JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited)

Investments	Principal Amount ($000)		Value ($000)
CORPORATE BONDS — 31.6%
Aerospace & Defense — 1.2%
Airbus Finance BV (France) 2.70%, 4/17/2023 (a)		43		45
Boeing Co. (The)
1.43%, 2/4/2024		70		70
4.88%, 5/1/2025		54		61
2.20%, 2/4/2026		86		86
3.10%, 5/1/2026		250		266
L3Harris Technologies, Inc. 3.85%, 12/15/2026		70		78
Leidos, Inc. 2.30%, 2/15/2031 (a)		100		96
Lockheed Martin Corp. 3.10%, 1/15/2023		174		181
Northrop Grumman Corp. 2.93%, 1/15/2025		150		160
Raytheon Technologies Corp. 4.13%, 11/16/2028		100		114
Textron, Inc. 3.00%, 6/1/2030		100		104
				1,261
Automobiles — 0.6%
Daimler Finance North America LLC (Germany) 2.13%, 3/10/2025 (a)		150		155
General Motors Co. 6.13%, 10/1/2025		50		59
Hyundai Capital America 2.85%, 11/1/2022 (a)		200		206
Nissan Motor Co. Ltd. (Japan) 4.35%, 9/17/2027 (a)		200		219
				639
Banks — 4.6%
Bank of America Corp.
3.30%, 1/11/2023		90		94
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (b)		42		44
Series L, 3.95%, 4/21/2025		154		170
(SOFR + 1.15%), 1.32%, 6/19/2026 (b)		60		60
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (b)		400		438
Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (b)		250		253
Bank of Montreal (Canada) 2.35%, 9/11/2022		200		206
Bank of Nova Scotia (The) (Canada) 2.00%, 11/15/2022		150		154
Barclays plc (United Kingdom) 3.68%, 1/10/2023		100		102
Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024		150		160
Citigroup, Inc.
4.40%, 6/10/2025		115		129
4.45%, 9/29/2027		150		172
(SOFR + 1.15%), 2.67%, 1/29/2031 (b)		350		356
Citizens Financial Group, Inc. 2.64%, 9/30/2032 (a)		50		49
Cooperatieve Rabobank UA (Netherlands) 3.88%, 2/8/2022		118		121
Discover Bank 3.35%, 2/6/2023		250		262
Fifth Third Bancorp 2.38%, 1/28/2025		64		67
HSBC Holdings plc (United Kingdom)
(SOFR + 1.40%), 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		277
Mitsubishi UFJ Financial Group, Inc. (Japan) 2.19%, 2/25/2025		225		235
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024 (a)		200		220
US Bancorp Series X, 3.15%, 4/27/2027		68		74
Wells Fargo & Co.
3.00%, 2/19/2025		99		107
4.10%, 6/3/2026		21		24
4.30%, 7/22/2027		30		34
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (b)		250		276
Westpac Banking Corp. (Australia) 2.50%, 6/28/2022		300		307
				4,803
Beverages — 0.5%
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.75%, 1/23/2029		265		313
Constellation Brands, Inc. 2.88%, 5/1/2030		11		11
Keurig Dr Pepper, Inc.
4.42%, 5/25/2025		75		85
4.60%, 5/25/2028		50		58
PepsiCo, Inc. 1.63%, 5/1/2030		33		32
				499

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Biotechnology — 0.5%
AbbVie, Inc.
3.45%, 3/15/2022		69		70
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		31
2.25%, 5/1/2030		40		40
Gilead Sciences, Inc.
3.70%, 4/1/2024		36		39
3.50%, 2/1/2025		25		27
3.65%, 3/1/2026		57		63
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		28		26
				480
Building Products — 0.0% (c)
Johnson Controls International plc 3.75%, 12/1/2021		3		3
Capital Markets — 1.8%
Blackstone Secured Lending Fund 3.65%, 7/14/2023 (a)		55		58
Brookfield Finance, Inc. (Canada) 4.85%, 3/29/2029		47		55
Charles Schwab Corp. (The)
3.23%, 9/1/2022		40		41
3.20%, 1/25/2028		200		219
Deutsche Bank AG (Germany) (SOFR + 1.72%), 3.04%, 5/28/2032 (b)		150		149
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (b)		249		275
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (b)		80		91
Invesco Finance plc
4.00%, 1/30/2024		71		77
3.75%, 1/15/2026		125		139
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025 (a)		100		111
Morgan Stanley
5.50%, 7/28/2021		100		101
3.70%, 10/23/2024		83		91
(SOFR + 0.88%), 1.59%, 5/4/2027 (b)		127		127
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (b)		250		276
(SOFR + 1.03%), 1.79%, 2/13/2032 (b)		90		85
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (b)		17		19
				1,914
Chemicals — 0.4%
Ecolab, Inc. 3.25%, 12/1/2027		43		48
International Flavors & Fragrances, Inc.
1.83%, 10/15/2027 (a)		40		40
4.45%, 9/26/2028		9		10
LYB International Finance III LLC 2.25%, 10/1/2030		75		74
Mosaic Co. (The) 3.25%, 11/15/2022		21		22
Nutrien Ltd. (Canada) 3.38%, 3/15/2025		45		49
PPG Industries, Inc. 1.20%, 3/15/2026		37		37
Sherwin-Williams Co. (The) 3.30%, 2/1/2025		110		116
				396
Commercial Services & Supplies — 0.2%
Republic Services, Inc. 3.38%, 11/15/2027		200		220
Construction & Engineering — 0.0% (c)
Quanta Services, Inc. 2.90%, 10/1/2030		21		22
Construction Materials — 0.1%
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		78		86
Consumer Finance — 1.3%
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		161
3.95%, 7/1/2024 (a)		120		128
4.25%, 4/15/2026 (a)		90		97
Caterpillar Financial Services Corp. 2.85%, 6/1/2022		58		60
General Motors Financial Co., Inc. 2.35%, 1/8/2031		200		194
John Deere Capital Corp. 2.65%, 6/24/2024		100		107
Park Aerospace Holdings Ltd. (Ireland) 5.25%, 8/15/2022 (a)		200		210
				1,323
Containers & Packaging — 0.2%
Graphic Packaging International LLC 1.51%, 4/15/2026 (a)		41		41

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Packaging Corp. of America 3.00%, 12/15/2029		100		106
WRKCo, Inc. 3.00%, 9/15/2024		80		85
				232
Diversified Financial Services — 1.1%
Element Fleet Management Corp. (Canada) 1.60%, 4/6/2024 (a)		10		10
National Rural Utilities Cooperative Finance Corp. 2.30%, 9/15/2022		200		205
ORIX Corp. (Japan) 2.90%, 7/18/2022		81		83
Private Export Funding Corp.
Series EE, 2.80%, 5/15/2022		500		513
Series KK, 3.55%, 1/15/2024		200		217
Shell International Finance BV (Netherlands) 3.25%, 5/11/2025		100		109
				1,137
Diversified Telecommunication Services — 0.9%
AT&T, Inc. 7.88%, 2/15/2030		350		480
Qwest Corp. 6.75%, 12/1/2021		148		152
Verizon Communications, Inc.
2.10%, 3/22/2028		25		25
4.50%, 8/10/2033		208		245
				902
Electric Utilities — 1.9%
American Electric Power Co., Inc. 2.30%, 3/1/2030		100		99
Baltimore Gas and Electric Co. 2.80%, 8/15/2022		43		44
Commonwealth Edison Co. Series 122, 2.95%, 8/15/2027		200		217
DTE Electric Co. 2.65%, 6/15/2022		20		20
Duke Energy Corp. 3.75%, 4/15/2024		150		162
Duke Energy Progress LLC 2.80%, 5/15/2022		40		41
Duquesne Light Holdings, Inc. 2.53%, 10/1/2030 (a)		51		49
Edison International 4.13%, 3/15/2028		150		159
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (a)		200		220
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 (a)		39		41
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027		89		98
Niagara Mohawk Power Corp.
3.51%, 10/1/2024 (a)		28		30
1.96%, 6/27/2030 (a)		29		28
NRG Energy, Inc. 2.45%, 12/2/2027 (a)		37		37
OGE Energy Corp. 0.70%, 5/26/2023		18		18
Pacific Gas and Electric Co.
(ICE LIBOR USD 3 Month + 1.38%), 1.53%, 11/15/2021 (b)		81		81
4.55%, 7/1/2030		75		79
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)		132		137
SCE Recovery Funding LLC Series A-2, 1.94%, 5/15/2038		25		24
Southern California Edison Co. 1.85%, 2/1/2022		8		8
Southern Co. (The) 3.25%, 7/1/2026		167		182
Virginia Electric and Power Co. 3.45%, 2/15/2024		21		23
				2,042
Electrical Equipment — 0.2%
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		41		42
Eaton Corp. 3.10%, 9/15/2027		140		153
				195
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		16		17
3.88%, 1/12/2028		100		110
				127
Energy Equipment & Services — 0.3%
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		150		155
Halliburton Co. 3.80%, 11/15/2025		7		8
Schlumberger Investment SA 2.65%, 6/26/2030		94		97
				260
Entertainment — 0.1%
Walt Disney Co. (The) 7.70%, 10/30/2025		50		64
Equity Real Estate Investment Trusts (REITs) — 1.7%
Alexandria Real Estate Equities, Inc. 2.00%, 5/18/2032		30		29
American Tower Corp.
3.50%, 1/31/2023		80		84
5.00%, 2/15/2024		38		42
1.50%, 1/31/2028		68		66

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
AvalonBay Communities, Inc.
3.35%, 5/15/2027		28		31
2.45%, 1/15/2031		100		100
Boston Properties LP 3.20%, 1/15/2025		152		163
Brixmor Operating Partnership LP
3.85%, 2/1/2025		50		54
2.25%, 4/1/2028		10		10
Crown Castle International Corp. 2.25%, 1/15/2031		72		70
Equinix, Inc. 2.00%, 5/15/2028		37		37
Essex Portfolio LP 1.65%, 1/15/2031		53		49
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (a)		52		56
Healthcare Trust of America Holdings LP
3.10%, 2/15/2030		68		71
2.00%, 3/15/2031		29		27
Healthpeak Properties, Inc. 3.40%, 2/1/2025		3		3
Life Storage LP 2.20%, 10/15/2030		25		24
Mid-America Apartments LP 1.70%, 2/15/2031		36		34
Office Properties Income Trust 2.65%, 6/15/2026		17		17
Realty Income Corp.
3.88%, 7/15/2024		50		55
3.65%, 1/15/2028		150		164
Safehold Operating Partnership LP 2.80%, 6/15/2031		88		87
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)		150		162
SITE Centers Corp. 3.63%, 2/1/2025		12		13
UDR, Inc. 2.10%, 8/1/2032		48		45
Ventas Realty LP
3.75%, 5/1/2024		44		47
3.50%, 2/1/2025		27		29
4.13%, 1/15/2026		17		19
3.25%, 10/15/2026		45		50
Welltower, Inc. 4.50%, 1/15/2024		100		109
WP Carey, Inc.
2.40%, 2/1/2031		12		12
2.25%, 4/1/2033		100		94
				1,853
Food & Staples Retailing — 0.4%
7-Eleven, Inc. 1.30%, 2/10/2028 (a)		80		77
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030 (a)		100		103
Costco Wholesale Corp. 1.60%, 4/20/2030		95		92
CVS Pass-Through Trust 5.93%, 1/10/2034 (a)		41		48
Kroger Co. (The) 4.00%, 2/1/2024		90		98
				418
Food Products — 0.6%
Archer-Daniels-Midland Co. 3.25%, 3/27/2030		53		58
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025		50		51
Campbell Soup Co.
3.95%, 3/15/2025		50		55
2.38%, 4/24/2030		74		73
Kellogg Co. 3.40%, 11/15/2027		95		104
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		92		104
Mondelez International, Inc. 1.88%, 10/15/2032		125		119
Smithfield Foods, Inc.
5.20%, 4/1/2029 (a)		7		8
3.00%, 10/15/2030 (a)		18		18
Tyson Foods, Inc. 3.95%, 8/15/2024		73		80
				670
Gas Utilities — 0.1%
Atmos Energy Corp. 2.63%, 9/15/2029		42		44
ONE Gas, Inc. 2.00%, 5/15/2030		26		25
				69
Health Care Equipment & Supplies — 0.3%
Becton Dickinson and Co. 1.96%, 2/11/2031		150		143
Boston Scientific Corp.
3.75%, 3/1/2026		31		35
4.00%, 3/1/2029		19		21
Zimmer Biomet Holdings, Inc.
3.70%, 3/19/2023		19		20
3.55%, 4/1/2025		50		55
				274
Health Care Providers & Services — 0.6%
Aetna, Inc. 2.80%, 6/15/2023		200		209
Cigna Corp. 3.50%, 6/15/2024		72		78
CommonSpirit Health 2.78%, 10/1/2030		50		51

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
HCA, Inc. 4.13%, 6/15/2029		150		168
UnitedHealth Group, Inc. 2.30%, 5/15/2031		73		73
Universal Health Services, Inc. 2.65%, 10/15/2030 (a)		56		55
				634
Hotels, Restaurants & Leisure — 0.2%
McDonald’s Corp. 2.13%, 3/1/2030		58		58
Starbucks Corp. 3.80%, 8/15/2025		150		167
				225
Household Durables — 0.2%
Lennar Corp. 5.25%, 6/1/2026		140		162
Industrial Conglomerates — 0.2%
Roper Technologies, Inc.
3.80%, 12/15/2026		15		17
1.40%, 9/15/2027		174		170
Trane Technologies Global Holding Co. Ltd. 4.25%, 6/15/2023		34		37
				224
Insurance — 1.6%
American International Group, Inc. 3.75%, 7/10/2025		161		178
Aon plc 3.88%, 12/15/2025		143		159
Assurant, Inc. 4.20%, 9/27/2023		90		97
Athene Global Funding
1.45%, 1/8/2026 (a)		68		68
2.95%, 11/12/2026 (a)		82		87
Brighthouse Financial Global Funding 1.00%, 4/12/2024 (a)		38		38
CNA Financial Corp.
3.95%, 5/15/2024		52		57
4.50%, 3/1/2026		38		43
Guardian Life Global Funding 2.50%, 5/8/2022 (a)		125		128
Lincoln National Corp. 4.20%, 3/15/2022		35		36
Marsh & McLennan Cos., Inc. 3.30%, 3/14/2023		50		52
New York Life Global Funding 1.20%, 8/7/2030 (a)		150		138
Principal Financial Group, Inc. 3.10%, 11/15/2026		150		163
Protective Life Global Funding 2.62%, 8/22/2022 (a)		200		206
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		150		190
				1,640
Internet & Direct Marketing Retail — 0.2%
Amazon.com, Inc. 1.20%, 6/3/2027		105		104
eBay, Inc. 2.60%, 5/10/2031		100		100
				204
IT Services — 0.2%
Global Payments, Inc. 3.20%, 8/15/2029		50		53
International Business Machines Corp. 3.50%, 5/15/2029		100		110
				163
Leisure Products — 0.1%
Hasbro, Inc. 3.90%, 11/19/2029		75		82
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc. 3.20%, 8/15/2027		100		109
Machinery — 0.0% (c)
Otis Worldwide Corp. 2.57%, 2/15/2030		44		45
Media — 0.8%
Charter Communications Operating LLC
4.91%, 7/23/2025		160		181
2.30%, 2/1/2032		150		141
Comcast Corp.
3.00%, 2/1/2024		117		125
3.38%, 2/15/2025		77		84
3.38%, 8/15/2025		80		88
3.15%, 3/1/2026		16		17
Cox Communications, Inc. 1.80%, 10/1/2030 (a)		67		63
Fox Corp. 4.71%, 1/25/2029		35		41
ViacomCBS, Inc. 4.00%, 1/15/2026		100		111
				851
Metals & Mining — 0.3%
Glencore Funding LLC (Australia)
2.50%, 9/1/2030 (a)		60		59
2.85%, 4/27/2031 (a)		150		149
Nucor Corp. 4.00%, 8/1/2023		27		29
Steel Dynamics, Inc.
1.65%, 10/15/2027		33		32
3.45%, 4/15/2030		21		23
				292
Multiline Retail — 0.3%
Dollar General Corp. 4.13%, 5/1/2028		150		170
Kohl’s Corp. 3.38%, 5/1/2031		100		103
				273

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Multi-Utilities — 0.4%
CenterPoint Energy, Inc. 1.45%, 6/1/2026		29		29
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		155		173
Public Service Enterprise Group, Inc. 2.88%, 6/15/2024		100		106
Sempra Energy 4.05%, 12/1/2023		48		52
WEC Energy Group, Inc. 3.55%, 6/15/2025		73		80
				440
Oil, Gas & Consumable Fuels — 2.5%
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (a)		100		112
BP Capital Markets plc (United Kingdom) 3.81%, 2/10/2024		166		181
Cameron LNG LLC 2.90%, 7/15/2031 (a)		84		87
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		50		57
5.13%, 6/30/2027		81		94
Chevron Corp.
2.36%, 12/5/2022		40		41
2.00%, 5/11/2027		19		20
Chevron USA, Inc. 3.85%, 1/15/2028		100		114
Cimarex Energy Co. 3.90%, 5/15/2027		60		66
ConocoPhillips
3.75%, 10/1/2027 (a)		60		68
2.40%, 2/15/2031 (a)		14		14
Diamondback Energy, Inc. 3.25%, 12/1/2026		100		108
Ecopetrol SA (Colombia) 4.13%, 1/16/2025		58		61
Energy Transfer LP
3.60%, 2/1/2023		28		29
4.90%, 2/1/2024		61		67
4.05%, 3/15/2025		91		98
Enterprise Products Operating LLC 3.90%, 2/15/2024		49		53
Flex Intermediate Holdco LLC 3.36%, 6/30/2031 (a)		114		114
Gray Oak Pipeline LLC
2.60%, 10/15/2025 (a)		40		41
3.45%, 10/15/2027 (a)		50		53
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		47
Marathon Petroleum Corp.
4.50%, 5/1/2023		62		66
3.63%, 9/15/2024		67		73
4.70%, 5/1/2025		38		43
MPLX LP
3.38%, 3/15/2023		32		33
4.25%, 12/1/2027		27		31
NGPL PipeCo LLC 3.25%, 7/15/2031 (a)		22		22
ONEOK Partners LP
3.38%, 10/1/2022		12		12
5.00%, 9/15/2023		28		31
ONEOK, Inc. 3.40%, 9/1/2029		150		158
Ovintiv Exploration, Inc. 5.38%, 1/1/2026		40		45
Phillips 66 1.30%, 2/15/2026		28		28
Pioneer Natural Resources Co.
1.13%, 1/15/2026		50		50
1.90%, 8/15/2030		72		67
Plains All American Pipeline LP 4.65%, 10/15/2025		100		112
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030		20		23
TC PipeLines LP 3.90%, 5/25/2027		42		46
TransCanada PipeLines Ltd. (Canada) 3.75%, 10/16/2023		172		183
Williams Cos., Inc. (The) 3.90%, 1/15/2025		86		94
				2,705
Pharmaceuticals — 0.7%
AstraZeneca plc (United Kingdom) 1.38%, 8/6/2030		77		72
Bristol-Myers Squibb Co.
3.40%, 7/26/2029		71		79
1.45%, 11/13/2030		100		95
Eli Lilly & Co. 3.38%, 3/15/2029		70		78
Mylan, Inc. 4.55%, 4/15/2028		75		86
Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, 3/31/2030		200		194
Zoetis, Inc. 2.00%, 5/15/2030		80		78
				682
Real Estate Management & Development — 0.2%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022 (a)		200		204
Road & Rail — 0.8%
Canadian Pacific Railway Co. (Canada) 4.50%, 1/15/2022		55		56

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CSX Corp. 3.25%, 6/1/2027		162		177
ERAC USA Finance LLC 4.50%, 8/16/2021 (a)		27		27
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		60		67
Norfolk Southern Corp. 2.55%, 11/1/2029		150		155
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (a)		200		215
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (a)		110		111
				808
Semiconductors & Semiconductor Equipment — 0.6%
Broadcom, Inc.
4.75%, 4/15/2029		50		57
4.15%, 11/15/2030		150		165
Marvell Technology, Inc. 2.45%, 4/15/2028 (a)		52		52
Microchip Technology, Inc.
0.97%, 2/15/2024 (a)		72		72
0.98%, 9/1/2024 (a)		50		50
NXP BV (China) 2.50%, 5/11/2031 (a)		100		100
QUALCOMM, Inc. 3.25%, 5/20/2027		94		104
				600
Software — 0.3%
Citrix Systems, Inc. 1.25%, 3/1/2026		25		25
Intuit, Inc. 1.65%, 7/15/2030		125		121
Oracle Corp. 2.88%, 3/25/2031		168		172
				318
Specialty Retail — 0.6%
AutoZone, Inc. 4.00%, 4/15/2030		83		93
Home Depot, Inc. (The) 2.50%, 4/15/2027		88		94
Lowe’s Cos., Inc. 3.65%, 4/5/2029		200		221
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		100		111
3.60%, 9/1/2027		62		69
				588
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc. 2.38%, 2/8/2041		100		93
Dell International LLC 5.30%, 10/1/2029 (a)		100		118
				211
Tobacco — 0.4%
Altria Group, Inc. 2.45%, 2/4/2032		84		80
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		200		212
Philip Morris International, Inc. 3.38%, 8/11/2025		150		164
				456
Trading Companies & Distributors — 0.5%
Air Lease Corp.
3.00%, 9/15/2023		250		262
3.63%, 12/1/2027		100		106
Aviation Capital Group LLC 3.88%, 5/1/2023 (a)		100		105
				473
Water Utilities — 0.2%
American Water Capital Corp. 3.85%, 3/1/2024		150		162
Wireless Telecommunication Services — 0.3%
T-Mobile USA, Inc.
3.88%, 4/15/2030		150		164
2.25%, 11/15/2031		100		96
				260
TOTAL CORPORATE BONDS (Cost $31,073)				32,700
U.S. TREASURY OBLIGATIONS — 24.0%
U.S. Treasury Bonds 6.13%, 8/15/2029		500		685
U.S. Treasury Notes
1.50%, 9/15/2022		2,500		2,545
1.13%, 2/28/2025		3,000		3,068
0.38%, 9/30/2027		580		553
0.50%, 10/31/2027		1,500		1,439
1.25%, 3/31/2028		450		450
3.13%, 11/15/2028		1,000		1,127
2.63%, 2/15/2029		1,600		1,747
1.50%, 2/15/2030		2,200		2,200
0.63%, 8/15/2030		2,550		2,346
0.88%, 11/15/2030		80		75
U.S. Treasury STRIPS Bonds
2.94%, 11/15/2022 (d)		1,300		1,298
2.84%, 5/15/2023 (d)		685		683
2.29%, 8/15/2023 (d)		1,890		1,882
2.54%, 2/15/2024 (d)		3,206		3,183
2.29%, 5/15/2024 (d)		200		198
3.05%, 5/15/2025 (d)		200		195
2.43%, 5/15/2026 (d)		200		191
3.75%, 8/15/2026 (d)		47		45
3.84%, 11/15/2026 (d)		300		284
3.08%, 2/15/2027 (d)		100		94
4.20%, 8/15/2027 (d)		100		93

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
4.17%, 11/15/2027 (d)		140			129
3.24%, 2/15/2028 (d)		53			48
2.56%, 5/15/2028 (d)		10			9
3.46%, 8/15/2028 (d)		200			180
TOTAL U.S. TREASURY OBLIGATIONS (Cost $24,546)					24,747
COLLATERALIZED MORTGAGE OBLIGATIONS — 16.8%
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		538			542
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		75			71
Banc of America Funding Trust Series 2004-1, PO, 3/25/2034 ‡		9			7
CHL Mortgage Pass-Through Trust
Series 2004-HYB3, Class 2A, 2.13%, 6/20/2034 (e)		8			8
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		17			18
Series 2005-22, Class 2A1, 2.61%, 11/25/2035 (e)		74			71
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class 1, PO, 6/25/2033 ‡		—	(f)		—	(f)
Series 2003-HYB1, Class A, 2.59%, 9/25/2033 (e)		6			6
Citigroup Mortgage Loan Trust, Inc. Series 2003-UP3, Class A3, 7.00%, 9/25/2033		3			3
FHLMC - GNMA Series 24, Class ZE, 6.25%, 11/25/2023		5			5
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		14			14
Series 2535, Class BK, 5.50%, 12/15/2022		2			2
Series 1470, Class F, 1.41%, 2/15/2023 (e)		—	(f)		—	(f)
Series 2568, Class KG, 5.50%, 2/15/2023		24			24
Series 1466, Class PZ, 7.50%, 2/15/2023		5			5
Series 1491, Class I, 7.50%, 4/15/2023		2			2
Series 1798, Class F, 5.00%, 5/15/2023		2			2
Series 1518, Class G, IF, 8.89%, 5/15/2023 (e)		2			2
Series 1541, Class O, 1.02%, 7/15/2023 (e)		2			2
Series 1608, Class L, 6.50%, 9/15/2023		8			9
Series 1602, Class SA, HB, IF, 22.38%, 10/15/2023 (e)		1			1
Series 2283, Class K, 6.50%, 12/15/2023		3			3
Series 1700, Class GA, PO, 2/15/2024		—	(f)		—	(f)
Series 1671, Class L, 7.00%, 2/15/2024		3			3
Series 1706, Class K, 7.00%, 3/15/2024		14			14
Series 2033, Class SN, HB, IF, 29.74%, 3/15/2024 (e)		1			—	(f)
Series 1720, Class PL, 7.50%, 4/15/2024		42			44
Series 2306, Class K, PO, 5/15/2024		2			2
Series 2306, Class SE, IF, IO, 9.02%, 5/15/2024 (e)		5			—	(f)
Series 1745, Class D, 7.50%, 8/15/2024		4			4
Series 1927, Class PH, 7.50%, 1/15/2027		27			31
Series 1981, Class Z, 6.00%, 5/15/2027		11			11
Series 1987, Class PE, 7.50%, 9/15/2027		4			4
Series 2038, Class PN, IO, 7.00%, 3/15/2028		5			1
Series 2040, Class PE, 7.50%, 3/15/2028		24			28
Series 2063, Class PG, 6.50%, 6/15/2028		25			28
Series 2064, Class TE, 7.00%, 6/15/2028		3			4
Series 2075, Class PM, 6.25%, 8/15/2028		18			20
Series 2075, Class PH, 6.50%, 8/15/2028		18			21
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		6			1
Series 2125, Class JZ, 6.00%, 2/15/2029		11			12
Series 2169, Class TB, 7.00%, 6/15/2029		53			61
Series 2163, Class PC, IO, 7.50%, 6/15/2029		3			—	(f)
Series 2172, Class QC, 7.00%, 7/15/2029		23			27

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2196, Class TL, 7.50%, 11/15/2029		—	(f)		—	(f)
Series 2201, Class C, 8.00%, 11/15/2029		8			10
Series 2210, Class Z, 8.00%, 1/15/2030		26			31
Series 2224, Class CB, 8.00%, 3/15/2030		9			10
Series 2256, Class MC, 7.25%, 9/15/2030		14			17
Series 2259, Class ZM, 7.00%, 10/15/2030		15			18
Series 2271, Class PC, 7.25%, 12/15/2030		13			16
Series 2296, Class PD, 7.00%, 3/15/2031		7			9
Series 2344, Class ZD, 6.50%, 8/15/2031		133			155
Series 2344, Class ZJ, 6.50%, 8/15/2031		17			20
Series 2345, Class NE, 6.50%, 8/15/2031		10			12
Series 2351, Class PZ, 6.50%, 8/15/2031		13			15
Series 2410, Class OE, 6.38%, 2/15/2032		11			12
Series 2410, Class NG, 6.50%, 2/15/2032		10			11
Series 2410, Class QX, IF, IO, 8.55%, 2/15/2032 (e)		7			1
Series 2412, Class SP, IF, 15.90%, 2/15/2032 (e)		28			37
Series 2423, Class MC, 7.00%, 3/15/2032		9			10
Series 2423, Class MT, 7.00%, 3/15/2032		17			20
Series 2444, Class ES, IF, IO, 7.85%, 3/15/2032 (e)		18			3
Series 2450, Class SW, IF, IO, 7.90%, 3/15/2032 (e)		7			1
Series 2435, Class CJ, 6.50%, 4/15/2032		65			76
Series 2441, Class GF, 6.50%, 4/15/2032		17			20
Series 2455, Class GK, 6.50%, 5/15/2032		24			27
Series 2450, Class GZ, 7.00%, 5/15/2032		26			31
Series 2466, Class DH, 6.50%, 6/15/2032		36			42
Series 2474, Class NR, 6.50%, 7/15/2032		21			24
Series 2484, Class LZ, 6.50%, 7/15/2032		35			42
Series 2500, Class MC, 6.00%, 9/15/2032		31			36
Series 2543, Class YX, 6.00%, 12/15/2032		68			79
Series 2575, Class ME, 6.00%, 2/15/2033		128			150
Series 2586, Class WI, IO, 6.50%, 3/15/2033		10			2
Series 2990, Class SL, HB, IF, 24.12%, 6/15/2034 (e)		13			16
Series 3611, PO, 7/15/2034		16			15
Series 2990, Class UZ, 5.75%, 6/15/2035		423			490
Series 3117, Class EO, PO, 2/15/2036		40			37
Series 3117, Class OK, PO, 2/15/2036		4			4
Series 3122, Class OH, PO, 3/15/2036		32			29
Series 3152, Class MO, PO, 3/15/2036		99			93
Series 3607, Class AO, PO, 4/15/2036		24			21
Series 3137, Class XP, 6.00%, 4/15/2036		55			65
Series 3819, Class ZQ, 6.00%, 4/15/2036		157			187
Series 3149, Class SO, PO, 5/15/2036		6			5
Series 3171, Class MO, PO, 6/15/2036		23			22
Series 3179, Class OA, PO, 7/15/2036		13			11
Series 3202, Class HI, IF, IO, 6.55%, 8/15/2036 (e)		126			26
Series 3232, Class ST, IF, IO, 6.60%, 10/15/2036 (e)		26			5
Series 3417, Class EO, PO, 11/15/2036		217			206
Series 3316, Class JO, PO, 5/15/2037		3			3
Series 3607, Class OP, PO, 7/15/2037		117			106
Series 3481, Class SJ, IF, IO, 5.75%, 8/15/2038 (e)		65			12
Series 3680, Class MA, 4.50%, 7/15/2039		75			79
Series 4219, Class JA, 3.50%, 8/15/2039		80			81
Series 4096, Class HA, 2.00%, 12/15/2041		166			172
FHLMC, STRIPS Series 262, Class 35, 3.50%, 7/15/2042		293			315
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.10%, 7/25/2032 (e)		20			22
Series T-76, Class 2A, 1.73%, 10/25/2037 (e)		92			93
Series T-51, Class 2A, 7.50%, 8/25/2042 (e)		19			24

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series T-54, Class 2A, 6.50%, 2/25/2043		184			218
Series T-54, Class 3A, 7.00%, 2/25/2043		59			71
Series T-56, Class A5, 5.23%, 5/25/2043		439			501
Series T-58, Class A, PO, 9/25/2043		12			10
FNMA Trust, Whole Loan
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		20			24
Series 2005-W3, Class 2AF, 0.31%, 3/25/2045 (e)		72			72
FNMA, REMIC
Series 2001-48, Class Z, 6.50%, 9/25/2021		1			1
Series 2002-1, Class HC, 6.50%, 2/25/2022		1			1
Series 1992-107, Class SB, HB, IF, 29.75%, 6/25/2022 (e)		1			1
Series G92-42, Class Z, 7.00%, 7/25/2022		—	(f)		—	(f)
Series G92-35, Class E, 7.50%, 7/25/2022		1			1
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		—	(f)		—	(f)
Series G93-5, Class Z, 6.50%, 2/25/2023		1			1
Series 1993-37, Class PX, 7.00%, 3/25/2023		12			13
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		16			16
Series 1993-54, Class Z, 7.00%, 4/25/2023		4			4
Series 1993-62, Class SA, IF, 19.65%, 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, 9.17%, 8/25/2023 (e)		9			1
Series 1993-178, Class PK, 6.50%, 9/25/2023		2			2
Series 1993-165, Class SD, IF, 14.06%, 9/25/2023 (e)		1			1
Series 1993-183, Class KA, 6.50%, 10/25/2023		31			33
Series 1993-189, Class PL, 6.50%, 10/25/2023		11			12
Series 1994-9, Class E, PO, 11/25/2023		—	(f)		—	(f)
Series 1993-247, Class SA, HB, IF, 29.34%, 12/25/2023 (e)		3			4
Series G95-1, Class C, 8.80%, 1/25/2025		2			3
Series 2005-121, Class DX, 5.50%, 1/25/2026		103			110
Series 1997-20, IO, 1.84%, 3/25/2027 (e)		2			—	(f)
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (e)		3			—	(f)
Series 1997-27, Class J, 7.50%, 4/18/2027		5			6
Series 1997-29, Class J, 7.50%, 4/20/2027		7			8
Series 1997-39, Class PD, 7.50%, 5/20/2027		13			15
Series 2012-47, Class HF, 0.49%, 5/25/2027 (e)		55			55
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		4			—	(f)
Series 1998-36, Class ZB, 6.00%, 7/18/2028		3			3
Series 2000-2, Class ZE, 7.50%, 2/25/2030		27			32
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		20			3
Series 2001-36, Class DE, 7.00%, 8/25/2031		25			30
Series 2001-49, Class Z, 6.50%, 9/25/2031		5			6
Series 2001-44, Class PD, 7.00%, 9/25/2031		5			6
Series 2003-52, Class SX, HB, IF, 22.68%, 10/25/2031 (e)		6			9
Series 2004-74, Class SW, IF, 15.31%, 11/25/2031 (e)		19			24
Series 2001-81, Class LO, PO, 1/25/2032		3			3
Series 2002-1, Class SA, HB, IF, 24.89%, 2/25/2032 (e)		2			4
Series 2002-21, Class PE, 6.50%, 4/25/2032		13			16
Series 2002-28, Class PK, 6.50%, 5/25/2032		14			16
Series 2002-37, Class Z, 6.50%, 6/25/2032		17			20
Series 2004-61, Class SH, HB, IF, 23.62%, 11/25/2032 (e)		21			31
Series 2003-22, Class UD, 4.00%, 4/25/2033		61			67
Series 2003-34, Class GE, 6.00%, 5/25/2033		131			152
Series 2003-39, IO, 6.00%, 5/25/2033 (e)		3			1

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2003-47, Class PE, 5.75%, 6/25/2033		64			73
Series 2003-64, Class SX, IF, 13.47%, 7/25/2033 (e)		8			10
Series 2003-71, Class DS, IF, 7.32%, 8/25/2033 (e)		64			71
Series 2005-56, Class TP, IF, 17.88%, 8/25/2033 (e)		28			34
Series 2003-91, Class SD, IF, 12.35%, 9/25/2033 (e)		5			6
Series 2003-116, Class SB, IF, IO, 7.51%, 11/25/2033 (e)		51			10
Series 2006-44, Class P, PO, 12/25/2033		19			17
Series 2003-130, Class SX, IF, 11.38%, 1/25/2034 (e)		2			2
Series 2004-25, Class SA, IF, 19.27%, 4/25/2034 (e)		22			32
Series 2004-46, Class SK, IF, 16.25%, 5/25/2034 (e)		16			21
Series 2004-36, Class SA, IF, 19.27%, 5/25/2034 (e)		36			52
Series 2004-50, Class VZ, 5.50%, 7/25/2034		215			245
Series 2005-74, Class CS, IF, 19.77%, 5/25/2035 (e)		18			23
Series 2005-45, Class DC, HB, IF, 23.97%, 6/25/2035 (e)		35			51
Series 2005-56, Class S, IF, IO, 6.62%, 7/25/2035 (e)		22			4
Series 2005-68, Class PG, 5.50%, 8/25/2035		128			146
Series 2005-73, Class PS, IF, 16.47%, 8/25/2035 (e)		62			82
Series 2005-106, Class US, HB, IF, 24.23%, 11/25/2035 (e)		39			57
Series 2006-27, Class OH, PO, 4/25/2036		31			29
Series 2006-65, Class QO, PO, 7/25/2036		18			17
Series 2006-56, Class FC, 0.38%, 7/25/2036 (e)		119			119
Series 2006-72, Class GO, PO, 8/25/2036		26			25
Series 2006-79, Class DO, PO, 8/25/2036		21			20
Series 2006-77, Class PC, 6.50%, 8/25/2036		36			42
Series 2006-110, PO, 11/25/2036		33			31
Series 2006-124, Class HB, 2.20%, 11/25/2036 (e)		51			52
Series 2007-14, Class ES, IF, IO, 6.35%, 3/25/2037 (e)		25			5
Series 2007-81, Class GE, 6.00%, 8/25/2037		63			73
Series 2007-79, Class SB, HB, IF, 23.68%, 8/25/2037 (e)		24			39
Series 2007-88, Class VI, IF, IO, 6.45%, 9/25/2037 (e)		63			14
Series 2007-91, Class ES, IF, IO, 6.37%, 10/25/2037 (e)		169			36
Series 2007-116, Class HI, IO, 1.49%, 1/25/2038 (e)		31			1
Series 2008-16, Class IS, IF, IO, 6.11%, 3/25/2038 (e)		8			1
Series 2008-10, Class XI, IF, IO, 6.14%, 3/25/2038 (e)		15			3
Series 2008-28, Class QS, HB, IF, 20.43%, 4/25/2038 (e)		19			28
Series 2008-46, Class HI, IO, 1.75%, 6/25/2038 (e)		28			2
Series 2013-25, Class DC, 2.50%, 6/25/2039		227			235
Series 2009-69, PO, 9/25/2039		32			29
Series 2009-103, Class MB, 2.22%, 12/25/2039 (e)		36			38
Series 2010-71, Class HJ, 5.50%, 7/25/2040		86			100
Series 2011-118, Class MT, 7.00%, 11/25/2041		102			124
Series 2011-118, Class NT, 7.00%, 11/25/2041		92			111
Series 2013-101, Class DO, PO, 10/25/2043		186			160
Series 2013-128, PO, 12/25/2043		160			141
Series 2019-65, Class PA, 2.50%, 5/25/2048		280			291
FNMA, REMIC Trust, Whole Loan
Series 2007-W7, Class 1A4, HB, IF, 38.63%, 7/25/2037 (e)		6			10
Series 2003-W4, Class 2A, 5.68%, 10/25/2042 (e)		12			14
Series 2003-W1, Class 1A1, 5.12%, 12/25/2042 (e)		64			70
FNMA, REMIC, Whole Loan Series 2007-106, Class A7, 6.25%, 10/25/2037 (e)		21			24
FNMA, STRIPS
Series 218, Class 2, IO, 7.50%, 4/25/2023		—	(f)		—	(f)
Series 300, Class 1, PO, 9/25/2024		9			9
Series 329, Class 1, PO, 1/25/2033		3			3
GNMA
Series 2003-24, PO, 3/16/2033		5			5
Series 2003-40, Class TJ, 6.50%, 3/20/2033		124			134
Series 2003-52, Class AP, PO, 6/16/2033		32			31
Series 2004-28, Class S, IF, 19.39%, 4/16/2034 (e)		9			13

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Series 2004-73, Class AE, IF, 14.65%, 8/17/2034 (e)		2			2
Series 2004-71, Class SB, HB, IF, 28.98%, 9/20/2034 (e)		15			24
Series 2004-90, Class SI, IF, IO, 6.00%, 10/20/2034 (e)		93			15
Series 2005-68, Class DP, IF, 16.19%, 6/17/2035 (e)		17			22
Series 2005-68, Class KI, IF, IO, 6.20%, 9/20/2035 (e)		167			35
Series 2006-38, Class ZK, 6.50%, 8/20/2036		278			313
Series 2006-59, Class SD, IF, IO, 6.60%, 10/20/2036 (e)		18			3
Series 2007-17, Class JI, IF, IO, 6.71%, 4/16/2037 (e)		71			16
Series 2007-27, Class SA, IF, IO, 6.10%, 5/20/2037 (e)		89			12
Series 2007-45, Class QA, IF, IO, 6.54%, 7/20/2037 (e)		74			11
Series 2007-40, Class SB, IF, IO, 6.65%, 7/20/2037 (e)		121			23
Series 2007-50, Class AI, IF, IO, 6.68%, 8/20/2037 (e)		61			2
Series 2007-53, Class ES, IF, IO, 6.45%, 9/20/2037 (e)		20			3
Series 2007-53, Class SW, IF, 19.91%, 9/20/2037 (e)		15			20
Series 2009-79, Class OK, PO, 11/16/2037		57			54
Series 2007-76, Class SA, IF, IO, 6.43%, 11/20/2037 (e)		39			5
Series 2007-72, Class US, IF, IO, 6.45%, 11/20/2037 (e)		38			5
Series 2009-106, Class ST, IF, IO, 5.90%, 2/20/2038 (e)		127			21
Series 2008-33, Class XS, IF, IO, 7.60%, 4/16/2038 (e)		28			5
Series 2008-40, Class SA, IF, IO, 6.30%, 5/16/2038 (e)		76			14
Series 2008-50, Class KB, 6.00%, 6/20/2038		96			111
Series 2008-55, Class SA, IF, IO, 6.10%, 6/20/2038 (e)		46			7
Series 2008-93, Class AS, IF, IO, 5.60%, 12/20/2038 (e)		52			7
Series 2009-6, Class SA, IF, IO, 6.00%, 2/16/2039 (e)		14			1
Series 2009-31, Class TS, IF, IO, 6.20%, 3/20/2039 (e)		46			3
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		23			5
Series 2009-22, Class SA, IF, IO, 6.17%, 4/20/2039 (e)		64			10
Series 2009-92, Class ZC, 5.00%, 10/20/2039		352			400
Series 2011-137, Class WA, 5.58%, 7/20/2040 (e)		163			192
Series 2010-105, Class B, 5.00%, 8/20/2040		454			520
Series 2010-130, Class CP, 7.00%, 10/16/2040		40			48
Series 2013-91, Class WA, 4.48%, 4/20/2043 (e)		338			375
Series 2012-H24, Class FA, 0.56%, 3/20/2060 (e)		5			5
Series 2013-H03, Class FA, 0.41%, 8/20/2060 (e)		—	(f)		—	(f)
Series 2012-H21, Class DF, 0.76%, 5/20/2061 (e)		2			2
Series 2012-H26, Class MA, 0.66%, 7/20/2062 (e)		1			1
Series 2012-H29, Class FA, 0.62%, 10/20/2062 (e)		310			311
Series 2014-H15, Class FA, 0.61%, 7/20/2064 (e)		545			548
Series 2014-H17, Class FC, 0.61%, 7/20/2064 (e)		453			454
Series 2015-H15, Class FJ, 0.55%, 6/20/2065 (e)		522			525
Series 2015-H18, Class FA, 0.56%, 6/20/2065 (e)		348			349
Series 2015-H20, Class FA, 0.58%, 8/20/2065 (e)		463			466
Series 2015-H26, Class FG, 0.63%, 10/20/2065 (e)		537			539
GSR Mortgage Loan Trust Series 2006-1F, Class 1A3, 5.50%, 2/25/2036		31			47
Impac Secured Assets CMN Owner Trust Series 2002-2, Class A, PO, 4/25/2033 ‡		1			—	(f)
JPMorgan Mortgage Trust
Series 2003-A1, Class 1A1, 1.95%, 10/25/2033 (e)		125			127
Series 2006-A2, Class 5A3, 2.52%, 11/25/2033 (e)		30			30
Series 2006-A2, Class 4A1, 2.74%, 8/25/2034 (e)		9			10
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 2.70%, 4/21/2034 (e)		28			28
Series 2004-3, Class 4A2, 2.25%, 4/25/2034 (e)		7			7
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		1			1
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		53			53
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		64			67
Series 2004-7, Class 30, PO, 8/25/2034 ‡		6			5
Series 2005-6, Class 3A1, 5.50%, 12/25/2035		13			12

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
MASTR Resecuritization Trust Series 2005-PO, Class 3, PO, 5/28/2035 ‡ (a)		6			5
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 0.71%, 10/25/2028 (e)		63			64
Series 2004-A, Class A1, 0.55%, 4/25/2029 (e)		21			20
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (e)		28			28
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		2			2
Series 2003-A1, Class A2, 6.00%, 5/25/2033		8			8
RALI Trust
Series 2002-QS16, Class A3, IF, 16.43%, 10/25/2017 (e)		—	(f)		—	(f)
Series 2003-QS9, Class A3, IF, IO, 7.46%, 5/25/2018 ‡ (e)		1			—	(f)
Reperforming Loan REMIC Trust Series 2005-R1, Class 2A, PO, 3/25/2035 ‡ (a)		41			29
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT, 3.50%, 7/25/2058 ‡		445			486
Series 2019-3, Class M55D, 4.00%, 10/25/2058 ‡		79			88
Series 2019-4, Class M55D, 4.00%, 2/25/2059		279			308
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028		334			351
Vendee Mortgage Trust
Series 1993-1, Class ZB, 7.25%, 2/15/2023		39			41
Series 1994-1, Class 1, 5.15%, 2/15/2024 (e)		34			36
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		85			95
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		27			31
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		125			141
Series 1998-1, Class 2E, 7.00%, 3/15/2028		31			34
VOLT C LLC Series 2021-NPL9, Class A1, 1.99%, 5/25/2051 (a) (g)		93			93
VOLT CI LLC Series 2021-NP10, Class A1, 1.99%, 5/25/2051 (a) (g)		95			95
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (a) (g)		87			86
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (a) (g)		120			120
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (a) (g)		89			89
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (a) (g)		126			126
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (a) (g)		137			137
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR5, Class A7, 2.58%, 6/25/2033 (e)		26			26
Series 2004-AR3, Class A2, 2.60%, 6/25/2034 (e)		13			14
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB7, 5.50%, 6/25/2035		81			82
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2003-MS7, Class P, PO, 3/25/2033 ‡		—	(f)		—	(f)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $16,270)					17,330
MORTGAGE-BACKED SECURITIES — 10.0%
FHLMC
Pool # 785618, ARM, 2.50%, 7/1/2026 (e)		6			6
Pool # 611141, ARM, 2.23%, 1/1/2027 (e)		6			6
Pool # 1B2656, ARM, 2.29%, 12/1/2034 (e)		8			8
Pool # 1G2557, ARM, 2.45%, 6/1/2036 (e)		48			51
Pool # 1A1085, ARM, 1.97%, 8/1/2036 (e)		51			53
Pool # 1B7242, ARM, 2.47%, 9/1/2036 (e)		37			40
Pool # 1Q0105, ARM, 2.60%, 9/1/2036 (e)		17			18
Pool # 1Q0737, ARM, 2.33%, 11/1/2036 (e)		19			19
Pool # 1N1511, ARM, 1.91%, 1/1/2037 (e)		26			26
Pool # 1J1543, ARM, 2.48%, 2/1/2037 (e)		5			5
Pool # 1Q0739, ARM, 2.15%, 3/1/2037 (e)		20			21

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Pool # 1Q0722, ARM, 2.46%, 4/1/2038 (e)		21			23
FHLMC Gold Pools, 15 Year Pool # G12825, 6.50%, 3/1/2022		—	(f)		—	(f)
FHLMC Gold Pools, 20 Year Pool # C90985, 6.50%, 8/1/2026		5			6
FHLMC Gold Pools, 30 Year
Pool # G00245, 8.00%, 8/1/2024		1			1
Pool # C00376, 8.00%, 11/1/2024		—	(f)		—	(f)
Pool # C00414, 7.50%, 8/1/2025		1			2
Pool # C00452, 7.00%, 4/1/2026		2			2
Pool # G00981, 8.50%, 7/1/2028		4			4
Pool # A17537, 6.00%, 1/1/2034		20			24
Pool # G02682, 7.00%, 2/1/2037		17			20
Pool # Q58054, 4.50%, 11/1/2046		186			206
FHLMC Gold Pools, Other
Pool # G20027, 10.00%, 10/1/2030		3			4
Pool # U80336, 3.50%, 5/1/2033		347			371
Pool # U90690, 3.50%, 6/1/2042		147			160
Pool # U90975, 4.00%, 6/1/2042		123			135
Pool # U91427, 3.50%, 5/1/2043		451			492
FNMA
Pool # 54844, ARM, 2.25%, 9/1/2027 (e)		2			2
Pool # 303532, ARM, 3.91%, 3/1/2029 (e)		1			1
Pool # 745446, ARM, 2.42%, 4/1/2033 (e)		22			23
Pool # 746299, ARM, 2.39%, 9/1/2033 (e)		38			40
Pool # 743546, ARM, 1.99%, 11/1/2033 (e)		36			37
Pool # 735332, ARM, 2.32%, 8/1/2034 (e)		40			41
Pool # 790964, ARM, 2.27%, 9/1/2034 (e)		15			15
Pool # 896463, ARM, 2.63%, 10/1/2034 (e)		38			40
Pool # 810896, ARM, 1.76%, 1/1/2035 (e)		24			25
Pool # 816361, ARM, 1.82%, 1/1/2035 (e)		89			91
Pool # 816594, ARM, 1.80%, 2/1/2035 (e)		15			15
Pool # 816597, ARM, 1.92%, 2/1/2035 (e)		11			11
Pool # 745862, ARM, 2.40%, 4/1/2035 (e)		23			24
Pool # 843026, ARM, 1.78%, 9/1/2035 (e)		38			40
Pool # 832801, ARM, 2.08%, 9/1/2035 (e)		39			40
Pool # 920340, ARM, 2.75%, 2/1/2036 (e)		22			22
Pool # 886558, ARM, 2.40%, 8/1/2036 (e)		9			9
Pool # 893424, ARM, 2.18%, 9/1/2036 (e)		25			26
Pool # 913984, ARM, 1.71%, 2/1/2037 (e)		13			13
Pool # 915645, ARM, 2.28%, 2/1/2037 (e)		36			38
Pool # 887094, ARM, 2.41%, 7/1/2046 (e)		46			49
FNMA UMBS, 15 Year Pool # 995381, 6.00%, 1/1/2024		7			7
FNMA UMBS, 20 Year Pool # 254305, 6.50%, 5/1/2022		3			4
FNMA UMBS, 30 Year
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			1
Pool # 303031, 7.50%, 10/1/2024		—	(f)		1
Pool # 308499, 8.50%, 5/1/2025		—	(f)		—	(f)
Pool # 695533, 8.00%, 6/1/2027		5			6
Pool # 313687, 7.00%, 9/1/2027		1			1
Pool # 755973, 8.00%, 11/1/2028		7			8
Pool # 598559, 6.50%, 8/1/2031		11			13
Pool # 995409, 8.00%, 11/1/2032		93			109
Pool # 675555, 6.00%, 12/1/2032		13			15
Pool # 674349, 6.00%, 3/1/2033		9			10
Pool # 702901, 6.00%, 5/1/2033		31			37
Pool # 721535, 5.00%, 7/1/2033		52			60
Pool # 723852, 5.00%, 7/1/2033		15			17
Pool # 729296, 5.00%, 7/1/2033		37			42

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Pool # 713700, 4.50%, 8/1/2033		21			23
Pool # 737825, 6.00%, 9/1/2033		8			9
Pool # 725027, 5.00%, 11/1/2033		32			36
Pool # 725017, 5.50%, 12/1/2033		33			38
Pool # AA0922, 6.00%, 9/1/2036		43			50
Pool # 986648, 6.00%, 9/1/2037		22			26
Pool # AD9151, 5.00%, 8/1/2040		96			108
Pool # BM3375, 4.00%, 1/1/2048		219			239
Pool # BK8753, 4.50%, 6/1/2049		256			279
Pool # BP6363, 3.00%, 4/1/2050		413			435
FNMA, 30 Year
Pool # 252409, 6.50%, 3/1/2029		8			8
Pool # 752786, 6.00%, 9/1/2033		10			11
FNMA, Other
Pool # AL0569, 4.45%, 6/1/2021 (e)		92			92
Pool # AM8317, 2.96%, 3/1/2025		179			193
Pool # AN2309, 2.21%, 7/1/2026		454			481
Pool # AM6381, 3.29%, 8/1/2026		987			1,088
Pool # AM7515, 3.34%, 2/ 1/2027		500			555
Pool # BL1211, 4.01%, 2/1/2027		195			223
Pool # BL1040, 3.81%, 12/1/2028		150			174
Pool # BL0907, 3.88%, 12/1/2028		300			347
Pool # AM6892, 3.76%, 9/1/2029		224			257
Pool # BM4162, 3.20%, 10/1/2029 (e)		294			328
Pool # BL4333, 2.52%, 11/1/2029		397			425
Pool # 888408, 6.00%, 3/1/2037		19			21
Pool # 257172, 5.50%, 4/1/2038		7			8
Pool # MA1125, 4.00%, 7/1/2042		208			227
FNMA/FHLMC UMBS, Single Family, 15 Year TBA, 2.00%, 7/25/2036 (h)		40			41
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.00%, 7/25/2051 (h)		75			76
TBA, 2.50%, 8/25/2051 (h)		5			5
GNMA I, 30 Year
Pool # 352108, 7.00%, 8/15/2023		—	(f)		—	(f)
Pool # 363030, 7.00%, 9/15/2023		8			9
Pool # 352022, 7.00%, 11/15/2023		1			1
Pool # 366706, 6.50%, 1/15/2024		4			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		31			34
Pool # 486537, 7.50%, 9/15/2028		2			2
Pool # 466406, 6.00%, 11/15/2028		11			13
Pool # 607645, 6.50%, 2/15/2033		8			9
Pool # 781614, 7.00%, 6/15/2033		13			16
Pool # 782615, 7.00%, 6/15/2035		35			41
Pool # 782025, 6.50%, 12/15/2035		45			53
Pool # 681638, 6.00%, 12/15/2038		65			73
GNMA II, 30 Year
Pool # 1974, 8.50%, 3/20/2025		—	(f)		—	(f)
Pool # 1989, 8.50%, 4/20/2025		1			2
Pool # 2006, 8.50%, 5/20/2025		2			2
Pool # 2141, 8.00%, 12/20/2025		—	(f)		—	(f)
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

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
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		10			11
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		2			2
Pool # 4245, 6.00%, 9/20/2038		50			58
Pool # BA7567, 4.50%, 5/20/2048		152			164
Pool # BI0416, 4.50%, 11/20/2048		195			211
Pool # BM9692, 4.50%, 7/20/2049		141			152
Pool # BQ3224, 4.50%, 9/20/2049		472			523
Pool # MA7136, 2.50%, 1/20/2051		133			138
GNMA II, Other Pool # AD0860, 3.50%, 11/20/2033		346			369
TOTAL MORTGAGE-BACKED SECURITIES (Cost $9,707)					10,345
COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.8%
20 Times Square Trust Series 2018-20TS, Class A, 3.10%, 5/15/2035 (a) (e)		145			148
Commercial Mortgage Trust Series 2015-CR25, Class A4, 3.76%, 8/10/2048		281			311
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KF12, Class A, 0.81%, 9/25/2022 (e)		9			9
Series KSMC, Class A2, 2.62%, 1/25/2023		500			519
Series KL3L, Class ALNZ, 3.32%, 4/25/2025 (e)		500			544
Series KLU2, Class A7, 2.23%, 9/25/2025 (e)		350			368
Series K737, Class AM, 2.10%, 10/25/2026		305			321
Series K069, Class A2, 3.19%, 9/25/2027 (e)		500			558
Series K081, Class A1, 3.88%, 2/25/2028		111			125
Series K083, Class A2, 4.05%, 9/25/2028 (e)		297			350
Series K088, Class A2, 3.69%, 1/25/2029		480			554
FNMA ACES
Series 2015-M17, Class FA, 1.05%, 11/25/2022 (e)		120			120
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (e)		448			478
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (e)		565			604
Series 2015-M7, Class A2, 2.59%, 12/25/2024		676			716
Series 2018-M2, Class A2, 2.90%, 1/25/2028 (e)		500			550
Series 2018-M13, Class A1, 3.70%, 3/25/2030 (e)		219			249
Series 2020-M50, Class A1, 0.67%, 10/25/2030		482			473
Series 2020-M50, Class A2, 1.20%, 10/25/2030		165			163
Series 2020-M50, Class X1, IO, 1.92%, 10/25/2030 (e)		2,802			316
Series 2021-M11, Class A2, 1.46%, 3/25/2031 (e)		117			115
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		25			24
Series 2021-M3, Class X1, IO, 2.01%, 11/25/2033 (e)		115			16
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			117
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4, 3.53%, 5/10/2063		104			106
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $7,566)					8,063
ASSET-BACKED SECURITIES — 7.6%
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023 (a)		34			34
Ally Auto Receivables Trust
Series 2018-2, Class A3, 2.92%, 11/15/2022		27			27
Series 2019-1, Class A3, 2.91%, 9/15/2023		37			38

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
American Airlines Pass-Through Trust Series 2016-3, Class AA, 3.00%, 10/15/2028		65		66
American Credit Acceptance Receivables Trust
Series 2019-4, Class B, 2.43%, 10/12/2023 (a)		80		80
Series 2020-3, Class A, 0.62%, 10/13/2023 (a)		32		32
Series 2021-1, Class A, 0.35%, 5/13/2024 (a)		50		50
American Express Credit Account Master Trust Series 2019-1, Class A, 2.87%, 10/15/2024		135		138
AmeriCredit Automobile Receivables Trust
Series 2018-2, Class A3, 3.15%, 3/20/2023		20		20
Series 2019-1, Class A3, 2.97%, 11/20/2023		30		30
Series 2019-2, Class A3, 2.28%, 1/18/2024		181		183
Series 2020-1, Class A3, 1.11%, 8/19/2024		70		70
Series 2020-2, Class A3, 0.66%, 12/18/2024		21		21
Series 2021-1, Class A3, 0.37%, 8/18/2025		86		87
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		105
BA Credit Card Trust
Series 2019-A1, Class A1, 1.74%, 1/15/2025		230		234
Series 2020-A1, Class A1, 0.34%, 5/15/2026		88		88
British Airways Pass-Through Trust (United Kingdom) Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		56		59
CarMax Auto Owner Trust
Series 2018-2, Class A3, 2.98%, 1/17/2023		32		32
Series 2018-3, Class A3, 3.13%, 6/15/2023		92		93
Series 2019-1, Class A3, 3.05%, 3/15/2024		145		148
Series 2020-1, Class A3, 1.89%, 12/16/2024		87		89
Series 2020-3, Class A3, 0.62%, 3/17/2025		85		85
Series 2021-1, Class A3, 0.34%, 12/15/2025		41		41
CoreVest American Finance Trust Series 2019-3, Class A, 2.71%, 10/15/2052 (a)		85		89
CPS Auto Receivables Trust
Series 2020-A, Class A, 2.09%, 5/15/2023 (a)		13		13
Series 2021-B, Class B, 0.81%, 12/15/2025 (a)		100		100
Credit Acceptance Auto Loan Trust
Series 2019-3A, Class A, 2.38%, 11/15/2028 (a)		250		256
Series 2020-1A, Class A, 2.01%, 2/15/2029 (a)		250		255
Series 2021-2A, Class A, 0.96%, 2/15/2030 (a)		250		251
Drive Auto Receivables Trust
Series 2020-1, Class A3, 2.02%, 11/15/2023		25		25
Series 2021-1, Class A3, 0.44%, 11/15/2024		49		50
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
Series 2021-1A, Class B, 0.62%, 9/15/2025 (a)		20		20
Exeter Automobile Receivables Trust
Series 2020-1A, Class A, 2.05%, 6/15/2023 (a)		4		4
Series 2020-3A, Class B, 0.79%, 9/16/2024		40		40
Series 2021-1A, Class B, 0.50%, 2/18/2025		78		78
Series 2021-2A, Class B, 0.57%, 9/15/2025		55		55
Federal Express Corp. Pass-Through Trust Series 1998, 6.72%, 1/15/2022		27		28
First Investors Auto Owner Trust
Series 2019-1A, Class A, 2.89%, 3/15/2024 (a)		12		12
Series 2021-1A, Class A, 0.45%, 3/16/2026 (a)		36		36
Flagship Credit Auto Trust
Series 2020-4, Class A, 0.53%, 4/15/2025 (a)		212		212
Series 2019-4, Class C, 2.77%, 12/15/2025 (a)		105		109
Ford Credit Auto Lease Trust
Series 2020-A, Class A3, 1.85%, 3/15/2023		55		55
Series 2020-B, Class A4, 0.69%, 10/15/2023		47		47
Series 2021-A, Class A3, 0.26%, 2/15/2024		72		73
FREED ABS Trust Series 2020-FP1, Class A, 2.52%, 3/18/2027 (a)		24		24
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (e)		13		12
GLS Auto Receivables Issuer Trust Series 2020-4A, Class A, 0.52%, 2/15/2024 (a)		55		55

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
GM Financial Consumer Automobile Receivables Trust
Series 2018-2, Class A3, 2.81%, 12/16/2022		30		31
Series 2021-1, Class A3, 0.35%, 10/16/2025		34		34
GM Financial Leasing Trust Series 2021-1, Class A4, 0.33%, 2/20/2025		78		78
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (a)		13		14
Honda Auto Receivables Owner Trust
Series 2018-2, Class A3, 3.01%, 5/18/2022		13		13
Series 2019-4, Class A3, 1.83%, 1/18/2024		180		183
Hyundai Auto Lease Securitization Trust
Series 2019-A, Class A3, 2.98%, 7/15/2022 (a)		19		19
Series 2020-B, Class A3, 0.51%, 9/15/2023 (a)		135		135
Hyundai Auto Receivables Trust Series 2018-A, Class A3, 2.79%, 7/15/2022		4		4
LV Tower 52 Issuer Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (a)		525		530
Mercedes-Benz Auto Lease Trust
Series 2019-B, Class A3, 2.00%, 10/17/2022		45		45
Series 2020-A, Class A3, 1.84%, 12/15/2022		68		68
Series 2021-A, Class A3, 0.25%, 1/16/2024		59		59
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024 (a)		53		53
Santander Consumer Auto Receivables Trust Series 2021-AA, Class A3, 0.33%, 10/15/2025 (a)		35		35
Santander Drive Auto Receivables Trust
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 2021-1, Class B, 0.50%, 4/15/2025		146		147
Series 2020-4, Class C, 1.01%, 1/15/2026		50		50
Series 2021-2, Class C, 0.90%, 6/15/2026		74		74
Santander Retail Auto Lease Trust Series 2019-A, Class A3, 2.77%, 6/20/2022 (a)		148		149
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 5.74%, 1/25/2036 ‡ (g)		23		24
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		39		39
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		260		262
Tesla Auto Lease Trust Series 2019-A, Class A3, 2.16%, 10/20/2022 (a)		168		171
Toyota Auto Receivables Owner Trust
Series 2020-A, Class A2, 1.67%, 11/15/2022		74		75
Series 2020-A, Class A3, 1.66%, 5/15/2024		180		183
Series 2021-A, Class A3, 0.26%, 5/15/2025		131		131
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		98		101
Series 2018-1, Class A, 3.70%, 3/1/2030		110		112
United Auto Credit Securitization Trust
Series 2021-1, Class A, 0.34%, 7/10/2023 (a)		41		41
Series 2021-1, Class C, 0.84%, 6/10/2026 (a)		70		70
US Auto Funding LLC Series 2019-1A, Class B, 3.99%, 12/15/2022 (a)		63		64
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		36		36
Westlake Automobile Receivables Trust
Series 2020-2A, Class A2A, 0.93%, 2/15/2024 (a)		73		73
Series 2020-3A, Class B, 0.78%, 11/17/2025 (a)		90		91
World Financial Network Credit Card Master Trust Series 2018-B, Class A, 3.46%, 7/15/2025		156		157
World Omni Auto Receivables Trust
Series 2020-A, Class A3, 1.70%, 1/17/2023		130		132
Series 2017-B, Class A3, 1.95%, 2/15/2023		16		16
Series 2021-A, Class A3, 0.30%, 1/15/2026		123		123
World Omni Automobile Lease Securitization Trust
Series 2019-A, Class A3, 2.94%, 5/16/2022		40		40
Series 2020-B, Class A4, 0.52%, 2/17/2026		60		60

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
World Omni Select Auto Trust Series 2020-A, Class A3, 0.55%, 7/15/2025		60		60
TOTAL ASSET-BACKED SECURITIES (Cost $7,765)				7,845
U.S. GOVERNMENT AGENCY SECURITIES — 0.1%
Resolution Funding Corp. STRIPS DN, 3.22%, 1/15/2026 (d) (Cost $53)		60		57
	Shares (000)
SHORT-TERM INVESTMENTS — 1.9%
INVESTMENT COMPANIES — 1.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (i) (j) (Cost $1,982)		1,981		1,982
Total Investments — 99.8% (Cost $98,962)				103,069
Other Assets Less Liabilities — 0.2%				173
Net Assets — 100.0%				103,242

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 May 31, 2021.
DN	Discount Notes
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

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited) (continued)

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, 2021. 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 May 31, 2021.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	The rate shown is the effective yield as of May 31, 2021.
(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, 2021.
(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, 2021.
(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, 2021.
‡	Value determined using significant unobservable inputs.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited)

(Dollar values in thousands)

A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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 May 31, 2021.

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.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2021 (Unaudited)

(Dollar values in thousands)

The following table represents each valuation input as presented on the Schedule of Portfolio Investments :

	Level 1 Quoted prices		Level 2 Other  significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	7,279	$	566	$	7,845
Collateralized Mortgage Obligations		—		16,710		620		17,330
Commercial Mortgage-Backed Securities		—		8,063		—		8,063
Corporate Bonds		—		32,700		—		32,700
Mortgage-Backed Securities		—		10,345		—		10,345
U.S. Government Agency Securities		—		57		—		57
U.S. Treasury Obligations		—		24,747		—		24,747
Short-Term Investments
Investment Companies		1,982		—		—		1,982
Total Investments in Securities	$	1,982	$	99,901	$	1,186	$	103,069

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

	Balance as of February 28, 2021		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, 2021
Investments in Securities:
Asset-Backed Securities	$	894	$	—	$	(2	)	$	—	(a)	$	—		$	(326	)	$	—	$	—	$	566
Collateralized Mortgage Obligations		654		—		(2	)		—	(a)		—	(a)		(32	)		—		—		620
Total	$	1,548	$	—	$	(4	)	$	—	(a)	$	—	(a)	$	(358	)	$	—	$	—	$	1,186

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, 2021, which were valued using significant unobservable inputs (level 3), amounted to $(3).

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed below. 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.

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at May 31, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	35	Discounted Cash Flow	Constant Prepayment Rate		3.60% - 4.20% (4.00%)
				Constant Default Rate		1.58% - 4.92% (2.70%)
				Yield (Discount Rate of Cash Flows)		3.15% - 3.53% (3.40%)
Asset-Backed Securities		35
		616	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (93.74%)
				Constant Default Rate		0.00% - 2.90% (0.16%)
				Yield (Discount Rate of Cash Flows)		1.39% - 8.07% (2.05%)
Collateralized Mortgage Obligations		616
Total	$	651

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At May 31, 2021, the value of these investments was $535. 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. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below.

For the period ended May 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at May 31, 2021		Shares at May 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	3,631	$	5,244	$	6,893	$	—	(c)	$	—	(c)	$	1,982		1,981	$	—	(c)	$	—

(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, 2021.

(c) Amount rounds to less than one thousand.