NPORT-EX 2 HG_AG.htm HTML

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

 

Investments

    Shares      Value ($)  

EXCHANGE-TRADED FUNDS — 77.0%

 

Fixed Income — 8.1%

      

iShares 20+ Year Treasury Bond ETF

      55,200        9,011,952  

Vanguard Total International Bond ETF

      474,100        27,585,509  
     

 

 

  

Total Fixed Income

         36,597,461  
     

 

 

  

International Equity — 16.3%

      

iShares MSCI EAFE ETF

      279,350        17,780,627  

iShares MSCI Japan ETF

      14,512        857,224  

JPMorgan BetaBuilders Canada ETF (a)

      545,300        13,005,405  

JPMorgan BetaBuilders Developed Asia EX-Japan ETF (a)

      80,400        1,817,040  

JPMorgan BetaBuilders Europe ETF (a)

      1,344,700        30,766,736  

JPMorgan BetaBuilders Japan ETF (a)

      376,200        9,280,854  
     

 

 

  

Total International Equity

         73,507,886  
     

 

 

  

U.S. Equity — 52.6%

      

iShares Core S&P 500 ETF

      376,200        126,425,772  

SPDR S&P 500 ETF Trust

      330,000        110,513,700  
     

 

 

  

Total U.S. Equity

         236,939,472  
     

 

 

  

TOTAL EXCHANGE-TRADED FUNDS

(Cost $264,502,368)

         347,044,819  
     

 

 

  

INVESTMENT COMPANIES — 16.9%

      

Alternative Assets — 4.3%

      

Blackstone Alternative Multi-Strategy Fund Class Y Shares

      705,069        7,022,483  

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

      45,529        7,565,816  

Neuberger Berman Long Short Fund Class Institutional Shares *

      289,938        4,688,303  
     

 

 

  

Total Alternative Assets

         19,276,602  
     

 

 

  

Fixed Income — 11.6%

      

JPMorgan Core Bond Fund Class R6 Shares (a)

      1,028,426        12,783,332  

JPMorgan High Yield Fund Class R6 Shares (a)

      3,846,182        26,192,498  

JPMorgan Short Duration Bond Fund Class R6 Shares (a)

      389,287        4,336,654  

Lord Abbett Short Duration Income Fund Class F3 Shares

      2,213,686        9,253,207  
     

 

 

  

Total Fixed Income

         52,565,691  
     

 

 

  

U.S. Equity — 1.0%

      

BlackRock Event Driven Equity Fund Class Institutional Shares

      453,997        4,371,990  
     

 

 

  

TOTAL INVESTMENT COMPANIES

(Cost $70,388,043)

         76,214,283  
     

 

 

  

COMMON STOCKS — 4.6%

      

Aerospace & Defense — 0.1%

      

Airbus SE (France) *

      2,031        147,300  

Meggitt plc (United Kingdom)

      11,651        38,664  

Safran SA (France) *

      3,025        297,621  
     

 

 

  
        483,585  
     

 

 

  

Air Freight & Logistics — 0.0% (c)

      

DSV Panalpina A/S (Denmark)

      700        113,542  
     

 

 

  

Auto Components — 0.1%

      

Autoliv, Inc., SDR (Sweden)

      512        37,671  

Denso Corp. (Japan)

      800        35,065  

Magna International, Inc. (Canada)

      1,540        70,455  

Stanley Electric Co. Ltd. (Japan)

      1,500        43,229  

Sumitomo Rubber Industries Ltd. (Japan)

      1,700        15,791  
     

 

 

  
        202,211  
     

 

 

  

Automobiles — 0.1%

      

Honda Motor Co. Ltd. (Japan)

      1,000        23,747  

Suzuki Motor Corp. (Japan)

      2,500        107,095  

Toyota Motor Corp. (Japan)

      1,800        119,466  
     

 

 

  
        250,308  
     

 

 

  

Banks — 0.2%

      

Australia & New Zealand Banking Group Ltd. (Australia)

      3,022        37,702  

Banco Bilbao Vizcaya Argentaria SA (Spain)

      10,000        27,759  

BNP Paribas SA (France) *

      2,398        86,747  

Close Brothers Group plc (United Kingdom)

      783        10,299  

DBS Group Holdings Ltd. (Singapore)

      1,900        27,933  

DNB ASA (Norway)

      8,568        119,358  

Erste Group Bank AG (Austria)

      1,261        26,406  

HDFC Bank Ltd., ADR (India) *

      1,306        65,248  

ING Groep NV (Netherlands)

      7,777        55,503  

Intesa Sanpaolo SpA (Italy)

      15,407        28,987  

Lloyds Banking Group plc (United Kingdom)

      105,433        35,793  

Mitsubishi UFJ Financial Group, Inc. (Japan)

      10,000        39,909  

National Bank of Canada (Canada)

      1,620        80,468  

Standard Chartered plc (United Kingdom)

      3,107        14,297  

Sumitomo Mitsui Trust Holdings, Inc. (Japan)

      1,100        29,264  

Svenska Handelsbanken AB, Class A (Sweden) *

      10,951        91,624  

United Overseas Bank Ltd. (Singapore)

      3,600        50,714  
     

 

 

  
        828,011  
     

 

 

  

Beverages — 0.2%

      

Anheuser-Busch InBev SA/NV (Belgium)

      1,960        105,527  

Carlsberg A/S, Class B (Denmark)

      1,801        242,635  

Diageo plc (United Kingdom)

      4,914        168,790  

Kirin Holdings Co. Ltd. (Japan)

      1,500        28,174  

Pernod Ricard SA (France)

      687        109,532  
     

 

 

  
        654,658  
     

 

 

  

Biotechnology — 0.1%

      

Ascendis Pharma A/S, ADR (Denmark) *

      144        22,222  

BeiGene Ltd., ADR (China) *

      355        101,686  

CSL Ltd. (Australia)

      128        26,441  

Galapagos NV (Belgium) *

      721        102,216  

Genmab A/S (Denmark) *

      612        222,098  

Grifols SA (Preference), Class B (Spain)

      2,396        41,518  
     

 

 

  
        516,181  
     

 

 

  

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Building Products — 0.0% (c)

 

Assa Abloy AB, Class B (Sweden)

      1,779        41,593  

Daikin Industries Ltd. (Japan)

      100        18,478  
     

 

 

  
        60,071  
     

 

 

  

Capital Markets — 0.2%

      

Deutsche Boerse AG (Germany)

      326        57,154  

Euronext NV (Netherlands) (d)

      561        70,274  

Hong Kong Exchanges & Clearing Ltd. (Hong Kong)

      3,400        160,050  

London Stock Exchange Group plc (United Kingdom)

      2,957        339,218  

Macquarie Group Ltd. (Australia)

      767        66,487  

Partners Group Holding AG (Switzerland)

      26        23,915  

XP, Inc., Class A (Brazil) *

      272        11,340  
     

 

 

  
        728,438  
     

 

 

  

Chemicals — 0.2%

      

Air Liquide SA (France)

      961        152,328  

Asahi Kasei Corp. (Japan)

      15,078        131,535  

BASF SE (Germany)

      840        51,153  

Covestro AG (Germany) (d)

      789        39,127  

Givaudan SA (Registered) (Switzerland)

      25        107,945  

Johnson Matthey plc (United Kingdom)

      1,957        59,469  

Kansai Paint Co. Ltd. (Japan)

      3,003        74,639  

Shin-Etsu Chemical Co. Ltd. (Japan)

      738        96,570  

Tosoh Corp. (Japan)

      600        9,742  

Umicore SA (Belgium)

      1,095        45,546  
     

 

 

  
        768,054  
     

 

 

  

Communications Equipment — 0.0% (c)

      

Telefonaktiebolaget LM Ericsson, Class B (Sweden)

      8,882        97,198  
     

 

 

  

Containers & Packaging — 0.0% (c)

      

Amcor plc, CHDI

      3,642        40,288  
     

 

 

  

Diversified Financial Services — 0.0% (c)

      

Challenger Ltd. (Australia)

      5,329        14,830  

Element Fleet Management Corp. (Canada)

      7,726        64,289  

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

      5,200        24,161  
     

 

 

  
        103,280  
     

 

 

  

Diversified Telecommunication Services — 0.1%

      

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

      362,000        62,980  

Koninklijke KPN NV (Netherlands)

      26,247        61,584  

KT Corp. (South Korea)

      1,048        20,506  

Nippon Telegraph & Telephone Corp. (Japan)

      9,700        198,042  

Telecom Italia SpA (Italy)

      50,673        20,460  
     

 

 

  
        363,572  
     

 

 

  

Electric Utilities — 0.1%

      

Enel SpA (Italy)

      26,882        233,226  

Iberdrola SA (Spain)

      11,294        139,013  

Orsted A/S (Denmark) (d)

      225        31,019  

Siemens Energy AG (Germany) *

      781        21,047  
     

 

 

  
        424,305  
     

 

 

  

Electrical Equipment — 0.1%

      

ABB Ltd. (Registered) (Switzerland)

      9,283        236,010  

Legrand SA (France)

      535        42,612  

Melrose Industries plc (United Kingdom) *

      35,142        52,111  

Mitsubishi Electric Corp. (Japan)

      6,900        93,628  

Nidec Corp. (Japan)

      1,314        123,224  

Prysmian SpA (Italy)

      1,995        57,910  
     

 

 

  
        605,495  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.2%

      

Hamamatsu Photonics KK (Japan)

      6,024        304,432  

Keyence Corp. (Japan)

      848        396,422  

Murata Manufacturing Co. Ltd. (Japan)

      1,867        121,406  

Omron Corp. (Japan)

      600        46,912  
     

 

 

  
        869,172  
     

 

 

  

Energy Equipment & Services — 0.0% (c)

      

Worley Ltd. (Australia)

      5,710        39,797  
     

 

 

  

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

      

Great Portland Estates plc (United Kingdom)

      5,024        38,769  

Scentre Group (Australia)

      16,716        26,614  
     

 

 

  
        65,383  
     

 

 

  

Food & Staples Retailing — 0.0% (c)

      

Seven & i Holdings Co. Ltd. (Japan)

      2,100        65,247  

Welcia Holdings Co. Ltd. (Japan)

      700        30,698  
     

 

 

  
        95,945  
     

 

 

  

Food Products — 0.2%

      

Associated British Foods plc (United Kingdom)

      1,580        38,039  

Barry Callebaut AG (Registered) (Switzerland)

      19        42,320  

Danone SA (France)

      2,003        129,744  

Nestle SA (Registered) (Switzerland)

      5,281        628,503  

Wilmar International Ltd. (China)

      17,100        55,521  
     

 

 

  
        894,127  
     

 

 

  

Gas Utilities — 0.0% (c)

      

Beijing Enterprises Holdings Ltd. (China)

      6,500        19,595  
     

 

 

  

Health Care Equipment & Supplies — 0.2%

      

Alcon, Inc. (Switzerland) *

      401        22,735  

Asahi Intecc Co. Ltd. (Japan)

      1,100        34,572  

Elekta AB, Class B (Sweden)

      4,195        52,716  

Hoya Corp. (Japan)

      733        82,768  

Koninklijke Philips NV (Netherlands) *

      5,886        277,932  

Sartorius AG (Preference) (Germany)

      253        103,698  

Siemens Healthineers AG (Germany) (d)

      1,256        56,380  

Sonova Holding AG (Registered) (Switzerland) *

      241        61,073  

Straumann Holding AG (Registered) (Switzerland)

      103        104,195  

Terumo Corp. (Japan)

      2,680        106,703  
     

 

 

  
        902,772  
     

 

 

  

Health Care Providers & Services — 0.0% (c)

      

Fresenius SE & Co. KGaA (Germany)

      1,672        76,033  
     

 

 

  

Hotels, Restaurants & Leisure — 0.0% (c)

      

Compass Group plc (United Kingdom)

      3,028        45,486  

Wynn Macau Ltd. (Macau) *

      8,809        14,137  
     

 

 

  
        59,623  
     

 

 

  

Household Durables — 0.0% (c)

      

Panasonic Corp. (Japan)

      4,700        40,035  

Persimmon plc (United Kingdom)

      1,485        47,324  

Sony Corp. (Japan)

      900        68,978  
     

 

 

  
        156,337  
     

 

 

  

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Household Products — 0.1%

 

Reckitt Benckiser Group plc (United Kingdom)

      1,475        143,820  

Unicharm Corp. (Japan)

      3,246        145,172  
     

 

 

  
        288,992  
     

 

 

  

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

      

Electric Power Development Co. Ltd. (Japan)

      1,900        29,306  
     

 

 

  

Industrial Conglomerates — 0.1%

      

CK Hutchison Holdings Ltd. (United Kingdom)

      4,964        30,081  

DCC plc (United Kingdom)

      603        46,680  

Jardine Matheson Holdings Ltd. (Hong Kong)

      1,300        51,677  

Siemens AG (Registered) (Germany)

      1,561        197,137  
     

 

 

  
        325,575  
     

 

 

  

Insurance — 0.3%

      

AIA Group Ltd. (Hong Kong)

      35,469        352,565  

Aon plc, Class A

      264        54,463  

Aviva plc (United Kingdom)

      8,575        31,725  

AXA SA (France)

      5,747        106,365  

Direct Line Insurance Group plc (United Kingdom)

      5,258        18,338  

Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)

      504        128,126  

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

      52,000        36,528  

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

      4,000        41,524  

Sampo OYJ, Class A (Finland)

      2,905        115,046  

Storebrand ASA (Norway) *

      8,278        43,605  

Sun Life Financial, Inc. (Canada)

      2,134        86,960  

Tokio Marine Holdings, Inc. (Japan)

      1,800        78,758  

Zurich Insurance Group AG (Switzerland)

      216        75,323  
     

 

 

  
        1,169,326  
     

 

 

  

Interactive Media & Services — 0.1%

      

Adevinta ASA (France) *

      4,848        83,317  

Baidu, Inc., ADR (China) *

      148        18,735  

JOYY, Inc., ADR (China)

      532        42,916  

NAVER Corp. (South Korea)

      196        49,808  

Tencent Holdings Ltd. (China)

      3,346        226,000  

Z Holdings Corp. (Japan)

      7,700        51,432  
     

 

 

  
        472,208  
     

 

 

  

Internet & Direct Marketing Retail — 0.1%

      

Alibaba Group Holding Ltd., ADR (China) *

      165        48,506  

ASOS plc (United Kingdom) *

      1,432        95,079  

MercadoLibre, Inc. (Argentina) *

      82        88,763  

Prosus NV, ADR (China) *

      924        17,122  

THG Holdings Ltd. (United Kingdom) *

      1,331        10,274  

Zalando SE (Germany) * (d)

      860        80,350  
     

 

 

  
        340,094  
     

 

 

  

IT Services — 0.1%

      

Amadeus IT Group SA (Spain)

      796        44,207  

NTT Data Corp. (Japan)

      5,500        70,385  

Obic Co. Ltd. (Japan)

      650        114,311  
     

 

 

  
        228,903  
     

 

 

  

Life Sciences Tools & Services — 0.0% (c)

      

Evotec SE (Germany) *

      894        23,570  
     

 

 

  

Machinery — 0.1%

 

KION Group AG (Germany)

      786        67,116  

Knorr-Bremse AG (Germany)

      373        43,925  

SMC Corp. (Japan)

      487        271,666  

THK Co. Ltd. (Japan)

      1,800        45,298  
     

 

 

  
        428,005  
     

 

 

  

Media — 0.0% (c)

      

CyberAgent, Inc. (Japan)

      1,000        61,752  

Nordic Entertainment Group AB, Class B (Sweden)

      1,026        43,488  

Stroeer SE & Co. KGaA (Germany) *

      497        38,606  

WPP plc (United Kingdom)

      6,331        49,723  
     

 

 

  
        193,569  
     

 

 

  

Metals & Mining — 0.1%

      

Antofagasta plc (Chile)

      4,327        57,104  

BHP Group Ltd. (Australia)

      1,103        28,495  

BHP Group plc (Australia)

      2,725        58,136  

IGO Ltd. (Australia)

      12,335        37,174  

Rio Tinto Ltd. (Australia)

      381        26,023  

Rio Tinto plc (Australia)

      622        37,427  

South32 Ltd. (Australia)

      16,664        24,730  
     

 

 

  
        269,089  
     

 

 

  

Multiline Retail — 0.0% (c)

      

Next plc (United Kingdom)

      680        52,134  
     

 

 

  

Multi-Utilities — 0.1%

      

Engie SA (France) *

      11,604        155,070  

National Grid plc (United Kingdom)

      5,598        64,300  
     

 

 

  
        219,370  
     

 

 

  

Oil, Gas & Consumable Fuels — 0.1%

      

Enbridge, Inc. (Canada)

      1,798        52,527  

Equinor ASA (Norway)

      4,684        66,361  

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

      1,201        29,088  

TOTAL SE (France)

      3,596        123,496  
     

 

 

  
        271,472  
     

 

 

  

Paper & Forest Products — 0.0% (c)

      

Stora Enso OYJ, Class R (Finland)

      4,989        78,088  
     

 

 

  

Personal Products — 0.1%

      

L’Oreal SA (France)

      876        285,076  

Pola Orbis Holdings, Inc. (Japan)

      700        13,199  

Unilever plc (United Kingdom)

      4,447        274,172  
     

 

 

  
        572,447  
     

 

 

  

Pharmaceuticals — 0.4%

      

Astellas Pharma, Inc. (Japan)

      9,400        140,122  

AstraZeneca plc (United Kingdom)

      2,767        302,335  

Bayer AG (Registered) (Germany)

      1,616        99,697  

Daiichi Sankyo Co. Ltd. (Japan)

      2,100        64,465  

GlaxoSmithKline plc, ADR (United Kingdom)

      2,291        86,233  

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

      1,794        57,946  

Ipsen SA (France)

      366        38,259  

Novartis AG (Registered) (Switzerland)

      2,803        243,369  

Novo Nordisk A/S, Class B (Denmark)

      4,910        340,187  

Otsuka Holdings Co. Ltd. (Japan)

      1,500        63,548  

Roche Holding AG (Switzerland)

      674        230,872  

Sanofi (France)

      1,406        140,898  

Shionogi & Co. Ltd. (Japan)

      2,479        132,687  

Takeda Pharmaceutical Co. Ltd., ADR (Japan)

      1,652        29,472  
     

 

 

  
        1,970,090  
     

 

 

  

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Professional Services — 0.1%

 

DKSH Holding AG (Switzerland)

      965        67,227  

Recruit Holdings Co. Ltd. (Japan)

      2,500        99,288  

RELX plc (United Kingdom)

      4,746        105,637  

TechnoPro Holdings, Inc. (Japan)

      700        43,828  

Teleperformance (France)

      142        43,779  
     

 

 

  
        359,759  
     

 

 

  

Real Estate Management & Development — 0.0% (c)

      

Mitsui Fudosan Co. Ltd. (Japan)

      3,900        67,867  
     

 

 

  

Road & Rail — 0.0% (c)

      

Canadian National Railway Co. (Canada)

      563        59,937  

Canadian National Railway Co. (Canada)

      220        23,430  

Central Japan Railway Co. (Japan)

      300        43,002  

TFI International, Inc. (Canada)

      690        28,853  
     

 

 

  
        155,222  
     

 

 

  

Semiconductors & Semiconductor Equipment — 0.3%

      

ASML Holding NV (Netherlands)

      1,108        409,265  

Broadcom, Inc.

      237        86,344  

NXP Semiconductors NV (Netherlands)

      760        94,856  

Renesas Electronics Corp. (Japan) *

      3,100        22,753  

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

      4,717        382,407  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

      12,000        180,529  

Tokyo Electron Ltd. (Japan)

      200        52,251  
     

 

 

  
        1,228,405  
     

 

 

  

Software — 0.1%

      

SAP SE (Germany)

      2,816        438,502  
     

 

 

  

Specialty Retail — 0.0% (c)

      

Industria de Diseno Textil SA (Spain)

      765        21,163  

Kingfisher plc (United Kingdom)

      18,799        72,008  

Nitori Holdings Co. Ltd. (Japan)

      200        41,490  
     

 

 

  
        134,661  
     

 

 

  

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

      

Samsung Electronics Co. Ltd. (South Korea)

      2,750        136,521  

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

      19        20,511  
     

 

 

  
        157,032  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.2%

      

China Hongxing Sports Ltd. (China) * ‡

      755,000        1  

EssilorLuxottica SA (France) *

      1,630        221,902  

Hermes International (France)

      115        99,044  

Kering SA (France)

      438        290,544  

LVMH Moet Hennessy Louis Vuitton SE (France)

      351        164,233  

Moncler SpA (Italy) *

      1,473        60,277  

Samsonite International SA * (d)

      15,600        15,841  
     

 

 

  
        851,842  
     

 

 

  

Thrifts & Mortgage Finance — 0.0% (c)

      

Housing Development Finance Corp. Ltd. (India)

      1,458        34,558  
     

 

 

  

Tobacco — 0.0% (c)

      

British American Tobacco plc (United Kingdom)

      4,755        170,568  
     

 

 

  

Trading Companies & Distributors — 0.0% (c)

      

Ashtead Group plc (United Kingdom)

      1,120        40,333  

Bunzl plc (United Kingdom)

      1,146        37,000  

Mitsubishi Corp. (Japan)

      1,800        43,084  

Sumitomo Corp. (Japan)

      4,200        50,629  
     

 

 

  
        171,046  
     

 

 

  

Wireless Telecommunication Services — 0.1%

      

America Movil SAB de CV, Class L, ADR (Mexico)

      2,751        34,360  

SoftBank Group Corp. (Japan)

      3,378        209,012  

Vodafone Group plc, ADR (United Kingdom)

      3,970        53,278  
     

 

 

  
        296,650  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $13,844,576)

         20,416,331  
     

 

 

  

SHORT-TERM INVESTMENTS — 1.6%

      

INVESTMENT COMPANIES — 1.6%

      

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.16% (a) (e)

(Cost $7,193,507)

      7,191,462        7,196,496  
     

 

 

  

Total Investments — 100.1%

(Cost $355,928,494)

         450,871,929  
     

 

 

  

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

 

      (237,003 ) 
     

 

 

  

Net Assets — 100.0%

 

      450,634,926  
     

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

PORTFOLIO COMPOSITION BY COUNTRY**    

 

United States

      92.2 % 

Ireland

      1.7

Japan

      1.0

Others (each less than 1.0%)

      3.5  

Short-Term Investments

      1.6  

 

** Percentages indicated are based on total investments as of September 30, 2020.

   

 

Abbreviations
ADR    American Depositary Receipt
CHDI    Clearing House Electronic Subregister System (CHESS) Depository Interest
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 September 30, 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 the 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 Growth 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.

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

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 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

    $ —        $ 483,585      $  —        $ 483,585  

Air Freight & Logistics

      —          113,542        —          113,542  

Auto Components

      70,455        131,756        —          202,211  

Automobiles

      —          250,308        —          250,308  

Banks

      145,716        682,295        —          828,011  

Beverages

      —          654,658        —          654,658  

Biotechnology

      123,908        392,273        —          516,181  

Building Products

      —          60,071        —          60,071  

Capital Markets

      11,340        717,098        —          728,438  

Chemicals

      —          768,054        —          768,054  

Communications Equipment

      —          97,198        —          97,198  

Containers & Packaging

      —          40,288        —          40,288  

Diversified Financial Services

      64,289        38,991        —          103,280  

Diversified Telecommunication Services

      —          363,572        —          363,572  

Electric Utilities

      52,066        372,239        —          424,305  

Electrical Equipment

      —          605,495        —          605,495  

Electronic Equipment, Instruments & Components

      —          869,172        —          869,172  

Energy Equipment & Services

      —          39,797        —          39,797  

Equity Real Estate Investment Trusts (REITs)

      —          65,383        —          65,383  

Food & Staples Retailing

      30,698        65,247        —          95,945  

Food Products

      —          894,127        —          894,127  

Gas Utilities

      —          19,595        —          19,595  

Health Care Equipment & Supplies

      —          902,772        —          902,772  

Health Care Providers & Services

      —          76,033        —          76,033  

Hotels, Restaurants & Leisure

      —          59,623        —          59,623  

Household Durables

      —          156,337        —          156,337  

Household Products

      —          288,992        —          288,992  

Independent Power and Renewable Electricity Producers

      —          29,306        —          29,306  

Industrial Conglomerates

      —          325,575        —          325,575  

Insurance

      141,423        1,027,903        —          1,169,326  

Interactive Media & Services

      144,968        327,240        —          472,208  

Internet & Direct Marketing Retail

      164,665        175,429        —          340,094  

IT Services

      —          228,903        —          228,903  

Life Sciences Tools & Services

      —          23,570        —          23,570  

Machinery

      —          428,005        —          428,005  

Media

      43,488        150,081        —          193,569  

Metals & Mining

      —          269,089        —          269,089  

Multiline Retail

      —          52,134        —          52,134  

Multi-Utilities

      —          219,370        —          219,370  

Oil, Gas & Consumable Fuels

      81,615        189,857        —          271,472  

Paper & Forest Products

      —          78,088        —          78,088  

Personal Products

      —          572,447        —          572,447  

Pharmaceuticals

      173,651        1,796,439        —          1,970,090  

Professional Services

      —          359,759        —          359,759  

Real Estate Management & Development

      —          67,867        —          67,867  

Road & Rail

      112,220        43,002        —          155,222  

Semiconductors & Semiconductor Equipment

      563,607        664,798        —          1,228,405  

Software

      —          438,502        —          438,502  

Specialty Retail

      —          134,661        —          134,661  

Technology Hardware, Storage & Peripherals

      —          157,032        —          157,032  

Textiles, Apparel & Luxury Goods

      —          851,841        1        851,842  

Thrifts & Mortgage Finance

      —          34,558        —          34,558  

Tobacco

      —          170,568        —          170,568  

Trading Companies & Distributors

      —          171,046        —          171,046  

Wireless Telecommunication Services

      87,638        209,012        —          296,650  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Common Stocks

      2,011,747        18,404,583        1        20,416,331  
  

 

 

     

 

 

     

 

 

     

 

 

  

Exchange-Traded Funds

      347,044,819        —          —          347,044,819  

Investment Companies

      68,648,467        —          —          68,648,467  

Short-Term Investments

            

Investment Companies

      7,196,496        —          —          7,196,496  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

   $ 424,901,529      $ 18,404,583      $ 1      $ 443,306,113  
  

 

 

     

 

 

     

 

 

     

 

 

  

As of September 30, 2020, certain investments companies with a fair value of $7,565,816, have not been categorized in the fair value hierarchy as these investment companies are 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 ETF’s distributions may be reinvested into the Underlying Funds and ETFs. Reinvestment amounts are included in the purchase cost amounts in the table below.

 

For the period ended September 30, 2020

  

Security Description

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

JPMorgan BetaBuilders Canada ETF (a)

   $ 13,826,015     $ —       $ 1,603,374     $ 25,021     $ 757,743     $ 13,005,405       545,300     $ 81,348     $ —    

JPMorgan BetaBuilders Developed Asia EX-Japan ETF (a)

     1,800,960       —         —         —         16,080       1,817,040       80,400       20,955       —    

JPMorgan BetaBuilders Europe ETF (a)

     29,812,000       —         —         —         954,736       30,766,736       1,344,700       194,632       —    

JPMorgan BetaBuilders Japan ETF (a)

     8,626,266       —         —         —         654,588       9,280,854       376,200       —         —    

JPMorgan Core Bond Fund Class R6 Shares (a)

     22,061,390       —         9,400,001       836,770       (714,827 )      12,783,332       1,028,426       110,550       —    

JPMorgan High Yield Fund Class R6 Shares (a)

     25,423,262       —         —         —         769,236       26,192,498       3,846,182       299,810       —    

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.16% (a) (b)

     5,367,658       17,929,774       16,099,842       493       (1,587 )      7,196,496       7,191,462       2,936       —    

JPMorgan Short Duration Bond Fund Class R6 Shares (a)

     4,328,867       —         —         —         7,787       4,336,654       389,287       17,969       —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

Total

   $ 111,246,418     $ 17,929,774     $ 27,103,217     $ 862,284     $ 2,443,756     $ 105,379,015       $ 728,200     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(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 September 30, 2020.