NPORT-EX 2 JPMIBT.htm EDGAR HTML
JPMorgan Intermediate Bond Trust
Schedule of Portfolio Investments as of May 31, 2023
(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., 2023.
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Treasury Obligations — 35.6%
U.S. Treasury Bonds
6.13%, 8/15/2029
400
451
1.13%, 5/15/2040
750
487
U.S. Treasury Notes
1.50%, 2/15/2025
250
237
1.13%, 2/28/2025
1,500
1,414
0.25%, 7/31/2025
1,600
1,467
2.25%, 11/15/2025
500
477
0.75%, 5/31/2026
3,000
2,723
1.13%, 10/31/2026
2,000
1,820
0.38%, 9/30/2027
580
500
0.50%, 10/31/2027
2,500
2,162
1.25%, 3/31/2028
2,000
1,775
2.88%, 5/15/2028
750
719
1.25%, 9/30/2028
4,200
3,688
3.13%, 11/15/2028
700
677
1.50%, 11/30/2028
800
710
1.75%, 1/31/2029
1,000
897
2.88%, 5/15/2032
6,000
5,645
U.S. Treasury STRIPS Bonds
2.39%, 8/15/2023 (a)
1,890
1,871
2.83%, 2/15/2024 (a)
606
585
2.39%, 5/15/2024 (a)
200
191
3.21%, 5/15/2025 (a)
200
184
2.54%, 5/15/2026 (a)
200
178
3.97%, 8/15/2026 (a)
47
41
4.07%, 11/15/2026 (a)
300
262
3.25%, 2/15/2027 (a)
100
87
4.48%, 8/15/2027 (a)
100
85
4.46%, 11/15/2027 (a)
140
118
3.43%, 2/15/2028 (a)
53
44
2.70%, 5/15/2028 (a)
10
8
3.67%, 8/15/2028 (a)
200
164
Total U.S. Treasury Obligations
(Cost $30,860)
29,667
Corporate Bonds — 25.0%
Aerospace & Defense — 0.8%
Boeing Co. (The)
4.88%, 5/1/2025
54
54
2.20%, 2/4/2026
86
80
3.10%, 5/1/2026
100
94
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
145
Raytheon Technologies Corp. 4.13%, 11/16/2028
100
97
Textron, Inc. 3.00%, 6/1/2030
100
88
 
703
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Automobile 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
142
Nissan Motor Co. Ltd. (Japan) 4.35%, 9/17/2027 (b)
200
179
 
372
Banks — 3.8%
Bank of America Corp.
(SOFR + 0.67%), 1.84%, 2/4/2025 (c)
154
150
(SOFR + 1.15%), 1.32%, 6/19/2026 (c)
60
55
(SOFR + 1.29%), 5.08%, 1/20/2027 (c)
168
167
(3-MONTH CME TERM SOFR + 1.04%), 3.42%, 12/20/2028 (c)
250
230
(SOFR + 1.63%), 5.20%, 4/25/2029 (c)
73
73
Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (c)
250
207
Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024
150
147
Citigroup, Inc.
4.40%, 6/10/2025
115
112
4.45%, 9/29/2027
50
48
(SOFR + 1.15%), 2.67%, 1/29/2031 (c)
350
298
Fifth Third Bancorp 2.38%, 1/28/2025
64
59
HSBC Holdings plc (United Kingdom)
(SOFR + 0.71%), 0.98%, 5/24/2025 (c)
200
190
(SOFR + 1.29%), 1.59%, 5/24/2027 (c)
200
178
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027
250
237
Mitsubishi UFJ Financial Group, Inc. (Japan) 2.19%, 2/25/2025
225
212
PNC Financial Services Group, Inc. (The) (SOFR + 1.09%), 4.76%, 1/26/2027 (c)
74
73
Santander UK Group Holdings plc (United Kingdom) (SOFR + 2.60%), 6.53%, 1/10/2029 (c)
200
203
Societe Generale SA (France) 4.25%, 4/14/2025 (b)
200
191
US Bancorp Series X, 3.15%, 4/27/2027
68
63
Wells Fargo & Co.
3.00%, 2/19/2025
99
95
4.10%, 6/3/2026
21
20
4.30%, 7/22/2027
30
29
(3-MONTH CME TERM SOFR + 1.57%), 3.58%, 5/22/2028 (c)
170
160
 
3,197
Beverages — 0.3%
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.75%, 1/23/2029
165
166
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
 
221
Biotechnology — 0.4%
AbbVie, Inc. 4.25%, 11/14/2028
100
98
Amgen, Inc.
1.65%, 8/15/2028
43
37
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Biotechnology — continued
5.25%, 3/2/2030
46
46
3.35%, 2/22/2032
35
31
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
23
 
314
Broadline Retail — 0.2%
Amazon.com, Inc. 3.60%, 4/13/2032
100
94
eBay, Inc. 2.60%, 5/10/2031
100
84
 
178
Capital Markets — 2.0%
Blackstone Secured Lending Fund 3.65%, 7/14/2023
55
55
Brookfield Finance, Inc. (Canada) 4.85%, 3/29/2029
47
45
Credit Suisse Group AG (Switzerland) 3.80%, 6/9/2023
250
250
Deutsche Bank AG (Germany) (SOFR + 1.72%), 3.04%, 5/28/2032 (c)
150
119
Goldman Sachs Group, Inc. (The)
(SOFR + 0.82%), 1.54%, 9/10/2027 (c)
150
132
(SOFR + 1.11%), 2.64%, 2/24/2028 (c)
80
73
(3-MONTH CME TERM SOFR + 1.77%), 3.69%, 6/5/2028 (c)
149
140
Invesco Finance plc 3.75%, 1/15/2026
125
121
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025 (b)
100
98
Morgan Stanley
(SOFR + 0.47%), 5.54%, 11/10/2023 (c)
83
83
(SOFR + 0.88%), 1.59%, 5/4/2027 (c)
127
114
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (c)
150
140
(SOFR + 1.03%), 1.79%, 2/13/2032 (c)
90
70
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
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
158
 
1,651
Chemicals — 0.3%
Albemarle Corp. 5.05%, 6/1/2032
50
48
EIDP, Inc. 4.50%, 5/15/2026
43
43
International Flavors & Fragrances, Inc. 1.83%, 10/15/2027 (b)
40
34
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
107
 
278
Commercial Services & Supplies — 0.2%
Republic Services, Inc. 3.38%, 11/15/2027
200
190
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Construction & Engineering — 0.1%
Quanta Services, Inc.
2.90%, 10/1/2030
21
18
2.35%, 1/15/2032
69
55
 
73
Construction Materials — 0.1%
Martin Marietta Materials, Inc. 3.45%, 6/1/2027
78
74
Consumer Finance — 1.2%
AerCap Ireland Capital DAC (Ireland) 5.75%, 6/6/2028
200
198
Avolon Holdings Funding Ltd. (Ireland)
3.95%, 7/1/2024 (b)
120
116
4.25%, 4/15/2026 (b)
190
176
2.53%, 11/18/2027 (b)
334
276
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
157
 
964
Consumer Staples Distribution & Retail — 0.4%
7-Eleven, Inc. 1.80%, 2/10/2031 (b)
100
79
Alimentation Couche-Tard, Inc. (Canada) 3.55%, 7/26/2027 (b)
50
47
CVS Pass-Through Trust 5.93%, 1/10/2034 (b)
36
35
Dollar General Corp. 4.13%, 5/1/2028
109
105
Walmart, Inc. 4.10%, 4/15/2033
66
64
 
330
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
89
WRKCo, Inc. 3.00%, 9/15/2024
80
77
 
202
Diversified REITs — 0.2%
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (b)
52
48
Safehold GL Holdings LLC 2.80%, 6/15/2031
88
69
WP Carey, Inc.
2.40%, 2/1/2031
12
9
2.25%, 4/1/2033
100
75
 
201
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
83
Commonwealth Edison Co. Series 122, 2.95%, 8/15/2027
200
187
Duke Energy Corp. 3.75%, 4/15/2024
150
148
Duquesne Light Holdings, Inc.
2.53%, 10/1/2030 (b)
51
41
2.78%, 1/7/2032 (b)
14
11
Edison International 4.13%, 3/15/2028
50
47
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Electric Utilities — continued
Entergy Mississippi LLC 2.85%, 6/1/2028
186
169
Fells Point Funding Trust 3.05%, 1/31/2027 (b)
200
186
ITC Holdings Corp. 2.95%, 5/14/2030 (b)
39
34
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
Pacific Gas and Electric Co.
2.95%, 3/1/2026
100
92
4.55%, 7/1/2030
75
68
Pennsylvania Electric Co. 3.25%, 3/15/2028 (b)
132
121
PG&E Recovery Funding LLC Series A-1, 5.05%, 7/15/2032
74
75
PG&E Wildfire Recovery Funding LLC Series A-2, 4.26%, 6/1/2036
83
80
SCE Recovery Funding LLC Series A-2, 1.94%, 5/15/2038
25
19
Southern Co. (The) Series 21-B, 1.75%, 3/15/2028
167
144
Virginia Electric and Power Co. 3.45%, 2/15/2024
21
21
Vistra Operations Co. LLC 4.88%, 5/13/2024 (b)
100
98
 
1,790
Electrical Equipment — 0.2%
Eaton Corp. 3.10%, 9/15/2027
140
133
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 3.88%, 1/12/2028
100
93
Energy Equipment & Services — 0.1%
Schlumberger Holdings Corp. 4.30%, 5/1/2029 (b)
94
90
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
53
 
74
Financial Services — 0.4%
Corebridge Financial, Inc. 3.65%, 4/5/2027
80
75
Element Fleet Management Corp. (Canada) 1.60%, 4/6/2024 (b)
10
9
Global Payments, Inc.
2.15%, 1/15/2027
45
40
3.20%, 8/15/2029
50
44
Private Export Funding Corp. Series KK, 3.55%, 1/15/2024
200
198
 
366
Food Products — 0.5%
Archer-Daniels-Midland Co. 3.25%, 3/27/2030
53
49
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
63
Cargill, Inc. 1.70%, 2/2/2031 (b)
75
60
General Mills, Inc. 4.95%, 3/29/2033
31
31
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Food Products — continued
Kellogg Co. 3.40%, 11/15/2027
95
90
Smithfield Foods, Inc.
5.20%, 4/1/2029 (b)
7
6
3.00%, 10/15/2030 (b)
18
14
 
408
Gas Utilities — 0.1%
Atmos Energy Corp. 2.63%, 9/15/2029
42
37
ONE Gas, Inc. 2.00%, 5/15/2030
26
22
 
59
Ground Transportation — 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
131
Penske Truck Leasing Co. LP 5.75%, 5/24/2026 (b)
37
37
Triton Container International Ltd. (Bermuda)
2.05%, 4/15/2026 (b)
110
97
3.25%, 3/15/2032
51
39
 
515
Health Care Equipment & Supplies — 0.1%
Becton Dickinson & Co. 1.96%, 2/11/2031
50
40
Health Care Providers & Services — 0.5%
Cigna Group (The) 3.50%, 6/15/2024
72
71
CommonSpirit Health 2.78%, 10/1/2030
50
43
CVS Health Corp. 5.25%, 1/30/2031
29
29
HCA, Inc. 4.13%, 6/15/2029
150
139
Humana, Inc. 3.95%, 3/15/2027
50
48
UnitedHealth Group, Inc. 2.30%, 5/15/2031
73
62
 
392
Health Care REITs — 0.5%
Healthcare Realty Holdings LP
3.10%, 2/15/2030
68
58
2.00%, 3/15/2031
29
22
Healthpeak OP LLC
3.40%, 2/1/2025
3
3
2.13%, 12/1/2028
28
24
Physicians Realty LP 2.63%, 11/1/2031
37
29
Sabra Health Care LP 3.20%, 12/1/2031
52
38
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 OP LLC 4.50%, 1/15/2024
100
99
 
400
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — 0.2%
Expedia Group, Inc. 3.25%, 2/15/2030
100
86
McDonald's Corp. 2.13%, 3/1/2030
58
50
 
136
Household Durables — 0.2%
Lennar Corp. 5.25%, 6/1/2026
140
140
Industrial REITs — 0.1%
Prologis LP 4.75%, 6/15/2033
100
98
Insurance — 0.9%
Aon Global Ltd. 3.88%, 12/15/2025
143
139
Assurant, Inc. 4.20%, 9/27/2023
14
14
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
45
Principal Financial Group, Inc. 3.10%, 11/15/2026
150
140
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (b)
150
156
 
749
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
38
Media — 0.6%
Charter Communications Operating LLC
4.91%, 7/23/2025
160
157
2.30%, 2/1/2032
50
38
Comcast Corp.
3.38%, 8/15/2025
80
78
3.15%, 3/1/2026
16
15
Cox Communications, Inc. 1.80%, 10/1/2030 (b)
67
53
Fox Corp. 4.71%, 1/25/2029
35
34
Paramount Global 2.90%, 1/15/2027
100
89
 
464
Metals & Mining — 0.1%
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (b)
60
49
Steel Dynamics, Inc. 1.65%, 10/15/2027
33
28
 
77
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
149
NiSource, Inc. 5.25%, 3/30/2028
18
18
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Multi-Utilities — continued
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
97
Puget Energy, Inc. 2.38%, 6/15/2028
17
15
WEC Energy Group, Inc. 3.55%, 6/15/2025
20
19
 
336
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.
2.00%, 5/18/2032
30
23
4.75%, 4/15/2035
18
17
Corporate Office Properties LP 2.00%, 1/15/2029
26
20
Kilroy Realty LP 2.65%, 11/15/2033
70
46
 
106
Oil, Gas & Consumable Fuels — 1.5%
APA Infrastructure Ltd. (Australia) 4.25%, 7/15/2027 (b)
100
96
BP Capital Markets America, Inc. 2.72%, 1/12/2032
150
128
Cameron LNG LLC 2.90%, 7/15/2031 (b)
84
73
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025
50
50
Coterra Energy, Inc. 3.90%, 5/15/2027
60
57
Ecopetrol SA (Colombia) 4.13%, 1/16/2025
58
56
Enbridge, Inc. (Canada) 5.70%, 3/8/2033
44
45
Energy Transfer LP
4.90%, 2/1/2024
61
60
4.05%, 3/15/2025
50
49
Flex Intermediate Holdco LLC 3.36%, 6/30/2031 (b)
114
92
Gray Oak Pipeline LLC
2.60%, 10/15/2025 (b)
40
37
3.45%, 10/15/2027 (b)
50
45
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
MPLX LP 4.25%, 12/1/2027
27
26
NGPL PipeCo LLC 3.25%, 7/15/2031 (b)
22
18
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
58
Plains All American Pipeline LP 4.65%, 10/15/2025
30
30
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
 
1,258
Personal Care Products — 0.1%
Kenvue, Inc. 5.00%, 3/22/2030 (b)
100
102
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Pharmaceuticals — 0.7%
AstraZeneca plc (United Kingdom) 1.38%, 8/6/2030
77
62
Bristol-Myers Squibb Co.
3.40%, 7/26/2029
22
21
1.45%, 11/13/2030
100
81
Merck & Co., Inc. 4.50%, 5/17/2033
59
59
Mylan, Inc. 4.55%, 4/15/2028
75
71
Pfizer Investment Enterprises Pte. Ltd. 4.75%, 5/19/2033
87
87
Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, 3/31/2030
200
167
Zoetis, Inc. 2.00%, 5/15/2030
80
67
 
615
Residential REITs — 0.3%
AvalonBay Communities, Inc.
3.35%, 5/15/2027
28
26
2.45%, 1/15/2031
100
84
Essex Portfolio LP 1.65%, 1/15/2031
53
41
Mid-America Apartments LP
4.20%, 6/15/2028
50
48
1.70%, 2/15/2031
36
29
UDR, Inc. 2.10%, 8/1/2032
48
37
 
265
Retail REITs — 0.4%
Brixmor Operating Partnership LP
3.85%, 2/1/2025
50
48
2.25%, 4/1/2028
10
9
Realty Income Corp. 3.65%, 1/15/2028
150
141
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (b)
150
145
SITE Centers Corp. 3.63%, 2/1/2025
12
11
 
354
Semiconductors & Semiconductor Equipment — 0.6%
Broadcom, Inc. 3.19%, 11/15/2036 (b)
57
43
Intel Corp. 4.88%, 2/10/2028
100
101
Marvell Technology, Inc. 2.95%, 4/15/2031
52
44
Microchip Technology, Inc.
0.97%, 2/15/2024
72
69
0.98%, 9/1/2024
22
21
NXP BV (China) 2.50%, 5/11/2031
100
81
QUALCOMM, Inc. 4.25%, 5/20/2032
32
31
Texas Instruments, Inc.
4.60%, 2/15/2028
23
23
4.90%, 3/14/2033
42
43
Xilinx, Inc. 2.38%, 6/1/2030
50
43
 
499
Software — 0.6%
Intuit, Inc. 1.65%, 7/15/2030
125
101
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Software — continued
Oracle Corp.
4.50%, 5/6/2028
33
32
2.88%, 3/25/2031
168
143
Roper Technologies, Inc.
3.80%, 12/15/2026
15
14
1.40%, 9/15/2027
174
151
VMware, Inc.
1.40%, 8/15/2026
25
22
1.80%, 8/15/2028
15
13
Workday, Inc. 3.50%, 4/1/2027
30
29
 
505
Specialized REITs — 0.5%
American Tower Corp.
5.00%, 2/15/2024
38
38
1.45%, 9/15/2026
72
64
1.50%, 1/31/2028
68
58
Crown Castle, Inc. 2.25%, 1/15/2031
72
59
Equinix, Inc. 2.00%, 5/15/2028
37
31
Extra Space Storage LP 2.35%, 3/15/2032
100
78
Life Storage LP 2.20%, 10/15/2030
25
20
Public Storage 2.25%, 11/9/2031
36
30
 
378
Specialty Retail — 0.2%
Advance Auto Parts, Inc. 3.50%, 3/15/2032
50
42
AutoZone, Inc. 1.65%, 1/15/2031
83
66
O'Reilly Automotive, Inc. 3.60%, 9/1/2027
62
59
 
167
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc. 4.30%, 5/10/2033
100
100
Dell International LLC 5.30%, 10/1/2029
100
100
 
200
Tobacco — 0.3%
Altria Group, Inc. 2.45%, 2/4/2032
84
66
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024
200
194
 
260
Trading Companies & Distributors — 0.4%
Air Lease Corp.
3.00%, 9/15/2023
250
248
5.30%, 2/1/2028
100
99
 
347
Wireless Telecommunication Services — 0.4%
Rogers Communications, Inc. (Canada) 3.80%, 3/15/2032 (b)
100
88
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Wireless Telecommunication Services — continued
T-Mobile USA, Inc.
3.88%, 4/15/2030
150
139
2.25%, 11/15/2031
100
81
 
308
Total Corporate Bonds
(Cost $22,763)
20,811
Collateralized Mortgage Obligations — 12.5%
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034
359
355
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035
50
40
Banc of America Funding Trust Series 2004-1, PO, 3/25/2034
6
4
CHL Mortgage Pass-Through Trust
Series 2004-HYB3, Class 2A, 3.83%, 6/20/2034 (d)
5
4
Series 2004-5, Class 1A4, 5.50%, 6/25/2034
11
11
Series 2005-22, Class 2A1, 3.50%, 11/25/2035 (d)
62
49
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class 1, PO, 6/25/2033
—
—
Series 2003-HYB1, Class A, 4.24%, 9/25/2033 (d)
3
3
Citigroup Mortgage Loan Trust, Inc. Series 2003-UP3, Class A3, 7.00%, 9/25/2033
2
2
FHLMC - GNMA Series 24, Class ZE, 6.25%, 11/25/2023
—
—
FHLMC, REMIC
Series 1541, Class O, 2.65%, 7/15/2023 (d)
—
—
Series 1608, Class L, 6.50%, 9/15/2023
1
1
Series 1602, Class SA, IF, 6.67%, 10/15/2023 (d)
—
—
Series 2283, Class K, 6.50%, 12/15/2023
—
—
Series 1671, Class L, 7.00%, 2/15/2024
—
—
Series 1706, Class K, 7.00%, 3/15/2024
2
2
Series 2033, Class SN, HB, IF, 20.16%, 3/15/2024 (d)
—
—
Series 1720, Class PL, 7.50%, 4/15/2024
3
3
Series 2306, Class K, PO, 5/15/2024
—
—
Series 2306, Class SE, IF, IO, 7.02%, 5/15/2024 (d)
1
—
Series 1745, Class D, 7.50%, 8/15/2024
1
1
Series 1927, Class PH, 7.50%, 1/15/2027
14
14
Series 1981, Class Z, 6.00%, 5/15/2027
5
5
Series 1987, Class PE, 7.50%, 9/15/2027
2
2
Series 2038, Class PN, IO, 7.00%, 3/15/2028
2
—
Series 2040, Class PE, 7.50%, 3/15/2028
11
11
Series 2063, Class PG, 6.50%, 6/15/2028
13
13
Series 2064, Class TE, 7.00%, 6/15/2028
2
2
Series 2075, Class PM, 6.25%, 8/15/2028
10
10
Series 2075, Class PH, 6.50%, 8/15/2028
10
10
Series 2089, Class PJ, IO, 7.00%, 10/15/2028
3
—
Series 2125, Class JZ, 6.00%, 2/15/2029
7
7
Series 2169, Class TB, 7.00%, 6/15/2029
28
29
Series 2163, Class PC, IO, 7.50%, 6/15/2029
2
—
Series 2172, Class QC, 7.00%, 7/15/2029
12
13
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2196, Class TL, 7.50%, 11/15/2029
—
—
Series 2201, Class C, 8.00%, 11/15/2029
4
4
Series 2210, Class Z, 8.00%, 1/15/2030
17
18
Series 2224, Class CB, 8.00%, 3/15/2030
5
5
Series 2256, Class MC, 7.25%, 9/15/2030
8
8
Series 2259, Class ZM, 7.00%, 10/15/2030
9
9
Series 2271, Class PC, 7.25%, 12/15/2030
7
8
Series 2296, Class PD, 7.00%, 3/15/2031
5
6
Series 2344, Class ZD, 6.50%, 8/15/2031
79
81
Series 2344, Class ZJ, 6.50%, 8/15/2031
12
12
Series 2345, Class NE, 6.50%, 8/15/2031
7
8
Series 2351, Class PZ, 6.50%, 8/15/2031
7
7
Series 2410, Class QX, IF, IO, 3.54%, 2/15/2032 (d)
4
—
Series 2412, Class SP, IF, 5.89%, 2/15/2032 (d)
15
16
Series 2410, Class OE, 6.38%, 2/15/2032
4
4
Series 2410, Class NG, 6.50%, 2/15/2032
6
6
Series 2444, Class ES, IF, IO, 2.84%, 3/15/2032 (d)
11
1
Series 2450, Class SW, IF, IO, 2.89%, 3/15/2032 (d)
4
—
Series 2423, Class MC, 7.00%, 3/15/2032
5
5
Series 2423, Class MT, 7.00%, 3/15/2032
10
11
Series 2435, Class CJ, 6.50%, 4/15/2032
35
37
Series 2441, Class GF, 6.50%, 4/15/2032
11
12
Series 2455, Class GK, 6.50%, 5/15/2032
16
16
Series 2450, Class GZ, 7.00%, 5/15/2032
18
19
Series 2466, Class DH, 6.50%, 6/15/2032
16
16
Series 2474, Class NR, 6.50%, 7/15/2032
15
16
Series 2484, Class LZ, 6.50%, 7/15/2032
22
23
Series 2500, Class MC, 6.00%, 9/15/2032
22
23
Series 2543, Class YX, 6.00%, 12/15/2032
47
49
Series 2575, Class ME, 6.00%, 2/15/2033
88
90
Series 2586, Class WI, IO, 6.50%, 3/15/2033
6
1
Series 3611, PO, 7/15/2034
10
9
Series 2990, Class UZ, 5.75%, 6/15/2035
275
279
Series 3117, Class EO, PO, 2/15/2036
25
21
Series 3117, Class OK, PO, 2/15/2036
3
2
Series 3122, Class OH, PO, 3/15/2036
17
14
Series 3152, Class MO, PO, 3/15/2036
65
55
Series 3607, Class AO, PO, 4/15/2036
15
12
Series 3137, Class XP, 6.00%, 4/15/2036
41
43
Series 3819, Class ZQ, 6.00%, 4/15/2036
97
101
Series 3149, Class SO, PO, 5/15/2036
4
3
Series 3171, Class MO, PO, 6/15/2036
13
12
Series 3179, Class OA, PO, 7/15/2036
9
7
Series 3202, Class HI, IF, IO, 1.54%, 8/15/2036 (d)
79
7
Series 3232, Class ST, IF, IO, 1.59%, 10/15/2036 (d)
17
1
Series 3417, Class EO, PO, 11/15/2036
141
122
Series 3316, Class JO, PO, 5/15/2037
2
2
Series 3607, Class OP, PO, 7/15/2037
83
67
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 3481, Class SJ, IF, IO, 0.74%, 8/15/2038 (d)
39
3
Series 4096, Class HA, 2.00%, 12/15/2041
92
83
Series 5008, Class LB, 1.50%, 8/25/2050
366
290
Series 5028, Class JG, 1.50%, 8/25/2050
389
308
FHLMC, STRIPS Series 262, Class 35, 3.50%, 7/15/2042
181
171
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 4.31%, 7/25/2032 (d)
16
15
Series T-76, Class 2A, 2.02%, 10/25/2037 (d)
63
54
Series T-51, Class 2A, 7.50%, 8/25/2042 (d)
17
17
Series T-54, Class 2A, 6.50%, 2/25/2043
157
165
Series T-54, Class 3A, 7.00%, 2/25/2043
51
53
Series T-56, Class A5, 5.23%, 5/25/2043
363
353
Series T-58, Class A, PO, 9/25/2043
9
7
FNMA
Series 2006-65, Class QO, PO, 7/25/2036
12
10
Series 2006-110, PO, 11/25/2036
21
17
FNMA Trust, Whole Loan
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044
13
13
Series 2005-W3, Class 2AF, 5.36%, 3/25/2045 (d)
45
45
FNMA, REMIC
Series 1993-122, Class M, 6.50%, 7/25/2023
—
—
Series 1996-14, Class SE, IF, IO, 7.17%, 8/25/2023 (d)
—
—
Series 1993-165, Class SD, IF, 3.75%, 9/25/2023 (d)
—
—
Series 1993-178, Class PK, 6.50%, 9/25/2023
—
—
Series 1993-183, Class KA, 6.50%, 10/25/2023
2
2
Series 1993-189, Class PL, 6.50%, 10/25/2023
1
1
Series 1994-9, Class E, PO, 11/25/2023
—
—
Series 1993-247, Class SA, IF, 7.83%, 12/25/2023 (d)
—
—
Series G95-1, Class C, 8.80%, 1/25/2025
—
1
Series 2005-121, Class DX, 5.50%, 1/25/2026
27
27
Series 1997-20, IO, 1.84%, 3/25/2027 (d)
—
—
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (d)
—
—
Series 1997-27, Class J, 7.50%, 4/18/2027
3
3
Series 1997-29, Class J, 7.50%, 4/20/2027
3
4
Series 1997-39, Class PD, 7.50%, 5/20/2027
6
6
Series 2012-47, Class HF, 5.54%, 5/25/2027 (d)
22
22
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027
2
—
Series 1998-36, Class ZB, 6.00%, 7/18/2028
1
1
Series 2000-2, Class ZE, 7.50%, 2/25/2030
14
15
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031
13
2
Series 2001-36, Class DE, 7.00%, 8/25/2031
15
16
Series 2001-49, Class Z, 6.50%, 9/25/2031
3
4
Series 2001-44, Class PD, 7.00%, 9/25/2031
3
3
Series 2003-52, Class SX, IF, 7.54%, 10/25/2031 (d)
4
4
Series 2004-74, Class SW, IF, 5.28%, 11/25/2031 (d)
12
12
Series 2001-81, Class LO, PO, 1/25/2032
2
1
Series 2002-1, Class SA, IF, 8.49%, 2/25/2032 (d)
2
2
Series 2002-21, Class PE, 6.50%, 4/25/2032
8
9
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2002-28, Class PK, 6.50%, 5/25/2032
9
9
Series 2002-37, Class Z, 6.50%, 6/25/2032
12
12
Series 2004-61, Class SH, IF, 3.45%, 11/25/2032 (d)
13
14
Series 2003-22, Class UD, 4.00%, 4/25/2033
41
40
Series 2003-34, Class GE, 6.00%, 5/25/2033
107
110
Series 2003-39, IO, 6.00%, 5/25/2033 (d)
2
—
Series 2003-47, Class PE, 5.75%, 6/25/2033
45
46
Series 2003-64, Class SX, IF, 1.16%, 7/25/2033 (d)
5
4
Series 2003-71, Class DS, IF, 0.75%, 8/25/2033 (d)
47
42
Series 2005-56, Class TP, IF, 2.74%, 8/25/2033 (d)
11
10
Series 2003-91, Class SD, IF, 3.94%, 9/25/2033 (d)
3
3
Series 2003-116, Class SB, IF, IO, 2.46%, 11/25/2033 (d)
31
3
Series 2006-44, Class P, PO, 12/25/2033
13
11
Series 2003-130, Class SX, IF, 3.81%, 1/25/2034 (d)
1
1
Series 2004-25, Class SA, IF, 5.40%, 4/25/2034 (d)
12
13
Series 2004-46, Class SK, IF, 2.37%, 5/25/2034 (d)
9
8
Series 2004-36, Class SA, IF, 5.40%, 5/25/2034 (d)
22
24
Series 2004-50, Class VZ, 5.50%, 7/25/2034
149
150
Series 2005-74, Class CS, IF, 5.89%, 5/25/2035 (d)
7
7
Series 2005-45, Class DC, IF, 5.47%, 6/25/2035 (d)
21
21
Series 2005-56, Class S, IF, IO, 1.57%, 7/25/2035 (d)
14
1
Series 2005-73, Class PS, IF, 3.85%, 8/25/2035 (d)
35
36
Series 2005-68, Class PG, 5.50%, 8/25/2035
78
79
Series 2005-106, Class US, IF, 5.73%, 11/25/2035 (d)
20
21
Series 2006-27, Class OH, PO, 4/25/2036
16
14
Series 2006-56, Class FC, 5.43%, 7/25/2036 (d)
74
73
Series 2006-72, Class GO, PO, 8/25/2036
17
15
Series 2006-79, Class DO, PO, 8/25/2036
14
12
Series 2006-77, Class PC, 6.50%, 8/25/2036
19
20
Series 2006-124, Class HB, 3.95%, 11/25/2036 (d)
35
36
Series 2007-14, Class ES, IF, IO, 1.30%, 3/25/2037 (d)
16
1
Series 2007-79, Class SB, IF, 5.18%, 8/25/2037 (d)
14
16
Series 2007-81, Class GE, 6.00%, 8/25/2037
34
36
Series 2007-88, Class VI, IF, IO, 1.40%, 9/25/2037 (d)
43
4
Series 2007-91, Class ES, IF, IO, 1.32%, 10/25/2037 (d)
119
10
Series 2007-116, Class HI, IO, 0.00%, 1/25/2038 (d)
18
1
Series 2008-16, Class IS, IF, IO, 1.06%, 3/25/2038 (d)
6
—
Series 2008-10, Class XI, IF, IO, 1.09%, 3/25/2038 (d)
10
1
Series 2008-28, Class QS, IF, 5.29%, 4/25/2038 (d)
13
14
Series 2008-46, Class HI, IO, 0.44%, 6/25/2038 (d)
7
—
Series 2013-25, Class DC, 2.50%, 6/25/2039
128
120
Series 2009-69, PO, 9/25/2039
22
18
Series 2009-103, Class MB, 4.41%, 12/25/2039 (d)
19
19
Series 2010-71, Class HJ, 5.50%, 7/25/2040
51
53
Series 2011-118, Class MT, 7.00%, 11/25/2041
61
64
Series 2011-118, Class NT, 7.00%, 11/25/2041
55
58
Series 2013-101, Class DO, PO, 10/25/2043
120
89
Series 2013-128, PO, 12/25/2043
93
72
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2019-65, Class PA, 2.50%, 5/25/2048
159
143
FNMA, REMIC Trust, Whole Loan
Series 2007-W7, Class 1A4, IF, 8.35%, 7/25/2037 (d)
3
4
Series 2003-W4, Class 2A, 5.17%, 10/25/2042 (d)
9
9
Series 2003-W1, Class 1A1, 4.82%, 12/25/2042 (d)
47
45
FNMA, REMIC, Whole Loan Series 2007-106, Class A7, 6.06%, 10/25/2037 (d)
11
12
FNMA, STRIPS
Series 300, Class 1, PO, 9/25/2024
1
1
Series 329, Class 1, PO, 1/25/2033
2
2
GNMA
Series 2003-52, Class AP, PO, 6/16/2033
21
19
Series 2004-28, Class S, IF, 5.62%, 4/16/2034 (d)
6
6
Series 2004-71, Class SB, IF, 4.18%, 9/20/2034 (d)
10
10
Series 2004-90, Class SI, IF, IO, 0.95%, 10/20/2034 (d)
61
3
Series 2005-68, Class DP, IF, 4.13%, 6/17/2035 (d)
10
10
Series 2005-68, Class KI, IF, IO, 1.15%, 9/20/2035 (d)
107
9
Series 2006-38, Class ZK, 6.50%, 8/20/2036
189
190
Series 2006-59, Class SD, IF, IO, 1.55%, 10/20/2036 (d)
12
1
Series 2007-17, Class JI, IF, IO, 1.70%, 4/16/2037 (d)
49
4
Series 2007-27, Class SA, IF, IO, 1.05%, 5/20/2037 (d)
62
2
Series 2007-45, Class QA, IF, IO, 1.49%, 7/20/2037 (d)
51
2
Series 2007-40, Class SB, IF, IO, 1.60%, 7/20/2037 (d)
84
4
Series 2007-53, Class ES, IF, IO, 1.40%, 9/20/2037 (d)
14
1
Series 2007-53, Class SW, IF, 4.76%, 9/20/2037 (d)
10
10
Series 2009-79, Class OK, PO, 11/16/2037
40
34
Series 2007-76, Class SA, IF, IO, 1.38%, 11/20/2037 (d)
27
1
Series 2007-72, Class US, IF, IO, 1.40%, 11/20/2037 (d)
26
1
Series 2009-106, Class ST, IF, IO, 0.85%, 2/20/2038 (d)
85
4
Series 2008-33, Class XS, IF, IO, 2.59%, 4/16/2038 (d)
19
1
Series 2008-40, Class SA, IF, IO, 1.29%, 5/16/2038 (d)
51
3
Series 2008-55, Class SA, IF, IO, 1.05%, 6/20/2038 (d)
32
1
Series 2008-50, Class KB, 6.00%, 6/20/2038
65
66
Series 2008-93, Class AS, IF, IO, 0.55%, 12/20/2038 (d)
37
2
Series 2009-6, Class SA, IF, IO, 0.99%, 2/16/2039 (d)
8
—
Series 2009-31, Class TS, IF, IO, 1.15%, 3/20/2039 (d)
22
—
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039
16
2
Series 2009-22, Class SA, IF, IO, 1.12%, 4/20/2039 (d)
39
2
Series 2009-92, Class ZC, 5.00%, 10/20/2039
224
223
Series 2011-137, Class WA, 5.59%, 7/20/2040 (d)
107
111
Series 2010-105, Class B, 5.00%, 8/20/2040
287
288
Series 2010-130, Class CP, 7.00%, 10/16/2040
27
29
Series 2013-91, Class WA, 4.45%, 4/20/2043 (d)
264
255
Series 2012-H24, Class FA, 5.31%, 3/20/2060 (d)
4
4
Series 2013-H03, Class FA, 5.16%, 8/20/2060 (d)
—
—
Series 2012-H21, Class DF, 4.87%, 5/20/2061 (d)
1
1
Series 2012-H26, Class MA, 4.88%, 7/20/2062 (d)
1
1
Series 2012-H29, Class FA, 5.37%, 10/20/2062 (d)
118
117
Series 2014-H15, Class FA, 5.36%, 7/20/2064 (d)
421
417
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2015-H15, Class FJ, 5.30%, 6/20/2065 (d)
382
379
Series 2015-H18, Class FA, 5.31%, 6/20/2065 (d)
181
179
Series 2015-H20, Class FA, 5.33%, 8/20/2065 (d)
355
352
Series 2015-H26, Class FG, 5.38%, 10/20/2065 (d)
398
393
GSR Mortgage Loan Trust Series 2006-1F, Class 1A3, 5.50%, 2/25/2036
16
29
Impac Secured Assets CMN Owner Trust Series 2002-2, Class A, PO, 4/25/2033
—
—
Indenparkaprtn, 4.09%, 7/1/2033 (e)
300
296
JPMorgan Mortgage Trust
Series 2003-A1, Class 1A1, 3.78%, 10/25/2033 (d)
56
51
Series 2006-A2, Class 5A3, 4.19%, 11/25/2033 (d)
13
13
Series 2006-A2, Class 4A1, 4.16%, 8/25/2034 (d)
6
6
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.58%, 4/21/2034 (d)
18
17
Series 2004-3, Class 4A2, 3.46%, 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
18
17
Series 2003-9, Class 8A1, 6.00%, 1/25/2034
47
45
Series 2004-7, Class 30, PO, 8/25/2034
5
3
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)
3
2
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 5.76%, 10/25/2028 (d)
33
31
Series 2004-A, Class A1, 5.60%, 4/25/2029 (d)
11
10
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (b) (d)
20
18
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
5
5
RALI Trust Series 2002-QS16, Class A3, IF, 5.88%, 10/25/2017 ‡ (d)
—
—
Reperforming Loan REMIC Trust Series 2005-R1, Class 2A, PO, 3/25/2035 (b)
27
15
Seasoned Credit Risk Transfer Trust
Series 2018-1, Class M60C, 3.50%, 5/25/2057
164
154
Series 2017-4, Class M60C, 3.50%, 6/25/2057
238
224
Series 2018-2, Class M55D, 4.00%, 11/25/2057
167
159
Series 2019-1, Class MT, 3.50%, 7/25/2058
328
297
Series 2019-3, Class M55D, 4.00%, 10/25/2058
52
50
Series 2019-4, Class M55D, 4.00%, 2/25/2059
189
180
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028
224
214
Vendee Mortgage Trust
Series 1994-1, Class 1, 4.82%, 2/15/2024 (d)
4
4
Series 1996-1, Class 1Z, 6.75%, 2/15/2026
42
42
Series 1996-2, Class 1Z, 6.75%, 6/15/2026
13
13
Series 1997-1, Class 2Z, 7.50%, 2/15/2027
58
59
Series 1998-1, Class 2E, 7.00%, 3/15/2028
17
17
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR5, Class A7, 4.83%, 6/25/2033 (d)
18
18
Series 2004-AR3, Class A2, 4.52%, 6/25/2034 (d)
9
8
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB7, 5.50%, 6/25/2035
57
51
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2003-MS7, Class P, PO, 3/25/2033
—
—
Total Collateralized Mortgage Obligations
(Cost $10,910)
10,430
Mortgage-Backed Securities — 10.1%
FHLMC
Pool # 785618, ARM, 3.88%, 7/1/2026 (d)
4
4
Pool # 611141, ARM, 4.30%, 1/1/2027 (d)
3
3
Pool # 1G2557, ARM, 4.35%, 6/1/2036 (d)
22
22
Pool # 1A1085, ARM, 6.02%, 8/1/2036 (d)
27
28
Pool # 1Q0105, ARM, 4.02%, 9/1/2036 (d)
6
6
Pool # 1B7242, ARM, 4.38%, 9/1/2036 (d)
25
24
Pool # 1Q0737, ARM, 3.99%, 11/1/2036 (d)
11
11
Pool # 1N1511, ARM, 6.41%, 1/1/2037 (d)
13
12
Pool # 1Q0739, ARM, 6.02%, 3/1/2037 (d)
9
9
Pool # 1Q0722, ARM, 4.55%, 4/1/2038 (d)
12
12
FHLMC Gold Pools, 20 Year Pool # C90985, 6.50%, 8/1/2026
2
2
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
—
—
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
14
Pool # G02682, 7.00%, 2/1/2037
11
11
Pool # Q58054, 4.50%, 11/1/2046
134
133
FHLMC Gold Pools, Other
Pool # WN1157, 1.80%, 11/1/2028
400
348
Pool # G20027, 10.00%, 10/1/2030
1
1
Pool # U80336, 3.50%, 5/1/2033
252
241
Pool # U90690, 3.50%, 6/1/2042
85
80
Pool # U90975, 4.00%, 6/1/2042
79
76
Pool # U91427, 3.50%, 5/1/2043
309
290
FHLMC UMBS, 30 Year Pool # RA7937, 5.00%, 9/1/2052
383
378
FNMA
Pool # 54844, ARM, 3.84%, 9/1/2027 (d)
1
1
Pool # 303532, ARM, 4.25%, 3/1/2029 (d)
1
1
Pool # 745446, ARM, 4.56%, 4/1/2033 (d)
15
15
Pool # 746299, ARM, 4.06%, 9/1/2033 (d)
25
26
Pool # 743546, ARM, 3.73%, 11/1/2033 (d)
30
29
Pool # 735332, ARM, 4.62%, 8/1/2034 (d)
19
18
Pool # 790964, ARM, 3.90%, 9/1/2034 (d)
13
12
Pool # 896463, ARM, 4.48%, 10/1/2034 (d)
29
29
Pool # 816361, ARM, 3.70%, 1/1/2035 (d)
44
43
Pool # 810896, ARM, 6.12%, 1/1/2035 (d)
13
13
Pool # 816597, ARM, 4.04%, 2/1/2035 (d)
10
10
Pool # 816594, ARM, 5.78%, 2/1/2035 (d)
9
10
Pool # 745862, ARM, 4.92%, 4/1/2035 (d)
14
14
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # 832801, ARM, 3.89%, 9/1/2035 (d)
24
23
Pool # 843026, ARM, 5.96%, 9/1/2035 (d)
14
14
Pool # 920340, ARM, 5.25%, 2/1/2036 (d)
19
18
Pool # 886558, ARM, 4.02%, 8/1/2036 (d)
8
8
Pool # 893424, ARM, 3.83%, 9/1/2036 (d)
20
20
Pool # 915645, ARM, 4.26%, 2/1/2037 (d)
13
13
Pool # 913984, ARM, 5.69%, 2/1/2037 (d)
7
7
Pool # 887094, ARM, 4.97%, 7/1/2046 (d)
22
23
FNMA UMBS, 15 Year Pool # 995381, 6.00%, 1/1/2024
—
—
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
3
4
Pool # 313687, 7.00%, 9/1/2027
—
—
Pool # 755973, 8.00%, 11/1/2028
4
4
Pool # 598559, 6.50%, 8/1/2031
9
10
Pool # 995409, 8.00%, 11/1/2032
53
56
Pool # 675555, 6.00%, 12/1/2032
9
9
Pool # 674349, 6.00%, 3/1/2033
5
5
Pool # 702901, 6.00%, 5/1/2033
21
22
Pool # 721535, 5.00%, 7/1/2033
34
34
Pool # 723852, 5.00%, 7/1/2033
10
10
Pool # 729296, 5.00%, 7/1/2033
23
24
Pool # 713700, 4.50%, 8/1/2033
10
10
Pool # 737825, 6.00%, 9/1/2033
6
6
Pool # 725027, 5.00%, 11/1/2033
20
21
Pool # 725017, 5.50%, 12/1/2033
22
23
Pool # AA0922, 6.00%, 9/1/2036
28
29
Pool # 986648, 6.00%, 9/1/2037
14
14
Pool # AD9151, 5.00%, 8/1/2040
59
60
Pool # BM3375, 4.00%, 1/1/2048
126
122
Pool # BK8753, 4.50%, 6/1/2049
87
86
Pool # BP6363, 3.00%, 4/1/2050
287
256
Pool # CB2637, 2.50%, 1/1/2052
72
62
Pool # FS0882, 2.50%, 3/1/2052
370
319
FNMA, 30 Year
Pool # 252409, 6.50%, 3/1/2029
4
4
Pool # 752786, 6.00%, 9/1/2033
7
7
FNMA, Other
Pool # AM8317, 2.96%, 3/1/2025
171
165
Pool # AN2309, 2.21%, 7/1/2026
433
405
Pool # AM7515, 3.34%, 2/1/2027
500
477
Pool # BS8224, 4.10%, 5/1/2028
310
307
Pool # BL1040, 3.81%, 12/1/2028
150
146
Pool # BL0907, 3.88%, 12/1/2028
300
293
Pool # BS4956, 2.27%, 4/1/2029
200
177
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # AM6892, 3.76%, 9/1/2029
215
208
Pool # BM4162, 3.12%, 10/1/2029 (d)
77
73
Pool # BL4333, 2.52%, 11/1/2029
382
343
Pool # BS8252, 4.36%, 4/1/2030
291
288
Pool # BS4030, 1.96%, 1/1/2032
400
332
Pool # BS5117, 2.58%, 3/1/2032
200
172
Pool # 888408, 6.00%, 3/1/2037
8
8
Pool # 257172, 5.50%, 4/1/2038
4
4
Pool # MA1125, 4.00%, 7/1/2042
116
112
Pool # BM6734, 4.00%, 8/1/2059
384
365
Pool # BF0617, 2.50%, 3/1/2062
195
161
GNMA I, 30 Year
Pool # 352022, 7.00%, 11/15/2023
—
—
Pool # 366706, 6.50%, 1/15/2024
—
—
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
18
18
Pool # 486537, 7.50%, 9/15/2028
1
1
Pool # 466406, 6.00%, 11/15/2028
3
3
Pool # 607645, 6.50%, 2/15/2033
7
7
Pool # 781614, 7.00%, 6/15/2033
10
10
Pool # 782615, 7.00%, 6/15/2035
20
21
Pool # 782025, 6.50%, 12/15/2035
28
29
Pool # 681638, 6.00%, 12/15/2038
61
62
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
—
—
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
4
4
Pool # 2646, 7.50%, 9/20/2028
1
1
Pool # 4245, 6.00%, 9/20/2038
33
34
Pool # BA7567, 4.50%, 5/20/2048
66
64
Pool # BI0416, 4.50%, 11/20/2048
98
96
Pool # BM9692, 4.50%, 7/20/2049
54
53
Pool # BQ3224, 4.50%, 9/20/2049
315
308
Pool # MA7534, 2.50%, 8/20/2051
109
96
Pool # MA7649, 2.50%, 10/20/2051
35
31
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
GNMA II, Other Pool # AD0860, 3.50%, 11/20/2033
272
261
Total Mortgage-Backed Securities
(Cost $8,829)
8,394
Asset-Backed Securities — 9.2%
Air Canada Pass-Through Trust (Canada) Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)
77
68
American Airlines Pass-Through Trust
Series 2016-3, Class AA, 3.00%, 10/15/2028
31
27
Series 2021-1, Class B, 3.95%, 7/11/2030
72
63
American Credit Acceptance Receivables Trust
Series 2022-2, Class A, 2.66%, 2/13/2026 (b)
9
9
Series 2023-2, Class A, 5.89%, 10/13/2026 (b)
46
46
Series 2023-1, Class C, 5.59%, 4/12/2029 (b)
133
132
AmeriCredit Automobile Receivables Trust
Series 2021-1, Class A3, 0.37%, 8/18/2025
25
24
Series 2020-3, Class B, 0.76%, 12/18/2025
75
73
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
91
Amur Equipment Finance Receivables X LLC Series 2022-1A, Class A2, 1.64%, 10/20/2027 (b)
74
71
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026 (b)
100
93
BA Credit Card Trust Series 2020-A1, Class A1, 0.34%, 5/15/2026
88
85
BMW Vehicle Lease Trust Series 2023-1, Class A3, 5.16%, 11/25/2025
16
16
British Airways Pass-Through Trust (United Kingdom) Series 2018-1, Class AA, 3.80%, 9/20/2031 (b)
46
42
CarMax Auto Owner Trust
Series 2020-1, Class A3, 1.89%, 12/16/2024
13
12
Series 2020-3, Class A3, 0.62%, 3/17/2025
16
16
Series 2021-1, Class A3, 0.34%, 12/15/2025
22
21
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
86
Series 2023-N1, Class A, 6.36%, 4/12/2027 (b)
104
103
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)
8
8
CoreVest American Finance Trust
Series 2019-3, Class A, 2.71%, 10/15/2052 (b)
55
52
Series 2022-1, Class A, 4.74%, 6/17/2055 (b) (d)
98
96
CPS Auto Receivables Trust Series 2022-C, Class B, 4.88%, 4/15/2030 (b)
200
197
Credit Acceptance Auto Loan Trust
Series 2021-2A, Class A, 0.96%, 2/15/2030 (b)
175
171
Series 2023-1A, Class B, 7.02%, 5/16/2033 (b)
250
255
Drive Auto Receivables Trust Series 2021-3, Class B, 1.11%, 5/15/2026
28
28
DT Auto Owner Trust
Series 2022-1A, Class A, 1.58%, 4/15/2026 (b)
51
50
Series 2022-2A, Class A, 2.88%, 6/15/2026 (b)
46
46
Series 2021-3A, Class C, 0.87%, 5/17/2027 (b)
95
90
Series 2021-4A, Class D, 1.99%, 9/15/2027 (b)
57
52
Series 2023-1A, Class C, 5.55%, 10/16/2028 (b)
176
174
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2023-2A, Class B, 5.41%, 2/15/2029 (b)
92
91
Exeter Automobile Receivables Trust
Series 2022-3A, Class A3, 4.21%, 1/15/2026
142
141
Series 2021-4A, Class B, 1.05%, 5/15/2026
55
54
Series 2022-5A, Class B, 5.97%, 3/15/2027
107
107
Series 2023-2A, Class B, 5.61%, 9/15/2027
75
75
Series 2022-2A, Class D, 4.56%, 7/17/2028
75
72
Series 2022-4A, Class C, 4.92%, 12/15/2028
82
80
Series 2023-1A, Class D, 6.69%, 6/15/2029
21
21
FHF Trust Series 2023-1A, Class A2, 6.57%, 6/15/2028 (b)
72
72
First Investors Auto Owner Trust Series 2021-1A, Class A, 0.45%, 3/16/2026 (b)
1
1
Flagship Credit Auto Trust
Series 2019-4, Class C, 2.77%, 12/15/2025 (b)
49
49
Series 2021-4, Class A, 0.81%, 7/17/2026 (b)
42
41
Series 2022-1, Class A, 1.79%, 10/15/2026 (b)
80
78
Series 2022-2, Class A3, 4.03%, 12/15/2026 (b)
200
196
Series 2023-1, Class A2, 5.38%, 12/15/2026 (b)
17
17
Series 2023-2, Class A2, 5.76%, 4/15/2027 (b)
145
145
Series 2021-3, Class A, 0.36%, 7/15/2027 (b)
38
37
Series 2023-1, Class C, 5.43%, 5/15/2029 (b)
200
198
Ford Credit Auto Owner Trust Series 2023-A, Class A3, 4.65%, 2/15/2028
55
55
FRTKL Series 2021-SFR1, Class A, 1.57%, 9/17/2038 (b)
156
137
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 (d)
8
7
GLS Auto Receivables Issuer Trust
Series 2021-4A, Class A, 0.84%, 7/15/2025 (b)
21
21
Series 2021-2A, Class B, 0.77%, 9/15/2025 (b)
8
8
Series 2021-3A, Class C, 1.11%, 9/15/2026 (b)
66
62
Series 2023-2A, Class A2, 5.70%, 1/15/2027 (b)
63
63
GM Financial Automobile Leasing Trust
Series 2021-1, Class A4, 0.33%, 2/20/2025
31
31
Series 2022-2, Class A3, 3.42%, 6/20/2025
82
80
Series 2023-1, Class A3, 5.16%, 4/20/2026
44
44
GM Financial Consumer Automobile Receivables Trust Series 2021-1, Class A3, 0.35%, 10/16/2025
16
16
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (b)
2
2
Home Partners of America Trust Series 2022-1, Class D, 4.73%, 4/17/2039 (b)
97
90
Honda Auto Receivables Owner Trust Series 2023-1, Class A3, 5.04%, 4/21/2027
34
34
Kubota Credit Owner Trust Series 2023-1A, Class A3, 5.02%, 6/15/2027 (b)
111
111
Mercedes-Benz Auto Lease Trust Series 2021-A, Class A3, 0.25%, 1/16/2024
1
1
Mercedes-Benz Auto Receivables Trust Series 2023-1, Class A3, 4.51%, 11/15/2027
63
62
MVW LLC Series 2021-2A, Class A, 1.43%, 5/20/2039 (b)
71
63
Nissan Auto Lease Trust Series 2023-A, Class A3, 4.91%, 1/15/2026
72
71
OneMain Direct Auto Receivables Trust Series 2023-1A, Class A, 5.41%, 11/14/2029 (b)
140
140
Progress Residential Trust
Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 (b)
100
85
Series 2022-SFR3, Class A, 3.20%, 4/17/2039 (b)
129
119
Santander Consumer Auto Receivables Trust Series 2021-AA, Class A3, 0.33%, 10/15/2025 (b)
11
11
Santander Drive Auto Receivables Trust
Series 2021-3, Class B, 0.60%, 12/15/2025
11
11
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2020-4, Class C, 1.01%, 1/15/2026
11
11
Series 2021-2, Class C, 0.90%, 6/15/2026
52
51
Series 2022-3, Class A3, 3.40%, 12/15/2026
73
72
Series 2022-4, Class A3, 4.14%, 2/16/2027
110
108
Series 2022-5, Class B, 4.43%, 3/15/2027
44
43
Series 2023-2, Class A3, 5.21%, 7/15/2027
66
66
Series 2023-1, Class B, 4.98%, 2/15/2028
43
43
Santander Retail Auto Lease Trust Series 2022-A, Class A3, 1.34%, 7/21/2025 (b)
34
33
SCF Equipment Leasing LLC Series 2022-2A, Class A3, 6.50%, 10/21/2030 (b)
150
152
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 5.74%, 1/25/2036 (f)
21
16
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030
33
30
SpringCastle America Funding LLC Series 2020-AA, Class A, 1.97%, 9/25/2037 (b)
39
35
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
1
1
Series 2021-A, Class A3, 0.26%, 5/15/2025
59
57
Series 2020-C, Class A4, 0.57%, 10/15/2025
56
54
Toyota Lease Owner Trust Series 2023-A, Class A3, 4.93%, 4/20/2026 (b)
200
199
United Airlines Pass-Through Trust
Series 2016-2, Class AA, 2.88%, 10/7/2028
85
75
Series 2018-1, Class A, 3.70%, 3/1/2030
98
86
US Auto Funding Trust Series 2022-1A, Class A, 3.98%, 4/15/2025 (b)
47
47
VOLT C LLC Series 2021-NPL9, Class A1, 1.99%, 5/25/2051 (b) (f)
44
40
VOLT CI LLC Series 2021-NP10, Class A1, 1.99%, 5/25/2051 (b) (f)
69
64
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (b) (f)
62
56
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (b) (f)
85
79
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (b) (f)
63
58
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (b) (f)
83
78
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (b) (f)
93
86
Westlake Automobile Receivables Trust
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
67
Series 2023-1A, Class A3, 5.21%, 1/18/2028 (b)
50
50
World Omni Auto Receivables Trust
Series 2021-A, Class A3, 0.30%, 1/15/2026
68
65
Series 2022-B, Class A3, 3.25%, 7/15/2027
140
136
Series 2023-A, Class A3, 4.83%, 5/15/2028
58
58
World Omni Automobile Lease Securitization Trust Series 2021-A, Class A3, 0.42%, 8/15/2024
50
49
World Omni Select Auto Trust Series 2020-A, Class A3, 0.55%, 7/15/2025
1
1
Total Asset-Backed Securities
(Cost $7,970)
7,703
Commercial Mortgage-Backed Securities — 6.3%
20 Times Square Trust Series 2018-20TS, Class A, 3.10%, 5/15/2035 (b) (d)
145
125
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 KL3L, Class ALNZ, 3.32%, 4/25/2025 (d)
500
482
Series KLU2, Class A7, 2.23%, 9/25/2025 (d)
213
200
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Commercial Mortgage-Backed Securities — continued
Series K737, Class AM, 2.10%, 10/25/2026
305
282
Series K069, Class A2, 3.19%, 9/25/2027 (d)
480
459
Series K081, Class A1, 3.88%, 2/25/2028
90
89
Series K083, Class A2, 4.05%, 9/25/2028 (d)
297
294
Series K088, Class A2, 3.69%, 1/25/2029
480
466
Series K-151, Class A2, 3.80%, 10/25/2032 (d)
300
287
FNMA ACES
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (d)
183
180
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (d)
301
291
Series 2015-M7, Class A2, 2.59%, 12/25/2024
520
499
Series 2018-M2, Class A2, 2.91%, 1/25/2028 (d)
474
443
Series 2020-M50, Class A1, 0.67%, 10/25/2030
—
—
Series 2020-M50, Class A2, 1.20%, 10/25/2030
165
147
Series 2020-M50, Class X1, IO, 1.83%, 10/25/2030 (d)
2,322
158
Series 2021-M11, Class A2, 1.46%, 3/25/2031 (d)
117
93
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033
8
8
Series 2021-M3, Class X1, IO, 1.94%, 11/25/2033 (d)
97
8
Morgan Stanley Capital I Trust Series 2021-PLZA, Class A, 2.57%, 11/9/2043 ‡ (b)
147
111
MRCD MARK Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036 (b)
200
183
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (b)
155
126
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (b)
4
4
Total Commercial Mortgage-Backed Securities
(Cost $5,677)
5,293
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, 3.40%, 1/15/2026 (a) (Cost $56)
60
54
 
SHARES
(000)
Short-Term Investments — 1.3%
Investment Companies — 1.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.12% (g) (h)
(Cost $1,090)
1,089
1,089
Total Investments — 100.3%
(Cost $88,354)
83,607
Liabilities in Excess of Other Assets — (0.3)%
(242
)
NET ASSETS — 100.0%
83,365
 
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
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
ARM
Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2023.
CME
Chicago Mercantile Exchange
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 May 31, 2023. 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.
REIT
Real Estate Investment Trust
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.
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 May 31, 2023.
 
(b)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(c)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2023.
 
(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 May 31, 2023.
 
(e)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(f)
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, 2023.
 
(g)
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.
 
(h)
The rate shown is the current yield as of May 31, 2023.
 
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (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 May 31, 2023 (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
$—
$7,703
$—
$7,703
Collateralized Mortgage Obligations
—
10,430
—
(a)
10,430
Commercial Mortgage-Backed Securities
—
5,182
111
5,293
Corporate Bonds
—
20,811
—
20,811
Foreign Government Securities
—
166
—
166
Mortgage-Backed Securities
—
8,394
—
8,394
U.S. Government Agency Securities
—
54
—
54
U.S. Treasury Obligations
—
29,667
—
29,667
Short-Term Investments
Investment Companies
1,089
—
—
1,089
Total Investments in Securities
$1,089
$82,407
$111
$83,607
 
 
(a)
Amount rounds to less than one thousand.
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:
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 May 31, 2023
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 May 31, 2023
Security Description
Value at
February 28,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2023
Shares at
May 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 5.12%  (a) (b)
$980
$6,438
$6,328
$(1
)
$—
(c)
$1,089
1,089
$17
$—
 
 
(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, 2023.
(c)
Amount rounds to less than one thousand.