JPMorgan U.S. Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS — 99.6% |
| |||||||
Aerospace & Defense — 0.5% |
| |||||||
Lockheed Martin Corp. | 450 | 167,251 | ||||||
|
| |||||||
Automobiles & Parts — 0.3% | ||||||||
Genuine Parts Co. | 955 | 121,209 | ||||||
|
| |||||||
Banks — 2.2% | ||||||||
Comerica, Inc. | 1,061 | 72,848 | ||||||
First Horizon Corp. | 5,957 | 92,036 | ||||||
FNB Corp. | 1,976 | 22,645 | ||||||
Huntington Bancshares, Inc. | 9,297 | 130,902 | ||||||
New York Community Bancorp, Inc. | 14,366 | 169,231 | ||||||
PacWest Bancorp | 3,750 | 149,325 | ||||||
People’s United Financial, Inc. | 9,387 | 147,376 | ||||||
|
| |||||||
784,363 | ||||||||
|
| |||||||
Beverages — 2.8% | ||||||||
Brown-Forman Corp., Class B | 601 | 42,623 | ||||||
Coca-Cola Co. (The) | 3,780 | 215,573 | ||||||
Constellation Brands, Inc., Class A | 789 | 177,004 | ||||||
Keurig Dr Pepper, Inc. | 5,226 | 184,008 | ||||||
Molson Coors Beverage Co., Class B* | 2,944 | 143,932 | ||||||
PepsiCo, Inc. | 1,459 | 228,990 | ||||||
|
| |||||||
992,130 | ||||||||
|
| |||||||
Chemicals — 4.6% | ||||||||
Celanese Corp. | 516 | 80,377 | ||||||
CF Industries Holdings, Inc. | 4,103 | 193,867 | ||||||
Chemours Co. (The) | 5,969 | 198,469 | ||||||
Dow, Inc. | 3,250 | 202,020 | ||||||
Eastman Chemical Co. | 1,755 | 197,824 | ||||||
Huntsman Corp. | 6,097 | 161,022 | ||||||
LyondellBasell Industries NV, Class A | 1,930 | 191,707 | ||||||
NewMarket Corp. | 44 | 13,900 | ||||||
Olin Corp. | 5,954 | 280,017 | ||||||
Scotts Miracle-Gro Co. (The) | 212 | 37,515 | ||||||
Valvoline, Inc. | 1,759 | 53,966 | ||||||
WR Grace & Co. | 513 | 35,705 | ||||||
|
| |||||||
1,646,389 | ||||||||
|
| |||||||
Construction & Materials — 0.5% | ||||||||
MDU Resources Group, Inc. | 5,767 | 182,929 | ||||||
|
| |||||||
Consumer Services — 0.3% | ||||||||
H&R Block, Inc. | 4,008 | 98,396 | ||||||
|
| |||||||
Electricity — 12.8% | ||||||||
AES Corp. (The) | 7,598 | 180,073 | ||||||
Alliant Energy Corp. | 3,374 | 197,480 | ||||||
American Electric Power Co., Inc. | 2,247 | 198,006 | ||||||
Avangrid, Inc. | 2,532 | 132,019 | ||||||
CMS Energy Corp. | 3,151 | 194,700 | ||||||
Consolidated Edison, Inc. | 2,469 | 182,138 | ||||||
Dominion Energy, Inc. | 2,498 | 187,025 | ||||||
DTE Energy Co. | 1,407 | 165,069 | ||||||
Edison International | 3,155 | 171,948 | ||||||
Entergy Corp. | 1,833 | 188,652 | ||||||
Evergy, Inc. | 3,258 | 212,487 | ||||||
Eversource Energy | 2,209 | 190,571 | ||||||
Exelon Corp. | 4,518 | 211,442 | ||||||
FirstEnergy Corp. | 5,695 | 218,232 | ||||||
Hawaiian Electric Industries, Inc. | 3,007 | 130,323 | ||||||
IDACORP, Inc. | 1,122 | 118,315 | ||||||
NextEra Energy, Inc. | 2,499 | 194,672 | ||||||
NRG Energy, Inc. | 4,932 | 203,396 | ||||||
OGE Energy Corp. | 5,157 | 174,049 | ||||||
Pinnacle West Capital Corp. | 2,111 | 176,374 | ||||||
PPL Corp. | 6,237 | 176,944 | ||||||
Public Service Enterprise Group, Inc. | 3,267 | 203,305 | ||||||
Southern Co. (The) | 3,169 | 202,404 | ||||||
Vistra Corp. | 9,814 | 187,938 | ||||||
Xcel Energy, Inc. | 2,632 | 179,634 | ||||||
|
| |||||||
4,577,196 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 1.3% | ||||||||
Emerson Electric Co. | 2,236 | 225,590 | ||||||
Hubbell, Inc. | 1,148 | 230,128 | ||||||
|
| |||||||
455,718 | ||||||||
|
| |||||||
Finance & Credit Services — 0.2% | ||||||||
OneMain Holdings, Inc. | 1,398 | 85,278 | ||||||
|
| |||||||
Food Producers — 7.7% | ||||||||
Archer-Daniels-Midland Co. | 2,968 | 177,249 | ||||||
Bunge Ltd. | 2,165 | 168,069 | ||||||
Campbell Soup Co. | 3,965 | 173,350 | ||||||
Conagra Brands, Inc. | 4,899 | 164,067 | ||||||
Corteva, Inc. | 4,108 | 175,740 | ||||||
Flowers Foods, Inc. | 6,369 | 150,054 | ||||||
General Mills, Inc. | 3,007 | 176,992 | ||||||
Hershey Co. (The) | 1,047 | 187,287 | ||||||
Hormel Foods Corp. | 3,749 | 173,879 | ||||||
Ingredion, Inc. | 801 | 70,336 | ||||||
JM Smucker Co. (The) | 1,342 | 175,949 | ||||||
Kellogg Co. | 2,844 | 180,196 | ||||||
Kraft Heinz Co. (The) | 4,924 | 189,426 | ||||||
Lamb Weston Holdings, Inc. | 945 | 63,098 | ||||||
McCormick & Co., Inc. (Non-Voting) | 2,059 | 173,306 | ||||||
Mondelez International, Inc., Class A | 3,149 | 199,206 | ||||||
Tyson Foods, Inc., Class A | 2,364 | 168,931 | ||||||
|
| |||||||
2,767,135 | ||||||||
|
| |||||||
Gas, Water & Multi-utilities — 4.8% | ||||||||
Ameren Corp. | 2,132 | 178,917 | ||||||
Atmos Energy Corp. | 1,437 | 141,674 | ||||||
CenterPoint Energy, Inc. | 7,877 | 200,548 | ||||||
Duke Energy Corp. | 2,105 | 221,257 | ||||||
Essential Utilities, Inc. | 1,325 | 65,084 | ||||||
National Fuel Gas Co. | 2,519 | 129,552 | ||||||
NiSource, Inc. | 7,702 | 190,779 | ||||||
Sempra Energy | 1,358 | 177,423 | ||||||
UGI Corp. | 4,492 | 206,587 | ||||||
WEC Energy Group, Inc. | 2,022 | 190,351 | ||||||
|
| |||||||
1,702,172 | ||||||||
|
| |||||||
General Industrials — 3.1% | ||||||||
3M Co. | 1,065 | 210,806 | ||||||
Amcor plc | 4,888 | 56,505 | ||||||
Eaton Corp. plc | 1,488 | 235,179 | ||||||
Packaging Corp. of America | 1,464 | 207,156 | ||||||
RPM International, Inc. | 766 | 66,328 | ||||||
Sonoco Products Co. | 2,662 | 169,809 | ||||||
WestRock Co. | 3,692 | 181,683 | ||||||
|
| |||||||
1,127,466 | ||||||||
|
|
JPMorgan U.S. Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
Investments | Shares | Value ($) | ||||||
Health Care Providers — 1.1% |
| |||||||
Encompass Health Corp. | 1,872 | 155,844 | ||||||
UnitedHealth Group, Inc. | 560 | 230,843 | ||||||
|
| |||||||
386,687 | ||||||||
|
| |||||||
Household Goods & Home Construction — 1.0% | ||||||||
Leggett & Platt, Inc. | 2,652 | 127,375 | ||||||
Newell Brands, Inc. | 5,655 | 139,961 | ||||||
Whirlpool Corp. | 492 | 108,998 | ||||||
|
| |||||||
376,334 | ||||||||
|
| |||||||
Industrial Engineering — 0.8% | ||||||||
Caterpillar, Inc. | 529 | 109,371 | ||||||
Cummins, Inc. | 788 | 182,895 | ||||||
|
| |||||||
292,266 | ||||||||
|
| |||||||
Industrial Materials — 0.6% | ||||||||
International Paper Co. | 3,469 | 200,369 | ||||||
|
| |||||||
Industrial Metals & Mining — 2.5% | ||||||||
Fastenal Co. | 1,703 | 93,273 | ||||||
Nucor Corp. | 2,060 | 214,281 | ||||||
Reliance Steel & Aluminum Co. | 890 | 139,864 | ||||||
Southern Copper Corp. (Peru) | 2,405 | 157,864 | ||||||
Steel Dynamics, Inc. | 3,395 | 218,808 | ||||||
Timken Co. (The) | 954 | 75,843 | ||||||
|
| |||||||
899,933 | ||||||||
|
| |||||||
Industrial Support Services — 0.7% | ||||||||
Paychex, Inc. | 1,973 | 224,567 | ||||||
Western Union Co. (The) | 885 | 20,541 | ||||||
|
| |||||||
245,108 | ||||||||
|
| |||||||
Industrial Transportation — 0.9% | ||||||||
Ryder System, Inc. | 1,697 | 129,227 | ||||||
United Parcel Service, Inc., Class B | 1,090 | 208,582 | ||||||
|
| |||||||
337,809 | ||||||||
|
| |||||||
Investment Banking & Brokerage Services — 1.3% | ||||||||
Apollo Global Management, Inc. | 1,183 | 69,631 | ||||||
Brookfield Asset Management, Inc., Class A (Canada) | 257 | 13,862 | ||||||
Franklin Resources, Inc. | 2,627 | 77,628 | ||||||
Invesco Ltd. | 7,534 | 183,679 | ||||||
Lazard Ltd., Class A | 2,821 | 133,151 | ||||||
|
| |||||||
477,951 | ||||||||
|
| |||||||
Leisure Goods — 0.7% | ||||||||
Garmin Ltd. | 686 | 107,839 | ||||||
Harley-Davidson, Inc. | 2,364 | 93,662 | ||||||
Hasbro, Inc. | 659 | 65,531 | ||||||
|
| |||||||
267,032 | ||||||||
|
| |||||||
Life Insurance — 0.9% | ||||||||
Principal Financial Group, Inc. | 1,271 | 78,967 | ||||||
Prudential Financial, Inc. | 1,901 | 190,633 | ||||||
Unum Group | 2,048 | 56,115 | ||||||
|
| |||||||
325,715 | ||||||||
|
| |||||||
Media — 0.1% | ||||||||
Nielsen Holdings plc | 1,368 | 32,408 | ||||||
|
| |||||||
Medical Equipment & Services — 2.3% | ||||||||
Abbott Laboratories | 1,758 | 212,683 | ||||||
Becton Dickinson and Co. | 685 | 175,189 | ||||||
Medtronic plc | 1,790 | 235,045 | ||||||
Quest Diagnostics, Inc. | 1,398 | 198,236 | ||||||
|
| |||||||
821,153 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts — 2.1% | ||||||||
AGNC Investment Corp. | 12,463 | 197,788 | ||||||
Annaly Capital Management, Inc. | 22,457 | 190,660 | ||||||
New Residential Investment Corp. | 17,030 | 166,213 | ||||||
Starwood Property Trust, Inc. | 7,489 | 194,938 | ||||||
|
| |||||||
749,599 | ||||||||
|
| |||||||
Non-life Insurance — 1.1% | ||||||||
Old Republic International Corp. | 7,500 | 184,950 | ||||||
Progressive Corp. (The) | 2,031 | 193,270 | ||||||
|
| |||||||
378,220 | ||||||||
|
| |||||||
Non-Renewable Energy — 4.7% | ||||||||
Antero Midstream Corp. | 19,363 | 183,949 | ||||||
Chevron Corp. | 1,965 | 200,057 | ||||||
DT Midstream, Inc.* | 703 | 29,807 | ||||||
Exxon Mobil Corp. | 3,534 | 203,452 | ||||||
HollyFrontier Corp. | 2,011 | 59,123 | ||||||
Kinder Morgan, Inc. | 11,539 | 200,548 | ||||||
ONEOK, Inc. | 3,919 | 203,670 | ||||||
Phillips 66 | 1,147 | 84,224 | ||||||
Targa Resources Corp. | 4,151 | 174,799 | ||||||
Valero Energy Corp. | 2,251 | 150,750 | ||||||
Williams Cos., Inc. (The) | 7,705 | 193,010 | ||||||
|
| |||||||
1,683,389 | ||||||||
|
| |||||||
Personal Care, Drug & Grocery Stores — 6.0% | ||||||||
AmerisourceBergen Corp. | 1,526 | 186,431 | ||||||
Casey’s General Stores, Inc. | 221 | 43,694 | ||||||
Church & Dwight Co., Inc. | 2,160 | 187,013 | ||||||
Clorox Co. (The) | 1,045 | 189,030 | ||||||
Colgate-Palmolive Co. | 2,295 | 182,452 | ||||||
CVS Health Corp. | 2,539 | 209,112 | ||||||
Kimberly-Clark Corp. | 1,411 | 191,501 | ||||||
Kroger Co. (The) | 4,727 | 192,389 | ||||||
McKesson Corp. | 797 | 162,453 | ||||||
Procter & Gamble Co. (The) | 1,650 | 234,679 | ||||||
Spectrum Brands Holdings, Inc. | 459 | 40,094 | ||||||
Sysco Corp. | 2,291 | 169,992 | ||||||
Walgreens Boots Alliance, Inc. | 3,425 | 161,489 | ||||||
|
| |||||||
2,150,329 | ||||||||
|
| |||||||
Personal Goods — 0.4% | ||||||||
Coty, Inc., Class A* | 3,279 | 28,626 | ||||||
Hanesbrands, Inc. | 6,289 | 114,837 | ||||||
|
| |||||||
143,463 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Marijuana Producers — 5.4% | ||||||||
AbbVie, Inc. | 1,922 | 223,529 | ||||||
Amgen, Inc. | 763 | 184,295 | ||||||
Bristol-Myers Squibb Co. | 3,201 | 217,252 | ||||||
Cardinal Health, Inc. | 2,570 | 152,607 | ||||||
Eli Lilly & Co. | 948 | 230,838 | ||||||
Gilead Sciences, Inc. | 2,653 | 181,173 | ||||||
Johnson & Johnson | 1,353 | 232,986 | ||||||
Merck & Co., Inc. | 2,418 | 185,872 | ||||||
Perrigo Co. plc | 2,145 | 103,024 | ||||||
Pfizer, Inc. | 4,933 | 211,182 | ||||||
|
| |||||||
1,922,758 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 8.3% | ||||||||
Brixmor Property Group, Inc. | 5,877 | 135,289 | ||||||
EPR Properties | 3,118 | 156,835 | ||||||
Gaming and Leisure Properties, Inc. | 3,836 | 181,596 | ||||||
Healthcare Trust of America, Inc., Class A | 2,049 | 58,581 | ||||||
Healthpeak Properties, Inc. | 5,259 | 194,425 |
JPMorgan U.S. Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
Investments | Shares | Value ($) | ||||||
Highwoods Properties, Inc. | 455 | 21,699 | ||||||
Iron Mountain, Inc. | 4,615 | 201,952 | ||||||
Kimco Realty Corp. | 7,630 | 162,748 | ||||||
Medical Properties Trust, Inc. | 7,435 | 156,358 | ||||||
National Retail Properties, Inc. | 3,369 | 164,643 | ||||||
Omega Healthcare Investors, Inc. | 4,845 | 175,777 | ||||||
Park Hotels & Resorts, Inc.* | 9,176 | 169,756 | ||||||
Rayonier, Inc. | 3,634 | 137,038 | ||||||
Simon Property Group, Inc. | 1,527 | 193,196 | ||||||
SL Green Realty Corp. | 581 | 43,261 | ||||||
Spirit Realty Capital, Inc. | 3,361 | 168,790 | ||||||
Ventas, Inc. | 831 | 49,677 | ||||||
VEREIT, Inc. | 3,556 | 174,137 | ||||||
Vornado Realty Trust | 1,725 | 75,038 | ||||||
Welltower, Inc. | 1,776 | 154,263 | ||||||
WP Carey, Inc. | 2,424 | 195,593 | ||||||
|
| |||||||
2,970,652 | ||||||||
|
| |||||||
Retailers — 1.0% | ||||||||
Foot Locker, Inc. | 1,037 | 59,171 | ||||||
Gap, Inc. (The) | 1,441 | 42,034 | ||||||
Kohl’s Corp. | 1,355 | 68,834 | ||||||
L Brands, Inc. | 1,887 | 151,092 | ||||||
Nordstrom, Inc.* | 588 | 19,463 | ||||||
|
| |||||||
340,594 | ||||||||
|
| |||||||
Software & Computer Services — 1.1% | ||||||||
DXC Technology Co.* | 67 | 2,679 | ||||||
Hewlett Packard Enterprise Co. | 13,780 | 199,810 | ||||||
International Business Machines Corp. | 1,309 | 184,516 | ||||||
|
| |||||||
387,005 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 4.8% | ||||||||
Analog Devices, Inc. | 1,311 | 219,488 | ||||||
Broadcom, Inc. | 81 | 39,317 | ||||||
HP, Inc. | 6,646 | 191,870 | ||||||
Intel Corp. | 3,189 | 171,313 | ||||||
KLA Corp. | 684 | 238,141 | ||||||
Maxim Integrated Products, Inc.* | 2,130 | 212,808 | ||||||
Microchip Technology, Inc. | 389 | 55,674 | ||||||
NetApp, Inc. | 1,167 | 92,882 | ||||||
QUALCOMM, Inc. | 1,445 | 216,461 | ||||||
Xerox Holdings Corp. | 6,859 | 165,508 | ||||||
Xilinx, Inc. | 662 | 99,194 | ||||||
|
| |||||||
1,702,656 | ||||||||
|
| |||||||
Telecommunications Equipment — 2.6% | ||||||||
Arista Networks, Inc.* | 456 | 173,458 | ||||||
Ciena Corp.* | 1,070 | 62,210 | ||||||
Cisco Systems, Inc. | 3,947 | 218,545 | ||||||
Juniper Networks, Inc. | 6,377 | 179,449 | ||||||
Lumentum Holdings, Inc.* | 1,455 | 122,206 | ||||||
Motorola Solutions, Inc. | 610 | 136,591 | ||||||
Ubiquiti, Inc. | 94 | 29,431 | ||||||
ViaSat, Inc.* | 527 | 26,160 | ||||||
|
| |||||||
948,050 | ||||||||
|
| |||||||
Telecommunications Service Providers — 5.4% | ||||||||
Altice USA, Inc., Class A* | 3,940 | 121,076 | ||||||
AT&T, Inc. | 6,912 | 193,882 | ||||||
Cable One, Inc. | 27 | 50,976 | ||||||
Charter Communications, Inc., Class A* | 285 | 212,054 | ||||||
Comcast Corp., Class A | 3,567 | 209,847 | ||||||
DISH Network Corp., Class A* | 4,286 | 179,541 | ||||||
Liberty Broadband Corp., Class C* | 1,076 | 190,979 | ||||||
Lumen Technologies, Inc. | 13,703 | 170,876 | ||||||
Roku, Inc.* | 484 | 207,302 | ||||||
T-Mobile US, Inc.* | 1,357 | 195,435 | ||||||
Verizon Communications, Inc. | 3,477 | 193,947 | ||||||
|
| |||||||
1,925,915 | ||||||||
|
| |||||||
Tobacco — 1.2% | ||||||||
Altria Group, Inc. | 3,944 | 189,470 | ||||||
Philip Morris International, Inc. | 2,233 | 223,501 | ||||||
|
| |||||||
412,971 | ||||||||
|
| |||||||
Travel & Leisure — 1.0% | ||||||||
Copa Holdings SA, Class A (Panama)* | 1,275 | 90,410 | ||||||
Darden Restaurants, Inc. | 360 | 52,517 | ||||||
Six Flags Entertainment Corp.* | 3,707 | 154,026 | ||||||
Travel + Leisure Co. | 1,316 | 68,169 | ||||||
|
| |||||||
365,122 | ||||||||
|
| |||||||
Waste & Disposal Services — 0.5% | ||||||||
Waste Management, Inc. | 1,303 | 193,183 | ||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 35,644,303 | ||||||
|
| |||||||
PREFERRED STOCKS — 0.0%(a) | ||||||||
Real Estate Investment & Services — 0.0%(a) | ||||||||
Brookfield Property Preferred LP, 6.25%, 7/26/2081 ($25 par value) | 185 | 4,609 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
INVESTMENT COMPANIES — 0.1% | ||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, | 43,691 | 43,691 | ||||||
|
| |||||||
Total Investments — 99.7% |
| 35,692,603 | ||||||
Other Assets Less Liabilities — 0.3% |
| 94,327 | ||||||
|
| |||||||
Net Assets — 100.0% |
| 35,786,930 | ||||||
|
|
Percentages indicated are based on net assets.
JPMorgan U.S. Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
(a) | Amount rounds to less than 0.1% of net assets. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of July 31, 2021. | |
* | Non-income producing security. |
Futures contracts outstanding as of July 31, 2021:
Description | Number of Contracts | Expiration Date | Trading Currency | Notional Amount ($) | Value and Unrealized Appreciation (Depreciation) ($) | |||||||||||||||
Long Contracts |
| |||||||||||||||||||
Micro E-Mini S&P 500 Index | 4 | 09/2021 | USD | 87,780 | 1,292 | |||||||||||||||
|
|
Abbreviations
USD | United States Dollar |
JPMorgan U.S. Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
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) | $ | 35,692,603 | $ | — | $ | — | $ | 35,692,603 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts(a) | $ | 1,292 | $ | — | $ | — | $ | 1,292 | ||||||||
|
|
|
|
|
|
|
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(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 July 31, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at July 31, 2021 | Shares at July 31, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares(a) | $ | 399,910 | $ | — | $ | 399,910 | $ | (60 | ) | $ | 60 | $ | — | — | $ | 87 | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, | — | 382,929 | 339,238 | — | — | 43,691 | 43,691 | 3 | — | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares(a) | 218,497 | 1,601,017 | 1,819,514 | — | — | — | — | 11 | — | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a) | 83,190 | 1,029,560 | 1,112,750 | — | — | — | — | 6 | — | |||||||||||||||||||||||||||
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Total | $ | 701,597 | $ | 3,013,506 | $ | 3,671,412 | $ | (60 | ) | $ | 60 | $ | 43,691 | $ | 107 | $ | — | |||||||||||||||||||
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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 July 31, 2021. |