NPORT-EX 2 JPMHEF.htm EDGAR HTML
JPMorgan Hedged Equity Fund
Schedule of Portfolio Investments as of March 31, 2025
(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., 2025.
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 98.1%
Aerospace & Defense — 2.0%
Howmet Aerospace, Inc.
1,146
148,683
RTX Corp.
706
93,569
Textron, Inc.
582
42,024
TransDigm Group, Inc.
88
120,956
 
405,232
Air Freight & Logistics — 0.7%
FedEx Corp.
197
48,111
United Parcel Service, Inc., Class B
849
93,359
 
141,470
Automobile Components — 0.1%
Aptiv plc (Jersey) *
270
16,094
Automobiles — 1.4%
Tesla, Inc. * (a)
1,103
285,842
Banks — 3.5%
Bank of America Corp. (a)
5,334
222,596
Citigroup, Inc.
1,063
75,459
Fifth Third Bancorp
2,121
83,126
Truist Financial Corp.
1,856
76,373
US Bancorp
1,384
58,441
Wells Fargo & Co.
2,791
200,404
 
716,399
Beverages — 2.0%
Coca-Cola Co. (The)
1,945
139,312
Keurig Dr Pepper, Inc.
2,201
75,315
PepsiCo, Inc.
1,299
194,690
 
409,317
Biotechnology — 2.3%
AbbVie, Inc. (a)
1,231
257,944
Neurocrine Biosciences, Inc. *
129
14,269
Regeneron Pharmaceuticals, Inc.
136
86,002
Sarepta Therapeutics, Inc. *
63
4,002
Vertex Pharmaceuticals, Inc. *
205
99,477
 
461,694
Broadline Retail — 4.1%
Amazon.com, Inc. * (a)
4,397
836,615
Building Products — 1.5%
Carrier Global Corp.
1,313
83,284
Masco Corp.
721
50,117
Trane Technologies plc
521
175,542
 
308,943
Capital Markets — 2.1%
Ameriprise Financial, Inc.
160
77,354
Charles Schwab Corp. (The)
1,249
97,795
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Capital Markets — continued
CME Group, Inc.
403
106,965
Goldman Sachs Group, Inc. (The)
191
104,252
KKR & Co., Inc.
300
34,665
 
421,031
Chemicals — 1.7%
Dow, Inc.
1,351
47,167
Linde plc
381
177,443
LyondellBasell Industries NV, Class A
572
40,259
PPG Industries, Inc.
468
51,179
Sherwin-Williams Co. (The)
62
21,689
 
337,737
Communications Equipment — 0.3%
Arista Networks, Inc. *
503
38,950
Motorola Solutions, Inc.
71
31,124
 
70,074
Construction Materials — 0.2%
Martin Marietta Materials, Inc.
65
31,163
Consumer Finance — 0.6%
American Express Co.
315
84,836
Capital One Financial Corp.
159
28,532
 
113,368
Consumer Staples Distribution & Retail — 0.8%
Costco Wholesale Corp.
110
104,631
Walmart, Inc.
626
54,939
 
159,570
Diversified Telecommunication Services — 0.5%
AT&T, Inc.
3,468
98,069
Electric Utilities — 2.3%
Entergy Corp.
179
15,315
NextEra Energy, Inc. (a)
2,377
168,518
NRG Energy, Inc.
90
8,620
PG&E Corp.
5,248
90,155
Southern Co. (The)
1,990
182,948
 
465,556
Electrical Equipment — 0.4%
Eaton Corp. plc
263
71,597
Electronic Equipment, Instruments & Components — 0.1%
TE Connectivity plc (Switzerland)
131
18,450
Energy Equipment & Services — 0.3%
Baker Hughes Co.
1,305
57,366
Entertainment — 0.9%
Netflix, Inc. *
67
62,659
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Entertainment — continued
Walt Disney Co. (The)
925
91,340
Warner Music Group Corp., Class A
664
20,803
 
174,802
Financial Services — 6.5%
Berkshire Hathaway, Inc., Class B * (a)
676
360,003
Corpay, Inc. *
277
96,612
Fidelity National Information Services, Inc.
1,206
90,049
Mastercard, Inc., Class A (a)
679
372,221
Toast, Inc., Class A *
742
24,602
Visa, Inc., Class A (a)
1,021
357,852
WEX, Inc. *
59
9,237
 
1,310,576
Food Products — 0.7%
Mondelez International, Inc., Class A
2,120
143,822
Ground Transportation — 1.0%
CSX Corp.
2,760
81,236
Uber Technologies, Inc. *
1,544
112,456
 
193,692
Health Care Equipment & Supplies — 2.5%
Abbott Laboratories
295
39,066
Baxter International, Inc.
374
12,789
Boston Scientific Corp. *
1,236
124,716
Edwards Lifesciences Corp. *
737
53,435
Medtronic plc
1,238
111,225
Stryker Corp.
415
154,611
 
495,842
Health Care Providers & Services — 2.3%
Cigna Group (The)
237
77,909
HCA Healthcare, Inc.
68
23,499
Humana, Inc.
123
32,368
McKesson Corp.
55
37,233
UnitedHealth Group, Inc. (a)
575
301,194
 
472,203
Health Care REITs — 0.9%
Alexandria Real Estate Equities, Inc.
105
9,697
Ventas, Inc.
1,505
103,480
Welltower, Inc.
418
64,117
 
177,294
Hotels, Restaurants & Leisure — 3.7%
Booking Holdings, Inc.
16
74,475
Carnival Corp. *
1,308
25,537
Chipotle Mexican Grill, Inc. *
1,986
99,706
DoorDash, Inc., Class A *
172
31,433
Expedia Group, Inc.
358
60,168
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Hilton Worldwide Holdings, Inc.
386
87,866
McDonald's Corp.
667
208,448
Royal Caribbean Cruises Ltd.
169
34,711
Yum! Brands, Inc.
733
115,374
 
737,718
Household Durables — 0.1%
Lennar Corp., Class A
208
23,827
Household Products — 0.3%
Church & Dwight Co., Inc.
538
59,209
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.
144
16,939
Industrial Conglomerates — 0.4%
3M Co.
505
74,126
Industrial REITs — 0.4%
Prologis, Inc.
663
74,088
Insurance — 2.1%
Aon plc, Class A
245
97,618
Arthur J Gallagher & Co.
375
129,555
Chubb Ltd.
69
20,897
Progressive Corp. (The)
620
175,444
 
423,514
Interactive Media & Services — 6.1%
Alphabet, Inc., Class A (a)
2,495
385,822
Alphabet, Inc., Class C (a)
1,403
219,246
Meta Platforms, Inc., Class A (a)
1,080
622,197
 
1,227,265
IT Services — 0.6%
Accenture plc, Class A (Ireland)
103
32,057
Cognizant Technology Solutions Corp., Class A
1,289
98,641
 
130,698
Life Sciences Tools & Services — 0.9%
Thermo Fisher Scientific, Inc.
375
186,383
Machinery — 1.9%
Caterpillar, Inc.
228
75,067
Deere & Co.
264
123,798
Ingersoll Rand, Inc.
462
36,988
Otis Worldwide Corp.
1,049
108,301
PACCAR, Inc.
473
46,051
 
390,205
Media — 0.9%
Charter Communications, Inc., Class A *
179
65,770
Comcast Corp., Class A
3,301
121,818
 
187,588
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Metals & Mining — 0.1%
Nucor Corp.
154
18,475
Multi-Utilities — 0.1%
Dominion Energy, Inc.
463
25,953
Oil, Gas & Consumable Fuels — 3.3%
ConocoPhillips
1,626
170,716
Diamondback Energy, Inc.
354
56,650
EOG Resources, Inc.
736
94,437
Exxon Mobil Corp. (a)
2,871
341,459
 
663,262
Passenger Airlines — 0.2%
Delta Air Lines, Inc.
738
32,193
Personal Care Products — 0.2%
Kenvue, Inc.
1,821
43,657
Pharmaceuticals — 3.0%
Bristol-Myers Squibb Co.
2,450
149,422
Eli Lilly & Co. (a)
288
238,094
Johnson & Johnson
1,153
191,228
Merck & Co., Inc.
296
26,511
 
605,255
Professional Services — 0.5%
Equifax, Inc.
124
30,092
Leidos Holdings, Inc.
508
68,582
 
98,674
Residential REITs — 0.1%
Equity LifeStyle Properties, Inc.
435
29,023
Semiconductors & Semiconductor Equipment — 10.6%
Advanced Micro Devices, Inc. *
509
52,270
Analog Devices, Inc.
723
145,779
Broadcom, Inc. (a)
1,840
308,107
Lam Research Corp.
1,092
79,369
Marvell Technology, Inc.
143
8,812
Micron Technology, Inc.
874
75,938
NVIDIA Corp. (a)
11,060
1,198,719
NXP Semiconductors NV (China)
670
127,367
Texas Instruments, Inc. (a)
835
150,088
 
2,146,449
Software — 9.8%
Adobe, Inc. *
65
24,752
Cadence Design Systems, Inc. *
95
24,174
Fair Isaac Corp. *
17
30,659
Intuit, Inc.
113
69,666
Microsoft Corp. (a)
3,563
1,337,430
Oracle Corp.
950
132,876
Palantir Technologies, Inc., Class A *
492
41,558
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Software — continued
Salesforce, Inc.
669
179,524
ServiceNow, Inc. *
167
132,758
 
1,973,397
Specialized REITs — 0.7%
Digital Realty Trust, Inc.
380
54,444
Equinix, Inc.
25
20,303
SBA Communications Corp.
294
64,792
 
139,539
Specialty Retail — 2.3%
AutoZone, Inc. *
27
104,569
Best Buy Co., Inc.
347
25,521
Burlington Stores, Inc. *
203
48,506
Lowe's Cos., Inc.
832
193,954
Ross Stores, Inc.
792
101,237
 
473,787
Technology Hardware, Storage & Peripherals — 7.3%
Apple, Inc. (a)
6,114
1,358,033
Hewlett Packard Enterprise Co.
1,406
21,692
Sandisk Corp. *
50
2,388
Seagate Technology Holdings plc
954
81,054
Western Digital Corp. *
150
6,085
 
1,469,252
Tobacco — 0.6%
Altria Group, Inc.
706
42,413
Philip Morris International, Inc.
521
82,660
 
125,073
Trading Companies & Distributors — 0.1%
United Rentals, Inc.
40
25,237
Total Common Stocks
(Cost $12,109,113)
19,794,604
 
NO. OF
CONTRACTS
Options Purchased — 1.7%
Put Options Purchased — 1.7%
S&P 500 Index
6/30/2025 at USD 5,310.00, European Style
Notional Amount: USD 20,224,546
Counterparty: Exchange-Traded *
(Cost $356,174)
36,039
346,696
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS 
SHARES
(000)
VALUE
($000)
Short-Term Investments — 2.6%
Investment Companies — 2.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 4.21% (b) (c)
(Cost $520,314)
520,314
520,314
Total Investments — 102.4%
(Cost $12,985,601)
20,661,614
Liabilities in Excess of Other Assets — (2.4)%
(479,948
)
NET ASSETS — 100.0%
20,181,666
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
USD
United States Dollar
 
*
Non-income producing security.
(a)
All or a portion of the security is segregated for options written.
(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 March 31, 2025.
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
Futures contracts outstanding as of March 31, 2025 (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 Index
1,462
06/20/2025
USD
413,508
(2,564
)
 
Abbreviations
 
USD
United States Dollar
Written Call Options Contracts as of March 31, 2025 (amounts in thousands, except number of contracts):
 
DESCRIPTION
COUNTERPARTY
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
VALUE ($)
S&P 500 Index
Exchange-Traded
36,039
USD
 20,224,546
USD
 5,905.00
6/30/2025
(263,805
)
Written Put Options Contracts as of March 31, 2025 (amounts in thousands, except number of contracts):
 
DESCRIPTION
COUNTERPARTY
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
VALUE ($)
S&P 500 Index
Exchange-Traded
36,039
USD
 20,224,546
USD
 4,480.00
6/30/2025
(70,096
)
Total Written Options Contracts (Premiums Received $325,829)
(333,901
)
 
Abbreviations
 
USD
United States Dollar
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (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 Securities and Exchange Commission 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 Fund 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 Fund. 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 and options 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)
$20,661,614
$—
$—
$20,661,614
Depreciation in Other Financial Instruments
Futures Contracts (a)
$(2,564
)
$—
$—
$(2,564
)
Options Written (a)
Call Options Written
(263,805
)
—
—
(263,805
)
Put Options Written
(70,096
)
—
—
(70,096
)
Total Depreciation in Other Financial Instruments
$(336,465
)
$—
$—
$(336,465
)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
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. 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, 2025
Security Description
Value at
June 30,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2025
Shares at
March 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market Fund
Class Institutional Shares, 4.21%  (a) (b)
$518,872
$2,272,975
$2,271,533
$—
$—
$520,314
520,314
$10,053
$—
 
 
(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, 2025.