JPMorgan Mid Cap Equity Fund Class I (VSNGX) NPORT-P JPMorgan Access Growth Fund (Mar 2024 report)

JPMorgan Access Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2024 (Unaudited)

Investments	Shares (000)		Value ($000)
EXCHANGE-TRADED FUNDS — 65.2%
Fixed Income — 10.0%
Vanguard Emerging Markets Government Bond ETF		68		4,339
Vanguard Intermediate-Term Corporate Bond ETF		161		12,994
Vanguard Long-Term Treasury ETF		149		8,821
Vanguard Total Bond Market ETF		97		7,015
Vanguard Total International Bond ETF		210		10,354
Total Fixed Income				43,523
International Equity — 14.1%
iShares MSCI EAFE ETF		191		15,261
JPMorgan BetaBuilders Canada ETF (a)		168		11,214
JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF (a)		157		7,547
JPMorgan BetaBuilders Europe ETF (a)		188		11,162
JPMorgan BetaBuilders Japan ETF (a)		277		16,210
Total International Equity				61,394
U.S. Equity — 41.1%
iShares Core S&P 500 ETF		209		109,626
SPDR S&P 500 ETF Trust		134		69,987
Total U.S. Equity				179,613
TOTAL EXCHANGE-TRADED FUNDS (Cost $164,109)				284,530
INVESTMENT COMPANIES — 33.0%
Alternative Assets — 5.1%
BlackRock Event Driven Equity Fund Class Institutional Shares		393		3,949
Blackstone Alternative Multi-Strategy Fund Class Y Shares		683		7,395
Lumyna-Marshall Wace Ucits SICAV-Lumyna-MW Tops Ucits Fund (Luxembourg) *		28		6,566
Neuberger Berman Long Short Fund Class Institutional Shares		236		4,202
Total Alternative Assets				22,112
Fixed Income — 5.0%
JPMorgan High Yield Fund Class R6 Shares (a)		2,031		13,059
Lord Abbett Short Duration Income Fund Class F3 Shares		2,288		8,807
Total Fixed Income				21,866
International Equity — 9.0%
Six Circles International Unconstrained Equity Fund		3,391		39,198
U.S. Equity — 13.9%
Six Circles U.S. Unconstrained Equity Fund		3,704		61,122
TOTAL INVESTMENT COMPANIES (Cost $123,291)				144,298
SHORT-TERM INVESTMENTS — 1.9%
INVESTMENT COMPANIES — 1.9%
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.34%(a)(b) (Cost $8,500)		8,497		8,500
Total Investments — 100.1% (Cost $295,900)				437,328
Liabilities in Excess of Other Assets — (0.1)%				(570	)
Net Assets — 100.0%				436,758

Percentages indicated are based on net assets.

JPMorgan Access Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2024 (Unaudited) (continued)

Abbreviations
EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund
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 rate shown is the current yield as of March 31, 2024.
*	Non-income producing security.

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 MARCH 31, 2024 (Unaudited) (continued)

(Dollar values in thousands)

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 Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under 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.

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 net asset values (“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 (“SOI”):

Access Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	430,762	$	–	$	–	$	430,762

As of March 31, 2024, certain investments companies with a fair value of $6,566, 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) Please refer to the SOI for specifics of portfolio holdings.

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 purchases at cost amounts in the table below.

Access Growth Fund
For the period ended March 31, 2024
Security Description	Value at June 30, 2023		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at March 31, 2024		Shares at March 31, 2024		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders Canada ETF(a)	$	10,981	$	—	$	750	$	225	$	758		$	11,214		168	$	214	$	—
JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF(a)		7,495		—		—		—		52			7,547		157		224		—
JPMorgan BetaBuilders Europe ETF(a)		32,259		1,762		24,339		3,236		(1,756	)		11,162		188		297		—
JPMorgan BetaBuilders Japan ETF(a)		14,784		396		1,000		14		2,016			16,210		277		459		—
JPMorgan High Yield Fund Class R6 Shares(a)		7,834		4,900		—		—		325			13,059		2,031		473		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.34%(a)(b)		5,735		120,496		117,735		4		—	(c)		8,500		8,497		201		—
Total	$	79,088	$	127,554	$	143,824	$	3,479	$	1,395		$	67,692			$	1,868	$	—

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of March 31, 2024.

(c) Amount rounds to less than one thousand.