UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800) 480-4111

Date of fiscal year end: June 30

Date of reporting period: July 1, 2021 through June 30, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Reports. Not Applicable. Notices do not incorporate disclosures from the

shareholder report.

Annual Report

JPMorgan Access Funds

June 30, 2022

JPMorgan Access Balanced Fund

JPMorgan Access Growth Fund

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Access Balanced Fund	3
JPMorgan Access Growth Fund	7
Consolidated Schedules of Portfolio Investments	11
Consolidated Financial Statements	24
Consolidated Financial Highlights	30
Notes to Consolidated Financial Statements	34
Report of Independent Registered Public Accounting Firm	46
Trustees	47
Officers	50
Schedule of Shareholder Expenses	51
Liquidity Risk Management Program	52
Tax Letter	53
Privacy Policy — Located at the back of this Annual Report

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

August 8, 2022 (Unaudited)

Dear Shareholder,

The global economic rebound that marked 2021 has been sapped of much of its strength in 2022 by accelerating inflation and rising interest rates, the conflict in Ukraine and the ongoing global impacts of the pandemic. The uncertain economic picture has proven to be particularly challenging for investors.

  “It remains essential, in our view, that investors consider the potential benefits of portfolio diversification that adapts to near-term market conditions while cultivating long-term opportunities.” — Andrea L. Lisher

U.S. equity prices, which had largely led a decade-long rally in global equity, fell sharply in 2022 and turned in their worst first-half performance since 1970. In general, only select U.S. Treasury bonds and U.S. core fixed income saw increased investor demand amid the sell-off in equities.

In response to rising consumer and producer prices and tight labor markets, the U.S. Federal Reserve (the “Fed”) adopted an increasingly aggressive policy stance in 2022, raising its benchmark interest rate by 25 basis points in March, then by 50 basis points in May and by 75 basis points each in June and July. Meanwhile, U.S. gross domestic product fell by 1.6% in the first quarter of 2022 and by an estimated 0.9% in the second quarter.

However, corporate earnings and revenues have largely outpaced certain investor expectations in 2022 amid sustained strength in consumer demand and management efforts to hold down expenses and pass along higher input costs. Further

economic resilience was seen in labor markets, where the jobless rate remained at 3.6% from February through June.

In 2022, investors are now facing economic and market circumstances unseen in decades. In the U.S., the highest inflation rate in 40 years and the Fed’s policy response have rattled both equity and fixed income markets. Concurrently, the conflict in Ukraine has constrained both energy supplies to Europe and grain shipments to a range of nations already under economic strain. The Fed and other leading central banks have acknowledged the risks of runaway inflation and have generally pledged to employ a flexible approach to counter those risks without squelching economic growth.

It remains essential, in our view, that investors consider the potential benefits of portfolio diversification that adapts to near-term market conditions, while cultivating long-term opportunities. J.P. Morgan Asset Management will seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

JUNE 30, 2022 JP MORGAN ACCESS FUNDS 1

JPMorgan Access Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2022 (Unaudited)

Equity markets rallied in the second half of 2021 on the back of low interest rates, record corporate earnings and the global economic rebound. However, equity markets in 2022 rendered their worst first-half performance since 1970.

By the end of June 2022, the S&P 500 had slumped into bear market territory — generally defined as a 20% or more decline since the last closing high. While bond markets largely underperformed equity markets throughout most of the twelve month period, investor demand for U.S. Treasury bonds bolstered the Bloomberg U.S. Aggregate Index in the second half of the period.

U.S. equity generated positive returns and led developed markets equity to outperform both emerging markets equity and fixed income markets during the second half of 2021. U.S. equity prices were bolstered by continued monetary and fiscal support as well as strong consumer spending and record corporate profits.

International developed markets equity also provided positive returns though the strength of the economic rebound from 2020 was tempered in some regions by the inflationary pressures, supply chain bottlenecks and mixed success in battling the pandemic. Emerging markets equity prices fell during the period, partly driven by investor concerns about the outlook for inflation and interest rates, as well increased scrutiny of large technology companies by regulators in China.

A resurgence in the pandemic, particularly the emergence of the Omicron variant of Covid-19, in late 2021 and early 2022 failed to dent the U.S. economy. However, a number of nations reinstated social restrictions and China enacted a “Zero Covid” policy that led to severe lockdowns in several large cities, including Shanghai. The result was a sharp drop in manufacturing and other economic activity across China, which further strained on global supply chains and became a drag on the economies of other emerging market nations.

The S&P 500 reached a new closing high on January 3, 2022, bolstered by record high corporate earnings, sales, cash flows, share repurchases and dividends. However, investor sentiment began to sour as accelerating inflation started to erode consumer confidence and raise expectations for an increase in benchmark interest rates by the U.S. Federal Reserve.

Russia’s invasion of Ukraine at the end of February 2022 initiated a sell-off in global financial markets that was further fueled by the highest U.S. inflation rate in more than 40 years. Equity prices recovered somewhat in March 2022 amid better-than-expected corporate earnings. However, the general trend in global financial markets was downward.

While the S&P 500 had a positive total return of 11.7% in the second half of 2021, the index plummeted in the first half of 2022 and its total returns for the twelve-month period was -10.6%. Within U.S. equity markets, small cap and mid cap stocks generally declined more than large cap stocks and growth stocks declined more than value stocks.

2 JP MORGAN ACCESS FUNDS JUNE 30, 2022

JPMorgan Access Balanced Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2022 (Unaudited)

Reporting Period Return:
Fund (Class I Shares)*		(11.15)%
Bloomberg Global Aggregate Index — Hedged USD		(8.94)%
MSCI World Index (net of foreign withholding taxes)		(14.34)%
Access Balanced Composite Benchmark		(11.53)%
Net Assets as of 6/30/2022 (In Thousands)	$	382,615

INVESTMENT OBJECTIVE**

The JPMorgan Access Balanced Fund (the “Fund”) seeks total return.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

As the Fund invests in fixed income and equity asset classes, its performance is compared to broad-based fixed income and equity benchmarks, as well as a blended composite benchmark. The Fund’s Class I Shares underperformed the Bloomberg Global Aggregate Index — Hedged USD, its broad-based fixed income benchmark, and outperformed the MSCI World Index (net of foreign withholding taxes), its broad-based equity benchmark, for the twelve months ended June 30, 2022.

The Fund’s underweight allocation to core fixed income drove its underperformance relative to the Bloomberg Global Aggregate Index — Hedged USD, an all-fixed-income index. The Fund’s allocation to U.S. equity drove its outperformance relative to the MSCI World Index, an all-equity index.

The Fund’s Class I Shares outperformed the Fund’s composite benchmark, which consists of the MSCI World Index (55%), Bloomberg Global Aggregate Index — Hedged USD (40%) and HFRX Global Hedge Fund Index (5%).

The Fund’s overweight allocation equity, particularly U.S. equity, and its security selection in alternative strategies were leading contributors to performance relative to the composite benchmark. The Fund’s allocation to emerging markets equity and its security selection in core fixed income were leading detractors from performance relative to the composite benchmark.

HOW WAS THE FUND POSITIONED?

The Fund is a multi-asset class portfolio that focuses on both traditional and liquid alternative investments across the global marketplace. The portfolio management team managed the Fund using a tactical approach to asset allocation across global markets, seeking opportunities in sectors and regions based on valuations and the potential for longer-term growth. The Fund invested its assets in a combination of domestic and international equity, fixed income and liquid alternative assets.

The portfolio management team believes the U.S. economy is moving into the later part of the economic growth cycle, but sees upside for risk assets over the next 12+ months. While the team expects economic growth will slow as interest rates rise, the portfolio managers believe that the U.S. Federal Reserve (the “Fed”) will seek to moderate inflation without ending the economic growth cycle. The team believes that supply-chain issues that are causing abnormally high inflation in consumer goods will abate, which could allow the Fed to raise interest rates by less than currently expected. Overall, the Fund remains pro-cyclically positioned and the portfolio management team would consider adding further to risk, prudently, if markets present another opportunity.

The Fund was overweight in equities but the team trimmed that overweight slightly in May 2022 to add to the Fund’s fixed income allocation, on the back of higher bond yields. The U.S. remained the Fund’s largest allocation across regions, as it is where the team has the most confidence in earnings resiliency. Asset valuations in Europe were depressed amid the Russia/Ukraine conflict, and while the portfolio management team expects an economic slowdown in the region, the team also believes European stocks could outperform on any de-escalation of the conflict.

The Fund increased its allocation to broad fixed income but remained underweight relative to the composite benchmark and added shorter duration positions after bond yields moved higher, and also added modestly to high yield debt (also known as “junk bonds”) in May 2022. Duration is a measure of price sensitivity and shorter duration bonds generally experience and smaller decline in price compared with longer duration bonds when interest rates rise. The portfolio management team remained broadly comfortable with corporate credit risk. High-quality core fixed income remained a key anchor to help diversify equity risk in the Fund. The Fund’s overall duration was shorter than the composite benchmark and the Fund remained slightly underweight in core fixed income to limit interest rate risk.

The Fund’s alternatives allocation continued to serve as a diversifier against equity and interest rate volatility.

JUNE 30, 2022 JP MORGAN ACCESS FUNDS 3

JPMorgan Access Balanced Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2022 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2022			PERCENT OF TOTAL INVESTMENTS
	1.	iShares Core S&P 500 ETF		32.1	%
	2.	Vanguard Total International Bond ETF		16.9
	3.	JPMorgan BetaBuilders Europe ETF		8.0
	4.	JPMorgan Core Bond Fund Class R6 Shares		7.9
	5.	SPDR S&P 500 ETF Trust		5.0
	6.	iShares 7-10 Year Treasury Bond ETF		2.9
	7.	iShares S&P 500 Growth ETF		2.5
	8.	iShares S&P 500 Value ETF		2.5
	9.	JPMorgan BetaBuilders Japan ETF		2.3
	10.	JPMorgan BetaBuilders Canada ETF		2.2

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF JUNE 30, 2022	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		43.3	%
Fixed Income		33.8
International Equity		17.3
Alternative Assets		4.3
Short-Term Investments		1.3

*	The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
ETF	Exchange-Traded Fund

4 JP MORGAN ACCESS FUNDS JUNE 30, 2022

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2022
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 30, 2009
With Sales Charge*			(15.38	)%		3.40	%		4.36	%
Without Sales Charge			(11.40	)		4.36			4.84
CLASS C SHARES	January 4, 2010
With CDSC**			(12.76	)		3.87			4.43
Without CDSC			(11.76	)		3.87			4.43
CLASS I SHARES	September 30, 2009		(11.15	)		4.63			5.12

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (6/30/12 to 6/30/22)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of the JPMorgan Access Balanced Fund, Bloomberg Global Aggregate Index — Hedged USD, the MSCI World Index (net of foreign withholding taxes), the S&P 500 Index and the Access Balanced Composite Benchmark from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Global Aggregate Index — Hedged USD, the Access Balanced Composite Benchmark and the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the MSCI World Index (net of foreign withholding taxes) does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The Bloomberg Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government,

agency and corporate securities, and USD investment grade 144A securities. Constituents must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. Unrated non-U.S. bonds may use an implied issuer rating to determine index eligibility when not rated by an agency. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Since January 1, 2018, the Access Balanced Composite Benchmark is a composite benchmark comprised of unmanaged indexes that corresponds to the Fund’s model allocation and that consists of the MSCI World Index (net of foreign withholding taxes) (55%), Bloomberg Global Aggregate Index — Hedged USD (40%) and HFRX Global Hedge Fund Index (5%). From July 1, 2016 until December 31, 2017, the Access Balanced Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (55%), Bloomberg Global Aggregate Index (35%), Bloomberg T-Bill 1-3 Month Index (5%), and HFRX Global Hedge Fund Index (5%). From April 1, 2013 until June 30, 2016, the Access Balanced Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (50%), Bloomberg U.S. Aggregate Index (35%), Citigroup 3-Month Treasury Bill Index (5%), Bloomberg Commodity Index (5%) and HFRX Global Hedge Fund Index (5%). Up through March 31, 2013, the Access Balanced Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (50%), Bloomberg U.S. Aggregate Index (35%) and Citigroup 3-Month Treasury Bill Index (15%). Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

JUNE 30, 2022 JP MORGAN ACCESS FUNDS 5

JPMorgan Access Balanced Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2022 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 JP MORGAN ACCESS FUNDS JUNE 30, 2022

JPMorgan Access Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	(11.94)%
MSCI World Index (net of foreign withholding taxes)	(14.34)%
Bloomberg Global Aggregate Index — Hedged USD	(8.94)%
Access Growth Composite Benchmark	(12.67)%
Net Assets as of 6/30/2022 (In Thousands)	$432,649

INVESTMENT OBJECTIVE**

The JPMorgan Access Growth Fund (the “Fund”) seeks capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

As the Fund invests in fixed income and equity asset classes, its performance is compared to broad-based fixed income and equity benchmarks, as well as a blended composite benchmark. The Fund’s Class I Shares outperformed the MSCI World Index (net of foreign withholding taxes), its broad-based equity benchmark, and underperformed the Bloomberg Global Aggregate Index — Hedged USD, its broad-based fixed income benchmark, for the twelve months ended June 30, 2022.

The Fund’s allocation to U.S. equity drove its outperformance relative to the MSCI World Index, which is an all-equity index. The Fund’s underweight allocation to core fixed income drove its underperformance relative to the Bloomberg Global Aggregate Index — Hedged USD, which is an all-fixed income index.

For the period, the Fund’s Class I Shares outperformed the Fund’s composite benchmark, which consists of the MSCI World Index (75%), Bloomberg Global Aggregate Index — Hedged USD (20%), and HFRX Global Hedge Fund Index (5%).

The Fund’s overweight allocation to equity, particularly U.S. equity, and security selection in alternative strategies were leading contributors to performance relative to the composite benchmark. The Fund’s allocation to emerging markets equity and its security selection in core fixed income were leading detractors from performance relative to the composite benchmark.

HOW WAS THE FUND POSITIONED?

The Fund is a multi-asset class portfolio that focuses on both traditional and liquid alternative investments across the global marketplace. The portfolio management team managed the Fund using a tactical approach to asset allocation across global markets, seeking opportunities in sectors and regions based on valuations and the potential for longer-term growth. The Fund

invested its assets in a combination of domestic and international equity, fixed income and liquid alternative assets.

The portfolio management team believes the U.S. economy is moving into the later part of the economic growth cycle, but sees upside for risk assets over the next 12+ months. While the team expects economic growth will slow as interest rates rise, the portfolio managers believe that the U.S. Federal Reserve (the “Fed”) will seek to moderate inflation without ending the economic growth cycle. The team believes that supply-chain issues that are causing abnormally high inflation in consumer goods will abate, which could allow the Fed to raise interest rates by less than currently expected. Overall, the Fund remains pro-cyclically positioned and the portfolio management team would consider adding further to risk, prudently, if markets present another opportunity.

The Fund was overweight in equities but the team trimmed that overweight slightly in May 2022 to add to the Fund’s fixed income allocation, on the back of higher bond yields. The U.S. remained the Fund’s largest allocation across regions, as it is where the team has the most confidence in earnings resiliency. Asset valuations in Europe were depressed amid the Russia/Ukraine conflict, and while the portfolio management team expects an economic slowdown in the region, the team also believes European stocks could outperform on any de-escalation of the conflict.

The Fund increased its allocation to broad fixed income but remained underweight relative to the composite benchmark and added shorter duration positions after bond yields moved higher, and also added modestly to high yield debt (also known as “junk bonds”) in May 2022. Duration is a measure of price sensitivity and shorter duration bonds generally experience and smaller decline in price compared with longer duration bonds when interest rates rise. The portfolio management team remained broadly comfortable with corporate credit risk. High-quality core fixed income remained a key anchor to help diversify equity risk in the Fund. The Fund’s overall duration was shorter than the composite benchmark and the Fund remained slightly underweight in core fixed income to limit interest rate risk.

The Fund’s alternatives allocation continued to serve as a diversifier against equity and interest rate volatility.

JUNE 30, 2022 JP MORGAN ACCESS FUNDS 7

JPMorgan Access Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2022 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2022			PERCENT OF TOTAL INVESTMENTS
	1.	iShares Core S&P 500 ETF		34.6	%
	2.	SPDR S&P 500 ETF Trust		16.0
	3.	JPMorgan BetaBuilders Europe ETF		9.4
	4.	iShares MSCI EAFE ETF		4.0
	5.	JPMorgan Core Bond Fund Class R6 Shares		3.8
	6.	Vanguard Total International Bond ETF		3.8
	7.	JPMorgan BetaBuilders Canada ETF		3.2
	8.	JPMorgan BetaBuilders Japan ETF		2.9
	9.	iShares S&P 500 Growth ETF		2.5
	10.	iShares S&P 500 Value ETF		2.5

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF JUNE 30, 2022	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		56.7	%
International Equity		24.0
Fixed Income		13.6
Alternative Assets		4.5
Short-Term Investments		1.2

*	The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund

8 JP MORGAN ACCESS FUNDS JUNE 30, 2022

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2022
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 30, 2009
With Sales Charge*			(16.16	)%		4.61	%		5.71	%
Without Sales Charge			(12.23	)		5.58			6.19
CLASS C SHARES	January 4, 2010
With CDSC**			(13.63	)		5.07			5.78
Without CDSC			(12.63	)		5.07			5.78
CLASS I SHARES	September 30, 2009		(11.94	)		5.87			6.48

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (6/30/12 to 6/30/22)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of the JPMorgan Access Growth Fund, Bloomberg Global Aggregate Index — Hedged USD, the MSCI World Index (net of foreign withholding taxes), the S&P 500 Index and the Access Growth Composite Benchmark from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Global Aggregate Index — Hedged USD, the Access Growth Composite Benchmark and the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the MSCI World Index (net of foreign withholding taxes) does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The Bloomberg Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan- European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities.

Constituents must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. Unrated non-U.S. bonds may use an implied issuer rating to determine index eligibility when not rated by an agency. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Since January 1, 2018, the Access Growth Composite Benchmark is a composite benchmark comprised of unmanaged indexes that corresponds to the Fund’s model allocation and that consists of the MSCI World Index (net of foreign withholding taxes) (75%), Bloomberg Global Aggregate Index — Hedged USD (20%) and HFRX Global Hedge Fund Index (5%). From July 1, 2016 until December 31, 2017, the Access Growth Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (75%), Bloomberg Global Aggregate Index (15%), Bloomberg T-Bill 1-3 Month Index (5%), and HFRX Global Hedge Fund Index (5%). From April 1, 2013 until June 30, 2016, the Access Growth Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (70%), Bloomberg U.S. Aggregate Index (15%), Citigroup 3-Month Treasury Bill Index (5%), Bloomberg Commodity Index (5%) and HFRX Global Hedge Fund Index (5%). From July 1, 2012 until March 31, 2013, the Access Growth Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (70%), Bloomberg U.S. Aggregate Index (20%) and Citigroup 3-Month Treasury Bill Index (10%). Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

JUNE 30, 2022 JP MORGAN ACCESS FUNDS 9

JPMorgan Access Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2022 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

10 JP MORGAN ACCESS FUNDS JUNE 30, 2022

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2022

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange-Traded Funds — 77.2%
Fixed Income — 19.8%
iShares 7-10 Year Treasury Bond ETF		107		10,946
Vanguard Total International Bond ETF		1,309		64,835
Total Fixed Income				75,781
International Equity — 15.2%
iShares MSCI EAFE ETF		47		2,927
JPMorgan BetaBuilders Canada ETF (a)		144		8,452
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (a)		150		7,156
JPMorgan BetaBuilders Europe ETF (a)		667		30,726
JPMorgan BetaBuilders Japan ETF (a)		197		8,691
Total International Equity				57,952
U.S. Equity — 42.2%
iShares Core S&P 500 ETF		325		123,375
iShares S&P 500 Growth ETF		160		9,656
iShares S&P 500 Value ETF		70		9,650
SPDR S&P 500 ETF Trust		51		19,202
Total U.S. Equity				161,883
Total Exchange-Traded Funds (Cost $262,544)				295,616
Investment Companies — 19.4%
Alternative Assets — 4.3%
Blackstone Alternative Multi-Strategy Fund Class Y Shares *		605		6,047
Lumyna - MW TOPS UCITS Fund (Luxembourg) *		32		6,644
Neuberger Berman Long Short Fund Class Institutional Shares *		231		3,831
Total Alternative Assets				16,522
Fixed Income — 14.1%
JPMorgan Core Bond Fund Class R6 Shares (a)		2,851		30,197
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		520		3,874
JPMorgan High Yield Fund Class R6 Shares (a)		1,227		7,546
JPMorgan Short Duration Bond Fund Class R6 Shares (a)		396		4,192
Lord Abbett Short Duration Income Fund Class F3 Shares		2,056		8,061
Total Fixed Income				53,870
U.S. Equity — 1.0%
BlackRock Event Driven Equity Fund Class Institutional Shares		396		3,848
Total Investment Companies (Cost $74,519)				74,240

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 2.4%
Aerospace & Defense — 0.0% (b)
Airbus SE (France)		1			62
MTU Aero Engines AG (Germany)		—	(c)		19
Safran SA (France)		1			107
					188
Air Freight & Logistics — 0.0% (b)
DSV A/S (Denmark)		—	(c)		33
Airlines — 0.0% (b)
Ryanair Holdings plc, ADR (Ireland) *		—	(c)		7
Auto Components — 0.0% (b)
Autoliv, Inc., SDR (Sweden)		—	(c)		19
Denso Corp. (Japan)		—	(c)		21
Magna International, Inc. (Canada)		1			36
Stanley Electric Co. Ltd. (Japan)		1			11
Sumitomo Rubber Industries Ltd. (Japan)		1			7
					94
Automobiles — 0.0% (b)
Honda Motor Co. Ltd. (Japan)		—	(c)		10
Suzuki Motor Corp. (Japan)		1			19
Toyota Motor Corp. (Japan)		5			72
					101
Banks — 0.2%
Australia & New Zealand Banking Group Ltd. (Australia)		1			21
Banco Bilbao Vizcaya Argentaria SA (Spain)		6			29
BNP Paribas SA (France)		1			25
Close Brothers Group plc (United Kingdom)		1			7
DBS Group Holdings Ltd. (Singapore)		3			73
DNB Bank ASA (Norway)		5			88
Erste Group Bank AG (Austria)		—	(c)		10
HDFC Bank Ltd., ADR (India)		1			33
ING Groep NV (Netherlands)		7			72
Intesa Sanpaolo SpA (Italy)		8			14
Lloyds Banking Group plc (United Kingdom)		47			24
Mitsubishi UFJ Financial Group, Inc. (Japan)		5			24
National Bank of Canada (Canada)		1			49
Standard Chartered plc (United Kingdom)		2			15
Sumitomo Mitsui Trust Holdings, Inc. (Japan)		1			15
Svenska Handelsbanken AB, Class A (Sweden)		3			26
UniCredit SpA (Italy)		—	(c)		5
United Overseas Bank Ltd. (Singapore)		2			38
					568

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2022 JP MORGAN ACCESS FUNDS 11

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2022 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Beverages — 0.1%
Anheuser-Busch InBev SA/NV (Belgium)		1			59
Carlsberg A/S, Class B (Denmark)		1			76
Diageo plc (United Kingdom)		1			51
Kirin Holdings Co. Ltd. (Japan)		1			17
Pernod Ricard SA (France)		—	(c)		34
					237
Biotechnology — 0.0% (b)
BeiGene Ltd., ADR (China) *		—	(c)		34
Genmab A/S (Denmark) *		—	(c)		83
					117
Building Products — 0.0% (b)
Assa Abloy AB, Class B (Sweden)		1			13
Daikin Industries Ltd. (Japan)		—	(c)		25
					38
Capital Markets — 0.1%
Allfunds Group plc (United Kingdom)		1			9
Bridgepoint Group plc (United Kingdom) (d)		3			9
Deutsche Boerse AG (Germany)		—	(c)		15
Euronext NV (Netherlands)(d)		1			50
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		1			28
Julius Baer Group Ltd. (Switzerland)		1			26
London Stock Exchange Group plc (United Kingdom)		1			111
Macquarie Group Ltd. (Australia)		—	(c)		26
Partners Group Holding AG (Switzerland)		—	(c)		12
XP, Inc., Class A (Brazil) *		1			12
					298
Chemicals — 0.1%
Air Liquide SA (France)		1			79
Akzo Nobel NV (Netherlands)		—	(c)		25
Asahi Kasei Corp. (Japan)		6			45
BASF SE (Germany)		—	(c)		20
Covestro AG (Germany) (d)		—	(c)		16
Givaudan SA (Registered) (Switzerland)		—	(c)		53
Johnson Matthey plc (United Kingdom)		1			24
Kansai Paint Co. Ltd. (Japan)		—	(c)		6
Shin-Etsu Chemical Co. Ltd. (Japan)		1			57
Sika AG (Registered) (Switzerland)		—	(c)		8
Sociedad Quimica y Minera de Chile SA, ADR (Chile)		—	(c)		16
Tosoh Corp. (Japan)		—	(c)		4
Umicore SA (Belgium)		—	(c)		17
					370

INVESTMENTS	SHARES (000)			VALUE ($000)
Communications Equipment — 0.0% (b)
Nokia OYJ (Finland)		4			18
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		5			39
					57
Containers & Packaging — 0.0% (b)
Amcor plc, CHDI		2			22
Diversified Financial Services — 0.0% (b)
Challenger Ltd. (Australia)		3			12
Element Fleet Management Corp. (Canada)		3			35
Mitsubishi HC Capital, Inc. (Japan)		3			12
					59
Diversified Telecommunication Services — 0.1%
Koninklijke KPN NV (Netherlands)		13			45
KT Corp. (South Korea)		1			17
Nippon Telegraph & Telephone Corp. (Japan)		5			138
					200
Electric Utilities — 0.0% (b)
Enel SpA (Italy)		7			37
Iberdrola SA (Spain)		5			52
Orsted A/S (Denmark) (d)		—	(c)		20
					109
Electrical Equipment — 0.1%
ABB Ltd. (Registered) (Switzerland)		5			125
Legrand SA (France)		—	(c)		22
Mitsubishi Electric Corp. (Japan)		4			41
Nidec Corp. (Japan)		—	(c)		22
Prysmian SpA (Italy)		1			28
					238
Electronic Equipment, Instruments & Components — 0.1%
Hamamatsu Photonics KK (Japan)		2			91
Keyence Corp. (Japan)		—	(c)		64
Murata Manufacturing Co. Ltd. (Japan)		1			33
Omron Corp. (Japan)		—	(c)		15
					203
Energy Equipment & Services — 0.0% (b)
Worley Ltd. (Australia)		3			32
Entertainment — 0.0% (b)
NetEase, Inc. (China)		1			15
Equity Real Estate Investment Trusts (REITs) — 0.0% (b)
Great Portland Estates plc (United Kingdom)		3			18
Scentre Group (Australia)		11			20
					38

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 JP MORGAN ACCESS FUNDS JUNE 30, 2022

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Food & Staples Retailing — 0.0% (b)
Seven & i Holdings Co. Ltd. (Japan)		1			43
Welcia Holdings Co. Ltd. (Japan)		—	(c)		8
					51
Food Products — 0.1%
Barry Callebaut AG (Registered) (Switzerland)		—	(c)		25
Danone SA (France)		—	(c)		22
Nestle SA (Registered)		2			249
Wilmar International Ltd. (China)		12			35
					331
Gas Utilities — 0.0% (b)
Beijing Enterprises Holdings Ltd. (China)		3			11
Health Care Equipment & Supplies — 0.1%
Alcon, Inc. (Switzerland)		—	(c)		14
Asahi Intecc Co. Ltd. (Japan)		—	(c)		5
Elekta AB, Class B (Sweden)		3			18
Hoya Corp. (Japan)		—	(c)		16
Koninklijke Philips NV (Netherlands)		1			29
Sartorius AG (Preference) (Germany)		—	(c)		22
Siemens Healthineers AG (Germany) (d)		1			36
Straumann Holding AG (Registered) (Switzerland)		—	(c)		45
Terumo Corp. (Japan)		1			16
					201
Health Care Providers & Services — 0.0% (b)
Fresenius SE & Co. KGaA (Germany)		1			28
Hotels, Restaurants & Leisure — 0.0% (b)
Compass Group plc (United Kingdom)		2			43
Flutter Entertainment plc (Ireland) *		—	(c)		4
					47
Household Durables — 0.0% (b)
Panasonic Holdings Corp. (Japan)		3			25
Persimmon plc (United Kingdom)		1			21
Sony Group Corp. (Japan)		1			41
					87
Household Products — 0.0% (b)
Reckitt Benckiser Group plc (United Kingdom)		1			51
Unicharm Corp. (Japan)		1			24
					75
Independent Power and Renewable Electricity Producers — 0.0% (b)
Electric Power Development Co. Ltd. (Japan)		1			15
Industrial Conglomerates — 0.0% (b)
DCC plc (United Kingdom)		—	(c)		20

INVESTMENTS	SHARES (000)			VALUE ($000)
Industrial Conglomerates — continued
Hitachi Ltd. (Japan)		—	(c)		10
Jardine Matheson Holdings Ltd. (Hong Kong)		1			27
Melrose Industries plc (United Kingdom)		17			31
Siemens AG (Registered) (Germany)		1			83
					171
Insurance — 0.3%
AIA Group Ltd. (Hong Kong)		13			146
Aon plc, Class A		—	(c)		27
AXA SA (France)		3			64
Definity Financial Corp. (Canada)		—	(c)		7
Direct Line Insurance Group plc (United Kingdom)		5			16
Manulife Financial Corp. (Canada)		2			26
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		—	(c)		66
PICC Property & Casualty Co. Ltd., Class H (China)		24			25
Ping An Insurance Group Co. of China Ltd., Class H (China)		2			14
Sampo OYJ, Class A (Finland)		1			46
Storebrand ASA (Norway)		4			28
Sun Life Financial, Inc. (Canada)		1			49
Tokio Marine Holdings, Inc. (Japan)		1			47
Zurich Insurance Group AG (Switzerland)		—	(c)		50
					611
Interactive Media & Services — 0.0% (b)
Adevinta ASA (France) *		—	(c)		3
NAVER Corp. (South Korea)		—	(c)		18
Tencent Holdings Ltd. (China)		1			62
Z Holdings Corp. (Japan)		4			13
					96
Internet & Direct Marketing Retail — 0.0% (b)
Alibaba Group Holding Ltd., ADR (China) *		—	(c)		8
ASOS plc (United Kingdom) *		1			8
MercadoLibre, Inc. (Brazil) *		—	(c)		29
THG plc (United Kingdom) *		1			1
Zalando SE (Germany) * (d)		1			15
					61
IT Services — 0.0% (b)
Adyen NV (Netherlands) * (d)		—	(c)		12
Amadeus IT Group SA (Spain) *		1			33
Fujitsu Ltd. (Japan)		—	(c)		25
NTT Data Corp. (Japan)		3			46
Obic Co. Ltd. (Japan)		—	(c)		48
					164

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2022 JP MORGAN ACCESS FUNDS 13

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2022 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Life Sciences Tools & Services — 0.0% (b)
Evotec SE (Germany) *		1			12
Machinery — 0.0% (b)
Epiroc AB, Class A (Sweden)		2			24
KION Group AG (Germany)		—	(c)		19
Knorr-Bremse AG (Germany)		—	(c)		10
SMC Corp. (Japan)		—	(c)		59
SMC Corp., ADR (Japan)		1			12
THK Co. Ltd. (Japan)		1			11
					135
Media — 0.0% (b)
CyberAgent, Inc. (Japan)		3			25
Stroeer SE & Co. KGaA (Germany)		—	(c)		10
Viaplay Group AB, Class B (Sweden) *		—	(c)		6
WPP plc (United Kingdom)		3			31
					72
Metals & Mining — 0.1%
Antofagasta plc (Chile)		2			26
BHP Group Ltd. (Australia)		2			57
BHP Group Ltd. (Australia)		1			15
IGO Ltd. (Australia)		7			49
Rio Tinto Ltd. (Australia)		—	(c)		12
Rio Tinto plc (Australia)		—	(c)		9
South32 Ltd. (Australia)		8			22
Vale SA, ADR (Brazil)		1			10
					200
Multiline Retail — 0.0% (b)
B&M European Value Retail SA (United Kingdom)		4			17
Next plc (United Kingdom)		—	(c)		25
					42
Multi-Utilities — 0.0% (b)
Engie SA (France)		7			80
National Grid plc (United Kingdom)		3			36
					116
Oil, Gas & Consumable Fuels — 0.1%
BP plc (United Kingdom)		2			9
Equinor ASA (Norway)		2			79
Galp Energia SGPS SA (Portugal)		1			9
Inpex Corp. (Japan)		1			8
Shell plc, ADR (Netherlands)		1			29
TotalEnergies SE (France)		2			114
Woodside Energy Group Ltd. (Australia)		—	(c)		7
					255

INVESTMENTS	SHARES (000)			VALUE ($000)
Paper & Forest Products — 0.0% (b)
Stora Enso OYJ, Class R (Finland)		2			30
Personal Products — 0.1%
L’Oreal SA (France)		—	(c)		125
Pola Orbis Holdings, Inc. (Japan)		—	(c)		4
Unilever plc (United Kingdom)		2			88
					217
Pharmaceuticals — 0.4%
Astellas Pharma, Inc. (Japan)		4			61
AstraZeneca plc (United Kingdom)		1			173
AstraZeneca plc, ADR (United Kingdom)		1			72
Bayer AG (Registered) (Germany)		1			48
Daiichi Sankyo Co. Ltd. (Japan)		1			21
GSK plc, ADR		1			32
GSK plc, ADR		—	(c)		10
HUTCHMED China Ltd. (China) *		5			12
Ipsen SA (France)		—	(c)		13
Novartis AG (Registered) (Switzerland)		1			80
Novo Nordisk A/S, Class B (Denmark)		2			201
Otsuka Holdings Co. Ltd. (Japan)		1			25
Roche Holding AG		—	(c)		114
Sanofi (France)		1			90
Shionogi & Co. Ltd. (Japan)		1			50
					1,002
Professional Services — 0.0% (b)
DKSH Holding AG (Switzerland)		—	(c)		33
Recruit Holdings Co. Ltd. (Japan)		2			50
RELX plc (United Kingdom)		2			58
TechnoPro Holdings, Inc. (Japan)		1			22
Teleperformance (France)		—	(c)		23
					186
Real Estate Management & Development — 0.0% (b)
Altus Group Ltd. (Canada)		—	(c)		10
Mitsui Fudosan Co. Ltd. (Japan)		2			43
					53
Road & Rail — 0.0% (b)
Central Japan Railway Co. (Japan)		—	(c)		23
TFI International, Inc. (Canada)		1			45
					68
Semiconductors & Semiconductor Equipment — 0.3%
ASML Holding NV (Netherlands)		—	(c)		187
Broadcom, Inc.		—	(c)		57
NXP Semiconductors NV (China)		—	(c)		40

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 JP MORGAN ACCESS FUNDS JUNE 30, 2022

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
Renesas Electronics Corp. (Japan) *		2			14
STMicroelectronics NV (Singapore)		2			51
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		2			125
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		6			96
Tokyo Electron Ltd. (Japan)		—	(c)		57
					627
Software — 0.0% (b)
Atlassian Corp. plc, Class A *		—	(c)		16
AVEVA Group plc (United Kingdom)		—	(c)		4
Dassault Systemes SE (France)		—	(c)		6
Dye & Durham Ltd. (Canada)		1			12
Nice Ltd., ADR (Israel) *		—	(c)		17
SAP SE (Germany)		1			93
					148
Specialty Retail — 0.0% (b)
Industria de Diseno Textil SA (Spain)		2			50
Kingfisher plc (United Kingdom)		12			35
Nitori Holdings Co. Ltd. (Japan)		—	(c)		20
					105
Technology Hardware, Storage & Peripherals — 0.0% (b)
Samsung Electronics Co. Ltd. (South Korea)		1			56
Textiles, Apparel & Luxury Goods — 0.1%
adidas AG (Germany)		—	(c)		18
China Hongxing Sports Ltd. (China) * ‡		743			—	(c)
Cie Financiere Richemont SA (Registered) (Switzerland)		—	(c)		29
Dr. Martens plc (United Kingdom)		3			10
EssilorLuxottica SA (France)		1			115
Hermes International (France)		—	(c)		54
Kering SA (France)		—	(c)		110
LVMH Moet Hennessy Louis Vuitton SE (France)		—	(c)		53
Moncler SpA (Italy)		1			22
Samsonite International SA * (d)		6			11
					422
Thrifts & Mortgage Finance — 0.0% (b)
Housing Development Finance Corp. Ltd. (India)		1			24
Tobacco — 0.0% (b)
British American Tobacco plc (United Kingdom)		2			94
Imperial Brands plc (United Kingdom)		1			16
					110

INVESTMENTS	SHARES (000)			VALUE ($000)
Trading Companies & Distributors — 0.0% (b)
Ashtead Group plc (United Kingdom)		1			27
Bunzl plc (United Kingdom)		1			18
Mitsubishi Corp. (Japan)		2			51
Sumitomo Corp. (Japan)		2			26
					122
Wireless Telecommunication Services — 0.0% (b)
America Movil SAB de CV, Class L, ADR (Mexico)		1			14
SoftBank Group Corp. (Japan)		—	(c)		16
Vodafone Group plc, ADR (United Kingdom)		2			36
					66
Total Common Stocks (Cost $6,739)					9,041
	NO. OF WARRANTS (000)
Warrants — 0.0% (b)
Textiles, Apparel & Luxury Goods — 0.0% (b)
Cie Financiere Richemont SA expiring 11/22/2023, price 67.00 USD (Switzerland) * (Cost $ — )		1			—	(c)
	SHARES (000)
Short-Term Investments — 1.3%
Investment Companies — 1.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.47% (a) (e) (Cost $4,837)		4,837			4,837
Total Investments — 100.3% (Cost $348,639)					383,734
Liabilities in Excess of Other Assets — (0.3)% (f)					(1,119	)
Net Assets — 100.0%				$	382,615

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY AS OF JUNE 30, 2022	PERCENT OF TOTAL INVESTMENTS
United States		94.8	%
Luxembourg		1.7
Others (each less than 1.0%)		2.2
Short-Term Investments		1.3

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2022 JP MORGAN ACCESS FUNDS 15

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2022 (continued)

Abbreviations

ADR	American Depositary Receipt
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SDR	Swedish Depositary Receipt
SPDR	Standard & Poor’s Depository Receipts
UCITS	Undertakings for Collective Investment in Transferable Securities
USD	United States Dollar
(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)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(e)	The rate shown is the current yield as of June 30, 2022.
(f)	A portion of the Fund’s cash is held by the subsidiary.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Detailed information about investment portfolios of certain underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 JP MORGAN ACCESS FUNDS JUNE 30, 2022

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2022

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange-Traded Funds — 83.2%
Fixed Income — 5.9%
iShares 20+ Year Treasury Bond ETF		38		4,331
iShares MBS ETF		48		4,699
Vanguard Total International Bond ETF		331		16,413
Total Fixed Income				25,443
International Equity — 21.5%
iShares MSCI EAFE ETF		275		17,175
JPMorgan BetaBuilders Canada ETF (a)		232		13,613
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (a)		192		9,161
JPMorgan BetaBuilders Europe ETF (a)		884		40,751
JPMorgan BetaBuilders Japan ETF (a)		284		12,518
Total International Equity				93,218
U.S. Equity — 55.8%
iShares Core S&P 500 ETF		397		150,485
iShares S&P 500 Growth ETF		175		10,579
iShares S&P 500 Value ETF		77		10,571
SPDR S&P 500 ETF Trust		185		69,603
Total U.S. Equity				241,238
Total Exchange-Traded Funds (Cost $286,357)				359,899
Investment Companies — 13.4%
Alternative Assets — 4.5%
Blackstone Alternative Multi-Strategy Fund Class Y Shares *		784		7,839
Lumyna - MW TOPS UCITS Fund (Luxembourg) *		35		7,317
Neuberger Berman Long Short Fund Class Institutional Shares *		266		4,405
Total Alternative Assets				19,561
Fixed Income — 7.8%
JPMorgan Core Bond Fund Class R6 Shares (a)		1,568		16,608
JPMorgan High Yield Fund Class R6 Shares (a)		1,380		8,489
Lord Abbett Short Duration Income Fund Class F3 Shares		2,158		8,459
Total Fixed Income				33,556
U.S. Equity — 1.1%
BlackRock Event Driven Equity Fund Class Institutional Shares		495		4,809
Total Investment Companies (Cost $56,662)				57,926

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 2.7%
Aerospace & Defense — 0.1%
Airbus SE (France)		1			78
MTU Aero Engines AG (Germany)		—	(b)		25
Safran SA (France)		1			135
					238
Air Freight & Logistics — 0.0% (c)
DSV A/S (Denmark)		—	(b)		42
Airlines — 0.0% (c)
Ryanair Holdings plc, ADR (Ireland) *		—	(b)		8
Auto Components — 0.0% (c)
Autoliv, Inc., SDR (Sweden)		—	(b)		25
Denso Corp. (Japan)		1			26
Magna International, Inc. (Canada)		1			48
Stanley Electric Co. Ltd. (Japan)		1			15
Sumitomo Rubber Industries Ltd. (Japan)		1			9
					123
Automobiles — 0.0% (c)
Honda Motor Co. Ltd. (Japan)		1			14
Suzuki Motor Corp. (Japan)		1			25
Toyota Motor Corp. (Japan)		6			96
					135
Banks — 0.2%
Australia & New Zealand Banking Group Ltd. (Australia)		2			27
Banco Bilbao Vizcaya Argentaria SA (Spain)		8			37
BNP Paribas SA (France)		1			32
Close Brothers Group plc (United Kingdom)		1			9
DBS Group Holdings Ltd. (Singapore)		4			93
DNB Bank ASA (Norway)		6			112
Erste Group Bank AG (Austria)		1			13
HDFC Bank Ltd., ADR (India)		1			41
ING Groep NV (Netherlands)		10			94
Intesa Sanpaolo SpA (Italy)		10			18
Lloyds Banking Group plc (United Kingdom)		63			32
Mitsubishi UFJ Financial Group, Inc. (Japan)		6			32
National Bank of Canada (Canada)		1			64
Standard Chartered plc (United Kingdom)		3			20
Sumitomo Mitsui Trust Holdings, Inc. (Japan)		1			22
Svenska Handelsbanken AB, Class A (Sweden)		4			34
UniCredit SpA (Italy)		1			6
United Overseas Bank Ltd. (Singapore)		3			49
					735

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2022 JP MORGAN ACCESS FUNDS 17

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2022 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Beverages — 0.1%
Anheuser-Busch InBev SA/NV (Belgium)		1			74
Carlsberg A/S, Class B (Denmark)		1			95
Diageo plc (United Kingdom)		2			66
Kirin Holdings Co. Ltd. (Japan)		2			24
Pernod Ricard SA (France)		—	(b)		43
					302
Biotechnology — 0.0% (c)
BeiGene Ltd., ADR (China) *		—	(b)		42
Genmab A/S (Denmark) *		—	(b)		106
					148
Building Products — 0.0% (c)
Assa Abloy AB, Class B (Sweden)		1			16
Daikin Industries Ltd. (Japan)		—	(b)		43
					59
Capital Markets — 0.1%
Allfunds Group plc (United Kingdom)		2			13
Bridgepoint Group plc (United Kingdom) (d)		4			12
Deutsche Boerse AG (Germany)		—	(b)		19
Euronext NV (Netherlands) (d)		1			63
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		1			32
Julius Baer Group Ltd. (Switzerland)		1			35
London Stock Exchange Group plc (United Kingdom)		2			141
Macquarie Group Ltd. (Australia)		—	(b)		33
Partners Group Holding AG (Switzerland)		—	(b)		15
XP, Inc., Class A (Brazil) *		1			15
					378
Chemicals — 0.1%
Air Liquide SA (France)		1			99
Akzo Nobel NV (Netherlands)		1			34
Asahi Kasei Corp. (Japan)		8			57
BASF SE (Germany)		1			26
Covestro AG (Germany) (d)		1			21
Givaudan SA (Registered) (Switzerland)		—	(b)		70
Johnson Matthey plc (United Kingdom)		1			32
Kansai Paint Co. Ltd. (Japan)		1			8
Shin-Etsu Chemical Co. Ltd. (Japan)		1			72
Sika AG (Registered) (Switzerland)		—	(b)		10
Sociedad Quimica y Minera de Chile SA, ADR (Chile)		—	(b)		20
Tosoh Corp. (Japan)		—	(b)		4
Umicore SA (Belgium)		1			22
					475

INVESTMENTS	SHARES (000)			VALUE ($000)
Communications Equipment — 0.0% (c)
Nokia OYJ (Finland)		5			22
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		7			51
					73
Containers & Packaging — 0.0% (c)
Amcor plc, CHDI		2			29
Diversified Financial Services — 0.0% (c)
Challenger Ltd. (Australia)		3			16
Element Fleet Management Corp. (Canada)		4			46
Mitsubishi HC Capital, Inc. (Japan)		3			15
					77
Diversified Telecommunication Services — 0.1%
Koninklijke KPN NV (Netherlands)		16			57
KT Corp. (South Korea)		1			22
Nippon Telegraph & Telephone Corp. (Japan)		6			181
					260
Electric Utilities — 0.0% (c)
Enel SpA (Italy)		8			46
Iberdrola SA (Spain)		6			66
Orsted A/S (Denmark) (d)		—	(b)		25
					137
Electrical Equipment — 0.1%
ABB Ltd. (Registered) (Switzerland)		6			157
Legrand SA (France)		—	(b)		29
Mitsubishi Electric Corp. (Japan)		5			54
Nidec Corp. (Japan)		—	(b)		28
Prysmian SpA (Italy)		1			35
					303
Electronic Equipment, Instruments & Components — 0.1%
Hamamatsu Photonics KK (Japan)		3			112
Keyence Corp. (Japan)		—	(b)		91
Murata Manufacturing Co. Ltd. (Japan)		1			44
Omron Corp. (Japan)		—	(b)		15
					262
Energy Equipment & Services — 0.0% (c)
Worley Ltd. (Australia)		4			41
Entertainment — 0.0% (c)
NetEase, Inc. (China)		1			19
Equity Real Estate Investment Trusts (REITs) — 0.0% (c)
Great Portland Estates plc (United Kingdom)		3			24
Scentre Group (Australia)		14			25
					49

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 JP MORGAN ACCESS FUNDS JUNE 30, 2022

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Food & Staples Retailing — 0.0% (c)
Seven & i Holdings Co. Ltd. (Japan)		1			54
Welcia Holdings Co. Ltd. (Japan)		1			12
					66
Food Products — 0.1%
Barry Callebaut AG (Registered) (Switzerland)		—	(b)		31
Danone SA (France)		—	(b)		27
Nestle SA (Registered)		3			324
Wilmar International Ltd. (China)		16			45
					427
Gas Utilities — 0.0% (c)
Beijing Enterprises Holdings Ltd. (China)		4			14
Health Care Equipment & Supplies — 0.1%
Alcon, Inc. (Switzerland)		—	(b)		18
Asahi Intecc Co. Ltd. (Japan)		—	(b)		6
Elekta AB, Class B (Sweden)		3			23
Hoya Corp. (Japan)		—	(b)		22
Koninklijke Philips NV (Netherlands)		2			37
Sartorius AG (Preference) (Germany)		—	(b)		27
Siemens Healthineers AG (Germany) (d)		1			48
Straumann Holding AG (Registered) (Switzerland)		—	(b)		59
Terumo Corp. (Japan)		1			20
					260
Health Care Providers & Services — 0.0% (c)
Fresenius SE & Co. KGaA (Germany)		1			37
Hotels, Restaurants & Leisure — 0.0% (c)
Compass Group plc (United Kingdom)		3			57
Flutter Entertainment plc (Ireland) *		—	(b)		5
					62
Household Durables — 0.0% (c)
Panasonic Holdings Corp. (Japan)		4			32
Persimmon plc (United Kingdom)		1			28
Sony Group Corp. (Japan)		1			49
					109
Household Products — 0.0% (c)
Reckitt Benckiser Group plc (United Kingdom)		1			65
Unicharm Corp. (Japan)		1			30
					95
Independent Power and Renewable Electricity Producers — 0.0% (c)
Electric Power Development Co. Ltd. (Japan)		1			20
Industrial Conglomerates — 0.1%
DCC plc (United Kingdom)		—	(b)		25

INVESTMENTS	SHARES (000)			VALUE ($000)
Industrial Conglomerates — continued
Hitachi Ltd. (Japan)		—	(b)		10
Jardine Matheson Holdings Ltd. (Hong Kong)		1			34
Melrose Industries plc (United Kingdom)		22			40
Siemens AG (Registered) (Germany)		1			110
					219
Insurance — 0.3%
AIA Group Ltd. (Hong Kong)		17			184
Aon plc, Class A		—	(b)		34
AXA SA (France)		4			83
Definity Financial Corp. (Canada)		—	(b)		9
Direct Line Insurance Group plc (United Kingdom)		7			20
Manulife Financial Corp. (Canada)		2			33
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		—	(b)		87
PICC Property & Casualty Co. Ltd., Class H (China)		32			33
Ping An Insurance Group Co. of China Ltd., Class H (China)		3			17
Sampo OYJ, Class A (Finland)		1			60
Storebrand ASA (Norway)		5			37
Sun Life Financial, Inc. (Canada)		1			66
Tokio Marine Holdings, Inc. (Japan)		1			64
Zurich Insurance Group AG (Switzerland)		—	(b)		66
					793
Interactive Media & Services — 0.0% (c)
Adevinta ASA (France) *		1			4
NAVER Corp. (South Korea)		—	(b)		24
Tencent Holdings Ltd. (China)		2			74
Z Holdings Corp. (Japan)		6			17
					119
Internet & Direct Marketing Retail — 0.0% (c)
Alibaba Group Holding Ltd., ADR (China) *		—	(b)		10
ASOS plc (United Kingdom) *		1			10
MercadoLibre, Inc. (Brazil) *		—	(b)		37
THG plc (United Kingdom) *		2			2
Zalando SE (Germany) * (d)		1			19
					78
IT Services — 0.0% (c)
Adyen NV (Netherlands) * (d)		—	(b)		14
Amadeus IT Group SA (Spain) *		1			42
Fujitsu Ltd. (Japan)		—	(b)		38
NTT Data Corp. (Japan)		4			60
Obic Co. Ltd. (Japan)		—	(b)		44
					198

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2022 JP MORGAN ACCESS FUNDS 19

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2022 (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Life Sciences Tools & Services — 0.0% (c)
Evotec SE (Germany) *		1			16
Machinery — 0.0% (c)
Epiroc AB, Class A (Sweden)		2			30
KION Group AG (Germany)		1			27
Knorr-Bremse AG (Germany)		—	(b)		13
SMC Corp. (Japan)		—	(b)		73
SMC Corp., ADR (Japan)		1			15
THK Co. Ltd. (Japan)		1			15
					173
Media — 0.0% (c)
CyberAgent, Inc. (Japan)		3			32
Stroeer SE & Co. KGaA (Germany)		—	(b)		13
Viaplay Group AB, Class B (Sweden) *		—	(b)		8
WPP plc (United Kingdom)		4			41
					94
Metals & Mining — 0.1%
Antofagasta plc (Chile)		2			33
BHP Group Ltd. (Australia)		3			71
BHP Group Ltd. (Australia)		1			19
IGO Ltd. (Australia)		9			65
Rio Tinto Ltd. (Australia)		—	(b)		16
Rio Tinto plc (Australia)		—	(b)		12
South32 Ltd. (Australia)		11			30
Vale SA, ADR (Brazil)		1			13
					259
Multiline Retail — 0.0% (c)
B&M European Value Retail SA (United Kingdom)		5			22
Next plc (United Kingdom)		—	(b)		32
					54
Multi-Utilities — 0.0% (c)
Engie SA (France)		9			103
National Grid plc (United Kingdom)		4			48
					151
Oil, Gas & Consumable Fuels — 0.1%
BP plc (United Kingdom)		3			12
Equinor ASA (Norway)		3			103
Galp Energia SGPS SA (Portugal)		1			11
Inpex Corp. (Japan)		1			10
Shell plc, ADR (Netherlands)		1			37
TotalEnergies SE (France)		3			148
Woodside Energy Group Ltd. (Australia)		—	(b)		10
					331

INVESTMENTS	SHARES (000)			VALUE ($000)
Paper & Forest Products — 0.0% (c)
Stora Enso OYJ, Class R (Finland)		2			39
Personal Products — 0.1%
L’Oreal SA (France)		—	(b)		159
Pola Orbis Holdings, Inc. (Japan)		—	(b)		5
Unilever plc (United Kingdom)		3			115
					279
Pharmaceuticals — 0.4%
Astellas Pharma, Inc. (Japan)		5			80
AstraZeneca plc (United Kingdom)		2			218
AstraZeneca plc, ADR (United Kingdom)		1			96
Bayer AG (Registered) (Germany)		1			63
Daiichi Sankyo Co. Ltd. (Japan)		1			27
GSK plc, ADR		1			39
GSK plc, ADR		—	(b)		16
HUTCHMED China Ltd. (China) *		7			16
Ipsen SA (France)		—	(b)		16
Novartis AG (Registered) (Switzerland)		1			104
Novo Nordisk A/S, Class B (Denmark)		2			254
Otsuka Holdings Co. Ltd. (Japan)		1			36
Roche Holding AG		—	(b)		148
Sanofi (France)		1			117
Shionogi & Co. Ltd. (Japan)		1			63
					1,293
Professional Services — 0.1%
DKSH Holding AG (Switzerland)		1			42
Recruit Holdings Co. Ltd. (Japan)		2			65
RELX plc (United Kingdom)		3			72
TechnoPro Holdings, Inc. (Japan)		2			30
Teleperformance (France)		—	(b)		31
					240
Real Estate Management & Development — 0.0% (c)
Altus Group Ltd. (Canada)		—	(b)		13
Mitsui Fudosan Co. Ltd. (Japan)		3			55
					68
Road & Rail — 0.0% (c)
Central Japan Railway Co. (Japan)		—	(b)		23
TFI International, Inc. (Canada)		1			57
					80
Semiconductors & Semiconductor Equipment — 0.3%
ASML Holding NV (Netherlands)		1			241
Broadcom, Inc.		—	(b)		75

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 JP MORGAN ACCESS FUNDS JUNE 30, 2022

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
NXP Semiconductors NV (China)		—	(b)		53
Renesas Electronics Corp. (Japan) *		2			17
STMicroelectronics NV (Singapore)		2			64
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		2			159
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		8			128
Tokyo Electron Ltd. (Japan)		—	(b)		63
					800
Software — 0.0% (c)
Atlassian Corp. plc, Class A *		—	(b)		20
AVEVA Group plc (United Kingdom)		—	(b)		5
Dassault Systemes SE (France)		—	(b)		7
Dye & Durham Ltd. (Canada)		1			15
Nice Ltd., ADR (Israel) *		—	(b)		21
SAP SE (Germany)		1			121
					189
Specialty Retail — 0.0% (c)
Industria de Diseno Textil SA (Spain)		3			63
Kingfisher plc (United Kingdom)		15			45
Nitori Holdings Co. Ltd. (Japan)		—	(b)		29
					137
Technology Hardware, Storage & Peripherals — 0.0% (c)
Samsung Electronics Co. Ltd. (South Korea)		2			73
Textiles, Apparel & Luxury Goods — 0.1%
adidas AG (Germany)		—	(b)		23
China Hongxing Sports Ltd. (China) * ‡		755			—	(b)
Cie Financiere Richemont SA (Registered) (Switzerland)		—	(b)		36
Dr. Martens plc (United Kingdom)		5			13
EssilorLuxottica SA (France)		1			146
Hermes International (France)		—	(b)		68
Kering SA (France)		—	(b)		140
LVMH Moet Hennessy Louis Vuitton SE (France)		—	(b)		67
Moncler SpA (Italy)		1			29
Samsonite International SA * (d)		8			15
					537
Thrifts & Mortgage Finance — 0.0% (c)
Housing Development Finance Corp. Ltd. (India)		1			31
Tobacco — 0.0% (c)
British American Tobacco plc (United Kingdom)		3			119
Imperial Brands plc (United Kingdom)		1			21
					140

INVESTMENTS	SHARES (000)		VALUE ($000)
Trading Companies & Distributors — 0.0% (c)
Ashtead Group plc (United Kingdom)		1		37
Bunzl plc (United Kingdom)		1		23
Mitsubishi Corp. (Japan)		2		62
Sumitomo Corp. (Japan)		2		33
				155
Wireless Telecommunication Services — 0.0% (c)
America Movil SAB de CV, Class L, ADR (Mexico)		1		17
SoftBank Group Corp. (Japan)		1		19
Vodafone Group plc, ADR (United Kingdom)		3		50
				86
Total Common Stocks (Cost $8,664)				11,615
	NO. OF WARRANTS (000)
Warrants — 0.0% (c)
Textiles, Apparel & Luxury Goods — 0.0% (c)
Cie Financiere Richemont SA expiring 11/22/2023, price 67.00 USD (Switzerland) * (Cost $—)		1		—	(b)
	SHARES (000)
Short-Term Investments — 1.2%
Investment Companies — 1.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.47% (a) (e) (Cost $5,275)		5,275		5,276
Total Investments — 100.5% (Cost $356,958)				434,716
Liabilities in Excess of Other Assets — (0.5)% (f)				(2,067	)
Net Assets — 100.0%			$	432,649

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY AS OF JUNE 30, 2022	PERCENT OF TOTAL INVESTMENTS
United States	94.6%
Luxembourg	1.7
Others (each less than 1.0%)	2.5
Short-Term Investments	1.2

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2022 JP MORGAN ACCESS FUNDS 21

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2022 (continued)

Abbreviations
ADR	American Depositary Receipt
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SDR	Swedish Depositary Receipt
SPDR	Standard & Poor’s Depository Receipts
UCITS	Undertakings for Collective Investment in Transferable Securities
USD	United States Dollar
(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)	Amount rounds to less than one thousand.

(c)	Amount rounds to less than 0.1% of net assets.
(d)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(e)	The rate shown is the current yield as of June 30, 2022.
(f)	A portion of the Fund’s cash is held by the subsidiary.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Detailed information about investment portfolios of certain underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22 JP MORGAN ACCESS FUNDS JUNE 30, 2022

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2022 JP MORGAN ACCESS FUNDS 23

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2022

(Amounts in thousands, except per share amounts)

	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	278,063		$	328,300
Investments in affiliates, at value		105,671			106,416
Cash		142			143
Foreign currency, at value		167			223
Receivables:
Investment securities sold		—	(a)		—	(a)
Fund shares sold		5			7
Dividends from non-affiliates		95			310
Dividends from affiliates		5			5
Tax reclaims		71			106
Total Assets		384,219			435,510
LIABILITIES:
Payables:
Distributions		—	(a)		6
Investment securities purchased		23			27
Fund shares redeemed		1,292			2,492
Accrued liabilities:
Investment advisory fees		81			97
Administration fees		17			25
Distribution fees		—	(a)		—	(a)
Service fees		81			92
Custodian and accounting fees		15			19
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)
Deferred foreign capital gains tax		—	(a)		1
Other		95			102
Total Liabilities		1,604			2,861
Net Assets	$	382,615		$	432,649

(a) Amount rounds to less than one thousand.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 JP MORGAN ACCESS FUNDS JUNE 30, 2022

	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
NET ASSETS:
Paid-in-Capital	$	337,070		$	348,730
Total distributable earnings (loss)		45,545			83,919
Total Net Assets	$	382,615		$	432,649
Net Assets:
Class A	$	1,734		$	1,230
Class C		96			55
Class I		380,785			431,364
Total	$	382,615		$	432,649
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		117			72
Class C		7			3
Class I		25,592			25,022
Net Asset Value (a):
Class A — Redemption price per share	$	14.85		$	17.21
Class C — Offering price per share (b)		14.80			16.92
Class I — Offering and redemption price per share		14.88			17.24
Class A maximum sales charge		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)]	$	15.55		$	18.02
Cost of investments in non-affiliates	$	237,157		$	245,576
Cost of investments in affiliates		111,482			111,382
Cost of foreign currency		168			224

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2022 JP MORGAN ACCESS FUNDS 25

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2022

(Amounts in thousands)

	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	5,709		$	5,756
Dividend income from affiliates		4,061			4,628
Foreign taxes withheld (net)		(35	)		(54	)
Total investment income		9,735			10,330
EXPENSES:
Investment advisory fees		1,390			1,531
Administration fees		347			383
Distribution fees:
Class A		5			4
Class C		1			—	(a)
Service fees:
Class A		5			4
Class C		—	(a)		—	(a)
Class I		1,152			1,272
Custodian and accounting fees		80			85
Interest expense to affiliates		—	(a)		1
Professional fees		167			165
Trustees’ and Chief Compliance Officer’s fees		38			39
Printing and mailing costs		25			26
Registration and filing fees		39			47
Transfer agency fees (See Note 2.F.)		4			6
Other		14			15
Total expenses		3,267			3,578
Less fees waived		(1,017	)		(997	)
Net expenses		2,250			2,581
Net investment income (loss)		7,485			7,749
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		21,766	(b)		18,901	(b)
Investments in affiliates		(167	)		(143	)
Foreign currency transactions		(12	)		(17	)
Net realized gain (loss)		21,587			18,741
Distributions of capital gains received from investment company non-affiliates		782			374
Distributions of capital gains received from investment company affiliates		256			156
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(58,764	)(c)		(63,784	)(c)
Investments in affiliates		(19,608	)		(22,128	)
Foreign currency translations		(8	)		(13	)
Change in net unrealized appreciation/depreciation		(78,380	)		(85,925	)
Net realized/unrealized gains (losses)		(55,755	)		(66,654	)
Change in net assets resulting from operations	$	(48,270	)	$	(58,905	)

(a) Amount rounds to less than one thousand.

(b) Net of foreign capital gains tax of less than one thousand.

(c) Net of change in foreign capital gains tax of $2.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 JP MORGAN ACCESS FUNDS JUNE 30, 2022

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Access Balanced Fund						JPMorgan Access Growth Fund
	Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,485		$	6,529		$	7,749		$	6,706
Net realized gain (loss)		21,587			39,124			18,741			28,671
Distributions of capital gains received from investment company non-affiliates		782			364			374			254
Distributions of capital gains received from investment company affiliates		256			711			156			292
Change in net unrealized appreciation/depreciation		(78,380	)		48,137			(85,925	)		87,732
Change in net assets resulting from operations		(48,270	)		94,865			(58,905	)		123,655
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(208	)		(95	)		(103	)		(79	)
Class C		(12	)		(53	)		(5	)		(10	)
Class I		(46,236	)		(31,984	)		(37,962	)		(30,537	)
Total distributions to shareholders		(46,456	)		(32,132	)		(38,070	)		(30,626	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(10,536	)		(46,861	)		7,066			(15,144	)
NET ASSETS:
Change in net assets		(105,262	)		15,872			(89,909	)		77,885
Beginning of period		487,877			472,005			522,558			444,673
End of period	$	382,615		$	487,877		$	432,649		$	522,558

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2022 JP MORGAN ACCESS FUNDS 27

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Access Balanced Fund						JPMorgan Access Growth Fund
	Year Ended June 30, 2022			Year Ended June 30, 2021			Year Ended June 30, 2022			Year Ended June 30, 2021
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	152		$	1,063		$	23		$	258
Distributions reinvested		208			95			103			79
Cost of shares redeemed		(234	)		(361	)		(51	)		(162	)
Change in net assets resulting from Class A capital transactions		126			797			75			175
Class C
Proceeds from shares issued	$	9		$	—		$	—		$	—
Distributions reinvested		12			53			5			10
Cost of shares redeemed		(163	)		(1,277	)		(19	)		(286	)
Change in net assets resulting from Class C capital transactions		(142	)		(1,224	)		(14	)		(276	)
Class I
Proceeds from shares issued	$	31,112		$	23,944		$	42,258		$	37,282
Distributions reinvested		46,235			31,962			37,934			30,525
Cost of shares redeemed		(87,867	)		(102,340	)		(73,187	)		(82,850	)
Change in net assets resulting from Class I capital transactions		(10,520	)		(46,434	)		7,005			(15,043	)
Total change in net assets resulting from capital transactions	$	(10,536	)	$	(46,861	)	$	7,066		$	(15,144	)
SHARE TRANSACTIONS:
Class A
Issued		8			61			2			12
Reinvested		12			5			5			4
Redeemed		(13	)		(20	)		(2	)		(8	)
Change in Class A Shares		7			46			5			8
Class C
Issued		1			—			—			—
Reinvested		1			3			—	(a)		1
Redeemed		(9	)		(74	)		(1	)		(15	)
Change in Class C Shares		(7	)		(71	)		(1	)		(14	)
Class I
Issued		1,759			1,378			2,070			1,927
Reinvested		2,632			1,848			1,841			1,592
Redeemed		(5,069	)		(5,842	)		(3,593	)		(4,312	)