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INR2EJN1ERAN0W5ZP974 Microsoft Corp. 594918104 1058684.00000000 NS USD 305218597.20000000 6.394856979809 Long EC CORP US N 1 N N N Textron, Inc. 3PPKBHUG1HD6BO7RNR87 Textron, Inc. 883203101 268056.00000000 NS USD 18932795.28000000 0.396674773930 Long EC CORP US N 1 N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 Bank of America Corp. 060505104 1328494.00000000 NS USD 37994928.40000000 0.796059399083 Long EC CORP US N 1 N N N Prologis, Inc. 529900DFH19P073LZ636 Prologis, Inc. 74340W103 273929.00000000 NS USD 34178121.33000000 0.716090696140 Long EC CORP US N 1 N N N Kimberly-Clark Corp. MP3J6QPYPGN75NVW2S34 Kimberly-Clark Corp. 494368103 100052.00000000 NS USD 13428979.44000000 0.281360322376 Long EC CORP US N 1 N N N NIKE, Inc. 787RXPR0UX0O0XUXPZ81 NIKE, Inc., Class B 654106103 206844.00000000 NS USD 25367348.16000000 0.531489774635 Long EC CORP US N 1 N N N Honeywell International, Inc. ISRPG12PN4EIEOEMW547 Honeywell International, Inc. 438516106 276971.00000000 NS USD 52934697.52000000 1.109073375657 Long EC CORP US N 1 N N N JPMorgan U.S. Government Money Market Fund 8I5DZWZKVSZI1NUHU748 JPMorgan U.S. Government Money Market Fund, Class IM 4812C2270 122564297.46000000 NS USD 122564297.46000000 2.567933803109 Long STIV RF US N 1 N N N Raytheon Technologies Corp. I07WOS4YJ0N7YRFE7309 Raytheon Technologies Corp. 75513E101 433538.00000000 NS USD 42456376.34000000 0.889534442088 Long EC CORP US N 1 N N N N/A N/A S&P 500 Index N/A -11626.00000000 NC USD -13660550.00000000 -0.28621212572 N/A DE US N 1 Options Clearing 549300CII6SLYGKNHA04 Call Written S&P 500 Index US78378X1072 100.00000000 4290.00000000 USD 2023-04-28 XXXX 40974687.25000000 N N N Elevance Health, Inc. 8MYN82XMYQH89CTMTH67 Elevance Health, Inc. 036752103 56204.00000000 NS USD 25843161.24000000 0.541458880789 Long EC CORP US N 1 N N N Masco Corp. 5GCSNMQXHEYA1JO8QN11 Masco Corp. 574599106 211023.00000000 NS USD 10492063.56000000 0.219826860174 Long EC CORP US N 1 N N N Intuitive Surgical, Inc. 54930052SRG011710797 Intuitive Surgical, Inc. 46120E602 82897.00000000 NS USD 21177696.59000000 0.443709335201 Long EC CORP US N 1 N N N State Street Corp. 549300ZFEEJ2IP5VME73 State Street Corp. 857477103 133150.00000000 NS USD 10078123.50000000 0.211154100695 Long EC CORP US N 1 N N N Mondelez International, Inc. 549300DV9GIB88LZ5P30 Mondelez International, Inc., Class A 609207105 198959.00000000 NS USD 13871421.48000000 0.290630247583 Long EC CORP US N 1 N N N AbbVie, Inc. FR5LCKFTG8054YNNRU85 AbbVie, Inc. 00287Y109 405359.00000000 NS USD 64602063.83000000 1.353524859177 Long EC CORP US N 1 N N N Union Pacific Corp. 549300LMMRSZZCZ8CL11 Union Pacific Corp. 907818108 83397.00000000 NS USD 16784480.22000000 0.351663861481 Long EC CORP US N 1 N N N NXP Semiconductors NV 724500M9BY5293JDF951 NXP Semiconductors NV N/A 216037.00000000 NS USD 40285499.58000000 0.844050823041 Long EC CORP NL N 1 N N N Baker Hughes Co. N/A Baker Hughes Co. 05722G100 239302.00000000 NS USD 6906255.72000000 0.144697990229 Long EC CORP US N 1 N N N Regeneron Pharmaceuticals, Inc. 549300RCBFWIRX3HYQ56 Regeneron Pharmaceuticals, Inc. 75886F107 37523.00000000 NS USD 30831523.41000000 0.645973687335 Long EC CORP US N 1 N N N Booking Holdings, Inc. FXM8FAOHMYDIPD38UZ17 Booking Holdings, Inc. 09857L108 11384.00000000 NS USD 30195035.44000000 0.632638164615 Long EC CORP US N 1 N N N Qorvo, Inc. 254900YAUJV2EUEVBR11 Qorvo, Inc. 74736K101 51628.00000000 NS USD 5243855.96000000 0.109867842898 Long EC CORP US N 1 N N N Sempra Energy PBBKGKLRK5S5C0Y4T545 Sempra Energy 816851109 98934.00000000 NS USD 14954863.44000000 0.313330228658 Long EC CORP US N 1 N N N EOG Resources, Inc. XWTZDRYZPBUHIQBKDB46 EOG Resources, Inc. 26875P101 284819.00000000 NS USD 32648801.97000000 0.684048813131 Long EC CORP US N 1 N N N DocuSign, Inc. 549300Q7PVDWRZ39JG09 DocuSign, Inc. 256163106 36649.00000000 NS USD 2136636.70000000 0.044766230628 Long EC CORP US N 1 N N N UnitedHealth Group, Inc. 549300GHBMY8T5GXDE41 UnitedHealth Group, Inc. 91324P102 159537.00000000 NS USD 75395590.83000000 1.579667899299 Long EC CORP US N 1 N N N Thermo Fisher Scientific, Inc. HCHV7422L5HDJZCRFL38 Thermo Fisher Scientific, Inc. 883556102 95039.00000000 NS USD 54777628.43000000 1.147685962508 Long EC CORP US N 1 N N N FedEx Corp. 549300E707U7WNPZN687 FedEx Corp. 31428X106 30630.00000000 NS USD 6998648.70000000 0.146633782800 Long EC CORP US N 1 N N N O'Reilly Automotive, Inc. 549300K2RLMQL149Q332 O'Reilly Automotive, Inc. 67103H107 14745.00000000 NS USD 12518210.10000000 0.262278131041 Long EC CORP US N 1 N N N Dover Corp. 549300FMC2ALGA7N9E80 Dover Corp. 260003108 71836.00000000 NS USD 10914761.84000000 0.228683119494 Long EC CORP US N 1 N N N Visa, Inc. 549300JZ4OKEHW3DPJ59 Visa, Inc., Class A 92826C839 244805.00000000 NS USD 55193735.30000000 1.156404120400 Long EC CORP US N 1 N N N Parker-Hannifin Corp. 5493002CONDB4N2HKI23 Parker-Hannifin Corp. 701094104 72581.00000000 NS USD 24395199.91000000 0.511121589082 Long EC CORP US N 1 N N N N/A N/A S&P 500 Index N/A 11626.00000000 NC USD 18601600.00000000 0.389735660562 N/A DE US N 1 Options Clearing 549300CII6SLYGKNHA04 Put Purchased S&P 500 Index US78378X1072 100.00000000 3855.00000000 USD 2023-04-28 XXXX -60384614.75000000 N N N McDonald's Corp. UE2136O97NLB5BYP9H04 McDonald's Corp. 580135101 78769.00000000 NS USD 22024600.09000000 0.461453426839 Long EC CORP US N 1 N N N Leidos Holdings, Inc. 549300IUTGTP6EJP8124 Leidos Holdings, Inc. 525327102 117129.00000000 NS USD 10782895.74000000 0.225920296856 Long EC CORP US N 1 N N N Yum! Brands, Inc. 549300JE8XHZZ7OHN517 Yum! Brands, Inc. 988498101 165342.00000000 NS USD 21838371.36000000 0.457551613172 Long EC CORP US N 1 N N N Charter Communications, Inc. 0J0XRGZE3PBRFEZ7MV65 Charter Communications, Inc., Class A 16119P108 71963.00000000 NS USD 25734688.43000000 0.539186187996 Long EC CORP US N 1 N N N Accenture plc N/A Accenture plc, Class A N/A 143371.00000000 NS USD 40976865.51000000 0.858536133843 Long EC CORP IE N 1 N N N Dominion Energy, Inc. ILUL7B6Z54MRYCF6H308 Dominion Energy, Inc. 25746U109 139897.00000000 NS USD 7821641.27000000 0.163876899140 Long EC CORP US N 1 N N N CVS Health Corp. 549300EJG376EN5NQE29 CVS Health Corp. 126650100 101682.00000000 NS USD 7555989.42000000 0.158311033879 Long EC CORP US N 1 N N N QUALCOMM, Inc. H1J8DDZKZP6H7RWC0H53 QUALCOMM, Inc. 747525103 15558.00000000 NS USD 1984889.64000000 0.041586867526 Long EC CORP US N 1 N N N Lam Research Corp. 549300I4GMO6D34U1T02 Lam Research Corp. 512807108 73042.00000000 NS USD 38721025.04000000 0.811272378269 Long EC CORP US N 1 N N N Centene Corp. 549300Z7JJ4TQSQGT333 Centene Corp. 15135B101 211985.00000000 NS USD 13399571.85000000 0.280744182554 Long EC CORP US N 1 N N N M&T Bank Corp. 549300WYXDDBYRASEG81 M&T Bank Corp. 55261F104 37841.00000000 NS USD 4524648.37000000 0.094799201213 Long EC CORP US N 1 N N N CenterPoint Energy, Inc. 21TPXMRRHFKOBHDC8J74 CenterPoint Energy, Inc. 15189T107 448813.00000000 NS USD 13222030.98000000 0.277024394566 Long EC CORP US N 1 N N N Eastman Chemical Co. FDPVHDGJ1IQZFK9KH630 Eastman Chemical Co. 277432100 157120.00000000 NS USD 13251500.80000000 0.277641838214 Long EC CORP US N 1 N N N Burlington Stores, Inc. 5299003Z37DVGKKC1W09 Burlington Stores, Inc. 122017106 40624.00000000 NS USD 8210110.40000000 0.172015998625 Long EC CORP US N 1 N N N Booz Allen Hamilton Holding Corp. 529900JPV47PIUWMA015 Booz Allen Hamilton Holding Corp. 099502106 40094.00000000 NS USD 3716312.86000000 0.077863175605 Long EC CORP US N 1 N N N Texas Instruments, Inc. WDJNR2L6D8RWOEB8T652 Texas Instruments, Inc. 882508104 301821.00000000 NS USD 56141724.21000000 1.176266126036 Long EC CORP US N 1 N N N Salesforce, Inc. RCGZFPDMRW58VJ54VR07 Salesforce, Inc. 79466L302 68718.00000000 NS USD 13728482.04000000 0.287635419339 Long EC CORP US N 1 N N N Workday, Inc. 549300J0DYC0N31V7G13 Workday, Inc., Class A 98138H101 65848.00000000 NS USD 13600245.92000000 0.284948651053 Long EC CORP US N 1 N N N CSX Corp. 549300JVQR4N1MMP3Q88 CSX Corp. 126408103 294414.00000000 NS USD 8814755.16000000 0.184684351076 Long EC CORP US N 1 N N N Equinix, Inc. 549300EVUN2BTLJ3GT74 Equinix, Inc. 29444U700 20059.00000000 NS USD 14463341.36000000 0.303031991811 Long EC CORP US N 1 N N N Cintas Corp. N/A Cintas Corp. 172908105 18563.00000000 NS USD 8588728.84000000 0.179948709135 Long EC CORP US N 1 N N N Linde plc 5299003QR1WT0EF88V51 Linde plc N/A 92442.00000000 NS USD 32857584.48000000 0.688423167458 Long EC CORP IE N 1 N N N Best Buy Co., Inc. HL5XPTVRV0O8TUN5LL90 Best Buy Co., Inc. 086516101 197599.00000000 NS USD 15466073.73000000 0.324040967522 Long EC CORP US N 1 N N N 2023-05-01 JPMorgan Trust IV Timothy J. Clemens Timothy J. Clemens Treasurer and Principal Financial Officer XXXX NPORT-EX 2 JPMHE2.htm NPORT PART F FOR VALIDATION PURPOSES ONLY - [501437.JPMHE2]
JPMorgan Hedged Equity 2 Fund
Schedule of Portfolio Investments as of March 31, 2023
(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., 2023.
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 97.3%
Aerospace & Defense — 1.5%
General Dynamics Corp.
22
5,020
Howmet Aerospace, Inc.
63
2,666
Raytheon Technologies Corp.
433
42,456
Textron, Inc.
268
18,933
 
69,075
Air Freight & Logistics — 1.2%
FedEx Corp.
35
7,930
United Parcel Service, Inc., Class B
245
47,637
 
55,567
Automobile Components — 0.2%
Aptiv plc *
59
6,631
Magna International, Inc. (Canada)
35
1,882
 
8,513
Automobiles — 1.5%
Tesla, Inc. *
347
72,048
Banks — 3.3%
Bank of America Corp.
1,329
37,995
Citigroup, Inc.
334
15,671
Fifth Third Bancorp
366
9,750
M&T Bank Corp.
38
4,525
Truist Financial Corp.
581
19,807
US Bancorp
821
29,597
Wells Fargo & Co.
1,077
40,272
 
157,617
Beverages — 2.5%
Coca-Cola Co. (The)
926
57,428
Constellation Brands, Inc., Class A
67
15,188
Monster Beverage Corp. *
105
5,678
PepsiCo, Inc.
224
40,884
 
119,178
Biotechnology — 3.2%
AbbVie, Inc.
405
64,602
Biogen, Inc. *
55
15,302
BioMarin Pharmaceutical, Inc. *
42
4,116
Neurocrine Biosciences, Inc. *
39
3,950
Regeneron Pharmaceuticals, Inc. *
37
30,832
Sarepta Therapeutics, Inc. *
43
5,876
Vertex Pharmaceuticals, Inc. *
90
28,213
 
152,891
Broadline Retail — 3.1%
Amazon.com, Inc. *
1,421
146,751
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Building Products — 0.9%
Masco Corp.
211
10,492
Trane Technologies plc
169
31,064
 
41,556
Capital Markets — 2.7%
Charles Schwab Corp. (The)
94
4,949
CME Group, Inc.
161
30,771
Goldman Sachs Group, Inc. (The)
17
5,588
Intercontinental Exchange, Inc.
203
21,147
Morgan Stanley
223
19,554
Raymond James Financial, Inc.
174
16,230
S&P Global, Inc.
64
22,201
State Street Corp.
133
10,078
 
130,518
Chemicals — 2.2%
Air Products and Chemicals, Inc.
29
8,215
Celanese Corp.
30
3,240
Dow, Inc.
278
15,250
DuPont de Nemours, Inc.
65
4,648
Eastman Chemical Co.
157
13,251
Linde plc
92
32,858
LyondellBasell Industries NV, Class A
77
7,183
PPG Industries, Inc.
140
18,735
 
103,380
Commercial Services & Supplies — 0.2%
Cintas Corp.
19
8,589
Communications Equipment — 0.2%
Motorola Solutions, Inc.
39
11,145
Consumer Finance — 0.5%
American Express Co.
113
18,596
Capital One Financial Corp.
50
4,827
 
23,423
Consumer Staples Distribution & Retail — 0.8%
Costco Wholesale Corp.
72
35,573
Containers & Packaging — 0.1%
Avery Dennison Corp.
19
3,345
Distributors — 0.1%
LKQ Corp.
50
2,830
Diversified Telecommunication Services — 0.0% ^
AT&T, Inc.
70
1,349
Electric Utilities — 1.4%
NextEra Energy, Inc.
610
47,021
PG&E Corp. *
1,102
17,819
 
64,840
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Electrical Equipment — 0.6%
Eaton Corp. plc
170
29,119
Electronic Equipment, Instruments & Components — 0.1%
Corning, Inc.
176
6,194
Energy Equipment & Services — 0.1%
Baker Hughes Co.
239
6,906
Entertainment — 0.6%
Netflix, Inc. *
81
28,018
Financial Services — 4.4%
Berkshire Hathaway, Inc., Class B *
212
65,467
FleetCor Technologies, Inc. *
82
17,265
Mastercard, Inc., Class A
201
73,170
Visa, Inc., Class A
245
55,194
 
211,096
Food Products — 0.3%
Mondelez International, Inc., Class A
199
13,872
Ground Transportation — 1.0%
CSX Corp.
295
8,815
Norfolk Southern Corp.
75
15,855
Uber Technologies, Inc. *
156
4,945
Union Pacific Corp.
83
16,784
 
46,399
Health Care Equipment & Supplies — 2.4%
Abbott Laboratories
263
26,638
Baxter International, Inc.
291
11,796
Boston Scientific Corp. *
456
22,833
Dexcom, Inc. *
53
6,091
Intuitive Surgical, Inc. *
83
21,178
Medtronic plc
198
15,997
ResMed, Inc.
6
1,396
Stryker Corp.
34
9,559
 
115,488
Health Care Providers & Services — 3.0%
Centene Corp. *
212
13,400
CVS Health Corp.
102
7,556
Elevance Health, Inc.
56
25,843
Humana, Inc.
27
12,990
McKesson Corp.
27
9,780
UnitedHealth Group, Inc.
160
75,396
 
144,965
Health Care REITs — 0.3%
Ventas, Inc., REIT
338
14,658
Hotel & Resort REITs — 0.0% ^
Host Hotels & Resorts, Inc., REIT
116
1,920
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — 2.9%
Booking Holdings, Inc. *
11
30,195
Chipotle Mexican Grill, Inc. *
16
27,826
Domino's Pizza, Inc.
18
5,773
Expedia Group, Inc. *
139
13,485
Marriott International, Inc., Class A
89
14,754
McDonald's Corp.
79
22,025
Royal Caribbean Cruises Ltd. *
29
1,863
Yum! Brands, Inc.
165
21,838
 
137,759
Household Durables — 0.4%
Lennar Corp., Class A
101
10,648
Toll Brothers, Inc.
98
5,886
Whirlpool Corp.
10
1,251
 
17,785
Household Products — 1.6%
Colgate-Palmolive Co.
363
27,235
Kimberly-Clark Corp.
100
13,429
Procter & Gamble Co. (The)
250
37,199
 
77,863
Industrial Conglomerates — 1.1%
Honeywell International, Inc.
277
52,935
Industrial REITs — 0.7%
Prologis, Inc., REIT
274
34,178
Insurance — 1.9%
Globe Life, Inc.
86
9,453
MetLife, Inc.
45
2,613
Progressive Corp. (The)
313
44,793
Prudential Financial, Inc.
51
4,182
Travelers Cos., Inc. (The)
159
27,271
 
88,312
Interactive Media & Services — 5.1%
Alphabet, Inc., Class A * (a)
914
94,805
Alphabet, Inc., Class C *
685
71,190
Meta Platforms, Inc., Class A * (a)
370
78,523
 
244,518
IT Services — 1.2%
Accenture plc, Class A
143
40,977
Cognizant Technology Solutions Corp., Class A
263
16,021
 
56,998
Life Sciences Tools & Services — 1.7%
Danaher Corp.
99
25,061
Thermo Fisher Scientific, Inc.
95
54,778
 
79,839
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Machinery — 1.9%
Deere & Co.
88
36,246
Dover Corp.
72
10,915
Otis Worldwide Corp.
208
17,536
Parker-Hannifin Corp.
72
24,395
 
89,092
Media — 1.3%
Charter Communications, Inc., Class A *
72
25,735
Comcast Corp., Class A
982
37,214
 
62,949
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.
161
6,593
Nucor Corp.
50
7,690
 
14,283
Multi-Utilities — 1.5%
Ameren Corp.
134
11,606
CenterPoint Energy, Inc.
449
13,222
CMS Energy Corp.
88
5,423
Dominion Energy, Inc.
140
7,822
Public Service Enterprise Group, Inc.
275
17,169
Sempra Energy
99
14,955
 
70,197
Oil, Gas & Consumable Fuels — 4.3%
Chevron Corp.
121
19,781
ConocoPhillips
374
37,150
Diamondback Energy, Inc.
195
26,335
EOG Resources, Inc.
285
32,649
Exxon Mobil Corp. (a)
711
77,938
Marathon Oil Corp.
397
9,513
Phillips 66
30
2,990
 
206,356
Passenger Airlines — 0.1%
Southwest Airlines Co.
122
3,958
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.
635
44,002
Eli Lilly & Co.
124
42,571
Johnson & Johnson
245
37,947
Merck & Co., Inc.
291
30,979
Pfizer, Inc.
299
12,225
 
167,724
Professional Services — 0.3%
Booz Allen Hamilton Holding Corp.
40
3,716
Leidos Holdings, Inc.
117
10,783
 
14,499
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Residential REITs — 0.7%
Equity LifeStyle Properties, Inc., REIT
139
9,350
Sun Communities, Inc., REIT
80
11,271
UDR, Inc., REIT
271
11,130
 
31,751
Semiconductors & Semiconductor Equipment — 6.8%
Advanced Micro Devices, Inc. *
382
37,454
Analog Devices, Inc.
232
45,754
Broadcom, Inc.
14
9,162
Lam Research Corp.
73
38,721
NVIDIA Corp. (a)
284
78,987
NXP Semiconductors NV (China)
216
40,285
Qorvo, Inc. *
52
5,244
QUALCOMM, Inc.
16
1,985
Teradyne, Inc.
114
12,295
Texas Instruments, Inc.
302
56,142
 
326,029
Software — 9.1%
Adobe, Inc. *
109
42,000
Cadence Design Systems, Inc. *
37
7,837
DocuSign, Inc. *
37
2,137
Intuit, Inc.
68
30,370
Microsoft Corp. (a)
1,059
305,219
Oracle Corp.
210
19,573
Salesforce, Inc. *
69
13,728
Workday, Inc., Class A *
66
13,600
 
434,464
Specialized REITs — 0.7%
Equinix, Inc., REIT
20
14,463
SBA Communications Corp., REIT
76
19,805
 
34,268
Specialty Retail — 3.2%
AutoNation, Inc. *
58
7,833
AutoZone, Inc. *
10
23,967
Best Buy Co., Inc.
198
15,466
Burlington Stores, Inc. *
41
8,210
Home Depot, Inc. (The)
76
22,591
Lowe's Cos., Inc.
233
46,650
O'Reilly Automotive, Inc. *
15
12,518
TJX Cos., Inc. (The)
178
13,932
 
151,167
Technology Hardware, Storage & Peripherals — 7.3%
Apple, Inc. (a)
2,018
332,865
Seagate Technology Holdings plc
256
16,924
 
349,789
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — 0.5%
NIKE, Inc., Class B
207
25,367
Tobacco — 0.5%
Altria Group, Inc.
167
7,467
Philip Morris International, Inc.
150
14,578
 
22,045
Wireless Telecommunication Services — 0.3%
T-Mobile US, Inc. *
102
14,729
Total Common Stocks
(Cost $4,447,865)
4,635,677
 
NO. OF
CONTRACTS
Options Purchased — 0.4%
Put Options Purchased — 0.4%
Index Funds — 0.4%
S&P 500 Index
4/28/2023 at USD 3,855.00, European Style
Notional Amount: USD 4,769,676
Counterparty: Exchange-Traded * (Cost $78,765)
11,607
18,571
 
SHARES
(000)
Short-Term Investments — 2.6%
Investment Companies — 2.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.68% (b) (c)
(Cost $122,564)
122,564
122,564
Total Investments — 100.3%
(Cost $4,649,194)
4,776,812
Liabilities in Excess of Other Assets — (0.3)%
(12,833)
NET ASSETS — 100.0%
4,763,979
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
*
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, 2023.
 
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
Futures contracts outstanding as of March 31, 2023 (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
634
06/16/2023
USD
131,103
7,376
 
Abbreviations
 
USD
United States Dollar
Written Call Options Contracts as of March 31, 2023 (amounts in thousands, except number of contracts):
 
DESCRIPTION
COUNTERPARTY
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
VALUE ($)
S&P 500 Index
Exchange-Traded
11,607
USD
4,769,676
USD
4,290.00
4/28/2023
(13,638)
Written Put Options Contracts as of March 31, 2023 (amounts in thousands, except number of contracts):  
DESCRIPTION
COUNTERPARTY
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
VALUE ($)
S&P 500 Index
Exchange-Traded
11,607
USD
4,769,676
USD
3,250.00
4/28/2023
(1,428)
Total Written Options Contracts (Premiums Received $68,033)
(15,066)
 
Abbreviations
 
USD
United States Dollar
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (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 and options 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)
$4,776,812
$—
$—
$4,776,812
Appreciation in Other Financial Instruments
Futures Contracts (a)
$7,376
$—
$—
$7,376
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written
(13,638)
—
—
(13,638)
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Put Options Written
$(1,428)
$—
$—
$(1,428)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$(7,690)
$—
$—
$(7,690)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund, which is 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, 2023
Security Description
Value at
June 30,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2023
Shares at
March 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 4.68%  (a) (b)
$212,012
$1,340,458
$1,429,906
$—
$—
$122,564
122,564
$1,616
$—
 
 
(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, 2023.