
4.20%, 3/1/2024		17		18
3.88%, 8/15/2024		205		227
3.40%, 2/1/2025		38		42
Kimco Realty Corp. 2.70%, 10/1/2030		52		54
Life Storage LP 2.20%, 10/15/2030		25		25
Mid-America Apartments LP 1.70%, 2/15/2031		36		36
Prologis LP 1.25%, 10/15/2030		45		44
Realty Income Corp.
3.88%, 7/15/2024		50		55
3.65%, 1/15/2028		150		170
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025(a)		150		160
SITE Centers Corp. 3.63%, 2/1/2025		12		13
UDR, Inc. 2.10%, 8/1/2032		48		48
Ventas Realty LP
3.75%, 5/1/2024		44		48
3.50%, 2/1/2025		27		30
4.13%, 1/15/2026		62		71
Welltower, Inc. 4.50%, 1/15/2024		100		110
WP Carey, Inc. 2.40%, 2/1/2031		12		12
				2,004

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Food & Staples Retailing — 0.3%
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030(a)		100		108
Costco Wholesale Corp. 1.60%, 4/20/2030		95		98
CVS Pass-Through Trust 5.93%, 1/10/2034(a)		42		50
Kroger Co. (The) 4.00%, 2/1/2024		90		99
				355
Food Products — 0.6%
Archer-Daniels-Midland Co. 3.25%, 3/27/2030		53		61
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025		50		51
Campbell Soup Co.
3.95%, 3/15/2025		50		56
2.38%, 4/24/2030		74		78
Kellogg Co. 3.40%, 11/15/2027		95		108
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		92		106
Mondelez International, Inc. 1.88%, 10/15/2032		125		127
Smithfield Foods, Inc.
5.20%, 4/1/2029(a)		7		8
3.00%, 10/15/2030(a)		18		19
Tyson Foods, Inc. 3.95%, 8/15/2024		73		81
				695
Gas Utilities — 0.1%
Atmos Energy Corp. 2.63%, 9/15/2029		42		47
ONE Gas, Inc. 2.00%, 5/15/2030		26		27
				74
Health Care Equipment & Supplies — 0.1%
Boston Scientific Corp.
3.75%, 3/1/2026		31		35
4.00%, 3/1/2029		19		23
Zimmer Biomet Holdings, Inc.
3.70%, 3/19/2023		19		20
3.55%, 4/1/2025		50		55
				133
Health Care Providers & Services — 0.6%
Aetna, Inc. 2.80%, 6/15/2023		200		210
Cigna Corp. 3.50%, 6/15/2024		72		79
CommonSpirit Health 2.78%, 10/1/2030		50		52
CVS Health Corp.
4.10%, 3/25/2025		44		50
2.70%, 8/21/2040		50		50
HCA, Inc. 4.13%, 6/15/2029		150		173
Universal Health Services, Inc. 2.65%, 10/15/2030(a)		56		58
				672
Hotels, Restaurants & Leisure — 0.2%
McDonald’s Corp. 2.13%, 3/1/2030		58		61
Starbucks Corp. 3.80%, 8/15/2025		150		170
				231
Household Durables — 0.3%
DR Horton, Inc.
2.55%, 12/1/2020		150		150
1.40%, 10/15/2027		140		140
				290
Household Products — 0.0%(c)
Procter & Gamble - ESOP Series A, 9.36%, 1/1/2021		6		6
Industrial Conglomerates — 0.2%
Ingersoll-Rand Global Holding Co. Ltd. 4.25%, 6/15/2023		34		37
Roper Technologies, Inc.
3.80%, 12/15/2026		15		18
1.40%, 9/15/2027		174		176
				231
Insurance — 1.5%
American International Group, Inc. 3.75%, 7/10/2025		161		181
Aon plc 3.88%, 12/15/2025		143		163
Assurant, Inc. 4.20%, 9/27/2023		90		98
Athene Global Funding 2.95%, 11/12/2026(a)		150		159
CNA Financial Corp.
3.95%, 5/15/2024		52		57
4.50%, 3/1/2026		38		45
Guardian Life Global Funding 2.50%, 5/8/2022(a)		125		129
Lincoln National Corp. 4.20%, 3/15/2022		35		37
Marsh & McLennan Cos., Inc. 3.30%, 3/14/2023		50		53
New York Life Global Funding 1.20%, 8/7/2030(a)		150		146
Principal Financial Group, Inc. 3.10%, 11/15/2026		150		166
Protective Life Global Funding 2.62%, 8/22/2022(a)		200		207
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025(a)		150		195
				1,636

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc. 1.20%, 6/3/2027		105		107
IT Services — 0.2%
Global Payments, Inc. 3.20%, 8/15/2029		50		55
International Business Machines Corp. 3.50%, 5/15/2029		100		116
				171
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc.
4.15%, 2/1/2024		34		37
3.20%, 8/15/2027		100		113
				150
Machinery — 0.1%
Caterpillar, Inc. 2.60%, 6/26/2022		31		32
Otis Worldwide Corp. 2.57%, 2/15/2030		44		47
				79
Media — 0.8%
Charter Communications Operating LLC
4.91%, 7/23/2025		160		185
2.30%, 2/1/2032		150		151
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. 1.80%, 10/1/2030(a)		67		67
Fox Corp. 4.71%, 1/25/2029		35		42
ViacomCBS, Inc. 4.00%, 1/15/2026		100		114
				893
Metals & Mining — 0.1%
Glencore Funding LLC (Australia) 2.50%, 9/1/2030(a)		60		60
Nucor Corp. 4.00%, 8/1/2023		27		29
Steel Dynamics, Inc.
1.65%, 10/15/2027		33		34
3.45%, 4/15/2030		21		23
				146
Multiline Retail — 0.2%
Dollar General Corp. 4.13%, 5/1/2028		150		176
Multi-Utilities — 0.4%
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		155		180
Public Service Enterprise Group, Inc. 2.88%, 6/15/2024		100		107
Sempra Energy 4.05%, 12/1/2023		48		53
WEC Energy Group, Inc. 3.55%, 6/15/2025		87		97
				437
Oil, Gas & Consumable Fuels — 2.4%
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027(a)		100		113
BP Capital Markets plc (United Kingdom) 3.81%, 2/10/2024		166		182
Cameron LNG LLC 2.90%, 7/15/2031(a)		84		92
Cheniere Corpus Christi Holdings LLC 5.13%, 6/30/2027		31		36
Chevron Corp.
2.36%, 12/5/2022		40		42
2.00%, 5/11/2027		19		20
Concho Resources, Inc.
3.75%, 10/1/2027		60		68
2.40%, 2/15/2031		14		15
Diamondback Energy, Inc. 3.25%, 12/1/2026		100		106
Ecopetrol SA (Colombia) 4.13%, 1/16/2025		58		63
Energy Transfer Operating LP
3.60%, 2/1/2023		28		29
4.90%, 2/1/2024		61		66
4.05%, 3/15/2025		91		98
Enterprise Products Operating LLC
3.90%, 2/15/2024		49		54
3.75%, 2/15/2025		37		41
Exxon Mobil Corp. 2.61%, 10/15/2030		141		154
Gray Oak Pipeline LLC 2.60%, 10/15/2025(a)		40		41
Gulf South Pipeline Co. LP 4.00%, 6/15/2022		50		51
HollyFrontier Corp.
2.63%, 10/1/2023		12		12
5.88%, 4/1/2026		40		43
Marathon Petroleum Corp.
4.50%, 5/1/2023		62		67
3.63%, 9/15/2024		67		72
4.70%, 5/1/2025		38		43
MPLX LP
3.38%, 3/15/2023		32		34
4.25%, 12/1/2027		27		30
Newfield Exploration Co. 5.38%, 1/1/2026		100		105
Noble Energy, Inc. 3.85%, 1/15/2028		100		116
ONEOK Partners LP
3.38%, 10/1/2022		12		13
5.00%, 9/15/2023		28		30
ONEOK, Inc. 3.40%, 9/1/2029		150		156
Phillips 66 1.30%, 2/15/2026		28		28

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pioneer Natural Resources Co. 1.90%, 8/15/2030		72		71
Plains All American Pipeline LP 3.60%, 11/1/2024		100		104
Spectra Energy Partners LP 3.50%, 3/15/2025		28		30
TC PipeLines LP 3.90%, 5/25/2027		42		47
TransCanada PipeLines Ltd. (Canada) 3.75%, 10/16/2023		172		186
Williams Cos., Inc. (The) 3.90%, 1/15/2025		86		95
				2,553
Pharmaceuticals — 0.7%
AstraZeneca plc (United Kingdom) 1.38%, 8/6/2030		77		76
Bristol-Myers Squibb Co.
1.13%, 11/13/2027		100		101
3.40%, 7/26/2029		71		83
Eli Lilly and Co. 3.38%, 3/15/2029		70		81
Mylan, Inc. 4.55%, 4/15/2028		75		89
Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, 3/31/2030		200		204
Zoetis, Inc. 2.00%, 5/15/2030		80		83
				717
Real Estate Management & Development — 0.2%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022(a)		200		205
Road & Rail — 0.7%
Canadian Pacific Railway Co. (Canada) 4.50%, 1/15/2022		55		57
CSX Corp. 3.25%, 6/1/2027		162		183
ERAC USA Finance LLC 4.50%, 8/16/2021(a)		27		28
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		60		69
Norfolk Southern Corp. 2.55%, 11/1/2029		150		163
Penske Truck Leasing Co. LP 4.13%, 8/1/2023(a)		200		217
				717
Semiconductors & Semiconductor Equipment — 0.3%
Broadcom, Inc.
4.75%, 4/15/2029		50		60
4.15%, 11/15/2030		150		174
QUALCOMM, Inc. 3.25%, 5/20/2027		94		106
				340
Software — 0.3%
Intuit, Inc.
1.35%, 7/15/2027		19		19
1.65%, 7/15/2030		125		128
Oracle Corp. 2.95%, 11/15/2024		200		217
				364
Specialty Retail — 0.6%
AutoZone, Inc. 4.00%, 4/15/2030		83		98
Home Depot, Inc. (The) 2.50%, 4/15/2027		88		96
Lowe’s Cos., Inc. 3.65%, 4/5/2029		200		233
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		100		113
3.60%, 9/1/2027		62		70
				610
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc. 1.65%, 5/11/2030		90		93
Dell International LLC 5.30%, 10/1/2029(a)		100		121
				214
Tobacco — 0.4%
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		200		216
Philip Morris International, Inc. 3.38%, 8/11/2025		150		167
				383
Trading Companies & Distributors — 0.4%
Air Lease Corp.
3.00%, 9/15/2023		250		259
3.63%, 12/1/2027		100		106
Aviation Capital Group LLC 3.88%, 5/1/2023(a)		100		102
				467
Water Utilities — 0.1%
American Water Capital Corp. 3.85%, 3/1/2024		150		164
Wireless Telecommunication Services — 0.3%
T-Mobile USA, Inc.
3.88%, 4/15/2030(a)		150		172
2.25%, 11/15/2031(a)		100		101
				273
TOTAL CORPORATE BONDS (Cost $29,353)				31,753
U.S. TREASURY OBLIGATIONS — 22.9%
U.S. Treasury Bonds 6.13%, 8/15/2029		500		729
U.S. Treasury Notes
0.38%, 9/30/2027		580		571
3.13%, 11/15/2028		1,000		1,188
2.63%, 2/15/2029		1,600		1,843
1.50%, 2/15/2030		3,000		3,188
0.63%, 8/15/2030		5,200		5,095

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
U.S. Treasury STRIPS Bonds
4.22%, 11/15/2021(d)		1,525			1,524
2.96%, 11/15/2022(d)		1,300			1,296
2.86%, 5/15/2023(d)		685			682
2.24%, 8/15/2023(d)		3,890			3,868
2.48%, 2/15/2024(d)		3,206			3,178
2.31%, 5/15/2024(d)		200			198
3.07%, 5/15/2025(d)		200			196
2.45%, 5/15/2026(d)		200			194
3.64%, 8/15/2026(d)		47			46
3.86%, 11/15/2026(d)		300			289
3.00%, 2/15/2027(d)		100			96
4.08%, 8/15/2027(d)		100			95
4.19%, 11/15/2027(d)		140			133
3.16%, 2/15/2028(d)		53			50
2.56%, 5/15/2028(d)		10			10
3.37%, 8/15/2028(d)		200			188
TOTAL U.S. TREASURY OBLIGATIONS (Cost $23,727)					24,657
COLLATERALIZED MORTGAGE OBLIGATIONS — 17.7%
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		616			623
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		90			86
Banc of America Funding Trust Series 2004-1, PO, 3/25/2034‡		11			9
CHL Mortgage Pass-Through Trust
Series 2004-HYB3, Class 2A, 3.00%, 6/20/2034(e)		10			10
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		20			20
Series 2005-22, Class 2A1, 2.71%, 11/25/2035(e)		91			86
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class 1, PO, 6/25/2033‡		—	(f)		—	(f)
Series 2003-HYB1, Class A, 2.60%, 9/25/2033(e)		9			9
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, 4.27%, 6/25/2020(e)		16			16
FHLMC - GNMA Series 24, Class ZE, 6.25%, 11/25/2023		7			7
FHLMC, REMIC
Series 1144, Class KB, 8.50%, 9/15/2021		—	(f)		—	(f)
Series 1206, Class IA, 7.00%, 3/15/2022		—	(f)		—	(f)
Series 1250, Class J, 7.00%, 5/15/2022		—	(f)		—	(f)
Series 1343, Class LA, 8.00%, 8/15/2022		1			1
Series 2512, Class PG, 5.50%, 10/15/2022		22			23
Series 2535, Class BK, 5.50%, 12/15/2022		4			4
Series 1470, Class F, 1.53%, 2/15/2023(e)		—	(f)		—	(f)
Series 2568, Class KG, 5.50%, 2/15/2023		35			36
Series 1466, Class PZ, 7.50%, 2/15/2023		7			7
Series 1491, Class I, 7.50%, 4/15/2023		3			3
Series 1798, Class F, 5.00%, 5/15/2023		3			3
Series 1518, Class G, IF, 8.80%, 5/15/2023(e)		3			3
Series 1541, Class O, 0.00%, 7/15/2023(e)		3			3
Series 1608, Class L, 6.50%, 9/15/2023		11			11
Series 1602, Class SA, HB, IF, 22.27%, 10/15/2023(e)		1			2
Series 2283, Class K, 6.50%, 12/15/2023		4			4
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		19			21
Series 2033, Class SN, HB, IF, 29.08%, 3/15/2024(e)		1			—	(f)
Series 1720, Class PL, 7.50%, 4/15/2024		56			59
Series 2306, Class K, PO, 5/15/2024		2			2
Series 2306, Class SE, IF, IO, 9.77%, 5/15/2024(e)		6			1
Series 1745, Class D, 7.50%, 8/15/2024		4			5
Series 1927, Class PH, 7.50%, 1/15/2027		33			37
Series 1981, Class Z, 6.00%, 5/15/2027		13			14
Series 1987, Class PE, 7.50%, 9/15/2027		4			5
Series 2038, Class PN, IO, 7.00%, 3/15/2028		5			1
Series 2040, Class PE, 7.50%, 3/15/2028		27			32
Series 2063, Class PG, 6.50%, 6/15/2028		31			35

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2064, Class TE, 7.00%, 6/15/2028		4			4
Series 2075, Class PM, 6.25%, 8/15/2028		20			22
Series 2075, Class PH, 6.50%, 8/15/2028		21			24
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		7			1
Series 2125, Class JZ, 6.00%, 2/15/2029		13			14
Series 2169, Class TB, 7.00%, 6/15/2029		60			69
Series 2163, Class PC, IO, 7.50%, 6/15/2029		3			—	(f)
Series 2172, Class QC, 7.00%, 7/15/2029		25			30
Series 2196, Class TL, 7.50%, 11/15/2029		—	(f)		—	(f)
Series 2201, Class C, 8.00%, 11/15/2029		10			11
Series 2210, Class Z, 8.00%, 1/15/2030		29			35
Series 2224, Class CB, 8.00%, 3/15/2030		9			11
Series 2256, Class MC, 7.25%, 9/15/2030		16			19
Series 2259, Class ZM, 7.00%, 10/15/2030		17			20
Series 2271, Class PC, 7.25%, 12/15/2030		14			17
Series 2296, Class PD, 7.00%, 3/15/2031		8			10
Series 2333, Class HC, 6.00%, 7/15/2031		22			26
Series 2344, Class ZD, 6.50%, 8/15/2031		148			172
Series 2344, Class ZJ, 6.50%, 8/15/2031		19			22
Series 2345, Class NE, 6.50%, 8/15/2031		11			13
Series 2351, Class PZ, 6.50%, 8/15/2031		15			17
Series 2410, Class OE, 6.38%, 2/15/2032		15			16
Series 2410, Class NG, 6.50%, 2/15/2032		11			12
Series 2410, Class QX, IF, IO, 8.51%, 2/15/2032(e)		9			2
Series 2412, Class SP, IF, 15.82%, 2/15/2032(e)		33			43
Series 2423, Class MC, 7.00%, 3/15/2032		9			11
Series 2423, Class MT, 7.00%, 3/15/2032		18			22
Series 2444, Class ES, IF, IO, 7.81%, 3/15/2032(e)		21			4
Series 2450, Class SW, IF, IO, 7.86%, 3/15/2032(e)		8			2
Series 2435, Class CJ, 6.50%, 4/15/2032		77			91
Series 2441, Class GF, 6.50%, 4/15/2032		20			24
Series 2455, Class GK, 6.50%, 5/15/2032		27			31
Series 2450, Class GZ, 7.00%, 5/15/2032		28			34
Series 2466, Class DH, 6.50%, 6/15/2032		38			43
Series 2474, Class NR, 6.50%, 7/15/2032		23			26
Series 2484, Class LZ, 6.50%, 7/15/2032		38			45
Series 2500, Class MC, 6.00%, 9/15/2032		32			38
Series 2543, Class YX, 6.00%, 12/15/2032		78			89
Series 2575, Class ME, 6.00%, 2/15/2033		143			167
Series 2586, Class WI, IO, 6.50%, 3/15/2033		12			2
Series 2990, Class SL, HB, IF, 23.98%, 6/15/2034(e)		17			21
Series 3611, PO, 7/15/2034		18			17
Series 2990, Class UZ, 5.75%, 6/15/2035		461			536
Series 3117, Class EO, PO, 2/15/2036		44			41
Series 3117, Class OK, PO, 2/15/2036		5			5
Series 3122, Class OH, PO, 3/15/2036		37			35
Series 3152, Class MO, PO, 3/15/2036		108			102
Series 3607, Class AO, PO, 4/15/2036		27			25
Series 3137, Class XP, 6.00%, 4/15/2036		62			74
Series 3819, Class ZQ, 6.00%, 4/15/2036		178			212
Series 3149, Class SO, PO, 5/15/2036		6			5
Series 3171, Class MO, PO, 6/15/2036		27			26
Series 3179, Class OA, PO, 7/15/2036		15			14
Series 3202, Class HI, IF, IO, 6.51%, 8/15/2036(e)		139			30
Series 3232, Class ST, IF, IO, 6.56%, 10/15/2036(e)		26			5
Series 3417, Class EO, PO, 11/15/2036		246			237
Series 3316, Class JO, PO, 5/15/2037		4			4
Series 3607, Class OP, PO, 7/15/2037		128			117
Series 3481, Class SJ, IF, IO, 5.71%, 8/15/2038(e)		75			15

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 3680, Class MA, 4.50%, 7/15/2039		115			121
Series 4219, Class JA, 3.50%, 8/15/2039		156			159
Series 3997, Class PF, 0.59%, 11/15/2039(e)		6			6
Series 4096, Class HA, 2.00%, 12/15/2041		207			212
FHLMC, STRIPS Series 262, Class 35, 3.50%, 7/15/2042		352			390
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.22%, 7/25/2032(e)		21			24
Series T-76, Class 2A, 1.72%, 10/25/2037(e)		100			103
Series T-51, Class 2A, 7.50%, 8/25/2042(e)		19			26
Series T-54, Class 2A, 6.50%, 2/25/2043		191			233
Series T-54, Class 3A, 7.00%, 2/25/2043		62			76
Series T-56, Class A5, 5.23%, 5/25/2043		461			534
Series T-58, Class A, PO, 9/25/2043		13			11
FNMA Trust, Whole Loan
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		23			27
Series 2005-W3, Class 2AF, 0.37%, 3/25/2045(e)		79			79
FNMA, REMIC
Series 2001-4, Class PC, 7.00%, 3/25/2021		—	(f)		—	(f)
Series 1991-42, Class S, IF, 17.41%, 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		4			4
Series 2002-1, Class HC, 6.50%, 2/25/2022		2			2
Series 1992-107, Class SB, HB, IF, 29.62%, 6/25/2022(e)		2			2
Series G92-42, Class Z, 7.00%, 7/25/2022		—	(f)		—	(f)
Series G92-35, Class E, 7.50%, 7/25/2022		2			2
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		1			1
Series G93-5, Class Z, 6.50%, 2/25/2023		1			1
Series 1993-37, Class PX, 7.00%, 3/25/2023		19			19
Series 1993-25, Class J, 7.50%, 3/25/2023		2			2
Series 1998-4, Class C, PO, 4/25/2023		—	(f)		—	(f)
Series 1998-43, Class EA, PO, 4/25/2023		26			26
Series 1993-54, Class Z, 7.00%, 4/25/2023		6			6
Series 1993-62, Class SA, IF, 19.31%, 4/25/2023(e)		1			1
Series 1993-122, Class M, 6.50%, 7/25/2023		1			1
Series 1996-14, Class SE, IF, IO, 9.92%, 8/25/2023(e)		13			1
Series 1993-178, Class PK, 6.50%, 9/25/2023		3			3
Series 1993-165, Class SD, IF, 13.75%, 9/25/2023(e)		1			1
Series 1993-183, Class KA, 6.50%, 10/25/2023		45			48
Series 1993-189, Class PL, 6.50%, 10/25/2023		15			16
Series 1994-9, Class E, PO, 11/25/2023		—	(f)		—	(f)
Series 1993-247, Class SA, HB, IF, 28.70%, 12/25/2023(e)		4			5
Series G95-1, Class C, 8.80%, 1/25/2025		3			3
Series 2005-121, Class DX, 5.50%, 1/25/2026		130			139
Series 1997-20, IO, 1.84%, 3/25/2027(e)		3			—	(f)
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027(e)		4			—	(f)
Series 1997-27, Class J, 7.50%, 4/18/2027		6			7
Series 1997-29, Class J, 7.50%, 4/20/2027		8			9
Series 1997-39, Class PD, 7.50%, 5/20/2027		15			17
Series 2012-47, Class HF, 0.55%, 5/25/2027(e)		67			67
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		4			—	(f)
Series 1998-36, Class ZB, 6.00%, 7/18/2028		3			4
Series 2000-2, Class ZE, 7.50%, 2/25/2030		30			35
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		23			4
Series 2001-36, Class DE, 7.00%, 8/25/2031		28			34
Series 2001-49, Class Z, 6.50%, 9/25/2031		5			6

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2001-44, Class PD, 7.00%, 9/25/2031		6		7
Series 2003-52, Class SX, HB, IF, 22.50%, 10/25/2031(e)		8		12
Series 2004-74, Class SW, IF, 15.21%, 11/25/2031(e)		20		28
Series 2001-81, Class LO, PO, 1/25/2032		4		4
Series 2002-1, Class SA, HB, IF, 24.70%, 2/25/2032(e)		3		4
Series 2002-21, Class PE, 6.50%, 4/25/2032		15		18
Series 2002-28, Class PK, 6.50%, 5/25/2032		16		18
Series 2002-37, Class Z, 6.50%, 6/25/2032		19		22
Series 2004-61, Class SH, HB, IF, 23.39%, 11/25/2032(e)		23		36
Series 2003-22, Class UD, 4.00%, 4/25/2033		69		76
Series 2003-34, Class GE, 6.00%, 5/25/2033		156		179
Series 2003-39, IO, 6.00%, 5/25/2033(e)		4		1
Series 2003-47, Class PE, 5.75%, 6/25/2033		70		79
Series 2003-64, Class SX, IF, 13.38%, 7/25/2033(e)		9		11
Series 2003-71, Class DS, IF, 7.27%, 8/25/2033(e)		71		82
Series 2005-56, Class TP, IF, 17.70%, 8/25/2033(e)		39		48
Series 2003-91, Class SD, IF, 12.25%, 9/25/2033(e)		6		7
Series 2003-116, Class SB, IF, IO, 7.45%, 11/25/2033(e)		57		12
Series 2006-44, Class P, PO, 12/25/2033		21		20
Series 2003-130, Class SX, IF, 11.29%, 1/25/2034(e)		2		3
Series 2004-25, Class SA, IF, 19.11%, 4/25/2034(e)		26		39
Series 2004-46, Class SK, IF, 16.09%, 5/25/2034(e)		19		25
Series 2004-36, Class SA, IF, 19.11%, 5/25/2034(e)		41		63
Series 2004-50, Class VZ, 5.50%, 7/25/2034		244		279
Series 2005-74, Class CS, IF, 19.61%, 5/25/2035(e)		22		28
Series 2005-45, Class DC, HB, IF, 23.76%, 6/25/2035(e)		39		61
Series 2005-56, Class S, IF, IO, 6.56%, 7/25/2035(e)		27		6
Series 2005-68, Class PG, 5.50%, 8/25/2035		149		170
Series 2005-73, Class PS, IF, 16.32%, 8/25/2035(e)		71		98
Series 2005-106, Class US, HB, IF, 24.02%, 11/25/2035(e)		45		68
Series 2006-27, Class OH, PO, 4/25/2036		36		34
Series 2006-65, Class QO, PO, 7/25/2036		20		19
Series 2006-56, Class FC, 0.44%, 7/25/2036(e)		132		133
Series 2006-72, Class GO, PO, 8/25/2036		30		29
Series 2006-79, Class DO, PO, 8/25/2036		23		22
Series 2006-77, Class PC, 6.50%, 8/25/2036		42		48
Series 2006-110, PO, 11/25/2036		38		36
Series 2006-124, Class HB, 2.74%, 11/25/2036(e)		61		62
Series 2007-14, Class ES, IF, IO, 6.29%, 3/25/2037(e)		30		6
Series 2007-81, Class GE, 6.00%, 8/25/2037		68		78
Series 2007-79, Class SB, HB, IF, 23.47%, 8/25/2037(e)		26		41
Series 2007-88, Class VI, IF, IO, 6.39%, 9/25/2037(e)		71		15
Series 2007-91, Class ES, IF, IO, 6.31%, 10/25/2037(e)		200		44
Series 2007-116, Class HI, IO, 1.74%, 1/25/2038(e)		34		1
Series 2008-16, Class IS, IF, IO, 6.05%, 3/25/2038(e)		10		2
Series 2008-10, Class XI, IF, IO, 6.08%, 3/25/2038(e)		18		3
Series 2008-28, Class QS, HB, IF, 20.25%, 4/25/2038(e)		22		34
Series 2008-46, Class HI, IO, 2.21%, 6/25/2038(e)		35		2
Series 2013-25, Class DC, 2.50%, 6/25/2039		261		271
Series 2009-69, PO, 9/25/2039		35		33
Series 2009-103, Class MB, 3.06%, 12/25/2039(e)		39		41
Series 2010-71, Class HJ, 5.50%, 7/25/2040		109		127
Series 2011-118, Class MT, 7.00%, 11/25/2041		121		148
Series 2011-118, Class NT, 7.00%, 11/25/2041		109		131
Series 2013-101, Class DO, PO, 10/25/2043		217		199
Series 2013-128, PO, 12/25/2043		193		178
Series 2019-65, Class PA, 2.50%, 5/25/2048		322		337

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
FNMA, REMIC Trust, Whole Loan
Series 2007-W7, Class 1A4, HB, IF, 38.28%, 7/25/2037(e)		6			11
Series 2003-W4, Class 2A, 5.76%, 10/25/2042(e)		13			15
Series 2003-W1, Class 1A1, 5.20%, 12/25/2042(e)		69			76
FNMA, REMIC, Whole Loan Series 2007-106, Class A7, 6.21%, 10/25/2037(e)		27			31
FNMA, STRIPS
Series 218, Class 2, IO, 7.50%, 4/25/2023		—	(f)		—	(f)
Series 300, Class 1, PO, 9/25/2024		12			12
Series 329, Class 1, PO, 1/25/2033		4			4
GNMA
Series 2003-24, PO, 3/16/2033		6			6
Series 2003-40, Class TJ, 6.50%, 3/20/2033		139			152
Series 2003-52, Class AP, PO, 6/16/2033		36			34
Series 2004-28, Class S, IF, 19.28%, 4/16/2034(e)		10			15
Series 2004-73, Class AE, IF, 14.56%, 8/17/2034(e)		3			3
Series 2004-71, Class SB, HB, IF, 28.74%, 9/20/2034(e)		17			28
Series 2004-90, Class SI, IF, IO, 5.95%, 10/20/2034(e)		104			18
Series 2005-68, Class DP, IF, 16.09%, 6/17/2035(e)		20			26
Series 2005-68, Class KI, IF, IO, 6.15%, 9/20/2035(e)		191			41
Series 2006-38, Class ZK, 6.50%, 8/20/2036		313			355
Series 2006-59, Class SD, IF, IO, 6.55%, 10/20/2036(e)		19			3
Series 2007-17, Class JI, IF, IO, 6.67%, 4/16/2037(e)		79			18
Series 2007-27, Class SA, IF, IO, 6.05%, 5/20/2037(e)		97			15
Series 2007-45, Class QA, IF, IO, 6.49%, 7/20/2037(e)		82			13
Series 2007-40, Class SB, IF, IO, 6.60%, 7/20/2037(e)		132			24
Series 2007-50, Class AI, IF, IO, 6.63%, 8/20/2037(e)		69			5
Series 2007-53, Class ES, IF, IO, 6.40%, 9/20/2037(e)		23			3
Series 2007-53, Class SW, IF, 19.77%, 9/20/2037(e)		17			23
Series 2009-79, Class OK, PO, 11/16/2037		64			62
Series 2007-76, Class SA, IF, IO, 6.38%, 11/20/2037(e)		44			6
Series 2007-72, Class US, IF, IO, 6.40%, 11/20/2037(e)		43			6
Series 2009-106, Class ST, IF, IO, 5.85%, 2/20/2038(e)		144			25
Series 2008-33, Class XS, IF, IO, 7.56%, 4/16/2038(e)		32			6
Series 2008-40, Class SA, IF, IO, 6.26%, 5/16/2038(e)		85			16
Series 2008-50, Class KB, 6.00%, 6/20/2038		107			124
Series 2008-55, Class SA, IF, IO, 6.05%, 6/20/2038(e)		52			9
Series 2008-93, Class AS, IF, IO, 5.55%, 12/20/2038(e)		57			8
Series 2009-6, Class SA, IF, IO, 5.96%, 2/16/2039(e)		16			2
Series 2009-31, Class TS, IF, IO, 6.15%, 3/20/2039(e)		55			4
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		26			6
Series 2009-22, Class SA, IF, IO, 6.12%, 4/20/2039(e)		75			12
Series 2009-92, Class ZC, 5.00%, 10/20/2039		416			473
Series 2011-137, Class WA, 5.57%, 7/20/2040(e)		187			220
Series 2010-105, Class B, 5.00%, 8/20/2040		542			622
Series 2010-130, Class CP, 7.00%, 10/16/2040		46			55
Series 2013-91, Class WA, 4.48%, 4/20/2043(e)		353			390
Series 2012-H24, Class FA, 0.59%, 3/20/2060(e)		5			5
Series 2013-H03, Class FA, 0.44%, 8/20/2060(e)		—	(f)		—	(f)
Series 2012-H21, Class DF, 0.79%, 5/20/2061(e)		3			3
Series 2012-H26, Class MA, 0.69%, 7/20/2062(e)		2			2
Series 2012-H29, Class FA, 0.65%, 10/20/2062(e)		366			366
Series 2014-H15, Class FA, 0.64%, 7/20/2064(e)		578			580
Series 2014-H17, Class FC, 0.64%, 7/20/2064(e)		497			499
Series 2015-H15, Class FJ, 0.58%, 6/20/2065(e)		550			551
Series 2015-H18, Class FA, 0.59%, 6/20/2065(e)		387			387
Series 2015-H20, Class FA, 0.61%, 8/20/2065(e)		506			507
Series 2015-H26, Class FG, 0.66%, 10/20/2065(e)		577			579
GSR Mortgage Loan Trust Series 2006-1F, Class 1A3, 5.50%, 2/25/2036		46			62

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Impac Secured Assets CMN Owner Trust Series 2002-2, Class A, PO, 4/25/2033‡		1			—	(f)
JP Morgan Mortgage Trust
Series 2003-A1, Class 1A1, 2.38%, 10/25/2033(e)		156			158
Series 2006-A2, Class 5A3, 2.53%, 11/25/2033(e)		37			38
Series 2006-A2, Class 4A1, 3.08%, 8/25/2034(e)		11			11
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 3.11%, 4/21/2034(e)		32			32
Series 2004-3, Class 4A2, 2.71%, 4/25/2034(e)		9			9
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		1			—	(f)
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		66			67
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		76			79
Series 2004-7, Class 30, PO, 8/25/2034‡		7			6
MASTR Resecuritization Trust Series 2005-PO, Class 3, PO, 5/28/2035‡(a)		7			6
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 0.77%, 10/25/2028(e)		74			73
Series 2004-A, Class A1, 0.61%, 4/25/2029(e)		24			23
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034(a)(e)		31			31
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		12			12
RALI Trust
Series 2002-QS16, Class A3, IF, 16.31%, 10/25/2017(e)		—	(f)		—	(f)
Series 2003-QS9, Class A3, IF, IO, 7.40%, 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 2A, PO, 3/25/2035‡(a)		42			29
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT, 3.50%, 7/25/2058‡		491			548
Series 2019-3, Class M55D, 4.00%, 10/25/2058		90			99
Series 2019-4, Class M55D, 4.00%, 2/25/2059		313			347
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028		372			393
Vendee Mortgage Trust
Series 1993-1, Class ZB, 7.25%, 2/15/2023		59			62
Series 1994-1, Class 1, 5.24%, 2/15/2024(e)		45			47
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		98			111
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		32			36
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		143			163
Series 1998-1, Class 2E, 7.00%, 3/15/2028		35			40
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR5, Class A7, 3.75%, 6/25/2033(e)		30			30
Series 2004-AR3, Class A2, 3.65%, 6/25/2034(e)		16			16
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB7, 5.50%, 6/25/2035		93			89
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2003-MS7, Class P, PO, 3/25/2033‡		—	(f)		—	(f)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $17,766)					19,079
MORTGAGE-BACKED SECURITIES — 11.4%
FHLMC
Pool # 785618, ARM, 2.50%, 7/1/2026(e)		7			7
Pool # 611141, ARM, 3.74%, 1/1/2027(e)		7			7
Pool # 1B2656, ARM, 2.29%, 12/1/2034(e)		36			36
Pool # 1G2557, ARM, 3.51%, 6/1/2036(e)		58			61
Pool # 1A1085, ARM, 2.15%, 8/1/2036(e)		62			64
Pool # 1Q0105, ARM, 2.60%, 9/1/2036(e)		19			20
Pool # 1B7242, ARM, 3.34%, 9/1/2036(e)		48			51
Pool # 1Q0737, ARM, 2.47%, 11/1/2036(e)		23			23

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Pool # 1N1511, ARM, 1.91%, 1/1/2037(e)		34			34
Pool # 1J1543, ARM, 4.10%, 2/1/2037(e)		6			6
Pool # 1Q0739, ARM, 2.43%, 3/1/2037(e)		27			28
Pool # 1Q0722, ARM, 3.95%, 4/1/2038(e)		24			26
FHLMC Gold Pools, 15 Year Pool # G12825, 6.50%, 3/1/2022		1			2
FHLMC Gold Pools, 20 Year Pool # C90985, 6.50%, 8/1/2026		6			7
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			2
Pool # G00981, 8.50%, 7/1/2028		4			5
Pool # A17537, 6.00%, 1/1/2034		24			29
Pool # G02682, 7.00%, 2/1/2037		18			21
Pool # Q58054, 4.50%, 11/1/2046		263			296
FHLMC Gold Pools, Other
Pool # G20027, 10.00%, 10/1/2030		4			4
Pool # U80336, 3.50%, 5/1/2033		358			385
Pool # U90690, 3.50%, 6/1/2042		182			198
Pool # U90975, 4.00%, 6/1/2042		150			163
Pool # U91427, 3.50%, 5/1/2043		492			535
FHLMC UMBS, 20 Year Pool # RB5085, 2.00%, 11/1/2040		299			311
FNMA
Pool # 54844, ARM, 2.34%, 9/1/2027(e)		2			2
Pool # 303532, ARM, 3.95%, 3/1/2029(e)		1			1
Pool # 745446, ARM, 3.52%, 4/1/2033(e)		28			30
Pool # 746299, ARM, 2.40%, 9/1/2033(e)		42			44
Pool # 743546, ARM, 1.99%, 11/1/2033(e)		38			38
Pool # 735332, ARM, 3.03%, 8/1/2034(e)		43			45
Pool # 790964, ARM, 2.27%, 9/1/2034(e)		15			15
Pool # 896463, ARM, 2.66%, 10/1/2034(e)		44			46
Pool # 810896, ARM, 1.96%, 1/1/2035(e)		30			31
Pool # 816361, ARM, 2.76%, 1/1/2035(e)		92			93
Pool # 816594, ARM, 2.01%, 2/1/2035(e)		17			18
Pool # 816597, ARM, 3.54%, 2/1/2035(e)		11			11
Pool # 745862, ARM, 3.01%, 4/1/2035(e)		26			27
Pool # 843026, ARM, 1.88%, 9/1/2035(e)		41			42
Pool # 832801, ARM, 2.10%, 9/1/2035(e)		48			49
Pool # 920340, ARM, 3.40%, 2/1/2036(e)		38			39
Pool # 886558, ARM, 2.40%, 8/1/2036(e)		9			9
Pool # 893424, ARM, 2.17%, 9/1/2036(e)		33			34
Pool # 913984, ARM, 1.95%, 2/1/2037(e)		14			15
Pool # 915645, ARM, 2.94%, 2/1/2037(e)		40			42
Pool # 887094, ARM, 2.93%, 7/1/2046(e)		48			51
FNMA UMBS, 15 Year
Pool # 745406, 6.00%, 3/1/2021		—	(f)		—	(f)
Pool # 995381, 6.00%, 1/1/2024		11			12
FNMA UMBS, 20 Year Pool # 254305, 6.50%, 5/1/2022		6			7
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		1			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			6
Pool # 313687, 7.00%, 9/1/2027		1			1
Pool # 755973, 8.00%, 11/1/2028		9			10
Pool # 598559, 6.50%, 8/1/2031		12			14

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Pool # 995409, 8.00%, 11/1/2032		104			124
Pool # 675555, 6.00%, 12/1/2032		22			25
Pool # 674349, 6.00%, 3/1/2033		9			10
Pool # 702901, 6.00%, 5/1/2033		34			40
Pool # 721535, 5.00%, 7/1/2033		55			64
Pool # 723852, 5.00%, 7/1/2033		19			22
Pool # 729296, 5.00%, 7/1/2033		39			45
Pool # 713700, 4.50%, 8/1/2033		22			24
Pool # 737825, 6.00%, 9/1/2033		8			10
Pool # 725027, 5.00%, 11/1/2033		36			42
Pool # 725017, 5.50%, 12/1/2033		36			43
Pool # AA0922, 6.00%, 9/1/2036		48			57
Pool # 986648, 6.00%, 9/1/2037		24			28
Pool # AD9151, 5.00%, 8/1/2040		129			150
Pool # BM3375, 4.00%, 1/1/2048		266			293
Pool # BK8753, 4.50%, 6/1/2049		372			409
Pool # BP6363, 3.00%, 4/1/2050		490			514
FNMA, 30 Year
Pool # 252409, 6.50%, 3/1/2029		9			10
Pool # 752786, 6.00%, 9/1/2033		10			11
FNMA, Other
Pool # AL0569, 4.37%, 6/1/2021(e)		113			113
Pool # AM8317, 2.96%, 3/1/2025		181			196
Pool # AN2309, 2.21%, 7/1/2026		460			487
Pool # AM6381, 3.29%, 8/1/2026		996			1,108
Pool # AM7515, 3.34%, 2/1/2027		500			561
Pool # BL1211, 4.01%, 2/1/2027		197			225
Pool # BL1040, 3.81%, 12/1/2028		150			176
Pool # BL0907, 3.88%, 12/1/2028		300			352
Pool # AM6892, 3.76%, 9/1/2029		227			264
Pool # BM4162, 3.20%, 10/1/2029(e)		295			336
Pool # BL4333, 2.52%, 11/1/2029		400			436
Pool # 109707, 3.80%, 9/1/2033		117			133
Pool # 888408, 6.00%, 3/1/2037		23			25
Pool # 257172, 5.50%, 4/1/2038		8			9
Pool # MA1125, 4.00%, 7/1/2042		266			290
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.00%, 12/25/2050(g)		360			374
TBA, 2.00%, 1/25/2051(g)		130			135
GNMA I, 30 Year
Pool # 352108, 7.00%, 8/15/2023		—	(f)		—	(f)
Pool # 363030, 7.00%, 9/15/2023		11			11
Pool # 352022, 7.00%, 11/15/2023		1			1
Pool # 366706, 6.50%, 1/15/2024		5			5
Pool # 371281, 7.00%, 2/15/2024		2			2
Pool # 782507, 9.50%, 10/15/2024		—	(f)		—	(f)
Pool # 780029, 9.00%, 11/15/2024		—	(f)		—	(f)
Pool # 780965, 9.50%, 12/15/2025		—	(f)		—	(f)
Pool # 442119, 7.50%, 11/15/2026		1			1
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		32			36
Pool # 486537, 7.50%, 9/15/2028		2			3
Pool # 466406, 6.00%, 11/15/2028		20			23
Pool # 607645, 6.50%, 2/15/2033		8			10
Pool # 781614, 7.00%, 6/15/2033		14			17
Pool # 782615, 7.00%, 6/15/2035		40			48
Pool # 782025, 6.50%, 12/15/2035		51			61
Pool # 681638, 6.00%, 12/15/2038		66			75
GNMA II, 30 Year
Pool # 1974, 8.50%, 3/20/2025		—	(f)		—	(f)
Pool # 1989, 8.50%, 4/20/2025		2			2

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Pool # 2006, 8.50%, 5/20/2025		2			2
Pool # 2141, 8.00%, 12/20/2025		—	(f)		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			2
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		11			12
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		59			68
Pool # BA7567, 4.50%, 5/20/2048		230			249
Pool # BI0416, 4.50%, 11/20/2048		271			295
Pool # BM9692, 4.50%, 7/20/2049		183			198
Pool # BQ3224, 4.50%, 9/20/2049		485			539
GNMA II, Other Pool # AD0860, 3.50%, 11/20/2033		356			380
TOTAL MORTGAGE-BACKED SECURITIES (Cost $11,492)					12,258
ASSET-BACKED SECURITIES — 9.1%
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023(a)		66			66
Ally Auto Receivables Trust
Series 2018-2, Class A3, 2.92%, 11/15/2022		94			95
Series 2019-1, Class A3, 2.91%, 9/15/2023		62			63
American Airlines Pass-Through Trust Series 2016-3, Class AA, 3.00%, 10/15/2028		67			65
American Credit Acceptance Receivables Trust
Series 2019-4, Class B, 2.43%, 10/12/2023(a)		135			136
Series 2020-3, Class A, 0.62%, 10/13/2023(a)		71			71
American Express Credit Account Master Trust Series 2019-1, Class A, 2.87%, 10/15/2024		135			140
AmeriCredit Automobile Receivables Trust
Series 2018-1, Class A3, 3.07%, 12/19/2022		32			32
Series 2018-2, Class A3, 3.15%, 3/20/2023		78			79
Series 2019-1, Class A3, 2.97%, 11/20/2023		59			60
Series 2019-2, Class A3, 2.28%, 1/18/2024		250			254
Series 2020-1, Class A3, 1.11%, 8/19/2024		70			71
Series 2020-2, Class A3, 0.66%, 12/18/2024		21			21
Series 2020-3, Class B, 0.76%, 12/18/2025		75			75
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026(a)		100			103
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(a)		58			59
CarMax Auto Owner Trust
Series 2018-2, Class A3, 2.98%, 1/17/2023		77			78
Series 2018-3, Class A3, 3.13%, 6/15/2023		165			168
Series 2019-1, Class A3, 3.05%, 3/15/2024		219			224
Series 2020-1, Class A3, 1.89%, 12/16/2024		87			89
Series 2020-3, Class A3, 0.62%, 3/17/2025		85			86
Carvana Auto Receivables Trust Series 2019-2A, Class A3, 2.58%, 3/15/2023(a)		208			209
CoreVest American Finance Trust Series 2019-3, Class A, 2.71%, 10/15/2052(a)		98			104
CPS Auto Receivables Trust
Series 2015-B, Class C, 4.20%, 5/17/2021(a)		13			13
Series 2015-C, Class D, 4.63%, 8/16/2021(a)		23			23
Series 2019-D, Class A, 2.17%, 12/15/2022(a)		27			27
Series 2020-A, Class A, 2.09%, 5/15/2023(a)		48			48

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Credit Acceptance Auto Loan Trust
Series 2018-2A, Class A, 3.47%, 5/17/2027(a)		98		98
Series 2019-3A, Class A, 2.38%, 11/15/2028(a)		250		257
Series 2020-1A, Class A, 2.01%, 2/15/2029(a)		250		256
Drive Auto Receivables Trust
Series 2019-4, Class A3, 2.16%, 5/15/2023		47		47
Series 2020-1, Class A3, 2.02%, 11/15/2023		42		42
Series 2018-2, Class C, 3.63%, 8/15/2024		9		9
Series 2020-2, Class B, 1.42%, 3/17/2025		20		20
DT Auto Owner Trust Series 2020-3A, Class B, 0.91%, 12/16/2024(a)		65		65
Exeter Automobile Receivables Trust
Series 2019-4A, Class A, 2.18%, 1/17/2023(a)		40		40
Series 2020-1A, Class A, 2.05%, 6/15/2023(a)		32		32
Series 2020-3A, Class B, 0.79%, 9/16/2024		40		40
Federal Express Corp. Pass-Through Trust Series 1998, 6.72%, 1/15/2022		113		114
First Investors Auto Owner Trust Series 2019-1A, Class A, 2.89%, 3/15/2024(a)		29		29
Flagship Credit Auto Trust
Series 2016-1, Class C, 6.22%, 6/15/2022(a)		164		165
Series 2018-2, Class A, 2.97%, 10/17/2022(a)		9		9
Series 2018-3, Class A, 3.07%, 2/15/2023(a)		12		12
Series 2020-4, Class A, 0.53%, 4/15/2025(a)		300		300
Series 2019-4, Class C, 2.77%, 12/15/2025(a)		105		109
Ford Credit Auto Lease Trust
Series 2018-B, Class A4, 3.30%, 2/15/2022		88		88
Series 2019-A, Class A3, 2.90%, 5/15/2022		82		83
Series 2020-A, Class A3, 1.85%, 3/15/2023		55		56
Series 2020-B, Class A4, 0.69%, 10/15/2023		47		47
FREED ABS Trust Series 2020-FP1, Class A, 2.52%, 3/18/2027(a)		52		52
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029‡(e)		14		13
GM Financial Automobile Leasing Trust Series 2019-1, Class A3, 2.98%, 12/20/2021		48		48
GM Financial Consumer Automobile Receivables Trust Series 2018-2, Class A3, 2.81%, 12/16/2022		69		70
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031(a)		18		19
Honda Auto Receivables Owner Trust
Series 2017-3, Class A3, 1.79%, 9/20/2021		2		1
Series 2018-2, Class A3, 3.01%, 5/18/2022		54		55
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(a)		101		101
Series 2019-A, Class A3, 2.98%, 7/15/2022(a)		278		280
Series 2020-B, Class A3, 0.51%, 9/15/2023(a)		135		135
Hyundai Auto Receivables Trust
Series 2017-B, Class A3, 1.77%, 1/18/2022		4		4
Series 2018-A, Class A3, 2.79%, 7/15/2022		33		33
LV Tower 52 Issuer Series 2013-1, Class A, 5.75%, 7/15/2019‡(a)		665		671
Mercedes-Benz Auto Lease Trust
Series 2019-A, Class A3, 3.10%, 11/15/2021		21		21
Series 2019-B, Class A3, 2.00%, 10/17/2022		50		50
Series 2020-A, Class A3, 1.84%, 12/15/2022		68		69
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024(a)		110		111
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024(a)		491		491
Santander Drive Auto Receivables Trust
Series 2019-2, Class A3, 2.59%, 5/15/2023		43		44
Series 2020-2, Class A3, 0.67%, 4/15/2024		33		33
Series 2020-3, Class B, 0.69%, 3/17/2025		65		65
Series 2020-4, Class C, 1.01%, 1/15/2026		50		50
Santander Retail Auto Lease Trust Series 2019-A, Class A3, 2.77%, 6/20/2022(a)		225		229
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.11%, 1/25/2036‡(h)		26		26

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		40		38
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		172
Toyota Auto Receivables Owner Trust
Series 2020-A, Class A2, 1.67%, 11/15/2022		179		180
Series 2020-A, Class A3, 1.66%, 5/15/2024		180		184
Series 2020-C, Class A4, 0.57%, 10/15/2025		56		56
United Airlines Pass-Through Trust Series 2016-2, Class AA, 2.88%, 10/7/2028		101		98
US Auto Funding LLC Series 2019-1A, Class B, 3.99%, 12/15/2022(a)		100		101
Vericrest Opportunity Loan Trust
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050‡(a)(h)		72		72
Series 2020-NPL6, Class A1A, 3.97%, 4/25/2050‡(a)(h)		121		122
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		89		90
VOLT LXXXVII LLC Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050‡(a)(h)		111		111
Westlake Automobile Receivables Trust
Series 2020-2A, Class A2A, 0.93%, 2/15/2024(a)		120		120
Series 2020-3A, Class B, 0.78%, 11/17/2025(a)		90		90
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 2020-A, Class A3, 1.70%, 1/17/2023		130		133
Series 2017-B, Class A3, 1.95%, 2/15/2023		37		37
World Omni Automobile Lease Securitization Trust
Series 2018-B, Class A3, 3.19%, 12/15/2021		63		64
Series 2019-A, Class A3, 2.94%, 5/16/2022		125		126
Series 2020-B, Class A4, 0.52%, 2/17/2026		60		60
World Omni Select Auto Trust Series 2020-A, Class A3, 0.55%, 7/15/2025		60		60
TOTAL ASSET-BACKED SECURITIES (Cost $9,701)				9,808
COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.7%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035(a)(e)		145		145
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 1.38%, 12/11/2049‡(a)(e)		10		—	(f)
Commercial Mortgage Trust Series 2015-CR25, Class A4, 3.76%, 8/10/2048		281		313
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KF12, Class A, 0.84%, 9/25/2022(e)		10		10
Series KSMC, Class A2, 2.62%, 1/25/2023		500		523
Series KL3L, Class ALNZ, 3.46%, 4/25/2025(e)		500		555
Series KLU2, Class A7, 2.23%, 9/25/2025(e)		350		370
Series K737, Class AM, 2.10%, 10/25/2026		305		326
Series K069, Class A2, 3.19%, 9/25/2027(e)		500		573
Series K081, Class A1, 3.88%, 2/25/2028		113		128
Series K083, Class A2, 4.05%, 9/25/2028(e)		297		358
Series K088, Class A2, 3.69%, 1/25/2029		480		569
FNMA ACES
Series 2015-M17, Class FA, 1.08%, 11/25/2022(e)		146		146
Series 2014-M2, Class A2, 3.51%, 12/25/2023(e)		454		485
Series 2014-M13, Class A2, 3.02%, 8/25/2024(e)		589		632
Series 2015-M7, Class A2, 2.59%, 12/25/2024		703		747
Series 2018-M2, Class A2, 3.00%, 1/25/2028(e)		500		562
Series 2018-M13, Class A1, 3.82%, 3/25/2030(e)		221		257
Series 2020-M50, Class A1, 0.67%, 10/25/2030		663		658
Series 2020-M50, Class A2, 1.20%, 10/25/2030		165		167
Series 2020-M50, Class X1, IO, 2.05%, 10/25/2030(e)		2,985		361

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MRCD MARK Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036(a)		200		209
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030(a)		116		114
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4, 3.53%, 5/10/2063		104		107
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $7,708)				8,315
FOREIGN GOVERNMENT SECURITIES — 0.2%
United Mexican States (Mexico) 3.63%, 3/15/2022 (Cost $246)		244		254
U.S. GOVERNMENT AGENCY SECURITIES — 0.0%(c)
Resolution Funding Corp. STRIPS DN, 3.13%, 1/15/2026(d) (Cost $52)		60		58
	Shares (000)
SHORT-TERM INVESTMENTS — 1.0%
INVESTMENT COMPANIES — 1.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(i)(j) (Cost $1,046)		1,046		1,046
Total Investments — 99.5% (Cost $101,091)				107,228
Other Assets Less Liabilities — 0.5%				488
Net Assets — 100.0%				107,716

Percentages indicated are based on net assets.

Abbreviations
ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 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 November 30, 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
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)	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, 2020.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	The rate shown is the effective yield as of November 30, 2020.
(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, 2020.
(f)	Amount rounds to less than one thousand.
(g)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

(h)	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, 2020.
(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 November 30, 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 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, 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	$	—	$	8,793	$	1,015		$	9,808
Collateralized Mortgage Obligations		—		18,481		598			19,079
Commercial Mortgage-Backed Securities		—		8,315		—	(a)		8,315
Corporate Bonds		—		31,753		—			31,753
Foreign Government Securities		—		254		—			254
Mortgage-Backed Securities		—		12,258		—			12,258
U.S. Government Agency Securities		—		58		—			58
U.S. Treasury Obligations		—		24,657		—			24,657
Short-Term Investments
Investment Companies		1,046		—		—			1,046
Total Investments in Securities	$	1,046	$	104,569	$	1,613		$	107,228

(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 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 November 30, 2020
Investments in Securities
Asset-Backed Securities	$	1,996		$	—		$	3		$	—	(a)	$	861		$	(1,995	)	$	150		—	$	1,015
Collateralized Mortgage Obligations		60			—	(a)		6			—	(a)		35			(97	)		594		—		598
Commercial Mortgage-Backed Securities		—	(a)		—			—	(a)		—	(a)		—	(a)		—	(a)		—		—		—	(a)
Total	$	2,056		$	—		$	9			—		$	896		$	(2,092	)	$	744	$	—	$	1,613

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 November 30, 2020, which were valued using significant unobservable inputs (level 3), amounted to approximately $13,000.

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 November 30, 2020.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2020 (Unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2020			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	221		Discounted Cash Flow	Constant Prepayment Rate		3.60% - 20.00% (17.22%)
					Constant Default Rate		0.00% - 4.92% (0.47%)
					Yield (Discount Rate of Cash Flows)		2.91% - 3.84% (3.09%)
Asset-Backed Securities		221
		593		Discounted Cash Flow	Constant Prepayment Rate		1.05% - 100.00% (93.01%)
					Constant Default Rate		0.00% - 2.90% (0.18%)
					Yield (Discount Rate of Cash Flows)		1.69% - 7.62% (1.86%)
Collateralized Mortgage Obligations		593
		—	(b)	Discounted Cash Flow	Constant Prepayment Rate		100.00% (100.00%)
					Yield (Discount Rate of Cash Flows)		3.92% (3.92%)
Commercial Mortgage-Backed Securities		—	(b)
Total	$	814

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2020, the value of these investments was approximately $799,000. 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.

(b) Amount rounds to less than one thousand.

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.

For the period ended November 30, 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 November 30, 2020		Shares at November 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	2,364	$	23,912	$	25,231	$	1	$	—	(c)	$	1,046		1,046	$	9		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)	$	—	$	76	$	76	$	—	$	—		$	—		—	$	—	(c)	$	—
Total	$	2,364	$	23,988	$	25,307	$	1	$	—		$	1,046			$	9		$	—

(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, 2020.

(c) Amount rounds to less than one thousand.