The correct spelling of the phrase "am bred" is actually "I'm bred" - a contraction of "I am bred." The IPA phonetic transcription for "I'm bred" would be /aɪm bred/. The sound of the vowel "I" in "I'm" is pronounced as /aɪ/, a diphthong sound made up of /a/ as in "bat" and /ɪ/ as in "sit." The word "bred" is pronounced as /bred/, with a short /e/ as in "bed" sound and a voiced /d/ sound. Putting it all together, we arrive at the correct IPA transcription of /aɪm bred/ for "I'm bred."