NPORT-EX 2 JPMUSSUSLDR.htm PART F EDGAR HTML
JPMorgan U.S. Sustainable Leaders Fund
Schedule of Portfolio Investments as of March 31, 2024
(Unaudited) 
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2024.
JPMorgan U.S. Sustainable Leaders Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 98.2%
Automobile Components — 0.4%
Aptiv plc *
11
898
Automobiles — 0.7%
Tesla, Inc. *
8
1,363
Banks — 3.6%
Bank of America Corp.
104
3,941
Fifth Third Bancorp
60
2,240
Truist Financial Corp.
34
1,310
 
 
7,491
Biotechnology — 2.6%
Amgen, Inc.
5
1,422
Regeneron Pharmaceuticals, Inc. *
2
2,274
Vertex Pharmaceuticals, Inc. *
4
1,740
 
 
5,436
Broadline Retail — 4.2%
Amazon.com, Inc. *
49
8,832
Building Products — 1.6%
Trane Technologies plc
11
3,311
Capital Markets — 3.4%
Charles Schwab Corp. (The)
33
2,374
CME Group, Inc.
7
1,458
Morgan Stanley
15
1,388
S&P Global, Inc.
4
1,974
 
 
7,194
Chemicals — 2.1%
Ecolab, Inc.
7
1,719
Linde plc
6
2,604
 
 
4,323
Commercial Services & Supplies — 1.2%
Waste Management, Inc.
12
2,578
Communications Equipment — 0.7%
Arista Networks, Inc. *
5
1,418
Construction & Engineering — 0.8%
Quanta Services, Inc.
7
1,727
Consumer Staples Distribution & Retail — 2.3%
Costco Wholesale Corp.
6
4,826
Containers & Packaging — 0.6%
Ball Corp.
18
1,199
Diversified Telecommunication Services — 0.8%
Verizon Communications, Inc.
41
1,710
Electric Utilities — 2.7%
NextEra Energy, Inc.
37
2,357
JPMorgan U.S. Sustainable Leaders Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Electric Utilities — continued
PG&E Corp.
85
1,416
Xcel Energy, Inc.
33
1,787
 
 
5,560
Electrical Equipment — 1.5%
Eaton Corp. plc
10
3,213
Energy Equipment & Services — 1.6%
Baker Hughes Co.
100
3,352
Entertainment — 1.9%
Netflix, Inc. *
3
1,816
Walt Disney Co. (The)
18
2,201
 
 
4,017
Financial Services — 3.8%
Mastercard, Inc., Class A
16
7,875
Food Products — 0.8%
General Mills, Inc.
23
1,587
Ground Transportation — 1.5%
Union Pacific Corp.
12
3,069
Health Care Equipment & Supplies — 3.1%
Boston Scientific Corp. *
51
3,495
Hologic, Inc. *
21
1,651
Medtronic plc
15
1,304
 
 
6,450
Health Care Providers & Services — 2.8%
Elevance Health, Inc.
3
1,651
UnitedHealth Group, Inc.
9
4,271
 
 
5,922
Industrial REITs — 1.5%
Prologis, Inc.
24
3,111
Insurance — 3.5%
Marsh & McLennan Cos., Inc.
6
1,284
MetLife, Inc.
30
2,205
Progressive Corp. (The)
10
2,068
Travelers Cos., Inc. (The)
8
1,774
 
 
7,331
Interactive Media & Services — 4.6%
Alphabet, Inc., Class A *
64
9,628
Life Sciences Tools & Services — 2.5%
IQVIA Holdings, Inc. *
7
1,867
Thermo Fisher Scientific, Inc.
6
3,317
 
 
5,184
JPMorgan U.S. Sustainable Leaders Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Machinery — 1.9%
Deere & Co.
5
2,039
Ingersoll Rand, Inc.
21
2,003
 
 
4,042
Pharmaceuticals — 3.4%
Bristol-Myers Squibb Co.
36
1,966
Eli Lilly & Co.
3
2,020
Merck & Co., Inc.
23
3,106
 
 
7,092
Semiconductors & Semiconductor Equipment — 9.7%
Advanced Micro Devices, Inc. *
11
1,984
ASML Holding NV (Registered), NYRS (Netherlands)
1
1,410
Lam Research Corp.
2
1,916
Micron Technology, Inc.
8
905
NVIDIA Corp.
12
11,312
NXP Semiconductors NV (China)
8
1,880
Texas Instruments, Inc.
5
813
 
 
20,220
Software — 14.0%
Cadence Design Systems, Inc. *
7
2,096
Crowdstrike Holdings, Inc., Class A *
3
858
Intuit, Inc.
3
1,893
Microsoft Corp.
41
17,263
Oracle Corp.
15
1,932
Palo Alto Networks, Inc. *
3
1,039
Salesforce, Inc.
7
2,039
ServiceNow, Inc. *
2
1,282
Workday, Inc., Class A *
3
797
 
 
29,199
Specialized REITs — 1.0%
Equinix, Inc.
1
982
Weyerhaeuser Co.
30
1,065
 
 
2,047
Specialty Retail — 5.4%
AutoZone, Inc. *
—
1,519
Best Buy Co., Inc.
14
1,153
Lowe's Cos., Inc.
16
3,989
TJX Cos., Inc. (The)
35
3,556
Tractor Supply Co.
4
964
 
 
11,181
JPMorgan U.S. Sustainable Leaders Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Technology Hardware, Storage & Peripherals — 6.0%
Apple, Inc.
65
11,079
Seagate Technology Holdings plc
14
1,359
 
 
12,438
Total Common Stocks
(Cost $138,755)
 
204,824
Short-Term Investments — 2.0%
Investment Companies — 2.0%
JPMorgan Prime Money Market Fund Class IM Shares, 5.43% (a) (b)
(Cost $4,225)
4,223
4,225
Total Investments — 100.2%
(Cost $142,980)
 
209,049
Liabilities in Excess of Other Assets — (0.2)%
 
(404
)
NET ASSETS — 100.0%
 
208,645
 
Percentages indicated are based on net assets.
 
Abbreviations
 
NYRS
New York Registry Shares
REIT
Real Estate Investment Trust
 
*
Non-income producing security.
(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.
Futures contracts outstanding as of March 31, 2024 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
 
 
 
 
 
S&P 500 E-Mini ESG Index
14
06/21/2024
USD
3,280
58
 
Abbreviations
 
USD
United States Dollar
JPMorgan U.S. Sustainable Leaders 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.
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)
$209,049
$—
$—
$209,049
Appreciation in Other Financial Instruments
 
 
 
 
Futures Contracts (a)
$58
$—
$—
$58
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer.
JPMorgan U.S. Sustainable Leaders Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
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 Prime Money Market Fund Class IM Shares,
5.43%  (a) (b)
$1,493
$20,203
$17,472
$1
$—
(c)
$4,225
4,223
$120
$—
 
 
(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.