NPORT-EX 2 JPMIBT.htm EDGAR HTML
JPMorgan Intermediate Bond Trust
Schedule of Portfolio Investments as of November 30, 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 November 30, 2023  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Treasury Obligations — 67.6%
U.S. Treasury Bonds
6.13%, 8/15/2029
400
435
1.13%, 5/15/2040
750
445
U.S. Treasury Notes
2.00%, 5/31/2024
1,000
983
1.50%, 2/15/2025
250
240
0.25%, 7/31/2025
1,600
1,483
5.00%, 10/31/2025
8,200
8,237
0.75%, 5/31/2026
3,000
2,734
1.13%, 10/31/2026
3,000
2,729
4.63%, 11/15/2026
1,200
1,205
0.38%, 9/30/2027
580
499
0.50%, 10/31/2027
2,500
2,154
1.25%, 3/31/2028
2,000
1,756
2.88%, 5/15/2028
750
705
1.25%, 9/30/2028
4,200
3,638
4.88%, 10/31/2028
6,800
6,967
3.13%, 11/15/2028
700
662
1.50%, 11/30/2028
800
699
1.75%, 1/31/2029
1,000
881
3.25%, 6/30/2029
2,400
2,268
3.88%, 9/30/2029
3,300
3,215
4.88%, 10/31/2030
2,900
2,987
2.88%, 5/15/2032
6,000
5,369
2.75%, 8/15/2032
600
530
4.13%, 11/15/2032
1,000
982
4.50%, 11/15/2033
2,700
2,733
U.S. Treasury STRIPS Bonds
2.82%, 2/15/2024 (a)
606
599
2.43%, 5/15/2024 (a)
200
195
3.29%, 5/15/2025 (a)
200
186
2.59%, 5/15/2026 (a)
200
179
3.96%, 8/15/2026 (a)
47
42
4.18%, 11/15/2026 (a)
300
263
3.23%, 2/15/2027 (a)
100
87
4.48%, 8/15/2027 (a)
100
85
4.58%, 11/15/2027 (a)
140
118
3.41%, 2/15/2028 (a)
53
44
2.75%, 5/15/2028 (a)
10
8
3.66%, 8/15/2028 (a)
200
163
Total U.S. Treasury Obligations
(Cost $57,989)
56,505
Collateralized Mortgage Obligations — 9.2%
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034
337
333
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035
48
36
Banc of America Funding Trust Series 2004-1, PO, 3/25/2034
6
4
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
CHL Mortgage Pass-Through Trust
Series 2004-HYB3, Class 2A, 3.90%, 6/20/2034 (b)
5
4
Series 2004-5, Class 1A4, 5.50%, 6/25/2034
10
10
Series 2005-22, Class 2A1, 4.64%, 11/25/2035 (b)
61
48
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class 1, PO, 6/25/2033
—
—
Series 2003-HYB1, Class A, 6.24%, 9/25/2033 (b)
2
2
Citigroup Mortgage Loan Trust, Inc. Series 2003-UP3, Class A3, 7.00%, 9/25/2033
2
2
FHLMC, REMIC
Series 2033, Class SN, IF, IO, 17.90%, 3/15/2024 (b)
—
—
Series 2306, Class K, PO, 5/15/2024
—
—
Series 2306, Class SE, IF, IO, 5.73%, 5/15/2024 (b)
—
—
Series 1927, Class PH, 7.50%, 1/15/2027
12
12
Series 2038, Class PN, IO, 7.00%, 3/15/2028
2
—
Series 2063, Class PG, 6.50%, 6/15/2028
11
11
Series 2089, Class PJ, IO, 7.00%, 10/15/2028
3
—
Series 2169, Class TB, 7.00%, 6/15/2029
24
25
Series 2163, Class PC, IO, 7.50%, 6/15/2029
1
—
Series 2172, Class QC, 7.00%, 7/15/2029
11
11
Series 2344, Class ZD, 6.50%, 8/15/2031
70
70
Series 2410, Class QX, IF, IO, 3.21%, 2/15/2032 (b)
3
—
Series 2412, Class SP, IF, 5.22%, 2/15/2032 (b)
14
15
Series 2444, Class ES, IF, IO, 2.51%, 3/15/2032 (b)
10
1
Series 2450, Class SW, IF, IO, 2.56%, 3/15/2032 (b)
4
—
Series 2435, Class CJ, 6.50%, 4/15/2032
32
33
Series 2441, Class GF, 6.50%, 4/15/2032
10
11
Series 2455, Class GK, 6.50%, 5/15/2032
14
14
Series 2466, Class DH, 6.50%, 6/15/2032
11
11
Series 2474, Class NR, 6.50%, 7/15/2032
13
13
Series 2500, Class MC, 6.00%, 9/15/2032
19
19
Series 2543, Class YX, 6.00%, 12/15/2032
44
45
Series 2575, Class ME, 6.00%, 2/15/2033
80
81
Series 2586, Class WI, IO, 6.50%, 3/15/2033
6
1
Series 3611, PO, 7/15/2034
—
—
Series 2990, Class UZ, 5.75%, 6/15/2035
255
252
Series 3117, Class EO, PO, 2/15/2036
—
—
Series 3117, Class OK, PO, 2/15/2036
—
—
Series 3607, Class AO, PO, 4/15/2036
—
—
Series 3137, Class XP, 6.00%, 4/15/2036
37
38
Series 3819, Class ZQ, 6.00%, 4/15/2036
90
91
Series 3149, Class SO, PO, 5/15/2036
—
—
Series 3202, Class HI, IF, IO, 1.21%, 8/15/2036 (b)
72
6
Series 3232, Class ST, IF, IO, 1.26%, 10/15/2036 (b)
16
1
Series 3417, Class EO, PO, 11/15/2036
—
—
Series 3481, Class SJ, IF, IO, 0.41%, 8/15/2038 (b)
35
3
Series 4096, Class HA, 2.00%, 12/15/2041
81
73
Series 5008, Class LB, 1.50%, 8/25/2050
354
271
Series 5028, Class JG, 1.50%, 8/25/2050
369
281
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 5190, Class PH, 2.50%, 2/25/2052
282
247
FHLMC, STRIPS Series 262, Class 35, 3.50%, 7/15/2042
171
157
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 4.36%, 7/25/2032 (b)
15
14
Series T-76, Class 2A, 2.33%, 10/25/2037 (b)
59
50
Series T-51, Class 2A, 7.50%, 8/25/2042 (b)
16
16
Series T-54, Class 2A, 6.50%, 2/25/2043
152
153
Series T-54, Class 3A, 7.00%, 2/25/2043
49
50
Series T-56, Class A5, 5.23%, 5/25/2043
348
321
Series T-58, Class A, PO, 9/25/2043
8
6
FNMA Trust, Whole Loan
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044
11
12
Series 2005-W3, Class 2AF, 5.66%, 3/25/2045 (b)
40
39
FNMA, REMIC
Series 1993-247, Class SA, IF, 4.27%, 12/25/2023 (b)
—
—
Series 2005-121, Class DX, 5.50%, 1/25/2026
15
15
Series 1997-20, IO, 1.84%, 3/25/2027 (b)
—
—
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (b)
—
—
Series 2012-47, Class HF, 5.84%, 5/25/2027 (b)
16
16
Series 2001-36, Class DE, 7.00%, 8/25/2031
14
14
Series 2003-52, Class SX, IF, 6.62%, 10/25/2031 (b)
4
4
Series 2004-74, Class SW, IF, 4.62%, 11/25/2031 (b)
10
11
Series 2001-81, Class LO, PO, 1/25/2032
1
1
Series 2002-1, Class SA, IF, 7.50%, 2/25/2032 (b)
2
2
Series 2004-61, Class SH, IF, 2.23%, 11/25/2032 (b)
12
12
Series 2003-22, Class UD, 4.00%, 4/25/2033
36
34
Series 2003-34, Class GE, 6.00%, 5/25/2033
98
99
Series 2003-47, Class PE, 5.75%, 6/25/2033
43
43
Series 2003-64, Class SX, IF, 0.16%, 7/25/2033 (b)
4
4
Series 2003-71, Class DS, IF, 0.22%, 8/25/2033 (b)
43
38
Series 2005-56, Class TP, IF, 1.82%, 8/25/2033 (b)
8
8
Series 2003-91, Class SD, IF, 3.43%, 9/25/2033 (b)
3
3
Series 2006-44, Class P, PO, 12/25/2033
12
10
Series 2003-130, Class SX, IF, 3.36%, 1/25/2034 (b)
1
1
Series 2004-25, Class SA, IF, 4.56%, 4/25/2034 (b)
11
11
Series 2004-46, Class SK, IF, 1.53%, 5/25/2034 (b)
7
7
Series 2004-36, Class SA, IF, 4.56%, 5/25/2034 (b)
19
20
Series 2004-50, Class VZ, 5.50%, 7/25/2034
140
138
Series 2005-74, Class CS, IF, 5.05%, 5/25/2035 (b)
4
4
Series 2005-45, Class DC, IF, 4.35%, 6/25/2035 (b)
18
18
Series 2005-73, Class PS, IF, 3.09%, 8/25/2035 (b)
32
32
Series 2005-68, Class PG, 5.50%, 8/25/2035
69
68
Series 2005-106, Class US, IF, 4.61%, 11/25/2035 (b)
17
18
Series 2006-27, Class OH, PO, 4/25/2036
14
12
Series 2006-65, Class QO, PO, 7/25/2036
11
9
Series 2006-56, Class FC, 5.73%, 7/25/2036 (b)
67
66
Series 2006-72, Class GO, PO, 8/25/2036
15
13
Series 2006-79, Class DO, PO, 8/25/2036
13
11
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2006-77, Class PC, 6.50%, 8/25/2036
16
17
Series 2006-110, PO, 11/25/2036
19
16
Series 2006-124, Class HB, 5.26%, 11/25/2036 (b)
34
34
Series 2007-79, Class SB, IF, 4.06%, 8/25/2037 (b)
13
15
Series 2007-81, Class GE, 6.00%, 8/25/2037
31
32
Series 2008-28, Class QS, IF, 4.37%, 4/25/2038 (b)
12
12
Series 2013-25, Class DC, 2.50%, 6/25/2039
118
109
Series 2009-69, PO, 9/25/2039
20
15
Series 2009-103, Class MB, 5.27%, 12/25/2039 (b)
18
18
Series 2010-71, Class HJ, 5.50%, 7/25/2040
49
49
Series 2011-118, Class MT, 7.00%, 11/25/2041
56
58
Series 2011-118, Class NT, 7.00%, 11/25/2041
48
50
Series 2013-101, Class DO, PO, 10/25/2043
112
82
Series 2013-128, PO, 12/25/2043
88
64
Series 2019-65, Class PA, 2.50%, 5/25/2048
145
127
FNMA, REMIC Trust, Whole Loan
Series 2007-W7, Class 1A4, IF, 6.52%, 7/25/2037 (b)
3
3
Series 2003-W4, Class 2A, 5.16%, 10/25/2042 (b)
8
8
Series 2003-W1, Class 1A1, 4.80%, 12/25/2042 (b)
44
42
FNMA, REMIC, Whole Loan Series 2007-106, Class A7, 6.03%, 10/25/2037 (b)
11
11
FNMA, STRIPS
Series 300, Class 1, PO, 9/25/2024
—
—
Series 329, Class 1, PO, 1/25/2033
2
2
GNMA
Series 2003-52, Class AP, PO, 6/16/2033
19
17
Series 2004-28, Class S, IF, 4.69%, 4/16/2034 (b)
5
6
Series 2004-71, Class SB, IF, 2.72%, 9/20/2034 (b)
9
9
Series 2004-90, Class SI, IF, IO, 0.65%, 10/20/2034 (b)
56
3
Series 2005-68, Class DP, IF, 3.32%, 6/17/2035 (b)
8
8
Series 2005-68, Class KI, IF, IO, 0.85%, 9/20/2035 (b)
100
8
Series 2006-38, Class ZK, 6.50%, 8/20/2036
173
172
Series 2006-59, Class SD, IF, IO, 1.25%, 10/20/2036 (b)
12
1
Series 2007-17, Class JI, IF, IO, 1.37%, 4/16/2037 (b)
48
4
Series 2007-27, Class SA, IF, IO, 0.75%, 5/20/2037 (b)
58
2
Series 2007-45, Class QA, IF, IO, 1.19%, 7/20/2037 (b)
47
2
Series 2007-40, Class SB, IF, IO, 1.30%, 7/20/2037 (b)
78
4
Series 2007-53, Class ES, IF, IO, 1.10%, 9/20/2037 (b)
13
—
Series 2007-53, Class SW, IF, 3.87%, 9/20/2037 (b)
10
10
Series 2009-79, Class OK, PO, 11/16/2037
37
32
Series 2007-76, Class SA, IF, IO, 1.08%, 11/20/2037 (b)
25
1
Series 2007-72, Class US, IF, IO, 1.10%, 11/20/2037 (b)
25
—
Series 2009-106, Class ST, IF, IO, 0.55%, 2/20/2038 (b)
79
3
Series 2008-33, Class XS, IF, IO, 2.26%, 4/16/2038 (b)
18
1
Series 2008-40, Class SA, IF, IO, 0.96%, 5/16/2038 (b)
45
2
Series 2008-55, Class SA, IF, IO, 0.75%, 6/20/2038 (b)
30
1
Series 2008-50, Class KB, 6.00%, 6/20/2038
60
61
Series 2008-93, Class AS, IF, IO, 0.25%, 12/20/2038 (b)
35
2
Series 2009-6, Class SA, IF, IO, 0.66%, 2/16/2039 (b)
8
—
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2009-31, Class TS, IF, IO, 0.85%, 3/20/2039 (b)
19
—
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039
15
1
Series 2009-22, Class SA, IF, IO, 0.82%, 4/20/2039 (b)
36
2
Series 2009-92, Class ZC, 5.00%, 10/20/2039
211
206
Series 2011-137, Class WA, 5.59%, 7/20/2040 (b)
100
102
Series 2010-105, Class B, 5.00%, 8/20/2040
271
264
Series 2010-130, Class CP, 7.00%, 10/16/2040
25
26
Series 2013-91, Class WA, 4.44%, 4/20/2043 (b)
252
236
Series 2012-H24, Class FA, 5.50%, 3/20/2060 (b)
4
4
Series 2013-H03, Class FA, 5.59%, 8/20/2060 (b)
—
—
Series 2012-H21, Class DF, 4.87%, 5/20/2061 (b)
1
1
Series 2012-H26, Class MA, 4.88%, 7/20/2062 (b)
1
1
Series 2012-H29, Class FA, 5.95%, 10/20/2062 (b)
86
86
Series 2014-H15, Class FA, 5.94%, 7/20/2064 (b)
395
392
Series 2015-H15, Class FJ, 5.88%, 6/20/2065 (b)
339
337
Series 2015-H18, Class FA, 5.89%, 6/20/2065 (b)
147
146
Series 2015-H20, Class FA, 5.91%, 8/20/2065 (b)
335
333
Series 2015-H26, Class FG, 5.96%, 10/20/2065 (b)
380
375
GSR Mortgage Loan Trust Series 2006-1F, Class 1A3, 5.50%, 2/25/2036
14
25
Impac Secured Assets CMN Owner Trust Series 2002-2, Class A, PO, 4/25/2033
—
—
JPMorgan Mortgage Trust
Series 2003-A1, Class 1A1, 4.52%, 10/25/2033 (b)
55
49
Series 2006-A2, Class 5A3, 6.13%, 11/25/2033 (b)
11
11
Series 2006-A2, Class 4A1, 5.59%, 8/25/2034 (b)
6
6
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 5.87%, 4/21/2034 (b)
16
15
Series 2004-3, Class 4A2, 3.85%, 4/25/2034 (b)
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
13
12
Series 2003-9, Class 8A1, 6.00%, 1/25/2034
45
42
Series 2004-7, Class 30, PO, 8/25/2034
4
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 (c)
3
2
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 6.08%, 10/25/2028 (b)
30
28
Series 2004-A, Class A1, 5.92%, 4/25/2029 (b)
10
9
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (b) (c)
19
17
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
1
1
Series 2003-A1, Class A2, 6.00%, 5/25/2033
5
4
RALI Trust
Series 2002-QS16, Class A3, IF, 5.21%, 10/25/2017 ‡ (b)
—
—
Series 2003-QS9, Class A3, IF, IO, 2.09%, 5/25/2018 ‡ (b)
—
—
Reperforming Loan REMIC Trust Series 2005-R1, Class 2A, PO, 3/25/2035 (c)
26
14
Vendee Mortgage Trust
Series 1994-1, Class 1, 3.94%, 2/15/2024 (b)
2
2
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 1996-1, Class 1Z, 6.75%, 2/15/2026
34
34
Series 1996-2, Class 1Z, 6.75%, 6/15/2026
10
10
Series 1997-1, Class 2Z, 7.50%, 2/15/2027
47
48
Series 1998-1, Class 2E, 7.00%, 3/15/2028
14
14
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR5, Class A7, 4.82%, 6/25/2033 (b)
17
17
Series 2004-AR3, Class A2, 4.50%, 6/25/2034 (b)
8
7
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB7, 5.50%, 6/25/2035
55
47
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2003-MS7, Class P, PO, 3/25/2033
—
—
Total Collateralized Mortgage Obligations
(Cost $8,128)
7,694
Mortgage-Backed Securities — 7.3%
FHLMC
Pool # 1G2557, ARM, 5.48%, 6/1/2036 (b)
21
22
Pool # 1A1085, ARM, 7.46%, 8/1/2036 (b)
27
27
Pool # 1B7242, ARM, 5.57%, 9/1/2036 (b)
24
24
Pool # 1N1511, ARM, 7.54%, 1/1/2037 (b)
12
12
Pool # 1Q0722, ARM, 4.62%, 4/1/2038 (b)
11
11
FHLMC Gold Pools, 30 Year
Pool # G00245, 8.00%, 8/1/2024
—
—
Pool # A17537, 6.00%, 1/1/2034
13
13
Pool # G02682, 7.00%, 2/1/2037
10
10
Pool # Q58054, 4.50%, 11/1/2046
130
126
FHLMC Gold Pools, Other
Pool # U80336, 3.50%, 5/1/2033
241
230
Pool # U90690, 3.50%, 6/1/2042
81
74
Pool # U90975, 4.00%, 6/1/2042
75
70
Pool # U91427, 3.50%, 5/1/2043
301
275
FNMA
Pool # 745446, ARM, 5.30%, 4/1/2033 (b)
15
15
Pool # 746299, ARM, 6.06%, 9/1/2033 (b)
22
23
Pool # 743546, ARM, 5.73%, 11/1/2033 (b)
29
28
Pool # 735332, ARM, 5.56%, 8/1/2034 (b)
17
17
Pool # 790964, ARM, 5.90%, 9/1/2034 (b)
12
12
Pool # 896463, ARM, 6.30%, 10/1/2034 (b)
21
22
Pool # 816361, ARM, 5.19%, 1/1/2035 (b)
43
42
Pool # 810896, ARM, 7.21%, 1/1/2035 (b)
12
13
Pool # 745862, ARM, 5.26%, 4/1/2035 (b)
12
12
Pool # 832801, ARM, 5.89%, 9/1/2035 (b)
23
23
Pool # 843026, ARM, 7.29%, 9/1/2035 (b)
13
13
Pool # 920340, ARM, 6.25%, 2/1/2036 (b)
18
18
Pool # 893424, ARM, 5.83%, 9/1/2036 (b)
20
20
Pool # 887094, ARM, 5.54%, 7/1/2046 (b)
22
22
FNMA UMBS, 15 Year Pool # 995381, 6.00%, 1/1/2024
—
—
FNMA UMBS, 30 Year
Pool # 250066, 8.00%, 5/1/2024
—
—
Pool # 303031, 7.50%, 10/1/2024
—
—
Pool # 308499, 8.50%, 5/1/2025
—
—
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # 995409, 8.00%, 11/1/2032
50
52
FNMA, Other
Pool # AM8317, 2.96%, 3/1/2025
169
164
Pool # AN2309, 2.21%, 7/1/2026
427
399
Pool # AM7515, 3.34%, 2/1/2027
500
475
Pool # BS8224, 4.10%, 5/1/2028
310
300
Pool # BL0907, 3.88%, 12/1/2028
300
286
Pool # BS4956, 2.27%, 4/1/2029
200
175
Pool # AM6892, 3.76%, 9/1/2029
212
200
Pool # BM4162, 3.12%, 10/1/2029 (b)
76
70
Pool # BL4333, 2.52%, 11/1/2029
379
334
Pool # BS8252, 4.36%, 4/1/2030
291
282
Pool # BS8846, 4.09%, 7/1/2030
300
285
Pool # BS4030, 1.96%, 1/1/2032
400
323
Pool # BS5117, 2.58%, 3/1/2032
199
166
Pool # MA1125, 4.00%, 7/1/2042
110
103
Pool # BM6734, 4.00%, 8/1/2059
363
332
Pool # BF0617, 2.50%, 3/1/2062
189
148
GNMA I, 30 Year
Pool # 782615, 7.00%, 6/15/2035
17
18
Pool # 782025, 6.50%, 12/15/2035
25
25
Pool # 681638, 6.00%, 12/15/2038
60
61
GNMA II, 30 Year
Pool # 1989, 8.50%, 4/20/2025
—
—
Pool # 2270, 8.00%, 8/20/2026
—
—
Pool # 2499, 8.00%, 10/20/2027
—
—
Pool # BA7567, 4.50%, 5/20/2048
63
59
Pool # BI0416, 4.50%, 11/20/2048
92
88
Pool # BM9692, 4.50%, 7/20/2049
45
43
Pool # BQ3224, 4.50%, 9/20/2049
304
290
GNMA II, Other Pool # AD0860, 3.50%, 11/20/2033
254
234
Total Mortgage-Backed Securities
(Cost $6,530)
6,086
Asset-Backed Securities — 5.6%
American Credit Acceptance Receivables Trust
Series 2023-2, Class A, 5.89%, 10/13/2026 (c)
27
27
Series 2023-1, Class C, 5.59%, 4/12/2029 (c)
133
131
AmeriCredit Automobile Receivables Trust
Series 2020-3, Class B, 0.76%, 12/18/2025
45
44
Series 2021-2, Class B, 0.69%, 1/19/2027
55
53
Series 2022-2, Class A3, 4.38%, 4/18/2028
31
31
Amur Equipment Finance Receivables X LLC Series 2022-1A, Class A2, 1.64%, 10/20/2027 (c)
53
52
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026 (c)
100
95
BA Credit Card Trust Series 2020-A1, Class A1, 0.34%, 5/15/2026
88
88
BMW Vehicle Lease Trust Series 2023-1, Class A3, 5.16%, 11/25/2025
16
16
Carvana Auto Receivables Trust Series 2023-N1, Class A, 6.36%, 4/12/2027 (c)
69
69
CPS Auto Receivables Trust Series 2022-C, Class B, 4.88%, 4/15/2030 (c)
200
198
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Credit Acceptance Auto Loan Trust
Series 2021-2A, Class A, 0.96%, 2/15/2030 (c)
49
48
Series 2023-1A, Class B, 7.02%, 5/16/2033 (c)
250
250
Drive Auto Receivables Trust Series 2021-3, Class B, 1.11%, 5/15/2026
4
4
DT Auto Owner Trust
Series 2022-1A, Class A, 1.58%, 4/15/2026 (c)
6
6
Series 2022-2A, Class A, 2.88%, 6/15/2026 (c)
16
16
Series 2021-3A, Class C, 0.87%, 5/17/2027 (c)
95
93
Series 2021-4A, Class D, 1.99%, 9/15/2027 (c)
57
52
Series 2023-1A, Class C, 5.55%, 10/16/2028 (c)
176
173
Series 2023-2A, Class B, 5.41%, 2/15/2029 (c)
92
91
Exeter Automobile Receivables Trust
Series 2022-3A, Class A3, 4.21%, 1/15/2026
36
35
Series 2021-4A, Class B, 1.05%, 5/15/2026
8
8
Series 2022-5A, Class B, 5.97%, 3/15/2027
107
107
Series 2023-2A, Class B, 5.61%, 9/15/2027
75
74
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 (c)
66
66
Flagship Credit Auto Trust
Series 2019-4, Class C, 2.77%, 12/15/2025 (c)
2
2
Series 2021-4, Class A, 0.81%, 7/17/2026 (c)
23
23
Series 2022-1, Class A, 1.79%, 10/15/2026 (c)
49
48
Series 2022-2, Class A3, 4.03%, 12/15/2026 (c)
200
198
Series 2023-1, Class A2, 5.38%, 12/15/2026 (c)
12
12
Series 2023-2, Class A2, 5.76%, 4/15/2027 (c)
130
129
Series 2021-3, Class A, 0.36%, 7/15/2027 (c)
18
18
Series 2023-1, Class C, 5.43%, 5/15/2029 (c)
200
195
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 (b)
7
6
GLS Auto Receivables Issuer Trust
Series 2021-3A, Class C, 1.11%, 9/15/2026 (c)
66
64
Series 2023-2A, Class A2, 5.70%, 1/15/2027 (c)
54
54
Series 2023-3A, Class B, 5.89%, 1/18/2028 (c)
115
115
GM Financial Automobile Leasing Trust
Series 2022-2, Class A3, 3.42%, 6/20/2025
81
80
Series 2023-1, Class A3, 5.16%, 4/20/2026
44
44
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (c)
—
—
Kubota Credit Owner Trust Series 2023-1A, Class A3, 5.02%, 6/15/2027 (c)
111
110
MVW LLC Series 2021-2A, Class A, 1.43%, 5/20/2039 (c)
58
52
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 (c)
140
139
Santander Drive Auto Receivables Trust
Series 2021-2, Class C, 0.90%, 6/15/2026
15
15
Series 2022-3, Class A3, 3.40%, 12/15/2026
40
40
Series 2022-4, Class A3, 4.14%, 2/16/2027
86
85
Series 2022-5, Class B, 4.43%, 3/15/2027
44
43
Series 2023-2, Class A3, 5.21%, 7/15/2027
66
66
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2023-3, Class A3, 5.61%, 10/15/2027
28
28
Series 2023-1, Class B, 4.98%, 2/15/2028
43
42
Santander Retail Auto Lease Trust Series 2022-A, Class A3, 1.34%, 7/21/2025 (c)
31
30
SCF Equipment Leasing LLC Series 2022-2A, Class A3, 6.50%, 10/21/2030 (c)
150
151
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 5.74%, 1/25/2036 (d)
20
16
SpringCastle America Funding LLC Series 2020-AA, Class A, 1.97%, 9/25/2037 (c)
34
31
Tesla Auto Lease Trust Series 2021-B, Class A4, 0.63%, 9/22/2025 (c)
51
50
Toyota Lease Owner Trust Series 2023-A, Class A3, 4.93%, 4/20/2026 (c)
200
198
US Auto Funding Trust Series 2022-1A, Class A, 3.98%, 4/15/2025 ‡ (c)
31
30
Westlake Automobile Receivables Trust
Series 2022-3A, Class A3, 5.49%, 7/15/2026 (c)
183
182
Series 2021-3A, Class D, 2.12%, 1/15/2027 (c)
72
68
Series 2023-3A, Class A3, 5.82%, 5/17/2027 (c)
200
200
Series 2023-1A, Class A3, 5.21%, 1/18/2028 (c)
50
50
Total Asset-Backed Securities
(Cost $4,753)
4,685
Commercial Mortgage-Backed Securities — 5.6%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035 (b) (c)
86
77
BXP Trust Series 2017-GM, Class A, 3.38%, 6/13/2039 (c)
100
91
Commercial Mortgage Trust Series 2015-CR25, Class A4, 3.76%, 8/10/2048
281
270
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KL3L, Class ALNZ, 3.46%, 4/25/2025 (b)
500
483
Series KLU2, Class A7, 2.23%, 9/25/2025 (b)
213
201
Series K737, Class AM, 2.10%, 10/25/2026
305
281
Series K069, Class A2, 3.19%, 9/25/2027 (b)
480
453
Series K081, Class A1, 3.88%, 2/25/2028
84
82
Series K083, Class A2, 4.05%, 9/25/2028 (b)
297
287
Series K088, Class A2, 3.69%, 1/25/2029
480
455
FNMA ACES
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (b)
34
34
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (b)
271
266
Series 2015-M7, Class A2, 2.59%, 12/25/2024
478
464
Series 2018-M2, Class A2, 3.00%, 1/25/2028 (b)
456
425
Series 2020-M50, Class A2, 1.20%, 10/25/2030
162
144
Series 2020-M50, Class X1, IO, 1.93%, 10/25/2030 (b)
2,306
145
Series 2021-M11, Class A2, 1.51%, 3/25/2031 (b)
117
91
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033
5
5
Series 2021-M3, Class X1, IO, 2.05%, 11/25/2033 (b)
94
8
Morgan Stanley Capital I Trust Series 2021-PLZA, Class A, 2.57%, 11/9/2043 ‡ (c)
147
109
MRCD MARK Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036 (c)
200
183
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (c)
155
123
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (c)
4
3
Total Commercial Mortgage-Backed Securities
(Cost $5,061)
4,680
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — 0.3%
Electric Utilities — 0.2%
PG&E Recovery Funding LLC Series A-1, 5.05%, 7/15/2032
70
69
PG&E Wildfire Recovery Funding LLC Series A-2, 4.26%, 6/1/2036
83
76
 
145
Multi-Utilities — 0.0% ^
PG&E Energy Recovery Funding LLC Series A-2, 2.28%, 1/15/2036
16
12
Oil, Gas & Consumable Fuels — 0.1%
Cameron LNG LLC 2.90%, 7/15/2031 (c)
84
71
Total Corporate Bonds
(Cost $253)
228
U.S. Government Agency Securities — 0.0% ^
Resolution Funding Corp. STRIPS
DN, 3.40%, 1/15/2026 (a) (Cost $57)
60
54
 
SHARES
(000)
Short-Term Investments — 2.5%
Investment Companies — 2.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.39% (e) (f)
(Cost $2,074)
2,074
2,075
Total Investments — 98.1%
(Cost $84,845)
82,007
Other Assets Less Liabilities — 1.9%
1,607
NET ASSETS — 100.0%
83,614
 
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, 2023.
DN
Discount Notes
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
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, 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.
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
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
STRIPS
Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal
components of eligible notes and bonds as separate securities.
UMBS
Uniform Mortgage-Backed Securities
 
^
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, 2023.
 
(b)
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, 2023.
 
(c)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(d)
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, 2023.
 
(e)
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.
 
(f)
The rate shown is the current yield as of November 30, 2023.
 
JPMorgan Intermediate Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 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 November 30, 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
$—
$4,655
$30
$4,685
Collateralized Mortgage Obligations
—
7,694
—
7,694
Commercial Mortgage-Backed Securities
—
4,571
109
4,680
Corporate Bonds
—
228
—
228
Mortgage-Backed Securities
—
6,086
—
6,086
U.S. Government Agency Securities
—
54
—
54
U.S. Treasury Obligations
—
56,505
—
56,505
Short-Term Investments
Investment Companies
2,075
—
—
2,075
Total Investments in Securities
$2,075
$79,793
$139
$82,007
There were no significant transfers into or out of level 3 for the period ended November 30, 2023.
B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund 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, 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
November 30,
2023
Shares at
November 30,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 5.39%  (a) (b)
$980
$15,915
$14,819
$(1
)
$—
(c)
$2,075
2,074
$55
$—
 
 
(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, 2023.
(c)
Amount rounds to less than one thousand.