JPMorgan Access Balanced Fund
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited)
Investments | Shares | Value ($) | ||||||
EXCHANGE-TRADED FUNDS — 67.4% |
| |||||||
Fixed Income — 17.2% | ||||||||
iShares 20+ Year Treasury Bond ETF | 58,300 | 9,518,058 | ||||||
Vanguard Total International Bond ETF | 1,258,250 | 73,211,276 | ||||||
|
| |||||||
Total Fixed Income | 82,729,334 | |||||||
|
| |||||||
International Equity — 11.2% | ||||||||
iShares MSCI EAFE ETF | 182,240 | 11,599,576 | ||||||
JPMorgan BetaBuilders Canada ETF (a) | 414,500 | 9,885,825 | ||||||
JPMorgan BetaBuilders Developed Asia EX-Japan ETF (a) | 64,500 | 1,457,700 | ||||||
JPMorgan BetaBuilders Europe ETF (a) | 977,100 | 22,356,048 | ||||||
JPMorgan BetaBuilders Japan ETF (a) | 332,000 | 8,190,440 | ||||||
|
| |||||||
Total International Equity | 53,489,589 | |||||||
|
| |||||||
U.S. Equity — 39.0% | ||||||||
iShares Core S&P 500 ETF | 315,200 | 105,926,112 | ||||||
SPDR S&P 500 ETF Trust | 241,800 | 80,976,402 | ||||||
|
| |||||||
Total U.S. Equity | 186,902,514 | |||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $259,155,665) | 323,121,437 | |||||||
|
| |||||||
INVESTMENT COMPANIES — 27.9% | ||||||||
Alternative Assets — 4.2% | ||||||||
Blackstone Alternative Multi-Strategy Fund Class Y Shares | 706,925 | 7,040,972 | ||||||
Marshall Wace UCITS Fund plc Class F Shares (Ireland) * (b) | 47,394 | 7,875,680 | ||||||
Neuberger Berman Long Short Fund Class Institutional Shares * | 312,876 | 5,059,206 | ||||||
|
| |||||||
Total Alternative Assets | 19,975,858 | |||||||
|
| |||||||
Fixed Income — 22.7% | ||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | 4,143,127 | 51,499,064 | ||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 560,593 | 4,933,221 | ||||||
JPMorgan Corporate Bond Fund Class R6 Shares (a) | 889,323 | 9,578,013 | ||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 4,240,479 | 28,877,665 | ||||||
JPMorgan Short Duration Bond Fund Class R6 Shares (a) | 405,288 | 4,514,909 | ||||||
Lord Abbett Short Duration Income Fund Class F3 Shares | 2,312,763 | 9,667,351 | ||||||
|
| |||||||
Total Fixed Income | 109,070,223 | |||||||
|
| |||||||
U.S. Equity — 1.0% | ||||||||
BlackRock Event Driven Equity Fund Class Institutional Shares | 487,837 | 4,697,869 | ||||||
|
| |||||||
TOTAL INVESTMENT COMPANIES (Cost $123,430,390) | 133,743,950 | |||||||
|
| |||||||
COMMON STOCKS — 3.6% |
| |||||||
Aerospace & Defense — 0.1% |
| |||||||
Airbus SE (France) * | 1,688 | 122,423 | ||||||
Meggitt plc (United Kingdom) | 9,889 | 32,817 | ||||||
Safran SA (France) * | 2,541 | 250,002 | ||||||
|
| |||||||
405,242 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.0% (c) | ||||||||
DSV Panalpina A/S (Denmark) | 480 | 77,858 | ||||||
|
| |||||||
Auto Components — 0.0% (c) | ||||||||
Autoliv, Inc., SDR (Sweden) | 445 | 32,741 | ||||||
Denso Corp. (Japan) | 700 | 30,682 | ||||||
Magna International, Inc. (Canada) | 1,330 | 60,848 | ||||||
Stanley Electric Co. Ltd. (Japan) | 1,300 | 37,465 | ||||||
Sumitomo Rubber Industries Ltd. (Japan) | 1,400 | 13,005 | ||||||
|
| |||||||
174,741 | ||||||||
|
| |||||||
Automobiles — 0.0% (c) | ||||||||
Honda Motor Co. Ltd. (Japan) | 800 | 18,998 | ||||||
Suzuki Motor Corp. (Japan) | 2,200 | 94,243 | ||||||
Toyota Motor Corp. (Japan) | 1,500 | 99,555 | ||||||
|
| |||||||
212,796 | ||||||||
|
| |||||||
Banks — 0.2% | ||||||||
Australia & New Zealand Banking Group Ltd. (Australia) | 2,600 | 32,438 | ||||||
Banco Bilbao Vizcaya Argentaria SA (Spain) | 14,194 | 39,402 | ||||||
BNP Paribas SA (France) * | 2,283 | 82,587 | ||||||
Close Brothers Group plc (United Kingdom) | 726 | 9,550 | ||||||
DBS Group Holdings Ltd. (Singapore) | 1,700 | 24,992 | ||||||
DNB ASA (Norway) | 6,842 | 95,313 | ||||||
Erste Group Bank AG (Austria) | 1,087 | 22,762 | ||||||
HDFC Bank Ltd., ADR (India) * | 1,511 | 75,490 | ||||||
ING Groep NV (Netherlands) | 6,703 | 47,838 | ||||||
Intesa Sanpaolo SpA (Italy) | 13,935 | 26,218 | ||||||
Lloyds Banking Group plc (United Kingdom) | 92,822 | 31,511 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | 8,300 | 33,124 | ||||||
National Bank of Canada (Canada) | 1,393 | 69,192 | ||||||
Standard Chartered plc (United Kingdom) | 2,678 | 12,323 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. (Japan) | 1,000 | 26,604 | ||||||
Svenska Handelsbanken AB, Class A (Sweden) * | 9,257 | 77,451 | ||||||
United Overseas Bank Ltd. (Singapore) | 3,100 | 43,670 | ||||||
|
| |||||||
750,465 | ||||||||
|
| |||||||
Beverages — 0.1% | ||||||||
Anheuser-Busch InBev SA/NV (Belgium) | 1,577 | 84,906 | ||||||
Carlsberg A/S, Class B (Denmark) | 1,472 | 198,311 | ||||||
Diageo plc (United Kingdom) | 4,131 | 141,895 | ||||||
Kirin Holdings Co. Ltd. (Japan) | 1,300 | 24,417 | ||||||
Pernod Ricard SA (France) | 585 | 93,270 | ||||||
|
| |||||||
542,799 | ||||||||
|
|
JPMorgan Access Balanced Fund
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Investments | Shares | Value ($) | ||||||
Biotechnology — 0.1% | ||||||||
Ascendis Pharma A/S, ADR (Denmark) * | 122 | 18,827 | ||||||
BeiGene Ltd., ADR (China) * | 295 | 84,500 | ||||||
CSL Ltd. (Australia) | 110 | 22,723 | ||||||
Galapagos NV (Belgium) * | 394 | 55,857 | ||||||
Genmab A/S (Denmark) * | 574 | 208,308 | ||||||
Grifols SA (Preference), Class B (Spain) | 1,643 | 28,470 | ||||||
|
| |||||||
418,685 | ||||||||
|
| |||||||
Building Products — 0.0% (c) | ||||||||
Assa Abloy AB, Class B (Sweden) | 1,478 | 34,556 | ||||||
Daikin Industries Ltd. (Japan) | 100 | 18,477 | ||||||
|
| |||||||
53,033 | ||||||||
|
| |||||||
Capital Markets — 0.1% | ||||||||
Deutsche Boerse AG (Germany) | 266 | 46,635 | ||||||
Euronext NV (Netherlands) (d) | 436 | 54,616 | ||||||
Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 2,500 | 117,684 | ||||||
London Stock Exchange Group plc (United Kingdom) | 2,562 | 293,905 | ||||||
Macquarie Group Ltd. (Australia) | 651 | 56,431 | ||||||
Partners Group Holding AG (Switzerland) | 21 | 19,316 | ||||||
XP, Inc., Class A (Brazil) * | 235 | 9,797 | ||||||
|
| |||||||
598,384 | ||||||||
|
| |||||||
Chemicals — 0.1% | ||||||||
Air Liquide SA (France) | 728 | 115,395 | ||||||
Asahi Kasei Corp. (Japan) | 12,654 | 110,389 | ||||||
BASF SE (Germany) | 734 | 44,698 | ||||||
Covestro AG (Germany) (d) | 668 | 33,126 | ||||||
Givaudan SA (Registered) (Switzerland) | 21 | 90,674 | ||||||
Johnson Matthey plc (United Kingdom) | 1,687 | 51,264 | ||||||
Kansai Paint Co. Ltd. (Japan) | 2,947 | 73,248 | ||||||
Shin-Etsu Chemical Co. Ltd. (Japan) | 602 | 78,774 | ||||||
Tosoh Corp. (Japan) | 500 | 8,118 | ||||||
Umicore SA (Belgium) | 935 | 38,891 | ||||||
|
| |||||||
644,577 | ||||||||
|
| |||||||
Communications Equipment — 0.0% (c) | ||||||||
Telefonaktiebolaget LM Ericsson, Class B (Sweden) | 7,506 | 82,140 | ||||||
|
| |||||||
Containers & Packaging — 0.0% (c) | ||||||||
Amcor plc, CHDI | 3,101 | 34,303 | ||||||
|
| |||||||
Diversified Financial Services — 0.0% (c) | ||||||||
Challenger Ltd. (Australia) | 4,593 | 12,781 | ||||||
Element Fleet Management Corp. (Canada) | 6,507 | 54,146 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan) | 4,500 | 20,909 | ||||||
|
| |||||||
87,836 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 0.1% | ||||||||
China Tower Corp. Ltd., Class H (China) (d) | 300,000 | 52,194 | ||||||
Koninklijke KPN NV (Netherlands) | 20,468 | 48,024 | ||||||
KT Corp. (South Korea) | 891 | 17,434 | ||||||
Nippon Telegraph & Telephone Corp. (Japan) | 8,300 | 169,458 | ||||||
Telecom Italia SpA (Italy) | 43,704 | 17,647 | ||||||
|
| |||||||
304,757 | ||||||||
|
| |||||||
Electric Utilities — 0.1% | ||||||||
Enel SpA (Italy) | 22,225 | 192,822 | ||||||
Iberdrola SA (Spain) | 9,271 | 114,113 | ||||||
Orsted A/S (Denmark) (d) | 185 | 25,504 | ||||||
Siemens Energy AG (Germany) * | 673 | 18,149 | ||||||
|
| |||||||
350,588 | ||||||||
|
| |||||||
Electrical Equipment — 0.1% | ||||||||
ABB Ltd. (Registered) (Switzerland) | 7,761 | 197,315 | ||||||
Legrand SA (France) | 458 | 36,479 | ||||||
Melrose Industries plc (United Kingdom) * | 30,289 | 44,914 | ||||||
Mitsubishi Electric Corp. (Japan) | 6,000 | 81,415 | ||||||
Nidec Corp. (Japan) | 1,156 | 108,407 | ||||||
Prysmian SpA (Italy) | 1,714 | 49,754 | ||||||
|
| |||||||
518,284 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.2% | ||||||||
Hamamatsu Photonics KK (Japan) | 5,244 | 265,014 | ||||||
Keyence Corp. (Japan) | 692 | 323,496 | ||||||
Murata Manufacturing Co. Ltd. (Japan) | 1,567 | 101,897 | ||||||
Omron Corp. (Japan) | 500 | 39,093 | ||||||
|
| |||||||
729,500 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.0% (c) | ||||||||
Worley Ltd. (Australia) | 4,924 | 34,319 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 0.0% (c) | ||||||||
Great Portland Estates plc (United Kingdom) | 4,332 | 33,428 | ||||||
Scentre Group (Australia) | 14,415 | 22,951 | ||||||
|
| |||||||
56,379 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.0% (c) | ||||||||
Seven & i Holdings Co. Ltd. (Japan) | 1,800 | 55,926 | ||||||
Welcia Holdings Co. Ltd. (Japan) | 600 | 26,312 | ||||||
|
| |||||||
82,238 | ||||||||
|
| |||||||
Food Products — 0.2% | ||||||||
Associated British Foods plc (United Kingdom) | 1,271 | 30,600 | ||||||
Barry Callebaut AG (Registered) (Switzerland) | 16 | 35,638 | ||||||
Danone SA (France) | 1,655 | 107,203 | ||||||
Nestle SA (Registered) (Switzerland) | 4,471 | 532,103 | ||||||
Wilmar International Ltd. (China) | 14,800 | 48,053 | ||||||
|
| |||||||
753,597 | ||||||||
|
| |||||||
Gas Utilities — 0.0% (c) | ||||||||
Beijing Enterprises Holdings Ltd. (China) | 5,500 | 16,581 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.2% | ||||||||
Alcon, Inc. (Switzerland) * | 348 | 19,730 | ||||||
Asahi Intecc Co. Ltd. (Japan) | 900 | 28,286 | ||||||
Elekta AB, Class B (Sweden) | 3,618 | 45,466 | ||||||
Hoya Corp. (Japan) | 619 | 69,895 | ||||||
Koninklijke Philips NV (Netherlands) * | 4,976 | 234,962 | ||||||
Sartorius AG (Preference) (Germany) | 238 | 97,550 | ||||||
Siemens Healthineers AG (Germany) (d) | 1,100 | 49,377 | ||||||
Sonova Holding AG (Registered) (Switzerland) * | 166 | 42,067 | ||||||
Straumann Holding AG (Registered) (Switzerland) | 84 | 84,975 | ||||||
Terumo Corp. (Japan) | 2,380 | 94,759 | ||||||
|
| |||||||
767,067 | ||||||||
|
| |||||||
Health Care Providers & Services — 0.0% (c) | ||||||||
Fresenius SE & Co. KGaA (Germany) | 1,442 | 65,574 | ||||||
|
|
JPMorgan Access Balanced Fund
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Investments | Shares | Value ($) | ||||||
Hotels, Restaurants & Leisure — 0.0% (c) |
| |||||||
Compass Group plc (United Kingdom) | 2,611 | 39,222 | ||||||
Wynn Macau Ltd. (Macau) * | 7,262 | 11,654 | ||||||
|
| |||||||
50,876 | ||||||||
|
| |||||||
Household Durables — 0.0% (c) | ||||||||
Panasonic Corp. (Japan) | 4,200 | 35,776 | ||||||
Persimmon plc (United Kingdom) | 1,259 | 40,122 | ||||||
Sony Corp. (Japan) | 700 | 53,650 | ||||||
|
| |||||||
129,548 | ||||||||
|
| |||||||
Household Products — 0.1% | ||||||||
Reckitt Benckiser Group plc (United Kingdom) | 1,335 | 130,169 | ||||||
Unicharm Corp. (Japan) | 2,726 | 121,916 | ||||||
|
| |||||||
252,085 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.0% (c) | ||||||||
Electric Power Development Co. Ltd. (Japan) | 1,600 | 24,679 | ||||||
|
| |||||||
Industrial Conglomerates — 0.1% | ||||||||
CK Hutchison Holdings Ltd. (United Kingdom) | 4,596 | 27,851 | ||||||
DCC plc (United Kingdom) | 527 | 40,796 | ||||||
Jardine Matheson Holdings Ltd. (Hong Kong) | 1,100 | 43,727 | ||||||
Siemens AG (Registered) (Germany) | 1,346 | 169,985 | ||||||
|
| |||||||
282,359 | ||||||||
|
| |||||||
Insurance — 0.2% | ||||||||
AIA Group Ltd. (Hong Kong) | 31,229 | 310,419 | ||||||
Aon plc, Class A | 285 | 58,796 | ||||||
Aviva plc (United Kingdom) | 7,420 | 27,452 | ||||||
AXA SA (France) | 4,954 | 91,689 | ||||||
Direct Line Insurance Group plc (United Kingdom) | 4,528 | 15,792 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany) | 435 | 110,585 | ||||||
PICC Property & Casualty Co. Ltd., Class H (China) | 44,000 | 30,908 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H (China) | 3,500 | 36,333 | ||||||
Sampo OYJ, Class A (Finland) | 2,463 | 97,542 | ||||||
Storebrand ASA (Norway) * | 7,138 | 37,600 | ||||||
Sun Life Financial, Inc. (Canada) | 1,829 | 74,531 | ||||||
Tokio Marine Holdings, Inc. (Japan) | 1,600 | 70,007 | ||||||
Zurich Insurance Group AG (Switzerland) | 182 | 63,466 | ||||||
|
| |||||||
1,025,120 | ||||||||
|
| |||||||
Interactive Media & Services — 0.1% | ||||||||
Adevinta ASA (France) * | 4,052 | 69,637 | ||||||
Baidu, Inc., ADR (China) * | 124 | 15,697 | ||||||
JOYY, Inc., ADR (China) | 468 | 37,753 | ||||||
NAVER Corp. (South Korea) | 164 | 41,676 | ||||||
Tencent Holdings Ltd. (China) | 2,518 | 170,074 | ||||||
Z Holdings Corp. (Japan) | 7,000 | 46,756 | ||||||
|
| |||||||
381,593 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.1% | ||||||||
Alibaba Group Holding Ltd., ADR (China) * | 140 | 41,157 | ||||||
ASOS plc (United Kingdom) * | 1,236 | 82,065 | ||||||
MercadoLibre, Inc. (Argentina) * | 77 | 83,351 | ||||||
Prosus NV, ADR (China) * | 634 | 11,748 | ||||||
THG Holdings Ltd. (United Kingdom) * | 1,146 | 8,846 | ||||||
Zalando SE (Germany) * (d) | 739 | 69,045 | ||||||
|
| |||||||
296,212 | ||||||||
|
| |||||||
IT Services — 0.0% (c) | ||||||||
Amadeus IT Group SA (Spain) | 658 | 36,543 | ||||||
NTT Data Corp. (Japan) | 4,800 | 61,427 | ||||||
Obic Co. Ltd. (Japan) | 600 | 105,517 | ||||||
|
| |||||||
203,487 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.0% (c) | ||||||||
Evotec SE (Germany) * | 769 | 20,274 | ||||||
|
| |||||||
Machinery — 0.1% | ||||||||
KION Group AG (Germany) | 677 | 57,809 | ||||||
Knorr-Bremse AG (Germany) | 297 | 34,975 | ||||||
SMC Corp. (Japan) | 435 | 242,659 | ||||||
THK Co. Ltd. (Japan) | 1,500 | 37,748 | ||||||
|
| |||||||
373,191 | ||||||||
|
| |||||||
Media — 0.0% (c) | ||||||||
CyberAgent, Inc. (Japan) | 900 | 55,576 | ||||||
Nordic Entertainment Group AB, Class B (Sweden) | 1,065 | 45,141 | ||||||
Stroeer SE & Co. KGaA (Germany) * | 429 | 33,324 | ||||||
WPP plc (United Kingdom) | 5,457 | 42,859 | ||||||
|
| |||||||
176,900 | ||||||||
|
| |||||||
Metals & Mining — 0.1% | ||||||||
Antofagasta plc (Chile) | 3,757 | 49,582 | ||||||
BHP Group Ltd. (Australia) | 951 | 24,568 | ||||||
BHP Group plc (Australia) | 2,383 | 50,839 | ||||||
IGO Ltd. (Australia) | 10,309 | 31,068 | ||||||
Rio Tinto Ltd. (Australia) | 318 | 21,720 | ||||||
Rio Tinto plc (Australia) | 514 | 30,929 | ||||||
South32 Ltd. (Australia) | 14,242 | 21,136 | ||||||
|
| |||||||
229,842 | ||||||||
|
| |||||||
Multiline Retail — 0.0% (c) | ||||||||
Next plc (United Kingdom) | 586 | 44,927 | ||||||
|
| |||||||
Multi-Utilities — 0.0% (c) | ||||||||
Engie SA (France) * | 9,834 | 131,417 | ||||||
National Grid plc (United Kingdom) | 4,826 | 55,432 | ||||||
|
| |||||||
186,849 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 0.1% | ||||||||
Enbridge, Inc. (Canada) | 1,805 | 52,731 | ||||||
Equinor ASA (Norway) | 3,987 | 56,487 | ||||||
Royal Dutch Shell plc, Class B, ADR (Netherlands) | 962 | 23,300 | ||||||
TOTAL SE (France) | 3,165 | 108,694 | ||||||
|
| |||||||
241,212 | ||||||||
|
| |||||||
Paper & Forest Products — 0.0% (c) | ||||||||
Stora Enso OYJ, Class R (Finland) | 4,179 | 65,410 | ||||||
|
| |||||||
Personal Products — 0.1% | ||||||||
L’Oreal SA (France) | 766 | 249,279 | ||||||
Pola Orbis Holdings, Inc. (Japan) | 600 | 11,313 | ||||||
Unilever plc (United Kingdom) | 3,807 | 234,714 | ||||||
|
| |||||||
495,306 | ||||||||
|
| |||||||
Pharmaceuticals — 0.4% | ||||||||
Astellas Pharma, Inc. (Japan) | 8,100 | 120,743 | ||||||
AstraZeneca plc (United Kingdom) | 2,291 | 250,325 | ||||||
Bayer AG (Registered) (Germany) | 1,385 | 85,446 | ||||||
Daiichi Sankyo Co. Ltd. (Japan) | 1,800 | 55,256 |
JPMorgan Access Balanced Fund
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Investments | Shares | Value ($) | ||||||
GlaxoSmithKline plc, ADR (United Kingdom) | 1,988 | 74,828 | ||||||
Hutchison China MediTech Ltd., ADR (Hong Kong) * | 1,830 | 59,109 | ||||||
Ipsen SA (France) | 315 | 32,928 | ||||||
Novartis AG (Registered) (Switzerland) | 2,309 | 200,477 | ||||||
Novo Nordisk A/S, Class B (Denmark) | 4,080 | 282,681 | ||||||
Otsuka Holdings Co. Ltd. (Japan) | 1,300 | 55,075 | ||||||
Roche Holding AG (Switzerland) | 576 | 197,303 | ||||||
Sanofi (France) | 1,212 | 121,457 | ||||||
Shionogi & Co. Ltd. (Japan) | 2,025 | 108,387 | ||||||
Takeda Pharmaceutical Co. Ltd., ADR (Japan) | 1,353 | 24,138 | ||||||
|
| |||||||
1,668,153 | ||||||||
|
| |||||||
Professional Services — 0.1% | ||||||||
DKSH Holding AG (Switzerland) | 795 | 55,384 | ||||||
Recruit Holdings Co. Ltd. (Japan) | 2,100 | 83,402 | ||||||
RELX plc (United Kingdom) | 4,790 | 106,616 | ||||||
TechnoPro Holdings, Inc. (Japan) | 600 | 37,567 | ||||||
Teleperformance (France) | 122 | 37,613 | ||||||
|
| |||||||
320,582 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.0% (c) | ||||||||
Mitsui Fudosan Co. Ltd. (Japan) | 3,400 | 59,166 | ||||||
|
| |||||||
Road & Rail — 0.0% (c) | ||||||||
Canadian National Railway Co. (Canada) | 400 | 42,584 | ||||||
Canadian National Railway Co. (Canada) | 245 | 26,093 | ||||||
Central Japan Railway Co. (Japan) | 300 | 43,002 | ||||||
TFI International, Inc. (Canada) | 570 | 23,835 | ||||||
|
| |||||||
135,514 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 0.2% | ||||||||
ASML Holding NV (Netherlands) | 933 | 344,625 | ||||||
Broadcom, Inc. | 204 | 74,321 | ||||||
NXP Semiconductors NV (Netherlands) | 652 | 81,376 | ||||||
Renesas Electronics Corp. (Japan) * | 2,600 | 19,083 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 3,872 | 313,903 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 11,000 | 165,485 | ||||||
Tokyo Electron Ltd. (Japan) | 200 | 52,251 | ||||||
|
| |||||||
1,051,044 | ||||||||
|
| |||||||
Software — 0.1% | ||||||||
SAP SE (Germany) | 2,362 | 367,806 | ||||||
|
| |||||||
Specialty Retail — 0.0% (c) | ||||||||
Industria de Diseno Textil SA (Spain) | 630 | 17,429 | ||||||
Kingfisher plc (United Kingdom) | 16,223 | 62,141 | ||||||
Nitori Holdings Co. Ltd. (Japan) | 200 | 41,490 | ||||||
|
| |||||||
121,060 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.0% (c) | ||||||||
Samsung Electronics Co. Ltd. (South Korea) | 2,366 | 117,458 | ||||||
Samsung Electronics Co. Ltd., GDR (South Korea) (d) | 16 | 17,272 | ||||||
|
| |||||||
134,730 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.1% | ||||||||
China Hongxing Sports Ltd. (China) * ‡ | 743,000 | 1 | ||||||
EssilorLuxottica SA (France) * | 1,338 | 182,150 | ||||||
Hermes International (France) | 88 | 75,790 | ||||||
Kering SA (France) | 324 | 214,923 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (France) | 293 | 137,095 | ||||||
Moncler SpA (Italy) * | 1,227 | 50,211 | ||||||
Samsonite International SA * (d) | 13,500 | 13,708 | ||||||
|
| |||||||
673,878 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 0.0% (c) | ||||||||
Housing Development Finance Corp. Ltd. (India) | 1,256 | 29,771 | ||||||
|
| |||||||
Tobacco — 0.0% (c) | ||||||||
British American Tobacco plc (United Kingdom) | 3,930 | 140,974 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.0% (c) | ||||||||
Ashtead Group plc (United Kingdom) | 965 | 34,751 | ||||||
Bunzl plc (United Kingdom) | 953 | 30,769 | ||||||
Mitsubishi Corp. (Japan) | 1,500 | 35,903 | ||||||
Sumitomo Corp. (Japan) | 3,700 | 44,602 | ||||||
|
| |||||||
146,025 | ||||||||
|
| |||||||
Wireless Telecommunication Services — 0.1% | ||||||||
America Movil SAB de CV, Class L, ADR (Mexico) | 2,213 | 27,640 | ||||||
SoftBank Group Corp. (Japan) | 2,854 | 176,590 | ||||||
Vodafone Group plc, ADR (United Kingdom) | 3,323 | 44,595 | ||||||
|
| |||||||
248,825 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $11,794,061) | 17,339,141 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 1.3% | ||||||||
INVESTMENT COMPANIES — 1.3% | ||||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.16% (a) (e) (Cost $5,935,701) | 5,934,358 | 5,938,512 | ||||||
|
| |||||||
Total Investments — 100.2% (Cost $400,315,817) | 480,143,040 | |||||||
Liabilities in Excess of Other Assets — (0.2)% (f) |
| (765,696 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| 479,377,344 | ||||||
|
|
Percentages indicated are based on net assets.
JPMorgan Access Balanced Fund
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
PORTFOLIO COMPOSITION BY COUNTRY ** | ||||
United States | 93.6 | % | ||
Ireland | 1.6 | |||
Others (each less than 1.0%) | 3.6 | |||
Short-Term Investments | 1.2 |
** 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 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
JPMorgan Access Balanced Fund
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
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 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.
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 | $ | — | $ | 405,242 | $ | — | $ | 405,242 | ||||||||
Air Freight & Logistics | — | 77,858 | — | 77,858 | ||||||||||||
Auto Components | 60,848 | 113,893 | — | 174,741 | ||||||||||||
Automobiles | — | 212,796 | — | 212,796 | ||||||||||||
Banks | 144,682 | 605,783 | — | 750,465 | ||||||||||||
Beverages | — | 542,799 | — | 542,799 | ||||||||||||
Biotechnology | 103,327 | 315,358 | — | 418,685 | ||||||||||||
Building Products | — | 53,033 | — | 53,033 | ||||||||||||
Capital Markets | 9,797 | 588,587 | — | 598,384 | ||||||||||||
Chemicals | — | 644,577 | — | 644,577 | ||||||||||||
Communications Equipment | — | 82,140 | — | 82,140 | ||||||||||||
Containers & Packaging | — | 34,303 | — | 34,303 | ||||||||||||
Diversified Financial Services | 54,146 | 33,690 | — | 87,836 | ||||||||||||
Diversified Telecommunication Services | — | 304,757 | — | 304,757 | ||||||||||||
Electric Utilities | 43,653 | 306,935 | — | 350,588 | ||||||||||||
Electrical Equipment | — | 518,284 | — | 518,284 | ||||||||||||
Electronic Equipment, Instruments & Components | — | 729,500 | — | 729,500 | ||||||||||||
Energy Equipment & Services | — | 34,319 | — | 34,319 | ||||||||||||
Equity Real Estate Investment Trusts (REITs) | — | 56,379 | — | 56,379 | ||||||||||||
Food & Staples Retailing | 26,312 | 55,926 | — | 82,238 | ||||||||||||
Food Products | — | 753,597 | — | 753,597 | ||||||||||||
Gas Utilities | — | 16,581 | — | 16,581 | ||||||||||||
Health Care Equipment & Supplies | — | 767,067 | — | 767,067 | ||||||||||||
Health Care Providers & Services | — | 65,574 | — | 65,574 | ||||||||||||
Hotels, Restaurants & Leisure | — | 50,876 | — | 50,876 | ||||||||||||
Household Durables | — | 129,548 | — | 129,548 | ||||||||||||
Household Products | — | 252,085 | — | 252,085 | ||||||||||||
Independent Power and Renewable Electricity Producers | — | 24,679 | — | 24,679 | ||||||||||||
Industrial Conglomerates | — | 282,359 | — | 282,359 | ||||||||||||
Insurance | 133,327 | 891,793 | — | 1,025,120 | ||||||||||||
Interactive Media & Services | 123,087 | 258,506 | — | 381,593 | ||||||||||||
Internet & Direct Marketing Retail | 145,102 | 151,110 | — | 296,212 | ||||||||||||
IT Services | — | 203,487 | — | 203,487 | ||||||||||||
Life Sciences Tools & Services | — | 20,274 | — | 20,274 | ||||||||||||
Machinery | — | 373,191 | — | 373,191 | ||||||||||||
Media | 45,141 | 131,759 | — | 176,900 | ||||||||||||
Metals & Mining | — | 229,842 | — | 229,842 | ||||||||||||
Multiline Retail | — | 44,927 | — | 44,927 | ||||||||||||
Multi-Utilities | — | 186,849 | — | 186,849 | ||||||||||||
Oil, Gas & Consumable Fuels | 76,031 | 165,181 | — | 241,212 | ||||||||||||
Paper & Forest Products | — | 65,410 | — | 65,410 | ||||||||||||
Personal Products | — | 495,306 | — | 495,306 | ||||||||||||
Pharmaceuticals | 158,075 | 1,510,078 | — | 1,668,153 | ||||||||||||
Professional Services | — | 320,582 | — | 320,582 | ||||||||||||
Real Estate Management & Development | — | 59,166 | — | 59,166 | ||||||||||||
Road & Rail | 92,512 | 43,002 | — | 135,514 | ||||||||||||
Semiconductors & Semiconductor Equipment | 469,600 | 581,444 | — | 1,051,044 |
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Software | $ | — | $ | 367,806 | $ | — | $ | 367,806 | ||||||||
Specialty Retail | — | 121,060 | — | 121,060 | ||||||||||||
Technology Hardware, Storage & Peripherals | — | 134,730 | — | 134,730 | ||||||||||||
Textiles, Apparel & Luxury Goods | — | 673,877 | 1 | 673,878 | ||||||||||||
Thrifts & Mortgage Finance | — | 29,771 | — | 29,771 | ||||||||||||
Tobacco | — | 140,974 | — | 140,974 | ||||||||||||
Trading Companies & Distributors | — | 146,025 | — | 146,025 | ||||||||||||
Wireless Telecommunication Services | 72,235 | 176,590 | — | 248,825 | ||||||||||||
|
|
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|
|
|
|
| |||||||||
Total Common Stocks | 1,757,875 | 15,581,265 | 1 | 17,339,141 | ||||||||||||
|
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|
|
|
|
|
| |||||||||
Exchange-Traded Funds | 323,121,437 | — | — | 323,121,437 | ||||||||||||
Investment Companies | 125,868,270 | — | — | 125,868,270 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 5,938,512 | — | — | 5,938,512 | ||||||||||||
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| |||||||||
Total Investments in Securities | $ | 456,686,094 | $ | 15,581,265 | $ | 1 | $ | 472,267,360 | ||||||||
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|
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|
|
As of September 30, 2020, certain investments companies with a fair value of $7,875,680, 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 ETFs’ 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) | $ | 9,371,845 | $ | — | $ | — | $ | — | $ | 513,980 | $ | 9,885,825 | 414,500 | $ | 61,835 | $ | — | |||||||||||||||||||
JPMorgan BetaBuilders Developed Asia EX-Japan ETF (a) | 1,444,800 | — | — | — | 12,900 | 1,457,700 | 64,500 | 16,811 | — | |||||||||||||||||||||||||||
JPMorgan BetaBuilders Europe ETF (a) | 21,662,308 | — | — | — | 693,740 | 22,356,048 | 977,100 | 141,425 | — | |||||||||||||||||||||||||||
JPMorgan BetaBuilders Japan ETF (a) | 7,612,760 | — | — | — | 577,680 | 8,190,440 | 332,000 | — | — | |||||||||||||||||||||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | 61,609,399 | — | 10,399,998 | 526,255 | (236,592 | ) | 51,499,064 | 4,143,127 | 344,473 | — | ||||||||||||||||||||||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 4,888,373 | — | — | — | 44,848 | 4,933,221 | 560,593 | 32,486 | — | |||||||||||||||||||||||||||
JPMorgan Corporate Bond Fund Class R6 Shares (a) | 9,905,748 | — | 400,001 | 13,806 | 58,460 | 9,578,013 | 889,323 | 63,204 | — | |||||||||||||||||||||||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 28,029,569 | — | — | — | 848,096 | 28,877,665 | 4,240,479 | 330,545 | — | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class Institutional | 5,514,050 | 13,194,090 | 12,768,361 | 394 | (1,661 | ) | 5,938,512 | 5,934,358 | 3,361 | — | ||||||||||||||||||||||||||
JPMorgan Short Duration Bond Fund Class R6 Shares (a) | 4,506,803 | — | — | — | 8,106 | 4,514,909 | 405,288 | 18,709 | — | |||||||||||||||||||||||||||
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| |||||||||||||||||||||
Total | $ | 154,545,655 | $ | 13,194,090 | $ | 23,568,360 | $ | 540,455 | $ | 2,519,557 | $ | 147,231,397 | $ | 1,012,849 | $ | — | ||||||||||||||||||||
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(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. |