NPORT-EX 2 JPM_IBT.htm PART F EDGAR HTML
JPMorgan Intermediate Bond Trust
Schedule of Portfolio Investments as of November 30, 2022
(Unaudited) 
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2022.
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Treasury Obligations — 37.0%
U.S. Treasury Bonds
 
 
6.13%, 8/15/2029
  500
   568
1.13%, 5/15/2040
  750
   480
U.S. Treasury Notes
 
 
0.13%, 6/30/2023
  600
   584
0.88%, 1/31/2024
2,000
 1,915
1.50%, 2/15/2025
  500
   471
1.13%, 2/28/2025
1,500
 1,400
0.25%, 7/31/2025
1,600
 1,445
2.25%, 11/15/2025
  500
   474
0.75%, 5/31/2026
3,000
 2,682
1.13%, 10/31/2026
3,000
 2,694
0.38%, 9/30/2027
580
492
0.50%, 10/31/2027
2,500
2,128
1.25%, 3/31/2028
2,000
1,753
1.25%, 9/30/2028
3,000
2,601
3.13%, 11/15/2028
1,600
1,540
2.88%, 5/15/2032
5,000
4,687
U.S. Treasury STRIPS Bonds
 
 
2.32%, 8/15/2023 (a)
1,890
1,832
2.73%, 2/15/2024 (a)
1,206
1,144
2.40%, 5/15/2024 (a)
200
188
3.22%, 5/15/2025 (a)
200
181
2.55%, 5/15/2026 (a)
200
174
3.85%, 8/15/2026 (a)
47
40
4.08%, 11/15/2026 (a)
300
257
3.15%, 2/15/2027 (a)
100
85
4.34%, 8/15/2027 (a)
100
83
4.46%, 11/15/2027 (a)
140
116
3.33%, 2/15/2028 (a)
53
43
2.70%, 5/15/2028 (a)
10
8
3.55%, 8/15/2028 (a)
200
160
Total U.S. Treasury Obligations
(Cost $31,833)
 
30,225
Corporate Bonds — 24.4%
Aerospace & Defense — 1.1%
Boeing Co. (The)
 
 
1.43%, 2/4/2024
70
67
4.88%, 5/1/2025
54
54
2.20%, 2/4/2026
86
78
3.10%, 5/1/2026
250
233
L3Harris Technologies, Inc. 3.85%, 12/15/2026
70
67
Leidos, Inc. 2.30%, 2/15/2031
100
78
Northrop Grumman Corp. 2.93%, 1/15/2025
150
144
Raytheon Technologies Corp. 4.13%, 11/16/2028
100
97
Textron, Inc. 3.00%, 6/1/2030
100
85
 
 
903
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Auto Components — 0.0% ^
Lear Corp. 2.60%, 1/15/2032
   14
    11
Automobiles — 0.5%
General Motors Co. 6.13%, 10/1/2025
   50
    51
Mercedes-Benz Finance North America LLC (Germany) 2.13%, 3/10/2025  (b)
  150
   140
Nissan Motor Co. Ltd. (Japan) 4.35%, 9/17/2027  (b)
  200
   180
 
 
371
Banks — 3.4%
Bank of America Corp.
 
 
3.30%, 1/11/2023
   90
    90
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (c)
   42
    42
(SOFR + 0.67%), 1.84%, 2/4/2025 (c)
  154
   147
(SOFR + 1.15%), 1.32%, 6/19/2026 (c)
60
54
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (c)
250
228
Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (c)
250
203
Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024
150
146
Citigroup, Inc.
 
 
4.40%, 6/10/2025
115
113
4.45%, 9/29/2027
50
48
(SOFR + 1.15%), 2.67%, 1/29/2031 (c)
350
291
Citizens Financial Group, Inc. 2.64%, 9/30/2032
50
37
Fifth Third Bancorp 2.38%, 1/28/2025
64
60
HSBC Holdings plc (United Kingdom)
 
 
(SOFR + 0.71%), 0.98%, 5/24/2025 (c)
200
184
(SOFR + 1.29%), 1.59%, 5/24/2027 (c)
200
171
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027
250
233
Mitsubishi UFJ Financial Group, Inc. (Japan) 2.19%, 2/25/2025
225
211
Societe Generale SA (France) 4.25%, 4/14/2025  (b)
200
191
US Bancorp Series X, 3.15%, 4/27/2027
68
64
Wells Fargo & Co.
 
 
3.00%, 2/19/2025
99
95
4.10%, 6/3/2026
21
21
4.30%, 7/22/2027
30
29
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (c)
170
158
 
 
2,816
Beverages — 0.3%
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.75%, 1/23/2029
165
165
Constellation Brands, Inc. 2.88%, 5/1/2030
11
10
Keurig Dr Pepper, Inc. 4.42%, 5/25/2025
18
18
PepsiCo, Inc. 1.63%, 5/1/2030
33
27
 
 
220
Biotechnology — 0.4%
AbbVie, Inc. 4.25%, 11/14/2028
100
98
Amgen, Inc.
 
 
1.65%, 8/15/2028
43
37
3.35%, 2/22/2032
35
31
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Biotechnology — continued
Biogen, Inc. 2.25%, 5/1/2030
   40
    33
Gilead Sciences, Inc.
 
 
3.50%, 2/1/2025
   25
    24
3.65%, 3/1/2026
   57
    55
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030
   28
    22
 
 
300
Capital Markets — 1.7%
Blackstone Secured Lending Fund 3.65%, 7/14/2023
   55
    54
Brookfield Finance, Inc. (Canada) 4.85%, 3/29/2029
   47
    45
Deutsche Bank AG (Germany) (SOFR + 1.72%), 3.04%, 5/28/2032  (c)
  150
   113
Goldman Sachs Group, Inc. (The)
 
 
(SOFR + 0.82%), 1.54%, 9/10/2027 (c)
150
130
(SOFR + 1.11%), 2.64%, 2/24/2028 (c)
80
71
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)
149
139
Invesco Finance plc 3.75%, 1/15/2026
125
120
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025  (b)
100
98
Morgan Stanley
 
 
(SOFR + 0.47%), 4.29%, 11/10/2023 (c)
83
83
(SOFR + 0.88%), 1.59%, 5/4/2027 (c)
127
112
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (c)
150
139
(SOFR + 1.03%), 1.79%, 2/13/2032 (c)
90
69
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032  (c)
17
15
S&P Global, Inc. 2.90%, 3/1/2032  (b)
44
38
UBS Group AG (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.75%, 2/11/2033  (b) (c)
200
156
 
 
1,382
Chemicals — 0.3%
International Flavors & Fragrances, Inc. 1.83%, 10/15/2027  (b)
40
33
LYB International Finance III LLC 2.25%, 10/1/2030
75
60
PPG Industries, Inc. 1.20%, 3/15/2026
37
33
RPM International, Inc. 2.95%, 1/15/2032
17
13
Sherwin-Williams Co. (The) 3.30%, 2/1/2025
110
106
 
 
245
Commercial Services & Supplies — 0.2%
Republic Services, Inc. 3.38%, 11/15/2027
200
188
Construction & Engineering — 0.1%
Quanta Services, Inc.
 
 
2.90%, 10/1/2030
21
18
2.35%, 1/15/2032
69
53
 
 
71
Construction Materials — 0.1%
Martin Marietta Materials, Inc. 3.45%, 6/1/2027
78
72
Consumer Finance — 1.1%
AerCap Ireland Capital DAC (Ireland) 4.13%, 7/3/2023
200
198
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Consumer Finance — continued
Avolon Holdings Funding Ltd. (Ireland)
 
 
3.95%, 7/1/2024 (b)
  120
   114
4.25%, 4/15/2026 (b)
   90
    82
2.53%, 11/18/2027 (b)
  334
   270
Capital One Financial Corp. (SOFR + 1.37%), 4.17%, 5/9/2025  (c)
   42
    41
General Motors Financial Co., Inc. 2.35%, 1/8/2031
  200
   155
 
 
860
Containers & Packaging — 0.2%
Graphic Packaging International LLC 1.51%, 4/15/2026  (b)
   41
    36
Packaging Corp. of America 3.00%, 12/15/2029
  100
    86
WRKCo, Inc. 3.00%, 9/15/2024
   80
    77
 
 
199
Diversified Financial Services — 0.3%
Corebridge Financial, Inc. 3.65%, 4/5/2027  (b)
80
75
Element Fleet Management Corp. (Canada) 1.60%, 4/6/2024  (b)
10
10
Private Export Funding Corp. Series KK, 3.55%, 1/15/2024
200
197
 
 
282
Diversified Telecommunication Services — 0.0% ^
Verizon Communications, Inc. 2.10%, 3/22/2028
25
22
Electric Utilities — 2.2%
American Electric Power Co., Inc. 2.30%, 3/1/2030
100
82
Commonwealth Edison Co. Series 122, 2.95%, 8/15/2027
200
185
Duke Energy Corp. 3.75%, 4/15/2024
150
148
Duquesne Light Holdings, Inc.
 
 
2.53%, 10/1/2030 (b)
51
40
2.78%, 1/7/2032 (b)
14
11
Edison International 4.13%, 3/15/2028
50
46
Entergy Mississippi LLC 2.85%, 6/1/2028
186
166
Evergy Metro, Inc. 3.15%, 3/15/2023
47
47
Fells Point Funding Trust 3.05%, 1/31/2027  (b)
200
182
ITC Holdings Corp. 2.95%, 5/14/2030  (b)
39
33
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027
89
84
Niagara Mohawk Power Corp.
 
 
3.51%, 10/1/2024 (b)
28
27
1.96%, 6/27/2030 (b)
29
23
NRG Energy, Inc. 2.45%, 12/2/2027  (b)
37
32
OGE Energy Corp. 0.70%, 5/26/2023
18
18
Pacific Gas and Electric Co.
 
 
3.25%, 2/16/2024
100
97
4.55%, 7/1/2030
75
68
Pennsylvania Electric Co. 3.25%, 3/15/2028  (b)
132
120
PG&E Recovery Funding LLC Series A-1, 5.05%, 7/15/2032
74
74
PG&E Wildfire Recovery Funding LLC Series A-2, 4.26%, 6/1/2036
83
78
SCE Recovery Funding LLC Series A-2, 1.94%, 5/15/2038
25
18
Southern Co. (The) Series 21-B, 1.75%, 3/15/2028
167
140
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Electric Utilities — continued
Virginia Electric and Power Co. 3.45%, 2/15/2024
   21
    21
Vistra Operations Co. LLC 4.88%, 5/13/2024  (b)
  100
    98
 
 
1,838
Electrical Equipment — 0.2%
Eaton Corp. 3.10%, 9/15/2027
  140
   131
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
 
 
4.50%, 3/1/2023
   16
    16
3.88%, 1/12/2028
  100
    92
 
 
108
Energy Equipment & Services — 0.1%
Schlumberger Investment SA 2.65%, 6/26/2030
94
82
Entertainment — 0.1%
Take-Two Interactive Software, Inc. 3.70%, 4/14/2027
22
21
Walt Disney Co. (The) 7.70%, 10/30/2025
50
54
 
 
75
Equity Real Estate Investment Trusts (REITs) — 2.3%
Alexandria Real Estate Equities, Inc. 2.00%, 5/18/2032
30
23
American Tower Corp.
 
 
5.00%, 2/15/2024
38
38
1.45%, 9/15/2026
72
63
1.50%, 1/31/2028
68
56
AvalonBay Communities, Inc.
 
 
3.35%, 5/15/2027
28
26
2.45%, 1/15/2031
100
83
Boston Properties LP 3.20%, 1/15/2025
152
146
Brixmor Operating Partnership LP
 
 
3.85%, 2/1/2025
50
48
2.25%, 4/1/2028
10
8
Corporate Office Properties LP 2.00%, 1/15/2029
26
20
Crown Castle, Inc. 2.25%, 1/15/2031
72
58
Equinix, Inc. 2.00%, 5/15/2028
37
31
Essex Portfolio LP 1.65%, 1/15/2031
53
40
Extra Space Storage LP 2.35%, 3/15/2032
100
76
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028  (b)
52
47
Healthcare Realty Holdings LP
 
 
3.10%, 2/15/2030
68
57
2.00%, 3/15/2031
29
22
Healthpeak Properties, Inc.
 
 
3.40%, 2/1/2025
3
3
2.13%, 12/1/2028
28
24
Kilroy Realty LP 2.65%, 11/15/2033
70
50
Life Storage LP 2.20%, 10/15/2030
25
19
Mid-America Apartments LP
 
 
4.20%, 6/15/2028
50
47
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
1.70%, 2/15/2031
   36
    28
Office Properties Income Trust
 
 
2.65%, 6/15/2026
   17
    13
2.40%, 2/1/2027
   70
    51
3.45%, 10/15/2031
   29
    19
Physicians Realty LP 2.63%, 11/1/2031
   37
    29
Public Storage 2.25%, 11/9/2031
   36
    29
Realty Income Corp. 3.65%, 1/15/2028
  150
   141
Sabra Health Care LP 3.20%, 12/1/2031
   52
    39
Safehold Operating Partnership LP 2.80%, 6/15/2031
   88
    68
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025  (b)
  150
   143
SITE Centers Corp. 3.63%, 2/1/2025
12
11
UDR, Inc. 2.10%, 8/1/2032
48
36
Ventas Realty LP
 
 
3.75%, 5/1/2024
44
43
3.50%, 2/1/2025
27
26
4.13%, 1/15/2026
17
16
3.25%, 10/15/2026
45
42
Welltower, Inc. 4.50%, 1/15/2024
100
99
WP Carey, Inc.
 
 
2.40%, 2/1/2031
12
9
2.25%, 4/1/2033
100
74
 
 
1,901
Food & Staples Retailing — 0.2%
7-Eleven, Inc. 1.30%, 2/10/2028  (b)
80
67
Alimentation Couche-Tard, Inc. (Canada) 3.55%, 7/26/2027  (b)
50
46
CVS Pass-Through Trust 5.93%, 1/10/2034  (b)
37
37
 
 
150
Food Products — 0.5%
Archer-Daniels-Midland Co. 3.25%, 3/27/2030
53
48
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025
50
46
Campbell Soup Co.
 
 
3.95%, 3/15/2025
50
49
2.38%, 4/24/2030
74
62
Cargill, Inc. 1.70%, 2/2/2031  (b)
75
59
Kellogg Co. 3.40%, 11/15/2027
95
89
Smithfield Foods, Inc.
 
 
5.20%, 4/1/2029 (b)
7
6
3.00%, 10/15/2030 (b)
18
14
Tyson Foods, Inc. 3.95%, 8/15/2024
73
72
 
 
445
Gas Utilities — 0.1%
Atmos Energy Corp. 2.63%, 9/15/2029
42
37
ONE Gas, Inc. 2.00%, 5/15/2030
26
21
 
 
58
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Health Care Equipment & Supplies — 0.0% ^
Becton Dickinson and Co. 1.96%, 2/11/2031
   50
    40
Health Care Providers & Services — 0.4%
Cigna Corp. 3.50%, 6/15/2024
   72
    71
CommonSpirit Health 2.78%, 10/1/2030
   50
    40
HCA, Inc. 4.13%, 6/15/2029
  150
   137
Humana, Inc. 3.95%, 3/15/2027
   50
    48
UnitedHealth Group, Inc. 2.30%, 5/15/2031
   73
    61
Universal Health Services, Inc. 2.65%, 10/15/2030  (b)
    4
     3
 
 
360
Hotels, Restaurants & Leisure — 0.2%
Expedia Group, Inc. 3.25%, 2/15/2030
  100
    86
McDonald's Corp. 2.13%, 3/1/2030
58
49
 
 
135
Household Durables — 0.2%
Lennar Corp. 5.25%, 6/1/2026
140
138
Insurance — 1.0%
Aon Global Ltd. 3.88%, 12/15/2025
143
139
Assurant, Inc. 4.20%, 9/27/2023
68
67
Athene Global Funding
 
 
1.45%, 1/8/2026 (b)
68
60
1.73%, 10/2/2026 (b)
82
71
Brighthouse Financial Global Funding 1.00%, 4/12/2024  (b)
38
36
CNA Financial Corp.
 
 
3.95%, 5/15/2024
52
51
4.50%, 3/1/2026
38
37
F&G Global Funding 2.30%, 4/11/2027  (b)
50
44
Principal Financial Group, Inc. 3.10%, 11/15/2026
150
140
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025  (b)
150
159
 
 
804
Internet & Direct Marketing Retail — 0.2%
Amazon.com, Inc. 3.60%, 4/13/2032
100
93
eBay, Inc. 2.60%, 5/10/2031
100
82
 
 
175
IT Services — 0.1%
Global Payments, Inc.
 
 
2.15%, 1/15/2027
45
39
3.20%, 8/15/2029
50
43
 
 
82
Leisure Products — 0.1%
Hasbro, Inc. 3.90%, 11/19/2029
75
68
Machinery — 0.0% ^
Otis Worldwide Corp. 2.57%, 2/15/2030
44
37
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Media — 0.7%
Charter Communications Operating LLC
 
 
4.91%, 7/23/2025
  160
   157
2.30%, 2/1/2032
   50
    38
Comcast Corp.
 
 
3.38%, 2/15/2025
   77
    75
3.38%, 8/15/2025
   80
    78
3.15%, 3/1/2026
   16
    15
Cox Communications, Inc. 1.80%, 10/1/2030  (b)
   67
    51
Fox Corp. 4.71%, 1/25/2029
   35
    34
Paramount Global 4.00%, 1/15/2026
  100
    96
 
 
544
Metals & Mining — 0.1%
Glencore Funding LLC (Australia) 2.50%, 9/1/2030  (b)
60
48
Steel Dynamics, Inc. 1.65%, 10/15/2027
33
28
 
 
76
Multiline Retail — 0.1%
Dollar General Corp. 4.13%, 5/1/2028
109
104
Multi-Utilities — 0.4%
CenterPoint Energy, Inc. 1.45%, 6/1/2026
29
26
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028
155
148
PG&E Energy Recovery Funding LLC Series A-2, 2.28%, 1/15/2036
16
12
Public Service Enterprise Group, Inc. 2.88%, 6/15/2024
100
96
Puget Energy, Inc. 2.38%, 6/15/2028
17
15
WEC Energy Group, Inc. 3.55%, 6/15/2025
20
19
 
 
316
Oil, Gas & Consumable Fuels — 1.7%
APA Infrastructure Ltd. (Australia) 4.25%, 7/15/2027  (b)
100
94
BP Capital Markets America, Inc. 2.72%, 1/12/2032
150
127
Cameron LNG LLC 2.90%, 7/15/2031  (b)
84
72
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025
50
50
Chevron USA, Inc. 3.85%, 1/15/2028
100
97
Coterra Energy, Inc. 3.90%, 5/15/2027  (b)
60
57
Ecopetrol SA (Colombia) 4.13%, 1/16/2025
58
54
Energy Transfer LP
 
 
3.60%, 2/1/2023
28
28
4.90%, 2/1/2024
61
61
4.05%, 3/15/2025
50
49
Flex Intermediate Holdco LLC 3.36%, 6/30/2031  (b)
114
91
Gray Oak Pipeline LLC
 
 
2.60%, 10/15/2025 (b)
40
36
3.45%, 10/15/2027 (b)
50
44
HF Sinclair Corp.
 
 
2.63%, 10/1/2023
12
12
5.88%, 4/1/2026
40
40
Marathon Petroleum Corp. 4.70%, 5/1/2025
105
104
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
MPLX LP 4.25%, 12/1/2027
   27
    26
NGPL PipeCo LLC 3.25%, 7/15/2031  (b)
   22
    18
ONEOK Partners LP 5.00%, 9/15/2023
   28
    28
Ovintiv Exploration, Inc. 5.38%, 1/1/2026
   40
    40
Phillips 66 1.30%, 2/15/2026
   28
    25
Pioneer Natural Resources Co.
 
 
1.13%, 1/15/2026
   50
    45
1.90%, 8/15/2030
   72
    57
Plains All American Pipeline LP 4.65%, 10/15/2025
   30
    29
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030
   20
    19
Targa Resources Partners LP 4.00%, 1/15/2032
   14
    12
Williams Cos., Inc. (The) 2.60%, 3/15/2031
50
41
 
 
1,356
Pharmaceuticals — 0.6%
AstraZeneca plc (United Kingdom) 1.38%, 8/6/2030
77
61
Bristol-Myers Squibb Co.
 
 
3.40%, 7/26/2029
22
20
1.45%, 11/13/2030
100
80
Mylan, Inc. 4.55%, 4/15/2028
75
71
Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, 3/31/2030
200
165
Zoetis, Inc. 2.00%, 5/15/2030
80
66
 
 
463
Road & Rail — 0.6%
CSX Corp. 3.25%, 6/1/2027
162
153
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026
60
58
Norfolk Southern Corp. 2.55%, 11/1/2029
150
130
Triton Container International Ltd. (Bermuda)
 
 
2.05%, 4/15/2026 (b)
110
95
3.25%, 3/15/2032
51
39
 
 
475
Semiconductors & Semiconductor Equipment — 0.4%
Broadcom, Inc. 3.19%, 11/15/2036  (b)
57
42
Marvell Technology, Inc. 2.95%, 4/15/2031
52
42
Microchip Technology, Inc.
 
 
0.97%, 2/15/2024
72
68
0.98%, 9/1/2024
22
20
NXP BV (China) 2.50%, 5/11/2031
100
79
QUALCOMM, Inc. 4.25%, 5/20/2032
32
31
Xilinx, Inc. 2.38%, 6/1/2030
50
43
 
 
325
Software — 0.6%
Intuit, Inc. 1.65%, 7/15/2030
125
100
Oracle Corp. 2.88%, 3/25/2031
168
141
Roper Technologies, Inc.
 
 
3.80%, 12/15/2026
15
14
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Software — continued
1.40%, 9/15/2027
  174
   149
VMware, Inc.
 
 
1.40%, 8/15/2026
   25
    22
1.80%, 8/15/2028
   15
    12
Workday, Inc. 3.50%, 4/1/2027
   30
    28
 
 
466
Specialty Retail — 0.2%
Advance Auto Parts, Inc. 3.50%, 3/15/2032
   50
    42
AutoZone, Inc. 1.65%, 1/15/2031
   83
    64
O'Reilly Automotive, Inc. 3.60%, 9/1/2027
   62
    59
 
 
165
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC 5.30%, 10/1/2029
100
99
Tobacco — 0.3%
Altria Group, Inc. 2.45%, 2/4/2032
84
64
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024
200
193
 
 
257
Trading Companies & Distributors — 0.5%
Air Lease Corp.
 
 
3.00%, 9/15/2023
250
245
3.63%, 12/1/2027
100
89
Aviation Capital Group LLC 3.88%, 5/1/2023  (b)
100
99
 
 
433
Wireless Telecommunication Services — 0.4%
Rogers Communications, Inc. (Canada) 3.80%, 3/15/2032  (b)
100
88
T-Mobile USA, Inc.
 
 
3.88%, 4/15/2030
150
138
2.25%, 11/15/2031
100
80
 
 
306
Total Corporate Bonds
(Cost $22,242)
 
19,954
Collateralized Mortgage Obligations — 12.7%
Alternative Loan Trust
 
 
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034
387
381
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035
54
42
Banc of America Funding Trust Series 2004-1, PO, 3/25/2034 ‡
6
4
CHL Mortgage Pass-Through Trust
 
 
Series 2004-HYB3, Class 2A, 2.72%, 6/20/2034 (d)
5
4
Series 2004-5, Class 1A4, 5.50%, 6/25/2034
11
11
Series 2005-22, Class 2A1, 3.45%, 11/25/2035 (d)
63
49
Citigroup Global Markets Mortgage Securities VII, Inc.
 
 
Series 2003-UP2, Class 1, PO, 12/25/2018 ‡
—
—
Series 2003-HYB1, Class A, 4.24%, 9/25/2033 (d)
4
4
Citigroup Mortgage Loan Trust, Inc. Series 2003-UP3, Class A3, 7.00%, 9/25/2033
2
2
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
FHLMC - GNMA Series 24, Class ZE, 6.25%, 11/25/2023
    1
     1
FHLMC, REMIC
 
 
Series 1470, Class F, 2.03%, 2/15/2023 (d)
   —
    —
Series 2568, Class KG, 5.50%, 2/15/2023
    1
     1
Series 1466, Class PZ, 7.50%, 2/15/2023
   —
    —
Series 1491, Class I, 7.50%, 4/15/2023
   —
    —
Series 1518, Class G, IF, 4.68%, 5/15/2023 (d)
   —
    —
Series 1798, Class F, 5.00%, 5/15/2023
   —
    —
Series 1541, Class O, 3.13%, 7/15/2023 (d)
   —
    —
Series 1608, Class L, 6.50%, 9/15/2023
    2
     2
Series 1602, Class SA, IF, 11.66%, 10/15/2023 (d)
   —
    —
Series 2283, Class K, 6.50%, 12/15/2023
    1
     1
Series 1671, Class L, 7.00%, 2/15/2024
1
1
Series 1706, Class K, 7.00%, 3/15/2024
4
4
Series 2033, Class SN, HB, IF, 25.62%, 3/15/2024 (d)
—
—
Series 1720, Class PL, 7.50%, 4/15/2024
8
8
Series 2306, Class K, PO, 5/15/2024
1
1
Series 2306, Class SE, IF, IO, 6.48%, 5/15/2024 (d)
2
—
Series 1745, Class D, 7.50%, 8/15/2024
2
2
Series 1927, Class PH, 7.50%, 1/15/2027
17
18
Series 1981, Class Z, 6.00%, 5/15/2027
6
6
Series 1987, Class PE, 7.50%, 9/15/2027
3
3
Series 2038, Class PN, IO, 7.00%, 3/15/2028
3
—
Series 2040, Class PE, 7.50%, 3/15/2028
13
13
Series 2063, Class PG, 6.50%, 6/15/2028
15
16
Series 2064, Class TE, 7.00%, 6/15/2028
3
3
Series 2075, Class PM, 6.25%, 8/15/2028
11
12
Series 2075, Class PH, 6.50%, 8/15/2028
12
12
Series 2089, Class PJ, IO, 7.00%, 10/15/2028
4
—
Series 2125, Class JZ, 6.00%, 2/15/2029
8
8
Series 2169, Class TB, 7.00%, 6/15/2029
32
33
Series 2163, Class PC, IO, 7.50%, 6/15/2029
2
—
Series 2172, Class QC, 7.00%, 7/15/2029
13
14
Series 2196, Class TL, 7.50%, 11/15/2029
—
—
Series 2201, Class C, 8.00%, 11/15/2029
5
5
Series 2210, Class Z, 8.00%, 1/15/2030
18
19
Series 2224, Class CB, 8.00%, 3/15/2030
6
6
Series 2256, Class MC, 7.25%, 9/15/2030
8
9
Series 2259, Class ZM, 7.00%, 10/15/2030
10
10
Series 2271, Class PC, 7.25%, 12/15/2030
9
9
Series 2296, Class PD, 7.00%, 3/15/2031
6
6
Series 2344, Class ZD, 6.50%, 8/15/2031
88
91
Series 2344, Class ZJ, 6.50%, 8/15/2031
14
15
Series 2345, Class NE, 6.50%, 8/15/2031
8
8
Series 2351, Class PZ, 6.50%, 8/15/2031
8
8
Series 2410, Class QX, IF, IO, 4.78%, 2/15/2032 (d)
5
—
Series 2410, Class OE, 6.38%, 2/15/2032
5
5
Series 2410, Class NG, 6.50%, 2/15/2032
6
7
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2412, Class SP, IF, 8.35%, 2/15/2032 (d)
   17
    17
Series 2444, Class ES, IF, IO, 4.08%, 3/15/2032 (d)
   12
     1
Series 2450, Class SW, IF, IO, 4.13%, 3/15/2032 (d)
    5
     1
Series 2423, Class MC, 7.00%, 3/15/2032
    6
     6
Series 2423, Class MT, 7.00%, 3/15/2032
   11
    12
Series 2435, Class CJ, 6.50%, 4/15/2032
   45
    47
Series 2441, Class GF, 6.50%, 4/15/2032
   12
    13
Series 2455, Class GK, 6.50%, 5/15/2032
   18
    18
Series 2450, Class GZ, 7.00%, 5/15/2032
   20
    21
Series 2466, Class DH, 6.50%, 6/15/2032
   16
    17
Series 2474, Class NR, 6.50%, 7/15/2032
   17
    17
Series 2484, Class LZ, 6.50%, 7/15/2032
   24
    25
Series 2500, Class MC, 6.00%, 9/15/2032
23
24
Series 2543, Class YX, 6.00%, 12/15/2032
50
52
Series 2575, Class ME, 6.00%, 2/15/2033
93
96
Series 2586, Class WI, IO, 6.50%, 3/15/2033
7
1
Series 2990, Class SL, IF, 10.29%, 6/15/2034 (d)
2
2
Series 3611, PO, 7/15/2034
11
9
Series 2990, Class UZ, 5.75%, 6/15/2035
297
302
Series 3117, Class EO, PO, 2/15/2036
27
23
Series 3117, Class OK, PO, 2/15/2036
3
3
Series 3122, Class OH, PO, 3/15/2036
20
17
Series 3152, Class MO, PO, 3/15/2036
70
59
Series 3607, Class AO, PO, 4/15/2036
16
14
Series 3137, Class XP, 6.00%, 4/15/2036
43
45
Series 3819, Class ZQ, 6.00%, 4/15/2036
105
109
Series 3149, Class SO, PO, 5/15/2036
4
3
Series 3171, Class MO, PO, 6/15/2036
15
14
Series 3179, Class OA, PO, 7/15/2036
9
8
Series 3202, Class HI, IF, IO, 2.78%, 8/15/2036 (d)
87
8
Series 3232, Class ST, IF, IO, 2.83%, 10/15/2036 (d)
17
2
Series 3417, Class EO, PO, 11/15/2036
148
127
Series 3316, Class JO, PO, 5/15/2037
2
2
Series 3607, Class OP, PO, 7/15/2037
89
72
Series 3481, Class SJ, IF, IO, 1.98%, 8/15/2038 (d)
43
3
Series 4096, Class HA, 2.00%, 12/15/2041
97
88
FHLMC, STRIPS Series 262, Class 35, 3.50%, 7/15/2042
193
183
FHLMC, Structured Pass-Through Certificates, Whole Loan
 
 
Series T-41, Class 3A, 4.42%, 7/25/2032 (d)
17
16
Series T-76, Class 2A, 2.02%, 10/25/2037 (d)
63
55
Series T-51, Class 2A, 7.50%, 8/25/2042 (d)
17
17
Series T-54, Class 2A, 6.50%, 2/25/2043
162
171
Series T-54, Class 3A, 7.00%, 2/25/2043
52
54
Series T-56, Class A5, 5.23%, 5/25/2043
378
369
Series T-58, Class A, PO, 9/25/2043
10
7
FNMA Trust, Whole Loan
 
 
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044
15
15
Series 2005-W3, Class 2AF, 4.24%, 3/25/2045 (d)
50
49
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
FNMA, REMIC
 
 
Series G93-5, Class Z, 6.50%, 2/25/2023
   —
    —
Series 1993-37, Class PX, 7.00%, 3/25/2023
    1
     1
Series 1993-25, Class J, 7.50%, 3/25/2023
   —
    —
Series 1998-4, Class C, PO, 4/25/2023
   —
    —
Series 1998-43, Class EA, PO, 4/25/2023
    1
     1
Series 1993-54, Class Z, 7.00%, 4/25/2023
   —
    —
Series 1993-62, Class SA, IF, 9.36%, 4/25/2023 (d)
   —
    —
Series 1993-122, Class M, 6.50%, 7/25/2023
   —
    —
Series 1996-14, Class SE, IF, IO, 6.63%, 8/25/2023 (d)
    2
    —
Series 1993-165, Class SD, IF, 4.70%, 9/25/2023 (d)
   —
    —
Series 1993-178, Class PK, 6.50%, 9/25/2023
   —
    —
Series 1993-183, Class KA, 6.50%, 10/25/2023
7
7
Series 1993-189, Class PL, 6.50%, 10/25/2023
3
3
Series 1994-9, Class E, PO, 11/25/2023
—
—
Series 1993-247, Class SA, IF, 9.80%, 12/25/2023 (d)
1
1
Series G95-1, Class C, 8.80%, 1/25/2025
1
1
Series 2005-121, Class DX, 5.50%, 1/25/2026
41
41
Series 1997-20, IO, 1.84%, 3/25/2027 (d)
1
—
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (d)
1
—
Series 1997-27, Class J, 7.50%, 4/18/2027
3
3
Series 1997-29, Class J, 7.50%, 4/20/2027
4
4
Series 1997-39, Class PD, 7.50%, 5/20/2027
7
7
Series 2012-47, Class HF, 4.42%, 5/25/2027 (d)
28
28
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027
2
—
Series 1998-36, Class ZB, 6.00%, 7/18/2028
2
2
Series 2000-2, Class ZE, 7.50%, 2/25/2030
16
17
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031
15
2
Series 2001-36, Class DE, 7.00%, 8/25/2031
17
18
Series 2001-49, Class Z, 6.50%, 9/25/2031
4
4
Series 2001-44, Class PD, 7.00%, 9/25/2031
3
3
Series 2003-52, Class SX, IF, 10.90%, 10/25/2031 (d)
4
5
Series 2004-74, Class SW, IF, 7.68%, 11/25/2031 (d)
13
13
Series 2001-81, Class LO, PO, 1/25/2032
2
2
Series 2002-1, Class SA, IF, 12.14%, 2/25/2032 (d)
2
2
Series 2002-21, Class PE, 6.50%, 4/25/2032
9
10
Series 2002-28, Class PK, 6.50%, 5/25/2032
10
10
Series 2002-37, Class Z, 6.50%, 6/25/2032
13
13
Series 2004-61, Class SH, IF, 7.93%, 11/25/2032 (d)
14
15
Series 2003-22, Class UD, 4.00%, 4/25/2033
45
43
Series 2003-34, Class GE, 6.00%, 5/25/2033
112
115
Series 2003-39, IO, 6.00%, 5/25/2033 (d)
2
—
Series 2003-47, Class PE, 5.75%, 6/25/2033
48
50
Series 2003-64, Class SX, IF, 4.33%, 7/25/2033 (d)
5
5
Series 2003-71, Class DS, IF, 2.44%, 8/25/2033 (d)
50
44
Series 2005-56, Class TP, IF, 6.10%, 8/25/2033 (d)
14
14
Series 2003-91, Class SD, IF, 5.81%, 9/25/2033 (d)
4
4
Series 2003-116, Class SB, IF, IO, 3.58%, 11/25/2033 (d)
35
3
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2006-44, Class P, PO, 12/25/2033
   14
    12
Series 2003-130, Class SX, IF, 5.50%, 1/25/2034 (d)
    1
     1
Series 2004-25, Class SA, IF, 8.48%, 4/25/2034 (d)
   14
    15
Series 2004-46, Class SK, IF, 5.46%, 5/25/2034 (d)
   10
    10
Series 2004-36, Class SA, IF, 8.48%, 5/25/2034 (d)
   24
    25
Series 2004-50, Class VZ, 5.50%, 7/25/2034
  157
   160
Series 2005-74, Class CS, IF, 8.98%, 5/25/2035 (d)
    9
     9
Series 2005-45, Class DC, IF, 9.58%, 6/25/2035 (d)
   23
    23
Series 2005-56, Class S, IF, IO, 2.69%, 7/25/2035 (d)
   15
     1
Series 2005-68, Class PG, 5.50%, 8/25/2035
   86
    87
Series 2005-73, Class PS, IF, 6.66%, 8/25/2035 (d)
   38
    39
Series 2005-106, Class US, IF, 9.84%, 11/25/2035 (d)
   24
    25
Series 2006-27, Class OH, PO, 4/25/2036
19
16
Series 2006-65, Class QO, PO, 7/25/2036
13
11
Series 2006-56, Class FC, 4.31%, 7/25/2036 (d)
82
81
Series 2006-72, Class GO, PO, 8/25/2036
18
16
Series 2006-79, Class DO, PO, 8/25/2036
15
13
Series 2006-77, Class PC, 6.50%, 8/25/2036
23
23
Series 2006-110, PO, 11/25/2036
22
18
Series 2006-124, Class HB, 3.27%, 11/25/2036 (d)
36
37
Series 2007-14, Class ES, IF, IO, 2.42%, 3/25/2037 (d)
17
1
Series 2007-81, Class GE, 6.00%, 8/25/2037
35
36
Series 2007-79, Class SB, IF, 9.29%, 8/25/2037 (d)
16
18
Series 2007-88, Class VI, IF, IO, 2.52%, 9/25/2037 (d)
48
5
Series 2007-91, Class ES, IF, IO, 2.44%, 10/25/2037 (d)
131
11
Series 2007-116, Class HI, IO, 0.99%, 1/25/2038 (d)
20
1
Series 2008-16, Class IS, IF, IO, 2.18%, 3/25/2038 (d)
6
—
Series 2008-10, Class XI, IF, IO, 2.21%, 3/25/2038 (d)
11
1
Series 2008-28, Class QS, IF, 8.65%, 4/25/2038 (d)
15
15
Series 2008-46, Class HI, IO, 1.30%, 6/25/2038 (d)
14
1
Series 2013-25, Class DC, 2.50%, 6/25/2039
141
133
Series 2009-69, PO, 9/25/2039
24
19
Series 2009-103, Class MB, 3.32%, 12/25/2039 (d)
26
26
Series 2010-71, Class HJ, 5.50%, 7/25/2040
53
55
Series 2011-118, Class MT, 7.00%, 11/25/2041
65
70
Series 2011-118, Class NT, 7.00%, 11/25/2041
59
63
Series 2013-101, Class DO, PO, 10/25/2043
126
93
Series 2013-128, PO, 12/25/2043
98
78
Series 2019-65, Class PA, 2.50%, 5/25/2048
169
154
FNMA, REMIC Trust, Whole Loan
 
 
Series 2007-W7, Class 1A4, IF, 15.08%, 7/25/2037 (d)
4
4
Series 2003-W4, Class 2A, 5.21%, 10/25/2042 (d)
10
10
Series 2003-W1, Class 1A1, 4.84%, 12/25/2042 (d)
50
49
FNMA, REMIC, Whole Loan Series 2007-106, Class A7, 6.24%, 10/25/2037 (d)
13
14
FNMA, STRIPS
 
 
Series 218, Class 2, IO, 7.50%, 4/25/2023
—
—
Series 300, Class 1, PO, 9/25/2024
2
2
Series 329, Class 1, PO, 1/25/2033
2
2
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
GNMA
 
 
Series 2003-52, Class AP, PO, 6/16/2033
   25
    22
Series 2004-28, Class S, IF, 8.97%, 4/16/2034 (d)
    6
     7
Series 2004-71, Class SB, IF, 10.12%, 9/20/2034 (d)
   11
    11
Series 2004-90, Class SI, IF, IO, 2.16%, 10/20/2034 (d)
   66
     3
Series 2005-68, Class DP, IF, 7.07%, 6/17/2035 (d)
   11
    11
Series 2005-68, Class KI, IF, IO, 2.36%, 9/20/2035 (d)
  116
    10
Series 2006-38, Class ZK, 6.50%, 8/20/2036
  203
   206
Series 2006-59, Class SD, IF, IO, 2.76%, 10/20/2036 (d)
   13
     1
Series 2007-17, Class JI, IF, IO, 2.92%, 4/16/2037 (d)
   53
     5
Series 2007-27, Class SA, IF, IO, 2.26%, 5/20/2037 (d)
   66
     3
Series 2007-45, Class QA, IF, IO, 2.70%, 7/20/2037 (d)
   55
     3
Series 2007-40, Class SB, IF, IO, 2.81%, 7/20/2037 (d)
89
5
Series 2007-53, Class ES, IF, IO, 2.61%, 9/20/2037 (d)
14
1
Series 2007-53, Class SW, IF, 8.39%, 9/20/2037 (d)
11
11
Series 2009-79, Class OK, PO, 11/16/2037
43
36
Series 2007-76, Class SA, IF, IO, 2.59%, 11/20/2037 (d)
29
1
Series 2007-72, Class US, IF, IO, 2.61%, 11/20/2037 (d)
28
1
Series 2009-106, Class ST, IF, IO, 2.06%, 2/20/2038 (d)
91
5
Series 2008-33, Class XS, IF, IO, 3.81%, 4/16/2038 (d)
20
1
Series 2008-40, Class SA, IF, IO, 2.51%, 5/16/2038 (d)
55
3
Series 2008-55, Class SA, IF, IO, 2.26%, 6/20/2038 (d)
34
1
Series 2008-50, Class KB, 6.00%, 6/20/2038
68
70
Series 2008-93, Class AS, IF, IO, 1.76%, 12/20/2038 (d)
39
2
Series 2009-6, Class SA, IF, IO, 2.21%, 2/16/2039 (d)
10
—
Series 2009-31, Class TS, IF, IO, 2.36%, 3/20/2039 (d)
25
—
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039
17
2
Series 2009-22, Class SA, IF, IO, 2.33%, 4/20/2039 (d)
43
2
Series 2009-92, Class ZC, 5.00%, 10/20/2039
237
238
Series 2011-137, Class WA, 5.59%, 7/20/2040 (d)
113
119
Series 2010-105, Class B, 5.00%, 8/20/2040
303
306
Series 2010-130, Class CP, 7.00%, 10/16/2040
29
31
Series 2013-91, Class WA, 4.46%, 4/20/2043 (d)
282
275
Series 2012-H24, Class FA, 3.59%, 3/20/2060 (d)
4
4
Series 2013-H03, Class FA, 3.44%, 8/20/2060 (d)
—
—
Series 2012-H21, Class DF, 3.79%, 5/20/2061 (d)
1
1
Series 2012-H26, Class MA, 3.69%, 7/20/2062 (d)
1
1
Series 2012-H29, Class FA, 3.66%, 10/20/2062 (d)
165
163
Series 2014-H15, Class FA, 3.64%, 7/20/2064 (d)
445
439
Series 2015-H15, Class FJ, 3.58%, 6/20/2065 (d)
411
406
Series 2015-H18, Class FA, 3.59%, 6/20/2065 (d)
222
219
Series 2015-H20, Class FA, 3.61%, 8/20/2065 (d)
372
367
Series 2015-H26, Class FG, 3.66%, 10/20/2065 (d)
422
415
GSR Mortgage Loan Trust Series 2006-1F, Class 1A3, 5.50%, 2/25/2036
17
29
Impac Secured Assets CMN Owner Trust Series 2002-2, Class A, PO, 4/25/2033 ‡
—
—
JPMorgan Mortgage Trust
 
 
Series 2003-A1, Class 1A1, 2.92%, 10/25/2033 (d)
90
80
Series 2006-A2, Class 5A3, 4.19%, 11/25/2033 (d)
17
16
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2006-A2, Class 4A1, 3.65%, 8/25/2034 (d)
    6
     6
MASTR Adjustable Rate Mortgages Trust
 
 
Series 2004-13, Class 2A1, 4.03%, 4/21/2034 (d)
   20
    19
Series 2004-3, Class 4A2, 2.69%, 4/25/2034 (d)
    7
     6
MASTR Alternative Loan Trust
 
 
Series 2004-10, Class 1A1, 4.50%, 9/25/2019
   —
    —
Series 2004-4, Class 10A1, 5.00%, 5/25/2024
   23
    22
Series 2003-9, Class 8A1, 6.00%, 1/25/2034
   49
    46
Series 2004-7, Class 30, PO, 8/25/2034 ‡
    5
     4
Series 2005-6, Class 3A1, 5.50%, 12/25/2035
    7
     5
Mastr Resecuritization Trust Series 2005-PO, Class 3, PO, 5/28/2035 ‡ (b)
    4
     2
Merrill Lynch Mortgage Investors Trust
 
 
Series 2003-E, Class A1, 4.66%, 10/25/2028 (d)
40
37
Series 2004-A, Class A1, 4.50%, 4/25/2029 (d)
12
11
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (b) (d)
22
19
Nomura Asset Acceptance Corp. Alternative Loan Trust
 
 
Series 2003-A1, Class A5, 7.00%, 4/25/2033
7
6
Series 2003-A1, Class A1, 5.50%, 5/25/2033
2
2
Series 2003-A1, Class A2, 6.00%, 5/25/2033
6
6
RALI Trust Series 2002-QS16, Class A3, IF, 8.22%, 10/25/2017 (d)
—
—
Reperforming Loan REMIC Trust Series 2005-R1, Class 2A, PO, 3/25/2035 ‡ (b)
28
15
Seasoned Credit Risk Transfer Trust
 
 
Series 2018-1, Class M60C, 3.50%, 5/25/2057
175
165
Series 2017-4, Class M60C, 3.50%, 6/25/2057
251
238
Series 2018-2, Class M55D, 4.00%, 11/25/2057
176
169
Series 2019-1, Class MT, 3.50%, 7/25/2058
341
307
Series 2019-3, Class M55D, 4.00%, 10/25/2058
55
53
Series 2019-4, Class M55D, 4.00%, 2/25/2059
199
190
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028
236
227
Vendee Mortgage Trust
 
 
Series 1993-1, Class ZB, 7.25%, 2/15/2023
7
7
Series 1994-1, Class 1, 4.62%, 2/15/2024 (d)
10
10
Series 1996-1, Class 1Z, 6.75%, 2/15/2026
52
53
Series 1996-2, Class 1Z, 6.75%, 6/15/2026
16
16
Series 1997-1, Class 2Z, 7.50%, 2/15/2027
70
72
Series 1998-1, Class 2E, 7.00%, 3/15/2028
20
20
WaMu Mortgage Pass-Through Certificates Trust
 
 
Series 2003-AR5, Class A7, 3.21%, 6/25/2033 (d)
19
17
Series 2004-AR3, Class A2, 3.10%, 6/25/2034 (d)
10
9
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB7, 5.50%, 6/25/2035
61
55
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2003-MS7, Class P, PO, 3/25/2033 ‡
—
—
Total Collateralized Mortgage Obligations
(Cost $10,914)
 
10,388
Asset-Backed Securities — 8.3%
Air Canada Pass-Through Trust (Canada) Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)
80
68
American Airlines Pass-Through Trust
 
 
Series 2016-3, Class AA, 3.00%, 10/15/2028
32
28
Series 2021-1, Class B, 3.95%, 7/11/2030
75
61
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
American Credit Acceptance Receivables Trust
 
 
Series 2022-1, Class A, 0.99%, 12/15/2025 (b)
   35
    35
Series 2022-2, Class A, 2.66%, 2/13/2026 (b)
   39
    39
AmeriCredit Automobile Receivables Trust
 
 
Series 2020-2, Class A3, 0.66%, 12/18/2024
    4
     4
Series 2021-1, Class A3, 0.37%, 8/18/2025
   57
    55
Series 2020-3, Class B, 0.76%, 12/18/2025
   75
    72
Series 2021-2, Class B, 0.69%, 1/19/2027
   55
    52
Series 2022-2, Class A3, 4.38%, 4/18/2028
   31
    30
AMSR Trust Series 2020-SFR5, Class A, 1.38%, 11/17/2037 (b)
  100
    89
Amur Equipment Finance Receivables X LLC Series 2022-1A, Class A2, 1.64%, 10/20/2027 (b)
   97
    92
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026 (b)
  100
    92
BA Credit Card Trust Series 2020-A1, Class A1, 0.34%, 5/15/2026
88
84
British Airways Pass-Through Trust (United Kingdom) Series 2018-1, Class AA, 3.80%, 9/20/2031 (b)
49
44
CarMax Auto Owner Trust
 
 
Series 2020-1, Class A3, 1.89%, 12/16/2024
32
31
Series 2020-3, Class A3, 0.62%, 3/17/2025
36
36
Series 2021-1, Class A3, 0.34%, 12/15/2025
32
31
Series 2022-2, Class A3, 3.49%, 2/16/2027
76
74
Carvana Auto Receivables Trust
 
 
Series 2021-P3, Class A3, 0.70%, 11/10/2026
90
82
Series 2022-P3, Class A3, 4.61%, 11/10/2027
22
21
Series 2021-P4, Class A4, 1.64%, 12/10/2027
150
134
CIG Auto Receivables Trust Series 2021-1A, Class A, 0.69%, 4/14/2025 (b)
25
24
CoreVest American Finance Trust
 
 
Series 2019-3, Class A, 2.71%, 10/15/2052 (b)
57
54
Series 2022-1, Class A, 4.74%, 6/17/2055 (b) (d)
99
96
CPS Auto Receivables Trust
 
 
Series 2021-B, Class B, 0.81%, 12/15/2025 (b)
71
70
Series 2022-C, Class B, 4.88%, 4/15/2030 (b)
200
195
Credit Acceptance Auto Loan Trust Series 2021-2A, Class A, 0.96%, 2/15/2030 (b)
250
239
Drive Auto Receivables Trust Series 2021-3, Class B, 1.11%, 5/15/2026
28
27
DT Auto Owner Trust
 
 
Series 2020-3A, Class B, 0.91%, 12/16/2024 (b)
21
21
Series 2021-1A, Class B, 0.62%, 9/15/2025 (b)
17
17
Series 2022-1A, Class A, 1.58%, 4/15/2026 (b)
98
96
Series 2022-2A, Class A, 2.88%, 6/15/2026 (b)
81
79
Series 2021-3A, Class C, 0.87%, 5/17/2027 (b)
95
88
Series 2021-4A, Class D, 1.99%, 9/15/2027 (b)
57
50
Exeter Automobile Receivables Trust
 
 
Series 2022-1A, Class A2, 1.15%, 6/17/2024
25
25
Series 2021-2A, Class B, 0.57%, 9/15/2025
31
30
Series 2022-3A, Class A3, 4.21%, 1/15/2026
150
149
Series 2021-4A, Class B, 1.05%, 5/15/2026
74
71
Series 2022-5A, Class B, 5.97%, 3/15/2027
107
107
Series 2022-2A, Class D, 4.56%, 7/17/2028
75
70
Series 2022-4A, Class C, 4.92%, 12/15/2028
82
77
First Investors Auto Owner Trust Series 2021-1A, Class A, 0.45%, 3/16/2026 (b)
6
6
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Flagship Credit Auto Trust
 
 
Series 2020-4, Class A, 0.53%, 4/15/2025 (b)
    7
     7
Series 2019-4, Class C, 2.77%, 12/15/2025 (b)
  105
   103
Series 2021-4, Class A, 0.81%, 7/17/2026 (b)
   64
    62
Series 2022-1, Class A, 1.79%, 10/15/2026 (b)
  115
   110
Series 2022-2, Class A3, 4.03%, 12/15/2026 (b)
  200
   194
Series 2021-3, Class A, 0.36%, 7/15/2027 (b)
   62
    60
Ford Credit Auto Lease Trust Series 2021-A, Class A3, 0.26%, 2/15/2024
   22
    22
FRTKL Series 2021-SFR1, Class A, 1.57%, 9/17/2038 (b)
  156
   134
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (d)
   10
     8
GLS Auto Receivables Issuer Trust
 
 
Series 2021-4A, Class A, 0.84%, 7/15/2025 (b)
   56
    56
Series 2021-2A, Class B, 0.77%, 9/15/2025 (b)
30
29
Series 2021-3A, Class C, 1.11%, 9/15/2026 (b)
66
62
GM Financial Automobile Leasing Trust
 
 
Series 2021-1, Class A4, 0.33%, 2/20/2025
78
76
Series 2022-2, Class A3, 3.42%, 6/20/2025
82
80
GM Financial Consumer Automobile Receivables Trust Series 2021-1, Class A3, 0.35%, 10/16/2025
25
24
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (b)
4
4
Home Partners of America Trust Series 2022-1, Class D, 4.73%, 4/17/2039 ‡ (b)
97
89
Honda Auto Receivables Owner Trust Series 2019-4, Class A3, 1.83%, 1/18/2024
27
27
Hyundai Auto Lease Securitization Trust Series 2020-B, Class A3, 0.51%, 9/15/2023 (b)
14
14
Mercedes-Benz Auto Lease Trust Series 2021-A, Class A3, 0.25%, 1/16/2024
31
30
MVW LLC Series 2021-2A, Class A, 1.43%, 5/20/2039 (b)
85
75
Progress Residential Trust
 
 
Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 ‡ (b)
100
82
Series 2022-SFR3, Class A, 3.20%, 4/17/2039 (b)
130
118
Santander Consumer Auto Receivables Trust Series 2021-AA, Class A3, 0.33%, 10/15/2025 (b)
22
21
Santander Drive Auto Receivables Trust
 
 
Series 2022-1, Class A2, 1.36%, 12/16/2024
58
58
Series 2021-3, Class B, 0.60%, 12/15/2025
96
95
Series 2020-4, Class C, 1.01%, 1/15/2026
36
36
Series 2021-2, Class C, 0.90%, 6/15/2026
74
72
Series 2022-3, Class A3, 3.40%, 12/15/2026
73
71
Series 2022-4, Class A3, 4.14%, 2/16/2027
110
107
Series 2022-5, Class B, 4.43%, 3/15/2027
44
42
Santander Retail Auto Lease Trust Series 2022-A, Class A3, 1.34%, 7/21/2025 (b)
34
32
SCF Equipment Leasing LLC Series 2022-2A, Class A3, 6.50%, 10/21/2030 (b)
150
151
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 2.91%, 1/25/2036 ‡ (e)
21
16
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030
35
30
SpringCastle America Funding LLC Series 2020-AA, Class A, 1.97%, 9/25/2037 (b)
46
41
Tesla Auto Lease Trust Series 2021-B, Class A4, 0.63%, 9/22/2025 (b)
51
48
Toyota Auto Receivables Owner Trust
 
 
Series 2020-A, Class A3, 1.66%, 5/15/2024
43
43
Series 2021-A, Class A3, 0.26%, 5/15/2025
97
94
Series 2020-C, Class A4, 0.57%, 10/15/2025
56
53
United Airlines Pass-Through Trust
 
 
Series 2016-2, Class AA, 2.88%, 10/7/2028
88
76
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2018-1, Class A, 3.70%, 3/1/2030
  101
    81
United Auto Credit Securitization Trust Series 2021-1, Class C, 0.84%, 6/10/2026 (b)
   55
    55
US Auto Funding Series 2021-1A, Class A, 0.79%, 7/15/2024 (b)
   12
    12
US Auto Funding Trust Series 2022-1A, Class A, 3.98%, 4/15/2025 (b)
   79
    77
VOLT C LLC Series 2021-NPL9, Class A1, 1.99%, 5/25/2051 (b) (e)
   49
    43
VOLT CI LLC Series 2021-NP10, Class A1, 1.99%, 5/25/2051 ‡ (b) (e)
   73
    67
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 ‡ (b) (e)
   69
    62
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (b) (e)
   93
    83
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (b) (e)
   70
    62
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (b) (e)
   97
    87
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (b) (e)
  105
    94
Westlake Automobile Receivables Trust
 
 
Series 2020-3A, Class B, 0.78%, 11/17/2025 (b)
65
64
Series 2022-3A, Class A3, 5.49%, 7/15/2026 (b)
183
182
Series 2021-3A, Class D, 2.12%, 1/15/2027 (b)
72
65
World Omni Auto Receivables Trust
 
 
Series 2021-A, Class A3, 0.30%, 1/15/2026
98
95
Series 2022-B, Class A3, 3.25%, 7/15/2027
140
135
World Omni Automobile Lease Securitization Trust
 
 
Series 2021-A, Class A3, 0.42%, 8/15/2024
67
65
Series 2020-B, Class A4, 0.52%, 2/17/2026
60
59
World Omni Select Auto Trust Series 2020-A, Class A3, 0.55%, 7/15/2025
21
21
Total Asset-Backed Securities
(Cost $7,193)
 
6,806
Mortgage-Backed Securities — 8.1%
FHLMC
 
 
Pool # 785618, ARM, 3.88%, 7/1/2026 (d)
5
5
Pool # 611141, ARM, 2.33%, 1/1/2027 (d)
4
4
Pool # 1G2557, ARM, 3.35%, 6/1/2036 (d)
26
26
Pool # 1A1085, ARM, 3.97%, 8/1/2036 (d)
34
35
Pool # 1B7242, ARM, 3.57%, 9/1/2036 (d)
25
25
Pool # 1Q0105, ARM, 4.03%, 9/1/2036 (d)
7
7
Pool # 1Q0737, ARM, 3.74%, 11/1/2036 (d)
11
11
Pool # 1N1511, ARM, 4.42%, 1/1/2037 (d)
13
13
Pool # 1Q0739, ARM, 4.02%, 3/1/2037 (d)
10
10
Pool # 1Q0722, ARM, 2.61%, 4/1/2038 (d)
13
13
FHLMC Gold Pools, 20 Year Pool # C90985, 6.50%, 8/1/2026
3
3
FHLMC Gold Pools, 30 Year
 
 
Pool # G00245, 8.00%, 8/1/2024
—
—
Pool # C00376, 8.00%, 11/1/2024
—
—
Pool # C00414, 7.50%, 8/1/2025
1
1
Pool # C00452, 7.00%, 4/1/2026
1
1
Pool # G00981, 8.50%, 7/1/2028
2
2
Pool # A17537, 6.00%, 1/1/2034
14
15
Pool # G02682, 7.00%, 2/1/2037
12
12
Pool # Q58054, 4.50%, 11/1/2046
142
142
FHLMC Gold Pools, Other
 
 
Pool # WN1157, 1.80%, 11/1/2028
400
346
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # G20027, 10.00%, 10/1/2030
    1
     1
Pool # U80336, 3.50%, 5/1/2033
  263
   249
Pool # U90690, 3.50%, 6/1/2042
   89
    84
Pool # U90975, 4.00%, 6/1/2042
   83
    80
Pool # U91427, 3.50%, 5/1/2043
  316
   297
FNMA
 
 
Pool # 54844, ARM, 2.80%, 9/1/2027 (d)
    1
     1
Pool # 303532, ARM, 3.97%, 3/1/2029 (d)
    1
     1
Pool # 745446, ARM, 3.18%, 4/1/2033 (d)
   17
    17
Pool # 746299, ARM, 4.06%, 9/1/2033 (d)
   29
    29
Pool # 743546, ARM, 3.73%, 11/1/2033 (d)
   31
    30
Pool # 735332, ARM, 3.63%, 8/1/2034 (d)
   21
    21
Pool # 790964, ARM, 3.90%, 9/1/2034 (d)
13
13
Pool # 896463, ARM, 4.32%, 10/1/2034 (d)
30
30
Pool # 816361, ARM, 3.19%, 1/1/2035 (d)
46
45
Pool # 810896, ARM, 4.11%, 1/1/2035 (d)
15
15
Pool # 816597, ARM, 2.05%, 2/1/2035 (d)
10
10
Pool # 816594, ARM, 3.79%, 2/1/2035 (d)
10
11
Pool # 745862, ARM, 3.28%, 4/1/2035 (d)
17
17
Pool # 832801, ARM, 3.90%, 9/1/2035 (d)
30
29
Pool # 843026, ARM, 3.94%, 9/1/2035 (d)
23
23
Pool # 920340, ARM, 4.25%, 2/1/2036 (d)
19
19
Pool # 886558, ARM, 4.02%, 8/1/2036 (d)
8
8
Pool # 893424, ARM, 3.83%, 9/1/2036 (d)
23
23
Pool # 915645, ARM, 3.26%, 2/1/2037 (d)
13
13
Pool # 913984, ARM, 3.71%, 2/1/2037 (d)
9
9
Pool # 887094, ARM, 3.61%, 7/1/2046 (d)
27
28
FNMA UMBS, 15 Year Pool # 995381, 6.00%, 1/1/2024
1
1
FNMA UMBS, 30 Year
 
 
Pool # 250066, 8.00%, 5/1/2024
—
—
Pool # 250103, 8.50%, 7/1/2024
—
—
Pool # 303031, 7.50%, 10/1/2024
—
—
Pool # 308499, 8.50%, 5/1/2025
—
—
Pool # 695533, 8.00%, 6/1/2027
4
4
Pool # 313687, 7.00%, 9/1/2027
1
1
Pool # 755973, 8.00%, 11/1/2028
5
5
Pool # 598559, 6.50%, 8/1/2031
10
10
Pool # 995409, 8.00%, 11/1/2032
61
63
Pool # 675555, 6.00%, 12/1/2032
12
12
Pool # 674349, 6.00%, 3/1/2033
8
8
Pool # 702901, 6.00%, 5/1/2033
23
24
Pool # 721535, 5.00%, 7/1/2033
36
36
Pool # 723852, 5.00%, 7/1/2033
11
12
Pool # 729296, 5.00%, 7/1/2033
26
27
Pool # 713700, 4.50%, 8/1/2033
12
12
Pool # 737825, 6.00%, 9/1/2033
6
7
Pool # 725027, 5.00%, 11/1/2033
22
23
Pool # 725017, 5.50%, 12/1/2033
23
24
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # AA0922, 6.00%, 9/1/2036
   29
    30
Pool # 986648, 6.00%, 9/1/2037
   16
    16
Pool # AD9151, 5.00%, 8/1/2040
   63
    65
Pool # BM3375, 4.00%, 1/1/2048
  130
   126
Pool # BK8753, 4.50%, 6/1/2049
   98
    97
Pool # BP6363, 3.00%, 4/1/2050
  297
   265
Pool # CB2637, 2.50%, 1/1/2052
   74
    64
FNMA, 30 Year
 
 
Pool # 252409, 6.50%, 3/1/2029
    4
     5
Pool # 752786, 6.00%, 9/1/2033
    7
     7
FNMA, Other
 
 
Pool # AM8317, 2.96%, 3/1/2025
  173
   167
Pool # AN2309, 2.21%, 7/1/2026
439
407
Pool # AM7515, 3.34%, 2/1/2027
500
478
Pool # BL1040, 3.81%, 12/1/2028
150
146
Pool # BL0907, 3.88%, 12/1/2028
300
293
Pool # AM6892, 3.76%, 9/1/2029
217
210
Pool # BM4162, 3.12%, 10/1/2029 (d)
78
73
Pool # BL4333, 2.52%, 11/1/2029
386
345
Pool # BS4030, 1.96%, 1/1/2032
400
331
Pool # BS5117, 2.58%, 3/1/2032
200
171
Pool # 888408, 6.00%, 3/1/2037
8
9
Pool # 257172, 5.50%, 4/1/2038
4
4
Pool # MA1125, 4.00%, 7/1/2042
122
118
GNMA I, 30 Year
 
 
Pool # 363030, 7.00%, 9/15/2023
1
1
Pool # 352022, 7.00%, 11/15/2023
—
—
Pool # 366706, 6.50%, 1/15/2024
1
1
Pool # 371281, 7.00%, 2/15/2024
—
—
Pool # 780965, 9.50%, 12/15/2025
—
—
Pool # 442119, 7.50%, 11/15/2026
1
1
Pool # 411829, 7.50%, 7/15/2027
1
1
Pool # 468149, 8.00%, 8/15/2028
—
—
Pool # 468236, 6.50%, 9/15/2028
19
20
Pool # 486537, 7.50%, 9/15/2028
2
2
Pool # 466406, 6.00%, 11/15/2028
4
4
Pool # 607645, 6.50%, 2/15/2033
7
7
Pool # 781614, 7.00%, 6/15/2033
10
11
Pool # 782615, 7.00%, 6/15/2035
23
24
Pool # 782025, 6.50%, 12/15/2035
32
33
Pool # 681638, 6.00%, 12/15/2038
62
64
GNMA II, 30 Year
 
 
Pool # 1974, 8.50%, 3/20/2025
—
—
Pool # 1989, 8.50%, 4/20/2025
1
1
Pool # 2006, 8.50%, 5/20/2025
—
—
Pool # 2141, 8.00%, 12/20/2025
—
—
Pool # 2234, 8.00%, 6/20/2026
—
—
Pool # 2270, 8.00%, 8/20/2026
1
1
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # 2285, 8.00%, 9/20/2026
    1
     1
Pool # 2324, 8.00%, 11/20/2026
   —
    —
Pool # 2499, 8.00%, 10/20/2027
    1
     1
Pool # 2512, 8.00%, 11/20/2027
    1
     1
Pool # 2525, 8.00%, 12/20/2027
    1
     1
Pool # 2549, 7.50%, 2/20/2028
   —
    —
Pool # 2562, 6.00%, 3/20/2028
    6
     6
Pool # 2633, 8.00%, 8/20/2028
   —
    —
Pool # 2646, 7.50%, 9/20/2028
    1
     1
Pool # 4245, 6.00%, 9/20/2038
   35
    37
Pool # BA7567, 4.50%, 5/20/2048
   66
    65
Pool # BI0416, 4.50%, 11/20/2048
   99
    98
Pool # BM9692, 4.50%, 7/20/2049
58
57
Pool # BQ3224, 4.50%, 9/20/2049
323
321
Pool # MA7534, 2.50%, 8/20/2051
114
100
Pool # MA7649, 2.50%, 10/20/2051
36
32
GNMA II, Other Pool # AD0860, 3.50%, 11/20/2033
288
278
Total Mortgage-Backed Securities
(Cost $7,041)
 
6,640
Commercial Mortgage-Backed Securities — 7.5%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035 (b) (d)
145
141
BXP Trust Series 2017-GM, Class A, 3.38%, 6/13/2039 (b)
100
90
Commercial Mortgage Trust Series 2015-CR25, Class A4, 3.76%, 8/10/2048
281
268
FHLMC, Multi-Family Structured Pass-Through Certificates
 
 
Series KSMC, Class A2, 2.62%, 1/25/2023
500
498
Series KL3L, Class ALNZ, 3.46%, 4/25/2025 (d)
500
482
Series KLU2, Class A7, 2.23%, 9/25/2025 (d)
213
199
Series K737, Class AM, 2.10%, 10/25/2026
305
279
Series K069, Class A2, 3.19%, 9/25/2027 (d)
480
456
Series K081, Class A1, 3.88%, 2/25/2028
95
93
Series K083, Class A2, 4.05%, 9/25/2028 (d)
297
292
Series K088, Class A2, 3.69%, 1/25/2029
480
462
Series K-151, Class A2, 3.80%, 10/25/2032 (d)
300
286
FNMA ACES
 
 
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (d)
191
188
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (d)
322
312
Series 2015-M7, Class A2, 2.59%, 12/25/2024
543
519
Series 2018-M2, Class A2, 3.00%, 1/25/2028 (d)
477
448
Series 2020-M50, Class A1, 0.67%, 10/25/2030
265
245
Series 2020-M50, Class A2, 1.20%, 10/25/2030
165
142
Series 2020-M50, Class X1, IO, 2.00%, 10/25/2030 (d)
2,587
195
Series 2021-M11, Class A2, 1.51%, 3/25/2031 (d)
117
92
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033
9
9
Series 2021-M3, Class X1, IO, 2.06%, 11/25/2033 (d)
99
9
Morgan Stanley Capital I Trust Series 2021-PLZA, Class A, 2.57%, 11/9/2043 (b)
147
110
MRCD MARK Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036 (b)
200
184
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (b)
155
125
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (b)
4
4
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Commercial Mortgage-Backed Securities — continued
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4, 3.53%, 5/10/2063
   —
    —
Total Commercial Mortgage-Backed Securities
(Cost $6,525)
 
6,128
Foreign Government Securities — 0.2%
United Mexican States 2.66%, 5/24/2031(Cost $199)
  200
166
U.S. Government Agency Securities — 0.1%
Resolution Funding Corp. STRIPS
DN ,3.30%, 1/15/2026 (a)(Cost $55)
   60
    53
 
SHARES
(000)
 
Short-Term Investments — 1.5%
Investment Companies — 1.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.94% (f) (g)
(Cost $1,228)
1,228
 1,229
Total Investments — 99.8%
(Cost $87,230)
 
81,589
Other Assets Less Liabilities — 0.2%
 
177
NET ASSETS — 100.0%
 
81,766
 
Percentages indicated are based on net assets.
Amounts presented as a dash ("-") represent amounts that round to less than a thousand.
 
Abbreviations
 
ACES
Alternative Credit Enhancement Securities
ARM
Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2022.
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
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, 2022. 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.
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
UMBS
Uniform Mortgage-Backed Securities
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable inputs.
 
(a)
The rate shown is the effective yield as of November 30, 2022.
 
(b)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(c)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2022.
 
(d)
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, 2022.
 
(e)
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, 2022.
 
(f)
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.
 
(g)
The rate shown is the current yield as of November 30, 2022.
 
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of Investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations. 
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
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 using prices supplied 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 value ("NAV") per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments. 
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Asset-Backed Securities
$—
$6,482
$324
$6,806
Collateralized Mortgage Obligations
—
10,363
25
10,388
Commercial Mortgage-Backed Securities
—
6,128
—
6,128
Corporate Bonds
—
19,954
—
19,954
Foreign Government Securities
—
166
—
166
Mortgage-Backed Securities
—
6,640
—
6,640
U.S. Government Agency Securities
—
53
—
53
U.S. Treasury Obligations
—
30,225
—
30,225
Short-Term Investments
 
 
 
 
Investment Companies
1,229
—
—
1,229
Total Investments in Securities
$1,229
$80,011
$349
$81,589
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,
2022
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,
2022
Investments in Securities:
 
 
 
 
 
 
 
 
 
Asset-Backed Securities
$124
$—
$(32)
$—(a)
$98
$(17)
$151
$—
$324
Collateralized Mortgage Obligations
496
—
(5)
—(a)
1
(6)
—
(461)
25
Total
$620
$—
$(37)
$—(a)
$99
$(23)
$151
$(461)
$349
 
 
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, 2022, which were valued using significant unobservable inputs (level 3) amounted to $(37).
Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended November 30, 2022.
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 purchases at cost amounts in the table below. 
 
For the period ended November 30, 2022
Security Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
November 30,
2022
Shares at
November 30,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 3.94%  (a) (b)
$1,357
$15,869
$15,997
$—(c)
$—(c)
$1,229
1,228
$21
$—
 
 
(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, 2022.
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
(c)
Amount rounds to less than one thousand.