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JPMorgan U.S. Sustainable Leaders Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited)

 

Investments

    Shares (000)     Value ($000)  
              

COMMON STOCKS — 98.6%

 

Auto Components — 2.0%

 

Aptiv plc *

      18       2,753  
    

 

 

  

Banks — 6.4%

 

Bank of America Corp.

      98       4,173  

Citigroup, Inc.

      34       2,363  

Fifth Third Bancorp

      27       1,146  

SVB Financial Group *

      2       1,223  
    

 

 

  
       8,905  
    

 

 

  

Biotechnology — 1.5%

 

Amgen, Inc.

      7       1,475  

Biogen, Inc. *

      2       640  
    

 

 

  
       2,115  
    

 

 

  

Building Products — 3.1%

 

Trane Technologies plc

      18       3,047  

Trex Co., Inc. *

      13       1,276  
    

 

 

  
       4,323  
    

 

 

  

Capital Markets — 3.6%

 

Morgan Stanley

      17       1,620  

S&P Global, Inc.

      4       1,576  

State Street Corp.

      21       1,781  
    

 

 

  
       4,977  
    

 

 

  

Containers & Packaging — 1.5%

 

Ball Corp.

      24       2,118  
    

 

 

  

Diversified Financial Services — 1.6%

 

Voya Financial, Inc.

      35       2,169  
    

 

 

  

Diversified Telecommunication Services — 1.7%

 

Verizon Communications, Inc.

      43       2,331  
    

 

 

  

Electric Utilities — 1.8%

 

NextEra Energy, Inc.

      32       2,511  
    

 

 

  

Electrical Equipment — 2.4%

 

Eaton Corp. plc

      23       3,400  
    

 

 

  

Electronic Equipment, Instruments & Components — 0.6%

 

Itron, Inc. *

      12       901  
    

 

 

  

Entertainment — 2.3%

 

Walt Disney Co. (The) *

      19       3,213  
    

 

 

  

Equity Real Estate Investment Trusts (REITs) — 4.6%

 

American Tower Corp.

      5       1,385  

Boston Properties, Inc.

      18       1,904  

Equinix, Inc.

      2       1,675  

Prologis, Inc.

      12       1,509  
    

 

 

  
       6,473  
    

 

 

  

Food & Staples Retailing — 2.6%

 

Costco Wholesale Corp.

      8       3,680  
    

 

 

  

Food Products — 1.4%

 

General Mills, Inc.

      33       1,990  
    

 

 

  

Health Care Equipment & Supplies — 0.8%

 

Hologic, Inc. *

      16       1,165  
    

 

 

  

Health Care Providers & Services — 2.1%

 

Cigna Corp.

      14       2,900  
    

 

 

  

Insurance — 1.9%

 

MetLife, Inc.

      18       1,140  

Progressive Corp. (The)

      16       1,451  
    

 

 

  
       2,591  
    

 

 

  

Interactive Media & Services — 2.7%

 

Alphabet, Inc., Class A *

      1       3,796  
    

 

 

  

IT Services — 5.8%

 

Accenture plc, Class A

      5       1,712  

Affirm Holdings, Inc. *

      7       822  

Mastercard, Inc., Class A

      14       4,971  

Shopify, Inc., Class A (Canada) *

      – (a)      597  
    

 

 

  
       8,102  
    

 

 

  

Life Sciences Tools & Services — 6.3%

 

Agilent Technologies, Inc.

      13       2,097  

Illumina, Inc. *

      2       860  

IQVIA Holdings, Inc. *

      11       2,743  

Thermo Fisher Scientific, Inc.

      5       3,056  
    

 

 

  
       8,756  
    

 

 

  

Machinery — 5.4%

 

Deere & Co.

      8       2,795  

Ingersoll Rand, Inc. *

      50       2,518  

Xylem, Inc.

      17       2,162  
    

 

 

  
       7,475  
    

 

 

  

Multiline Retail — 2.0%

 

Target Corp.

      12       2,785  
    

 

 

  

Pharmaceuticals — 3.9%

 

Bristol-Myers Squibb Co.

      43       2,543  

Merck & Co., Inc.

      38       2,859  
    

 

 

  
       5,402  
    

 

 

  

Semiconductors & Semiconductor Equipment — 6.2%

 

Lam Research Corp.

      3       1,983  

NVIDIA Corp.

      8       1,634  

NXP Semiconductors NV (China)

      10       2,012  

SolarEdge Technologies, Inc. *

      3       809  

Texas Instruments, Inc.

      11       2,146  
    

 

 

  
       8,584  
    

 

 

  

Software — 14.4%

 

Adobe, Inc. *

      2       990  

Autodesk, Inc. *

      4       1,121  

Cadence Design Systems, Inc. *

      13       1,949  

Ceridian HCM Holding, Inc. *

      14       1,601  

Intuit, Inc.

      6       3,021  

Microsoft Corp.

      41       11,614  
    

 

 

  
       20,296  
    

 

 

  

Specialty Retail — 4.3%

 

Best Buy Co., Inc.

      18       1,860  

Home Depot, Inc. (The)

      9       2,902  

TJX Cos., Inc. (The)

      19       1,225  
    

 

 

  
       5,987  
    

 

 

  

JPMorgan U.S. Sustainable Leaders Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  
               

Technology Hardware, Storage & Peripherals — 4.6%

 

Apple, Inc.

      45        6,375  
     

 

 

  

Textiles, Apparel & Luxury Goods — 1.1%

 

VF Corp.

      22        1,484  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $112,535)

         137,557  
  

 

 

  

SHORT-TERM INVESTMENTS — 2.1%

 

INVESTMENT COMPANIES — 2.1%

 

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (b) (c) 

(Cost $2,958)

      2,957        2,959  
     

 

 

  

Total Investments — 100.7%

(Cost $115,493)

         140,516  

Liabilities in Excess of Other Assets — (0.7)%

 

      (944 ) 
  

 

 

  

Net Assets — 100.0%

 

      139,572  
  

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan U.S. Sustainable Leaders Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

 

(a)

Amount rounds to less than one thousand.

(b)

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.

(c)

The rate shown is the current yield as of September 30, 2021.

*

Non-income producing security.

Futures contracts outstanding as of September 30, 2021 (amounts in thousands, except number of contracts):

 

Description

    Number of
Contracts		      Expiration
Date		      Trading
Currency		    Notional Amount
($)		      Value and
Unrealized
Appreciation
(Depreciation) ($)		  

Long Contracts

 

E-Mini S&P 500 ESG Index

      7        12/2021      USD      1,288        (14 ) 
              

 

 

  

Abbreviations

USD           United States Dollar

JPMorgan U.S. Sustainable Leaders Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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.

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.

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.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

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”):

 

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

Total Investments in Securities (a)

    $ 140,516     $ —        $ —        $ 140,516  
  

 

 

    

 

 

     

 

 

     

 

 

  

Depreciation in Other Financial Instruments

 

Futures Contracts (a)

    $ (14 )    $ —        $ —        $ (14 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

 

(a)

Please refer to the SOI for specifics of portfolio holdings.

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds, 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’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.

 

For the period ended September 30, 2021

  

Security Description

    Value at
June 30,
2021		      Purchases
at Cost		      Proceeds
from Sales		      Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
September 30,
2021		      Shares at
September 30,
2021		      Dividend
Income		     Capital Gain
Distributions		  

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)

    $ 4,580      $ 20,684      $ 22,305      $ —   (c)    $ —   (c)    $ 2,959        2,957      $ 1     $ —    

JPMorgan U.S. Government Money Market Fund Class IM Shares,
0.03% (a) (b)

      —          2,197        2,197        —         —         —          —          —   (c)      —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

    

 

 

  

Total

    $ 4,580      $ 22,881      $ 24,502      $ —  (c)    $ —   (c)    $ 2,959         $ 1     $ —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

    

 

 

  

 

(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, 2021.

(c)

Amount rounds to less than one thousand.