NPORT-EX 2 HG_AG.htm PART F HTML

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited)

 

Investments

    Shares (000)     Value ($000)  

EXCHANGE-TRADED FUNDS — 80.8%

     

Fixed Income — 7.1%

     

iShares 20+ Year Treasury Bond ETF

      38       3,862  

iShares MBS ETF

      43       3,947  

Vanguard Total International Bond ETF

      414       19,751  
    

 

 

  

Total Fixed Income

        27,560  
    

 

 

  

International Equity — 18.8%

     

iShares MSCI EAFE ETF

      137       7,654  

JPMorgan BetaBuilders Canada ETF (a)

      223       11,933  

JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (a)

      192       8,129  

JPMorgan BetaBuilders Europe ETF (a)

      843       33,963  

JPMorgan BetaBuilders Japan ETF (a)

      284       11,598  
    

 

 

  

Total International Equity

        73,277  
    

 

 

  

U.S. Equity — 54.9%

     

iShares Core S&P 500 ETF

      445       159,743  

SPDR S&P 500 ETF Trust

      153       54,720  
    

 

 

  

Total U.S. Equity

        214,463  
    

 

 

  

TOTAL EXCHANGE-TRADED FUNDS

(Cost $268,482)

        315,300  
 

 

 

  

INVESTMENT COMPANIES — 15.2%

 

Alternative Assets — 4.8%

     

Blackstone Alternative Multi-Strategy Fund Class Y Shares *

      683       6,712  

Lumyna-Marshall Wace Ucits SICAV-Lumyna-MW Tops Ucits Fund (Luxembourg) *

      35       7,571  

Neuberger Berman Long Short Fund Class Institutional Shares *

      266       4,310  
    

 

 

  

Total Alternative Assets

        18,593  
    

 

 

  

Fixed Income — 9.3%

     

JPMorgan Core Bond Fund Class R6 Shares (a)

      1,958       19,719  

JPMorgan High Yield Fund Class R6 Shares (a)

      1,380       8,324  

Lord Abbett Short Duration Income Fund Class F3 Shares

      2,158       8,287  
    

 

 

  

Total Fixed Income

        36,330  
    

 

 

  

U.S. Equity — 1.1%

     

BlackRock Event Driven Equity Fund Class Institutional Shares *

      443       4,323  
    

 

 

  

TOTAL INVESTMENT COMPANIES

(Cost $59,234)

        59,246  
 

 

 

  

COMMON STOCKS — 2.7%

 

Aerospace & Defense — 0.1%

 

Airbus SE (France)

      1       69  

MTU Aero Engines AG (Germany)

      – (b)      26  

Safran SA (France)

      1       122  
    

 

 

  
       217  
    

 

 

  

Air Freight & Logistics — 0.0%  (c)

 

DSV A/S (Denmark)

      – (b)      35  
    

 

 

  

Airlines — 0.0% (c)

 

Ryanair Holdings plc, ADR (Ireland) *

      – (b)      7  
    

 

 

  

Auto Components — 0.0% (c)

 

Autoliv, Inc., SDR (Sweden)

      – (b)      24  

Denso Corp. (Japan)

      1       23  

Magna International, Inc. (Canada)

      1       40  

Stanley Electric Co. Ltd. (Japan)

      1       14  

Sumitomo Rubber Industries Ltd. (Japan)

      1       8  
    

 

 

  
       109  
    

 

 

  

Automobiles — 0.0% (c)

 

Dr. Ing hc F Porsche AG (Preference) (Germany) *

      – (b)      30  

Honda Motor Co. Ltd. (Japan)

      1       13  

Suzuki Motor Corp. (Japan)

      1       25  

Toyota Motor Corp. (Japan)

      6       78  
    

 

 

  
       146  
    

 

 

  

Banks — 0.3%

 

Australia & New Zealand Banking Group Ltd. (Australia)

      2       28  

BNP Paribas SA (France)

      1       30  

Close Brothers Group plc (United Kingdom)

      1       7  

DBS Group Holdings Ltd. (Singapore)

      4       102  

DNB Bank ASA (Norway)

      6       96  

Erste Group Bank AG (Austria)

      1       11  

HDFC Bank Ltd., ADR (India)

      1       60  

ING Groep NV (Netherlands)

      8       65  

Intesa Sanpaolo SpA (Italy)

      10       16  

Lloyds Banking Group plc (United Kingdom)

      63       28  

Mitsubishi UFJ Financial Group, Inc. (Japan)

      6       27  

National Bank of Canada (Canada)

      1       61  

Standard Chartered plc (United Kingdom)

      3       16  

Sumitomo Mitsui Trust Holdings, Inc. (Japan)

      1       20  

Svenska Handelsbanken AB, Class A (Sweden)

      5       37  

UniCredit SpA (Italy)

      1       6  

United Overseas Bank Ltd. (Singapore)

      3       47  
    

 

 

  
       657  
    

 

 

  

Beverages — 0.1%

 

Anheuser-Busch InBev SA/NV (Belgium)

      1       63  

Carlsberg A/S, Class B (Denmark)

      1       87  

Diageo plc (United Kingdom)

      2       66  

Kirin Holdings Co. Ltd. (Japan)

      2       23  

Pernod Ricard SA (France)

      – (b)      42  
    

 

 

  
       281  
    

 

 

  

Biotechnology — 0.0% (c)

 

BeiGene Ltd., ADR (China) *

      – (b)      35  

Genmab A/S (Denmark) *

      – (b)      105  

Innovent Biologics, Inc. (China) * (d)

      4       11  
    

 

 

  
       151  
    

 

 

  

Building Products — 0.0% (c)

 

Assa Abloy AB, Class B (Sweden)

      1       14  

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

 

Investments

    Shares (000)     Value ($000)  

Daikin Industries Ltd. (Japan)

      – (b)      41  
    

 

 

  
       55  
    

 

 

  

Capital Markets — 0.1%

 

Bridgepoint Group plc (United Kingdom) (d)

      4       8  

Deutsche Boerse AG (Germany)

      – (b)      19  

Euronext NV (Netherlands) (d)

      1       49  

Hong Kong Exchanges & Clearing Ltd. (Hong Kong)

      1       22  

Julius Baer Group Ltd. (Switzerland)

      1       32  

London Stock Exchange Group plc (United Kingdom)

      2       128  

Macquarie Group Ltd. (Australia)

      – (b)      27  

Partners Group Holding AG (Switzerland)

      – (b)      14  

XP, Inc., Class A (Brazil) *

      1       16  
    

 

 

  
       315  
    

 

 

  

Chemicals — 0.1%

 

Air Liquide SA (France)

      1       85  

Akzo Nobel NV (Netherlands)

      1       28  

Asahi Kasei Corp. (Japan)

      8       50  

BASF SE (Germany)

      1       23  

Covestro AG (Germany) (d)

      1       19  

Givaudan SA (Registered) (Switzerland)

      – (b)      60  

Johnson Matthey plc (United Kingdom)

      1       26  

Kansai Paint Co. Ltd. (Japan)

      1       9  

Shin-Etsu Chemical Co. Ltd. (Japan)

      1       63  

Sika AG (Registered) (Switzerland)

      – (b)      31  

Sociedad Quimica y Minera de Chile SA, ADR (Chile)

      – (b)      22  

Tosoh Corp. (Japan)

      – (b)      3  

Umicore SA (Belgium)

      1       19  
    

 

 

  
       438  
    

 

 

  

Communications Equipment — 0.0% (c)

 

Nokia OYJ (Finland)

      5       21  

Telefonaktiebolaget LM Ericsson, Class B (Sweden)

      7       42  
    

 

 

  
       63  
    

 

 

  

Containers & Packaging — 0.0% (c)

 

Amcor plc, CHDI

      2       22  
    

 

 

  

Diversified Financial Services — 0.0% (c)

 

Challenger Ltd. (Australia)

      3       13  

Element Fleet Management Corp. (Canada)

      4       51  

Housing Development Finance Corp. Ltd. (India)

      1       31  

Mitsubishi HC Capital, Inc. (Japan)

      3       14  
    

 

 

  
       109  
    

 

 

  

Diversified Telecommunication Services — 0.1%

 

BT Group plc (United Kingdom)

      9       12  

Koninklijke KPN NV (Netherlands)

      16       44  

KT Corp. (South Korea)

      1       20  

Nippon Telegraph & Telephone Corp. (Japan)

      6       166  
    

 

 

  
       242  
    

 

 

  

Electric Utilities — 0.0% (c)

 

Enel SpA (Italy)

      6       25  

Iberdrola SA (Spain)

      6       59  

Orsted A/S (Denmark) (d)

      – (b)      19  
    

 

 

  
       103  
    

 

 

  

Electrical Equipment — 0.1%

 

ABB Ltd. (Registered) (Switzerland)

      5       127  

Legrand SA (France)

      1       35  

Mitsubishi Electric Corp. (Japan)

      5       45  

Nidec Corp. (Japan)

      – (b)      25  

Prysmian SpA (Italy)

      1       37  
    

 

 

  
       269  
    

 

 

  

Electronic Equipment, Instruments & Components — 0.1%

 

Hamamatsu Photonics KK (Japan)

      3       124  

Keyence Corp. (Japan)

      – (b)      87  

Murata Manufacturing Co. Ltd. (Japan)

      1       37  

Omron Corp. (Japan)

      – (b)      14  
    

 

 

  
       262  
    

 

 

  

Energy Equipment & Services — 0.0% (c)

 

Worley Ltd. (Australia)

      4       34  
    

 

 

  

Entertainment — 0.0% (c)

 

NetEase, Inc. (China)

      1       15  
    

 

 

  

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

 

Great Portland Estates plc (United Kingdom)

      3       17  

Scentre Group (Australia)

      14       23  
    

 

 

  
       40  
    

 

 

  

Food & Staples Retailing — 0.0% (c)

 

Seven & i Holdings Co. Ltd. (Japan)

      1       56  

Welcia Holdings Co. Ltd. (Japan)

      1       13  
    

 

 

  
       69  
    

 

 

  

Food Products — 0.1%

 

Barry Callebaut AG (Registered) (Switzerland)

      – (b)      26  

Danone SA (France)

      1       36  

Nestle SA (Registered)

      3       297  

Wilmar International Ltd. (China)

      17       44  
    

 

 

  
       403  
    

 

 

  

Gas Utilities — 0.0% (c)

 

Beijing Enterprises Holdings Ltd. (China)

      4       11  
    

 

 

  

Health Care Equipment & Supplies — 0.0% (c)

 

Alcon, Inc. (Switzerland)

      – (b)      15  

Asahi Intecc Co. Ltd. (Japan)

      – (b)      6  

Elekta AB, Class B (Sweden)

      3       17  

Hoya Corp. (Japan)

      – (b)      25  

Koninklijke Philips NV (Netherlands)

      2       28  

Siemens Healthineers AG (Germany) (d)

      1       40  

Straumann Holding AG (Registered) (Switzerland)

      – (b)      44  

Terumo Corp. (Japan)

      1       19  
    

 

 

  
       194  
    

 

 

  

Health Care Providers & Services — 0.0% (c)

 

Fresenius SE & Co. KGaA (Germany)

      1       26  
    

 

 

  

Hotels, Restaurants & Leisure — 0.0% (c)

 

Compass Group plc (United Kingdom)

      3       53  
    

 

 

  

Household Durables — 0.0% (c)

 

Panasonic Holdings Corp. (Japan)

      4       28  

Persimmon plc (United Kingdom)

      1       18  

Sony Group Corp. (Japan)

      1       39  
    

 

 

  
       85  
    

 

 

  

Household Products — 0.0% (c)

 

Reckitt Benckiser Group plc (United Kingdom)

      1       57  

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

 

Investments

    Shares (000)     Value ($000)  

Unicharm Corp. (Japan)

      1       30  
    

 

 

  
       87  
    

 

 

  

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

 

Electric Power Development Co. Ltd. (Japan)

      1       20  
    

 

 

  

Industrial Conglomerates — 0.0% (c)

 

DCC plc (United Kingdom)

      – (b)      21  

Hitachi Ltd. (Japan)

      – (b)      9  

Jardine Matheson Holdings Ltd. (Hong Kong)

      1       32  

Melrose Industries plc (United Kingdom)

      22       25  

Siemens AG (Registered) (Germany)

      1       105  
    

 

 

  
       192  
    

 

 

  

Insurance — 0.3%

 

AIA Group Ltd. (Hong Kong)

      17       139  

Aon plc, Class A

      – (b)      34  

AXA SA (France)

      4       80  

Definity Financial Corp. (Canada)

      – (b)      10  

Direct Line Insurance Group plc (United Kingdom)

      7       14  

Manulife Financial Corp. (Canada)

      2       30  

Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)

      – (b)      88  

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

      32       33  

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

      3       12  

Sampo OYJ, Class A (Finland)

      1       57  

Storebrand ASA (Norway)

      5       34  

Sun Life Financial, Inc. (Canada)

      1       56  

Tokio Marine Holdings, Inc. (Japan)

      3       59  

Zurich Insurance Group AG (Switzerland)

      – (b)      58  
    

 

 

  
       704  
    

 

 

  

Interactive Media & Services — 0.0% (c)

 

Adevinta ASA (France) *

      1       3  

NAVER Corp. (South Korea)

      – (b)      17  

Tencent Holdings Ltd. (China)

      2       55  

Z Holdings Corp. (Japan)

      7       18  
    

 

 

  
       93  
    

 

 

  

Internet & Direct Marketing Retail — 0.0% (c)

 

Alibaba Group Holding Ltd., ADR (China) *

      – (b)      7  

ASOS plc (United Kingdom) *

      1       6  

MercadoLibre, Inc. (Brazil) *

      – (b)      48  

Zalando SE (Germany) * (d)

      1       14  
    

 

 

  
       75  
    

 

 

  

IT Services — 0.1%

 

Adyen NV (Netherlands) * (d)

      – (b)      20  

Amadeus IT Group SA (Spain) *

      1       43  

Fujitsu Ltd. (Japan)

      – (b)      33  

NTT Data Corp. (Japan)

      4       56  

Obic Co. Ltd. (Japan)

      – (b)      41  

Reply SpA (Italy)

      – (b)      9  

Shopify, Inc., Class A (Canada) *

      – (b)      10  

Worldline SA (France) * (d)

      – (b)      17  
    

 

 

  
       229  
    

 

 

  

Life Sciences Tools & Services — 0.0% (c)

 

Evotec SE (Germany) *

      1       11  

Sartorius AG (Preference) (Germany)

      – (b)      27  
    

 

 

  
       38  
    

 

 

  

Machinery — 0.0% (c)

 

Epiroc AB, Class A (Sweden)

      2       30  

KION Group AG (Germany)

      1       12  

SMC Corp. (Japan)

      – (b)      67  

SMC Corp., ADR (Japan)

      1       14  

THK Co. Ltd. (Japan)

      1       14  
    

 

 

  
       137  
    

 

 

  

Media — 0.0% (c)

 

CyberAgent, Inc. (Japan)

      3       27  

Stroeer SE & Co. KGaA (Germany)

      – (b)      11  

Viaplay Group AB, Class B (Sweden) *

      – (b)      7  

WPP plc (United Kingdom)

      4       38  
    

 

 

  
       83  
    

 

 

  

Metals & Mining — 0.1%

 

Antofagasta plc (Chile)

      2       29  

BHP Group Ltd. (Australia)

      3       63  

BHP Group Ltd. (Australia)

      1       17  

IGO Ltd. (Australia)

      9       81  

Rio Tinto Ltd. (Australia)

      – (b)      13  

South32 Ltd. (Australia)

      10       25  
    

 

 

  
       228  
    

 

 

  

Multiline Retail — 0.0% (c)

 

B&M European Value Retail SA (United Kingdom)

      5       17  

Next plc (United Kingdom)

      – (b)      24  
    

 

 

  
       41  
    

 

 

  

Multi-Utilities — 0.0% (c)

 

Engie SA (France)

      9       101  

National Grid plc (United Kingdom)

      4       38  
    

 

 

  
       139  
    

 

 

  

Oil, Gas & Consumable Fuels — 0.1%

 

BP plc (United Kingdom)

      3       12  

Equinor ASA (Norway)

      3       94  

Galp Energia SGPS SA (Portugal)

      1       9  

Inpex Corp. (Japan)

      1       8  

Shell plc, ADR (Netherlands)

      1       39  

TotalEnergies SE (France)

      3       152  

Woodside Energy Group Ltd. (Australia)

      – (b)      9  
    

 

 

  
       323  
    

 

 

  

Paper & Forest Products — 0.0% (c)

 

Stora Enso OYJ, Class R (Finland)

      2       31  
    

 

 

  

Personal Products — 0.1%

 

Haleon plc, ADR (United Kingdom) *

      1       8  

L’Oreal SA (France)

      – (b)      144  

Pola Orbis Holdings, Inc. (Japan)

      – (b)      5  

Unilever plc (United Kingdom)

      3       114  
    

 

 

  
       271  
    

 

 

  

Pharmaceuticals — 0.4%

 

Astellas Pharma, Inc. (Japan)

      5       68  

AstraZeneca plc (United Kingdom)

      2       181  

AstraZeneca plc, ADR (United Kingdom)

      1       80  

Bayer AG (Registered) (Germany)

      1       47  

Daiichi Sankyo Co. Ltd. (Japan)

      1       30  

GSK plc, ADR

      1       27  

Ipsen SA (France)

      – (b)      13  

Novartis AG (Registered) (Switzerland)

      1       92  

Novo Nordisk A/S, Class B (Denmark)

      2       228  

Otsuka Holdings Co. Ltd. (Japan)

      1       32  

Roche Holding AG

      – (b)      143  

Sanofi (France)

      1       92  

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

 

Investments

    Shares (000)     Value ($000)  

Shionogi & Co. Ltd. (Japan)

      – (b)      21  
    

 

 

  
       1,054  
    

 

 

  

Professional Services — 0.1%

 

DKSH Holding AG (Switzerland)

      1       37  

Recruit Holdings Co. Ltd. (Japan)

      2       63  

RELX plc (United Kingdom)

      3       65  

TechnoPro Holdings, Inc. (Japan)

      2       32  

Teleperformance (France)

      – (b)      32  
    

 

 

  
       229  
    

 

 

  

Real Estate Management & Development — 0.0% (c)

 

Altus Group Ltd. (Canada)

      – (b)      12  

Mitsui Fudosan Co. Ltd. (Japan)

      3       49  
    

 

 

  
       61  
    

 

 

  

Road & Rail — 0.0% (c)

 

Central Japan Railway Co. (Japan)

      – (b)      23  

TFI International, Inc. (Canada)

      1       65  
    

 

 

  
       88  
    

 

 

  

Semiconductors & Semiconductor Equipment — 0.3%

 

ASML Holding NV (Netherlands)

      1       209  

Broadcom, Inc.

      – (b)      68  

NXP Semiconductors NV (China)

      – (b)      50  

Renesas Electronics Corp. (Japan) *

      2       16  

STMicroelectronics NV (Singapore)

      2       63  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)

      8       106  

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

      2       104  

Tokyo Electron Ltd. (Japan)

      – (b)      48  
    

 

 

  
       664  
    

 

 

  

Software — 0.0% (c)

 

Atlassian Corp. plc, Class A *

      – (b)      23  

AVEVA Group plc (United Kingdom)

      – (b)      3  

Dassault Systemes SE (France)

      – (b)      7  

Dye & Durham Ltd. (Canada)

      1       13  

Nice Ltd., ADR (Israel) *

      – (b)      21  

SAP SE (Germany)

      1       111  
    

 

 

  
       178  
    

 

 

  

Specialty Retail — 0.0% (c)

 

Industria de Diseno Textil SA (Spain)

      3       58  

Kingfisher plc (United Kingdom)

      15       37  

Nitori Holdings Co. Ltd. (Japan)

      – (b)      25  
    

 

 

  
       120  
    

 

 

  

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

 

Samsung Electronics Co. Ltd. (South Korea)

      2       60  
    

 

 

  

Textiles, Apparel & Luxury Goods — 0.1%

 

adidas AG (Germany)

      – (b)      15  

China Hongxing Sports Ltd. (China) * ‡

      755       – (b) 

Cie Financiere Richemont SA (Registered) (Switzerland)

      – (b)      32  

Dr. Martens plc (United Kingdom)

      5       11  

EssilorLuxottica SA (France)

      1       134  

Hermes International (France)

      – (b)      71  

Kering SA (France)

      – (b)      125  

LVMH Moet Hennessy Louis Vuitton SE (France)

      – (b)      64  

Moncler SpA (Italy)

      1       27  

Samsonite International SA * (d)

      8       18  
    

 

 

  
       497  
    

 

 

  

Tobacco — 0.0% (c)

 

British American Tobacco plc (United Kingdom)

      3       99  

Imperial Brands plc (United Kingdom)

      1       20  
    

 

 

  
       119  
    

 

 

  

Trading Companies & Distributors — 0.0% (c)

 

Ashtead Group plc (United Kingdom)

      1       39  

Azelis Group NV (Belgium)

      – (b)      3  

Bunzl plc (United Kingdom)

      1       21  

Mitsubishi Corp. (Japan)

      2       57  

Sumitomo Corp. (Japan)

      2       30  
    

 

 

  
       150  
    

 

 

  

Wireless Telecommunication Services — 0.0% (c)

 

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

      1       14  

SoftBank Group Corp. (Japan)

      1       17  

Vodafone Group plc, ADR (United Kingdom)

      3       38  
    

 

 

  
       69  
    

 

 

  

TOTAL COMMON STOCKS

(Cost $8,651)

 

 

     10,391  
    

 

 

  
     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 — 1.4%

 

INVESTMENT COMPANIES — 1.4%

 

JPMorgan Prime Money Market Fund Class Institutional Shares, 2.95% (a) (e)

(Cost $5,318)

      5,318       5,319  
    

 

 

  

Total Investments — 100.1%

(Cost $341,685)

 

 

     390,256  

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

 

     (498 ) 
    

 

 

  

Net Assets — 100.0%

 

     389,758  
    

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

 

PORTFOLIO COMPOSITION BY COUNTRY

AS OF SEPTEMBER 30, 2022

    PERCENT OF
TOTAL
INVESTMENTS		  

United States

      94.2 % 

Luxembourg

      1.9  

Others (each less than 1.0%)

      2.5  

Short-Term Investments

      1.4  

 

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 September 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.

JPMorgan Access Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

(Dollar values in thousands)

 

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.

Under the Section 2(a)(41) of the Investment Company Act of 1940, the Board is are required to determine fair value for securities that do not have readily available market quotations. Under the SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the “Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of Investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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).

JPMorgan Access Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

(Dollar values in thousands)

 

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

    $ —       $ 217    $ —       $ 217  

Air Freight & Logistics

      —         35      —         35  

Airlines

      7     —          —         7  

Auto Components

      40     69      —         109  

Automobiles

      30     116      —         146  

Banks

      121     536      —         657  

Beverages

      —         281      —         281  

Biotechnology

      35     116      —         151  

Building Products

      —         55      —         55  

Capital Markets

      24     291      —         315  

Chemicals

      22     416      —         438  

Communications Equipment

      —         63      —         63  

Containers & Packaging

      —         22      —         22  

Diversified Financial Services

      51     58      —         109  

Diversified Telecommunication Services

      —         242      —         242  

Electric Utilities

      —         103      —         103  

Electrical Equipment

      —         269      —         269  

Electronic Equipment, Instruments & Components

      —         262      —         262  

Energy Equipment & Services

      —         34      —         34  

Entertainment

      —         15      —         15  

Equity Real Estate Investment Trusts (REITs)

      —         40      —         40  

Food & Staples Retailing

      —         69      —         69  

Food Products

      —         403      —         403  

Gas Utilities

      —         11      —         11  

Health Care Equipment & Supplies

      —         194      —         194  

Health Care Providers & Services

      —         26      —         26  

Hotels, Restaurants & Leisure

      —         53      —         53  

Household Durables

      —         85      —         85  

Household Products

      —         87      —         87  

Independent Power and Renewable Electricity Producers

      —         20      —         20  

Industrial Conglomerates

      —         192      —         192  

Insurance

      130     574      —         704  

Interactive Media & Services

      —         93      —         93  

Internet & Direct Marketing Retail

      55     20      —         75  

IT Services

      10     219      —         229  

Life Sciences Tools & Services

      —         38      —         38  

Machinery

      14     123      —         137  

Media

      —         83      —         83

Metals & Mining

      —         228      —         228  

Multiline Retail

      —         41      —         41  

Multi-Utilities

      —         139      —         139  

Oil, Gas & Consumable Fuels

      39     284      —         323  

Paper & Forest Products

      —         31      —         31  

Personal Products

      8     263      —         271  

Pharmaceuticals

      107     947      —         1,054  

Professional Services

      —         229      —         229  

Real Estate Management & Development

      12     49      —         61  

Road & Rail

      65     23      —         88  

Semiconductors & Semiconductor Equipment

      222     442      —         664  

Software

      57     121      —         178  

Specialty Retail

      —         120      —         120  

Technology Hardware, Storage & Peripherals

      —         60      —         60  

Textiles, Apparel & Luxury Goods

      —         497      —   (a)     497  

Tobacco

      —         119      —         119  

Trading Companies & Distributors

      —         150      —         150  

Wireless Telecommunication Services

      52     17      —         69  
  

 

 

    

 

 

     

 

 

    

 

 

  

Total Common Stocks

      1,101       9,290        —   (a)      10,391  
  

 

 

    

 

 

     

 

 

    

 

 

  

Exchange-Traded Funds

      315,300     —          —         315,300  

Investment Companies

      51,675     —          —         51,675  

Warrants

      —   (a)     —          —         —   (a) 

Short-Term Investments

          

Investment Companies

      5,319       —          —         5,319  
  

 

 

    

 

 

     

 

 

    

 

 

  

Total Investments in Securities

    $ 373,395     $ 9,290      $ —   (a)    $ 382,685  
  

 

 

    

 

 

     

 

 

    

 

 

  

As of September 30, 2022, certain investments companies with a fair value of $7,571, have not been categorized in the fair value hierarchy as these investment companies are measured using the NAV per share as a practical expedient.

 

(a)

Amount rounds to less than one thousand.

JPMorgan Access Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)

(Dollar values in thousands)

 

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 such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the table below.

 

For the period ended September 30, 2022

  

Security Description

    Value at
June 30,
2022		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain
(Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
September 30,
2022		      Shares at
September 30,
2022		      Dividend
Income		      Capital Gain
Distributions		  

JPMorgan BetaBuilders Canada ETF(a)

    $ 13,613      $ —        $ 503      $ 98     $ (1,275 )    $ 11,933        223      $ 95      $ —    

JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF(a)

      9,161        —          —          —         (1,032 )      8,129        192        143        —    

JPMorgan BetaBuilders Europe ETF(a)

      40,751        —          2,000        (387 )      (4,401 )      33,963        843        299        —    

JPMorgan BetaBuilders Japan ETF(a)

      12,518        —          —          —         (920 )      11,598        284        —          —    

JPMorgan Core Bond Fund Class R6 Shares(a)

      16,608        4,701        500        (42 )      (1,048 )      19,719        1,958        144        —    

JPMorgan High Yield Fund Class R6 Shares(a)

      8,489        —          —          —         (165 )      8,324        1,380        134        —    

JPMorgan Prime Money Market Fund Class Institutional Shares, 2.95%(a)(b)

      5,276        67,227        67,183        (2 )      1       5,319        5,318        29        —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

     

 

 

  

Total

    $ 106,416      $ 71,928      $ 70,186      $ (333 )    $ (8,840 )    $ 98,985         $ 844      $ —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

     

 

 

  

 

(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, 2022.