NPORT-EX 2 HG_AB.htm HTML

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited)

 

Investments

    Shares      Value ($)  

EXCHANGE-TRADED FUNDS — 63.0%

      

Fixed Income — 18.4%

      

iShares 20+ Year Treasury Bond ETF

      73,500        12,125,295  

Vanguard Total International Bond ETF

      1,231,550        69,287,003  
     

 

 

  

Total Fixed Income

         81,412,298  
     

 

 

  

International Equity — 9.3%

      

iShares MSCI EAFE ETF

      278,940        14,912,132  

JPMorgan BetaBuilders Canada ETF (a)

      414,500        7,879,645  

JPMorgan BetaBuilders Europe ETF (a)

      825,700        15,812,155  

JPMorgan BetaBuilders Japan ETF (a)

      120,800        2,472,776  
     

 

 

  

Total International Equity

         41,076,708  
     

 

 

  

U.S. Equity — 35.3%

      

iShares Core S&P 500 ETF

      291,400        75,297,760  

SPDR S&P 500 ETF Trust

      314,700        81,113,925  
     

 

 

  

Total U.S. Equity

         156,411,685  
     

 

 

  

TOTAL EXCHANGE-TRADED FUNDS

(Cost $260,791,038)

         278,900,691  
     

 

 

  

INVESTMENT COMPANIES — 32.0%

      

Alternative Assets — 4.0%

      

Blackstone Alternative Multi-Strategy Fund Class Y Shares

      706,925        6,341,117  

Marshall Wace UCITS Fund plc Class F Shares (Ireland) * (b)

      47,394        7,082,681  

Neuberger Berman Long Short Fund Class Institutional Shares *

      333,133        4,627,212  
     

 

 

  

Total Alternative Assets

         18,051,010  
     

 

 

  

Fixed Income — 26.9%

      

JPMorgan Core Bond Fund Class R6 Shares (a)

      5,467,901        65,833,525  

JPMorgan Core Plus Bond Fund Class R6 Shares (a)

      1,258,067        10,630,662  

JPMorgan Corporate Bond Fund Class R6 Shares (a)

      1,024,103        10,118,135  

JPMorgan High Yield Fund Class R6 Shares (a)

      2,124,183        13,191,176  

JPMorgan Short Duration Bond Fund Class R6 Shares (a)

      906,655        9,828,145  

Lord Abbett Short Duration Income Fund Class F3 Shares

      2,410,803        9,546,778  
     

 

 

  

Total Fixed Income

         119,148,421  
     

 

 

  

U.S. Equity — 1.1%

      

BlackRock Event Driven Equity Fund Class Institutional Shares

      518,990        4,764,324  
     

 

 

  

TOTAL INVESTMENT COMPANIES

(Cost $139,337,860)

         141,963,755  
     

 

 

  

COMMON STOCKS — 3.0%

      

Aerospace & Defense — 0.1%

      

Airbus SE (France)

      1,688        108,845  

Meggitt plc (United Kingdom)

      8,969        32,241  

Safran SA (France) *

      2,033        1,80,118  
     

 

 

  
        321,204  
     

 

 

  

Air Freight & Logistics — 0.0% (c)

      

DSV Panalpina A/S (Denmark)

      480        43,646  
     

 

 

  

Auto Components — 0.0% (c)

      

Aisin Seiki Co. Ltd. (Japan)

      200        4,898  

Autoliv, Inc., SDR (Sweden)

      445        20,935  

Denso Corp. (Japan)

      984        31,444  

Magna International, Inc. (Canada)

      1,296        41,368  

Stanley Electric Co. Ltd. (Japan)

      1,300        25,517  

Sumitomo Rubber Industries Ltd. (Japan)

      1,600        15,029  
     

 

 

  
        139,191  
     

 

 

  

Automobiles — 0.0% (c)

      

Honda Motor Co. Ltd. (Japan)

      900        20,139  

Suzuki Motor Corp. (Japan)

      2,100        50,004  

Toyota Motor Corp. (Japan)

      1,500        90,397  
     

 

 

  
        160,540  
     

 

 

  

Banks — 0.2%

      

ABN AMRO Bank NV, CVA (Netherlands) (d)

      2,554        20,725  

Australia & New Zealand Banking Group Ltd. (Australia)

      2,719        28,515  

BNP Paribas SA (France)

      2,350        68,609  

DBS Group Holdings Ltd. (Singapore)

      1,800        23,487  

DNB ASA (Norway)

      6,542        72,884  

Erste Group Bank AG (Austria)

      726        13,292  

HDFC Bank Ltd., ADR (India)

      1,511        58,113  

ING Groep NV (Netherlands)

      5,731        29,366  

Intesa Sanpaolo SpA (Italy)

      13,935        22,548  

Lloyds Banking Group plc (United Kingdom)

      147,157        57,531  

Mitsubishi UFJ Financial Group, Inc. (Japan)

      8,300        31,055  

National Bank of Canada (Canada)

      1,359        52,523  

Standard Chartered plc (United Kingdom)

      2,678        14,806  

Sumitomo Mitsui Trust Holdings, Inc. (Japan)

      1,000        28,730  

Svenska Handelsbanken AB, Class A (Sweden) *

      9,362        77,210  

United Overseas Bank Ltd. (Singapore)

      2,900        39,788  
     

 

 

  
        639,182  
     

 

 

  

Beverages — 0.1%

      

Carlsberg A/S, Class B (Denmark)

      1,472        165,717  

Diageo plc (United Kingdom)

      3,726        118,150  

Kirin Holdings Co. Ltd. (Japan)

      1,300        25,675  

Pernod Ricard SA (France)

      867        123,059  
     

 

 

  
        432,601  
     

 

 

  

Biotechnology — 0.1%

      

Ascendis Pharma A/S, ADR (Denmark) *

      122        13,738  

BeiGene Ltd., ADR (China) *

      295        36,317  

CSL Ltd. (Australia)

      107        19,396  

Galapagos NV (Belgium) *

      394        77,373  

Genmab A/S (Denmark) *

      574        115,299  

Grifols SA (Preference), Class B (Spain)

      1,643        32,455  
     

 

 

  
        294,578  
     

 

 

  

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Building Products — 0.0% (c)

 

Assa Abloy AB, Class B (Sweden)

      1,478        27,592  

Daikin Industries Ltd. (Japan)

      100        12,072  
     

 

 

  
        39,664  
     

 

 

  

Capital Markets — 0.1%

 

Close Brothers Group plc (United Kingdom)

      726        10,095  

Deutsche Boerse AG (Germany)

      160        21,981  

Euronext NV (Netherlands) (d)

      299        22,016  

Hong Kong Exchanges & Clearing Ltd. (Hong Kong)

      2,500        74,898  

London Stock Exchange Group plc (United Kingdom)

      2,562        229,186  

Macquarie Group Ltd. (Australia)

      650        34,618  

Partners Group Holding AG (Switzerland)

      21        14,378  

XP, Inc., Class A (Brazil) *

      235        4,533  
     

 

 

  
        411,705  
     

 

 

  

Chemicals — 0.1%

 

Air Liquide SA (France)

      750        95,736  

Asahi Kasei Corp. (Japan)

      12,354        86,562  

BASF SE (Germany)

      734        34,309  

Covestro AG (Germany) (d)

      711        21,577  

Givaudan SA (Registered) (Switzerland)

      21        64,616  

Johnson Matthey plc (United Kingdom)

      1,578        34,770  

Kansai Paint Co. Ltd. (Japan)

      2,947        55,898  

Shin-Etsu Chemical Co. Ltd. (Japan)

      602        59,169  

Tosoh Corp. (Japan)

      500        5,651  

Umicore SA (Belgium)

      969        33,422  
     

 

 

  
        491,710  
     

 

 

  

Communications Equipment — 0.0% (c)

 

Telefonaktiebolaget LM Ericsson, Class B (Sweden) *

      7,552        61,133  
     

 

 

  

Containers & Packaging — 0.0% (c)

 

Amcor plc, CHDI

      3,413        27,325  
     

 

 

  

Diversified Financial Services — 0.0% (c)

 

Challenger Ltd. (Australia)

      6,417        15,674  

Element Fleet Management Corp. (Canada)

      6,507        41,429  

Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)

      4,900        23,985  
     

 

 

  
        81,088  
     

 

 

  

Diversified Telecommunication Services — 0.1%

 

China Tower Corp. Ltd., Class H (China) (d)

      300,000        66,660  

Koninklijke KPN NV (Netherlands)

      20,468        48,947  

KT Corp. (South Korea)

      891        14,421  

Nippon Telegraph & Telephone Corp. (Japan)

      8,100        193,725  

Telecom Italia SpA (Italy)

      38,709        15,124  
     

 

 

  
        338,877  
     

 

 

  

Electric Utilities — 0.1%

 

Enel SpA (Italy)

      22,225        153,304  

Iberdrola SA (Spain)

      9,271        90,680  
     

 

 

  
        243,984  
     

 

 

  

Electrical Equipment — 0.1%

 

ABB Ltd. (Registered) (Switzerland)

      2,784        48,389  

Legrand SA (France)

      481        30,679  

Melrose Industries plc (United Kingdom)

      19,182        21,316  

Mitsubishi Electric Corp. (Japan)

      6,200        75,740  

Nidec Corp. (Japan)

      1,156        59,574  

Prysmian SpA (Italy)

      1,642        26,070  
     

 

 

  
        261,768  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.1%

 

Hamamatsu Photonics KK (Japan)

      5,344        217,151  

Keyence Corp. (Japan)

      692        222,487  

Murata Manufacturing Co. Ltd. (Japan)

      1,567        77,903  

Omron Corp. (Japan)

      700        36,192  
     

 

 

  
        553,733  
     

 

 

  

Energy Equipment & Services — 0.0% (c)

 

Worley Ltd. (Australia)

      4,160        15,437  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 0.0% (c)

 

Great Portland Estates plc (United Kingdom)

      3,435        28,940  

Scentre Group (Australia)

      11,079        10,612  
     

 

 

  
        39,552  
     

 

 

  

Food & Staples Retailing — 0.0% (c)

 

Seven & i Holdings Co. Ltd. (Japan)

      1,700        56,142  

Welcia Holdings Co. Ltd. (Japan)

      300        21,065  
     

 

 

  
        77,207  
     

 

 

  

Food Products — 0.1%

 

Danone SA (France)

      1,655        105,917  

Nestle SA (Registered) (Switzerland)

      4,486        459,222  

Wilmar International Ltd. (Singapore)

      14,100        31,886  
     

 

 

  
        597,025  
     

 

 

  

Gas Utilities — 0.0% (c)

 

Beijing Enterprises Holdings Ltd. (China)

      5,500        20,072  
     

 

 

  

Health Care Equipment & Supplies — 0.1%

 

Alcon, Inc. (Switzerland) *

      402        20,595  

Asahi Intecc Co. Ltd. (Japan)

      900        22,259  

Elekta AB, Class B (Sweden)

      3,031        24,710  

GN Store Nord A/S (Denmark)

      730        32,367  

Hoya Corp. (Japan)

      619        52,634  

Koninklijke Philips NV (Netherlands)

      3,168        130,070  

Sartorius AG (Preference) (Germany)

      238        56,900  

Siemens Healthineers AG (Germany) (d)

      1,071        41,401  

Sonova Holding AG (Registered) (Switzerland)

      165        29,422  

Straumann Holding AG (Registered) (Switzerland)

      69        50,446  

Terumo Corp. (Japan)

      3,180        108,951  
     

 

 

  
        569,755  
     

 

 

  

Health Care Providers & Services — 0.0% (c)

 

Fresenius SE & Co. KGaA (Germany)

      1,307        48,663  
     

 

 

  

Hotels, Restaurants & Leisure — 0.0% (c)

 

Compass Group plc (United Kingdom)

      2,068        32,219  

InterContinental Hotels Group plc (United Kingdom)

      434        18,464  

Wynn Macau Ltd. (Macau)

      7,262        10,891  
     

 

 

  
        61,574  
     

 

 

  

Household Durables — 0.0% (c)

 

Panasonic Corp. (Japan)

      4,400        33,310  

Persimmon plc (United Kingdom)

      1,277        30,187  

Sony Corp. (Japan)

      700        41,463  
     

 

 

  
        104,960  
     

 

 

  

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Household Products — 0.1%

 

Reckitt Benckiser Group plc (United Kingdom)

      1,335        101,694  

Unicharm Corp. (Japan)

      2,726        102,045  
     

 

 

  
        203,739  
     

 

 

  

Independent Power and Renewable Electricity Producers — 0.0% (c)

 

Electric Power Development Co. Ltd. (Japan)

      1,500        30,063  
     

 

 

  

Industrial Conglomerates — 0.1%

 

CK Hutchison Holdings Ltd. (United Kingdom)

      4,596        30,633  

DCC plc (United Kingdom)

      527        32,912  

Jardine Matheson Holdings Ltd. (Hong Kong)

      986        49,627  

Siemens AG (Registered) (Germany)

      1,237        103,580  
     

 

 

  
        216,752  
     

 

 

  

Insurance — 0.2%

 

AIA Group Ltd. (Hong Kong)

      31,229        279,644  

Allianz SE (Registered) (Germany)

      406        69,141  

Aon plc

      345        56,939  

Aviva plc (United Kingdom)

      7,420        24,395  

AXA SA (France)

      4,996        84,592  

Direct Line Insurance Group plc (United Kingdom)

      8,310        30,337  

Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)

      351        70,576  

PICC Property & Casualty Co. Ltd., Class H (China)

      52,000        49,794  

Ping An Insurance Group Co. of China Ltd., Class H (China)

      3,500        34,182  

RSA Insurance Group plc (United Kingdom)

      3,790        19,778  

Sampo OYJ, Class A (Finland)

      1,673        48,264  

Storebrand ASA (Norway)

      6,471        25,804  

Sun Life Financial, Inc. (Canada)

      1,773        57,034  

Tokio Marine Holdings, Inc. (Japan)

      1,400        64,056  

Zurich Insurance Group AG (Switzerland)

      112        39,346  
     

 

 

  
        953,882  
     

 

 

  

Interactive Media & Services — 0.1%

 

Adevinta ASA (France) *

      4,052        36,683  

Baidu, Inc., ADR (China) *

      178        17,941  

JOYY, Inc., ADR (China) *

      548        29,186  

NAVER Corp. (South Korea)

      173        24,053  

Tencent Holdings Ltd. (China)

      2,018        99,745  

Z Holdings Corp. (Japan)

      6,300        20,085  
     

 

 

  
        227,693  
     

 

 

  

Internet & Direct Marketing Retail — 0.0% (c)

 

Alibaba Group Holding Ltd., ADR (China) *

      178        34,617  

ASOS plc (United Kingdom) *

      1,108        16,303  

MercadoLibre, Inc. (Argentina) *

      77        37,621  

Prosus NV, ADR (China) *

      634        8,680  

Zalando SE (Germany) * (d)

      739        27,853  
     

 

 

  
        125,074  
     

 

 

  

IT Services — 0.0% (c)

 

Amadeus IT Group SA (Spain)

      590        27,770  

Obic Co. Ltd. (Japan)

      600        78,174  
     

 

 

  
        105,944  
     

 

 

  

Life Sciences Tools & Services — 0.0% (c)

 

Evotec SE (Germany) *

      769        16,695  
     

 

 

  

Machinery — 0.1%

 

KION Group AG (Germany)

      474        20,400  

Knorr-Bremse AG (Germany)

      313        27,518  

SMC Corp. (Japan)

      435        182,371  

THK Co. Ltd. (Japan)

      1,600        32,238  
     

 

 

  
        262,527  
     

 

 

  

Media — 0.0% (c)

 

CyberAgent, Inc. (Japan)

      900        34,880  

Eutelsat Communications SA (France)

      197        2,048  

Nordic Entertainment Group AB, Class B (Sweden)

      1,065        22,174  

Stroeer SE & Co. KGaA (Germany)

      375        19,269  

WPP plc (United Kingdom)

      4,877        33,159  
     

 

 

  
        111,530  
     

 

 

  

Metals & Mining — 0.0% (c)

 

Antofagasta plc (Chile)

      3,757        35,881  

BHP Group Ltd. (Australia)

      605        10,976  

BHP Group plc (Australia)

      2,458        38,147  

IGO Ltd. (Australia)

      10,789        27,716  

Rio Tinto Ltd. (Australia)

      344        17,723  

Rio Tinto plc (Australia)

      514        23,563  

South32 Ltd. (Australia)

      15,400        17,000  
     

 

 

  
        171,006  
     

 

 

  

Multi-Utilities — 0.0% (c)

 

Engie SA (France)

      5,122        52,452  

National Grid plc (United Kingdom)

      4,067        47,520  
     

 

 

  
        99,972  
     

 

 

  

Oil, Gas & Consumable Fuels — 0.1%

 

Enbridge, Inc. (Canada)

      1,805        52,561  

Equinor ASA (Norway)

      3,886        48,443  

Royal Dutch Shell plc, Class B, ADR (Netherlands)

      1,242        40,564  

TOTAL SA (France)

      3,197        120,459  
     

 

 

  
        262,027  
     

 

 

  

Paper & Forest Products — 0.0% (c)

 

Stora Enso OYJ, Class R (Finland)

      4,032        40,315  
     

 

 

  

Personal Products — 0.1%

 

L’Oreal SA (France)

      780        201,872  

Pola Orbis Holdings, Inc. (Japan)

      600        11,031  

Unilever plc (United Kingdom)

      3,194        161,074  
     

 

 

  
        373,977  
     

 

 

  

Pharmaceuticals — 0.3%

 

Astellas Pharma, Inc. (Japan)

      7,600        117,096  

AstraZeneca plc (United Kingdom)

      2,881        256,694  

Bayer AG (Registered) (Germany)

      1,409        80,734  

Daiichi Sankyo Co. Ltd. (Japan)

      600        41,206  

GlaxoSmithKline plc, ADR (United Kingdom)

      2,007        76,045  

Hutchison China MediTech Ltd., ADR (Hong Kong) *

      1,830        32,665  

Ipsen SA (France)

      315        16,147  

Novartis AG (Registered) (Switzerland)

      2,221        183,230  

Novo Nordisk A/S, Class B (Denmark)

      4,510        269,320  

Otsuka Holdings Co. Ltd. (Japan)

      1,400        54,626  

Roche Holding AG (Switzerland)

      533        171,488  

Sanofi (France)

      946        81,900  

Shionogi & Co. Ltd. (Japan)

      1,225        60,343  

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Takeda Pharmaceutical Co. Ltd., ADR (Japan)

      1,440        21,859  
     

 

 

  
        1,463,353  
     

 

 

  

Professional Services — 0.1%

      

DKSH Holding AG (Switzerland)

      795        39,241  

Recruit Holdings Co. Ltd. (Japan)

      2,300        59,412  

RELX plc (United Kingdom)

      4,790        102,230  

TechnoPro Holdings, Inc. (Japan)

      600        28,002  

Teleperformance (France)

      99        20,505  
     

 

 

  
        249,390  
     

 

 

  

Real Estate Management & Development — 0.0% (c)

      

Deutsche Wohnen SE (Germany)

      469        17,775  

Mitsui Fudosan Co. Ltd. (Japan)

      3,200        55,407  
     

 

 

  
        73,182  
     

 

 

  

Road & Rail — 0.0% (c)

      

Canadian National Railway Co. (Canada)

      400        31,052  

Canadian National Railway Co. (Canada)

      245        19,156  

Central Japan Railway Co. (Japan)

      300        48,081  
     

 

 

  
        98,289  
     

 

 

  

Semiconductors & Semiconductor Equipment — 0.2%

      

ASML Holding NV (Netherlands)

      949        250,171  

Broadcom, Inc.

      208        49,317  

NXP Semiconductors NV (Netherlands)

      633        52,495  

Renesas Electronics Corp. (Japan) *

      2,900        10,315  

Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)

      3,872        185,043  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

      11,000        99,025  

Tokyo Electron Ltd. (Japan)

      200        37,275  
     

 

 

  
        683,641  
     

 

 

  

Software — 0.1%

      

SAP SE (Germany)

      2,362        263,713  
     

 

 

  

Specialty Retail — 0.0% (c)

      

Industria de Diseno Textil SA (Spain)

      630        16,325  

Kingfisher plc (United Kingdom)

      15,390        27,033  

Nitori Holdings Co. Ltd. (Japan)

      200        27,028  
     

 

 

  
        70,386  
     

 

 

  

Technology Hardware, Storage & Peripherals — 0.0% (c)

      

Samsung Electronics Co. Ltd. (South Korea)

      2,454        95,415  

Samsung Electronics Co. Ltd., GDR (South Korea) (d)

      16        13,176  
     

 

 

  
        108,591  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.1%

      

Burberry Group plc (United Kingdom)

      1,562        25,390  

China Hongxing Sports Ltd. (China)*‡

      743,000        1  

EssilorLuxottica SA (France)

      1,013        107,251  

Hermes International (France)

      61        41,505  

Kering SA (France)

      302        157,467  

LVMH Moet Hennessy Louis Vuitton SE (France)

      293        107,458  

Moncler SpA (Italy)

      1,227        44,588  

Samsonite International SA (d)

      13,500        12,640  
     

 

 

  
        496,300  
     

 

 

  

Tobacco — 0.0% (c)

      

British American Tobacco plc (United Kingdom)

      3,930        133,877  
     

 

 

  

Trading Companies & Distributors — 0.0% (c)

      

Ashtead Group plc (United Kingdom)

      824        17,810  

Bunzl plc (United Kingdom)

      992        19,856  

Mitsubishi Corp. (Japan)

      1,600        33,844  

Sumitomo Corp. (Japan)

      3,700        42,196  
     

 

 

  
        113,706  
     

 

 

  

Wireless Telecommunication Services — 0.1%

      

SoftBank Group Corp. (Japan)

      2,954        104,579  

Vodafone Group plc (United Kingdom)

      37,568        51,973  

Vodafone Group plc, ADR (United Kingdom)

      3,431        47,245  
     

 

 

  
        203,797  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $11,311,230)

         13,235,595  
     

 

 

  

SHORT-TERM INVESTMENTS — 2.1%

      

INVESTMENT COMPANIES — 2.1%

      

JPMorgan Prime Money Market Fund Class Institutional Shares, 1.07% (a) (e)

(Cost $9,348,709)

      9,350,408        9,350,408  
     

 

 

  

Total Investments — 100.1%

(Cost $420,788,837)

         443,450,449  

Liabilities in Excess of Other Assets — (0.1)% (f)

         (527,682 ) 
     

 

 

  

Net Assets — 100.0%

         442,922,767  
     

 

 

  

 

Percentages indicated are based on net assets.

 

PORTFOLIO COMPOSITION BY COUNTRY**

  

United States

      93.3 % 

Ireland

      1.6  

Others (each less than 1.0%)

      3.0  

Short-Term Investments

      2.1  

 

** Percentages indicated are based on total investments as of March 31, 2020.

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

 

Abbreviations
ADR    American Depositary Receipt
CHDI    Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA    Dutch Certification
EAFE    Europe, Australasia and Far East
ETF    Exchange-Traded Fund
GDR    Global Depositary Receipt
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
(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 fund’s investment objective is to provide absolute return and is generally subject to a two day redemption notice period.
(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 March 31, 2020.
(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.

Access Balanced Fund CS Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on March 11, 2013 and is currently a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments consistent with the Fund’s investment objective and policies as described in the Fund’s prospectus. All significant intercompany balances and transactions have been eliminated in consolidation.

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.

J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This 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 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

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

 

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.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.

Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s 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.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

 

     Level 1
Quoted prices		      Level 2
Other significant observable
inputs		      Level 3
Significant unobservable
inputs		      Total  

Investments in Securities

 

      

Common Stocks

 

      

Aerospace & Defense

    $ —        $ 321,204      $ —        $ 321,204  

Air Freight & Logistics

      —          43,646        —          43,646  

Auto Components

      41,368        97,823        —          139,191  

Automobiles

      —          160,540        —          160,540  

Banks

      110,636        528,546        —          639,182  

Beverages

      —          432,601        —          432,601  

Biotechnology

      50,055        244,523        —          294,578  

Building Products

      —          39,664        —          39,664  

Capital Markets

      4,533        407,172        —          411,705  

Chemicals

      —          491,710        —          491,710  

Communications Equipment

      —          61,133        —          61,133  

Containers & Packaging

      —          27,325        —          27,325  

Diversified Financial Services

      41,429        39,659        —          81,088  

Diversified Telecommunication Services

      —          338,877        —          338,877  

Electric Utilities

      —          243,984        —          243,984  

Electrical Equipment

      —          261,768        —          261,768  

Electronic Equipment, Instruments & Components

      —          553,733        —          553,733  

Energy Equipment & Services

      —          15,437        —          15,437  

Equity Real Estate Investment Trusts (REITs)

      —          39,552        —          39,552  

Food & Staples Retailing

      21,065        56,142        —          77,207  

Food Products

      —          597,025        —          597,025  

Gas Utilities

      —          20,072        —          20,072  

Health Care Equipment & Supplies

      —          569,755        —          569,755  

Health Care Providers & Services

      —          48,663        —          48,663  

Hotels, Restaurants & Leisure

      —          61,574        —          61,574  

Household Durables

      —          104,960        —          104,960  

Household Products

      —          203,739        —          203,739  

Independent Power and Renewable Electricity Producers

      —          30,063        —          30,063  

Industrial Conglomerates

      —          216,752        —          216,752  

Insurance

      113,973        839,909        —          953,882  

Interactive Media & Services

      47,127        180,566        —          227,693  

Internet & Direct Marketing Retail

      80,918        44,156        —          125,074  

IT Services

      —          105,944        —          105,944  

Life Sciences Tools & Services

      —          16,695        —          16,695  

Machinery

      —          262,527        —          262,527  

     Level 1
Quoted prices		      Level 2
Other significant observable
inputs		      Level 3
Significant unobservable
inputs		      Total  

Media

    $ —        $ 111,530      $ —        $ 111,530  

Metals & Mining

      —          171,006        —          171,006  

Multi-Utilities

      —          99,972        —          99,972  

Oil, Gas & Consumable Fuels

      93,125        168,902        —          262,027  

Paper & Forest Products

      —          40,315        —          40,315  

Personal Products

      —          373,977        —          373,977  

Pharmaceuticals

      130,569        1,332,784        —          1,463,353  

Professional Services

      —          249,390        —          249,390  

Real Estate Management & Development

      —          73,182        —          73,182  

Road & Rail

      50,208        48,081        —          98,289  

Semiconductors & Semiconductor Equipment

      286,855        396,786        —          683,641  

Software

      —          263,713        —          263,713  

Specialty Retail

      —          70,386        —          70,386  

Technology Hardware, Storage & Peripherals

      —          108,591        —          108,591  

Textiles, Apparel & Luxury Goods

      —          496,299        1        496,300  

Tobacco

      —          133,877        —          133,877  

Trading Companies & Distributors

      —          113,706        —          113,706  

Wireless Telecommunication Services

      47,245        156,552        —          203,797  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Common Stocks

      1,119,106        12,116,488        1        13,235,595  
  

 

 

     

 

 

     

 

 

     

 

 

  

Exchange-Traded Funds

      278,900,691        —          —          278,900,691  

Investment Companies

      134,881,074        —          —          134,881,074  

Short-Term Investments

 

      

Investment Companies

      9,350,408        —          —          9,350,408  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ 424,251,279      $ 12,116,488      $ 1      $ 436,367,768  
  

 

 

     

 

 

     

 

 

     

 

 

  

As of March 31, 2020, certain Investment Companies with a fair value of $7,082,681 have not been categorized in the fair value hierarchy as the Investment Company was measured using the NAV per share as a practical expedient.

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds and ETFs which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ and ETFs’ distributions may be reinvested into the Underlying Funds and ETFs. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the Underlying Funds.

 

For the period ended March 31, 2020

  

Security Description

   Value at
June 30,
2019		     Purchases
at Cost		     Proceeds
from Sales		     Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
March 31,
2020		     Shares at
March 31,
2020		     Dividend
Income		     Capital Gain
Distributions		  

JPMorgan BetaBuilders Canada ETF (a)

   $ 11,250,736     $ —       $ 999,700     $ 100,849     $ (2,472,240 )    $ 7,879,645       414,500     $ 215,275     $ —    

JPMorgan BetaBuilders Europe ETF (a)

     14,999,840       5,201,077       —         —         (4,388,762 )      15,812,155       825,700       309,273       —    

JPMorgan BetaBuilders Japan ETF (a)

     1,500,898       1,500,789       300,203       24,165       (252,873 )      2,472,776       120,800       75,179       —    

JPMorgan Core Bond Fund Class R6 Shares (a)

     53,014,071       20,400,000       8,608,424       30,099       997,779       65,833,525       5,467,901       1,231,520       277,466  

JPMorgan Core Plus Bond Fund Class R6 Shares (a)

     10,967,067       600,000       1,000,001       46,729       16,867       10,630,662       1,258,067       247,525       —    

JPMorgan Corporate Bond Fund Class R6 Shares (a)

     10,261,509       —         —         —         (143,374 )      10,118,135       1,024,103       221,759       —    

JPMorgan Equity Focus Fund Class I Shares (a)

     1,448,680       —         1,463,961       —         15,281       —         —         —         —    

JPMorgan Equity Focus Fund Class R6 Shares (a)

     —         1,463,961       1,128,568       67,069       (402,462 )      —         —         11,631       236,715  

JPMorgan Equity Income Fund Class R6 Shares (a)

     1,461,878       —         1,285,449       (179,162 )      2,733       —         —         19,982       15,685  

JPMorgan High Yield Fund Class R6 Shares (a)

     —         13,000,000       —         —         191,176       13,191,176       2,124,183       —         —    

JPMorgan Mortgage-Backed Securities Fund Class R6 Shares (a)

     10,673,436       —         10,760,477       360,477       (273,436 )      —         —         57,682       —    

JPMorgan Prime Money Market Fund Class Institutional Shares, 1.07% (a) (b)

     7,553,970       121,308,382       119,512,561       52       565       9,350,408       9,350,408       101,251       —    

JPMorgan Short Duration Bond Fund Class R6 Shares (a)

     9,864,411       —         —         —         (36,266 )      9,828,145       906,655       179,608       —    

JPMorgan U.S. Large Cap Core Plus Fund Class R6 Shares (a)

     1,468,744       902,550       2,018,661       (598,761 )      246,128       —         —         7,569       292,692  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

Total

   $ 134,465,240     $ 164,376,759     $ 147,078,005     $ (148,483 )    $ (6,498,884 )    $ 145,116,627       $ 2,678,254     $ 822,558  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(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 March 31, 2020.