JPMorgan Trust IV NPORT-P JPMorgan International Hedged Equity Fund (Jan 2022 report)

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2022 (Unaudited)

Investments		Shares (000)			Value ($000)
COMMON STOCKS — 93.3%
Australia — 5.4%
Aurizon Holdings Ltd.			56			140
Australia & New Zealand Banking Group Ltd.			25			466
BHP Group Ltd.			40			1,275
Commonwealth Bank of Australia			9			587
CSL Ltd.			5			856
Dexus, REIT			58			420
Goodman Group, REIT			44			730
GPT Group (The), REIT			127			451
Insurance Australia Group Ltd.			43			130
Macquarie Group Ltd.			3			344
National Australia Bank Ltd.			17			337
Newcrest Mining Ltd.			8			118
Rio Tinto Ltd.			18			1,413
Rio Tinto plc			8			580
Santos Ltd.			32			165
Wesfarmers Ltd.			10			357
Westpac Banking Corp.			50			724
Woolworths Group Ltd.			8			191
						9,284
Belgium — 0.6%
Anheuser-Busch InBev SA			3			172
KBC Group NV			9			810
						982
China — 0.6%
BOC Hong Kong Holdings Ltd.			108			415
Prosus NV*			8			644
						1,059
Denmark — 3.0%
Carlsberg A/S, Class B			6			1,006
Genmab A/S*			—	(a)		168
Novo Nordisk A/S, Class B			28			2,811
Orsted A/S(b)			9			962
Vestas Wind Systems A/S			6			169
						5,116
Finland — 0.7%
Kone OYJ, Class B			4			267
Nokia OYJ*			55			327
Nordea Bank Abp			49			580
	��					1,174
France — 11.0%
Air Liquide SA			10			1,719
Airbus SE*			4			464
Alstom SA			13			429
AXA SA			8			242
BNP Paribas SA			26			1,867
Capgemini SE			7			1,498
Kering SA			1			817
L’Oreal SA			5			2,108
LVMH Moet Hennessy Louis Vuitton SE			4			3,128
Pernod Ricard SA			2			390
Safran SA			6			734
Sanofi			7			702
Societe Generale SA			16			598
TotalEnergies SE			31			1,757
Veolia Environnement SA			39			1,417
Vinci SA			11			1,173
						19,043
Germany — 9.7%
adidas AG			4			1,089
Allianz SE (Registered)			9			2,244
BASF SE			4			328
Bayer AG (Registered)			7			406
Brenntag SE			2			155
Daimler AG			2			171
Deutsche Boerse AG			1			144
Deutsche Post AG (Registered)			21			1,250
Deutsche Telekom AG (Registered)			76			1,442
Infineon Technologies AG			33			1,384
Merck KGaA			3			563
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)			3			1,047
RWE AG			31			1,324
SAP SE			10			1,280
Siemens AG (Registered)			7			1,170
Volkswagen AG (Preference)			5			1,023
Vonovia SE			22			1,265
Zalando SE*(b)			7			524
						16,809
Hong Kong — 2.2%
AIA Group Ltd.			158			1,645
CK Asset Holdings Ltd.			35			234
CLP Holdings Ltd.			19			185
Hong Kong Exchanges & Clearing Ltd.			16			919
Link, REIT			18			158
Sun Hung Kai Properties Ltd.			14			165
Techtronic Industries Co. Ltd.			12			198
Xinyi Glass Holdings Ltd.			132			350
						3,854
Ireland — 0.6%
CRH plc			6			308
Kingspan Group plc			3			308
Kingspan Group plc			4			420
						1,036
Italy — 0.8%
Enel SpA			58			445
FinecoBank Banca Fineco SpA			44			747
UniCredit SpA			14			218
						1,410
Japan — 22.1%
AGC, Inc.			10			450
Asahi Group Holdings Ltd.			21			874
Asahi Kasei Corp.			63			626
Bridgestone Corp.			21			898
Central Japan Railway Co.			5			617
Daiichi Sankyo Co. Ltd.			26			580
Daikin Industries Ltd.			3			630
Daito Trust Construction Co. Ltd.			4			436
Daiwa House Industry Co. Ltd.			19			563
Dentsu Group, Inc.			22			772
Fast Retailing Co. Ltd.			—	(a)		118
Hitachi Ltd.			22			1,154
Honda Motor Co. Ltd.			32			945
Hoya Corp.			10			1,258
ITOCHU Corp.			22			716
Japan Airlines Co. Ltd.*			16			295
Kao Corp.			10			490
Keyence Corp.			3			1,641

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2022 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Konami Holdings Corp.		10			544
Kubota Corp.		28			600
Kyowa Kirin Co. Ltd.		17			424
Mitsubishi Corp.		30			1,029
Mitsubishi Electric Corp.		21			259
Mitsubishi UFJ Financial Group, Inc.		54			330
Mitsui Fudosan Co. Ltd.		23			482
Murata Manufacturing Co. Ltd.		11			827
Nidec Corp.		4			390
Nintendo Co. Ltd.		1			343
NIPPON EXPRESS HOLDINGS, Inc.		7			397
Nippon Steel Corp.		10			165
Nippon Telegraph & Telephone Corp.		30			870
Nitori Holdings Co. Ltd.		4			516
Nomura Research Institute Ltd.		16			564
Ono Pharmaceutical Co. Ltd.		19			461
ORIX Corp.		34			699
Otsuka Corp.		12			475
Rakuten Group, Inc.		22			187
Recruit Holdings Co. Ltd.		15			717
Rohm Co. Ltd.		7			606
Ryohin Keikaku Co. Ltd.		34			488
Seven & i Holdings Co. Ltd.		12			626
Shimadzu Corp.		2			61
Shin-Etsu Chemical Co. Ltd.		6			970
Shionogi & Co. Ltd.		9			496
SoftBank Group Corp.		9			394
Sony Group Corp.		16			1,823
Sumitomo Electric Industries Ltd.		38			500
Sumitomo Metal Mining Co. Ltd.		18			808
Sumitomo Mitsui Financial Group, Inc.		31			1,127
Suzuki Motor Corp.		11			485
T&D Holdings, Inc.		33			491
Takeda Pharmaceutical Co. Ltd.		14			409
Terumo Corp.		13			475
Tokio Marine Holdings, Inc.		20			1,205
Tokyo Electron Ltd.		3			1,272
Toyota Motor Corp.		128			2,536
Yamato Holdings Co. Ltd.		5			111
					38,225
Luxembourg — 0.1%
ArcelorMittal SA		7			202
Netherlands — 5.9%
Adyen NV*(b)		—	(a)		480
Akzo Nobel NV		7			756
ASML Holding NV		5			3,720
Heineken NV		1			121
ING Groep NV		20			290
Koninklijke Ahold Delhaize NV		16			522
Koninklijke DSM NV		3			511
Koninklijke KPN NV		215			711
Koninklijke Philips NV		5			175
NN Group NV		17			962
Shell plc		57			1,474
Wolters Kluwer NV		5			507
					10,229
Singapore — 1.1%
DBS Group Holdings Ltd.		44			1,164
Oversea-Chinese Banking Corp. Ltd.		53			497
United Overseas Bank Ltd.		7			165
					1,826
Spain — 2.9%
Banco Bilbao Vizcaya Argentaria SA		192			1,224
Banco Santander SA		111			390
Endesa SA		36			802
Iberdrola SA		164			1,882
Iberdrola SA*		2			21
Industria de Diseno Textil SA		22			675
					4,994
Sweden — 2.2%
Atlas Copco AB, Class A		16			952
Lundin Energy AB		15			606
SKF AB, Class B		32			699
Svenska Handelsbanken AB, Class A		32			343
Volvo AB, Class B		56			1,256
					3,856
Switzerland — 10.5%
Adecco Group AG (Registered)		1			67
Cie Financiere Richemont SA (Registered)		3			396
Credit Suisse Group AG (Registered)		11			100
Givaudan SA (Registered)		—	(a)		994
Julius Baer Group Ltd.		2			162
Lonza Group AG (Registered)		2			1,426
Nestle SA (Registered)		36			4,684
Novartis AG (Registered)		32			2,741
Roche Holding AG		10			3,842
SGS SA (Registered)		—	(a)		764
Sika AG (Registered)		2			852
UBS Group AG (Registered)		34			633
Zurich Insurance Group AG		3			1,428
					18,089
United Kingdom — 11.9%
3i Group plc		72			1,348
AstraZeneca plc		19			2,216
Barclays plc		438			1,174
Berkeley Group Holdings plc		14			786
BP plc		389			2,014
British American Tobacco plc		14			618
CK Hutchison Holdings Ltd.		27			192
DCC plc		4			346
Diageo plc		40			2,009
GlaxoSmithKline plc		15			344
HSBC Holdings plc		120			858
InterContinental Hotels Group plc*		14			909
Intertek Group plc		2			135
Lloyds Banking Group plc		1,740			1,208
London Stock Exchange Group plc		1			120
Prudential plc		38			635
Reckitt Benckiser Group plc		15			1,195
RELX plc		42			1,300
Standard Chartered plc		130			946
Taylor Wimpey plc		121			249
Tesco plc		220			883
Unilever plc		21			1,082
					20,567
United States — 2.0%
Ferguson plc		4			588
Schneider Electric SE		11			1,912
Stellantis NV		50			965
					3,465
TOTAL COMMON STOCKS (Cost $133,884)					161,220

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2022 (Unaudited) (continued)

Investments	No. of Contracts		Value ($000)
OPTIONS PURCHASED — 1.3%
Put Options Purchased — 1.3%
United States — 1.3%
MSCI EAFE Index 3/18/2022 at USD 2,150.00, European Style Notional Amount: USD 167,128 Counterparty: Exchange-Traded* (Cost $3,145)		752		2,343
	Shares (000)
SHORT-TERM INVESTMENTS — 4.1%
INVESTMENT COMPANIES — 4.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(c)(d) (Cost $7,082)		7,082		7,082
Total Investments — 98.7% (Cost $144,111)				170,645
Other Assets Less Liabilities — 1.3%				2,211
Net Assets — 100.0%				172,856

Percentages indicated are based on net assets.

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2022 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2022

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Banks		10.0%
Pharmaceuticals		9.4
Insurance		5.9
Semiconductors & Semiconductor Equipment		4.1
Chemicals		4.0
Automobiles		3.6
Oil, Gas & Consumable Fuels		3.5
Textiles, Apparel & Luxury Goods		3.2
Food Products		2.7
Beverages		2.7
Metals & Mining		2.7
Machinery		2.6
Electric Utilities		2.5
Capital Markets		2.2
Personal Products		2.1
Professional Services		2.0
Real Estate Management & Development		1.8
Diversified Telecommunication Services		1.8
IT Services		1.8
Industrial Conglomerates		1.7
Household Durables		1.7
Multi-Utilities		1.6
Electrical Equipment		1.6
Electronic Equipment, Instruments & Components		1.5
Trading Companies & Distributors		1.4
Index Funds		1.4
Food & Staples Retailing		1.3
Building Products		1.3
Health Care Equipment & Supplies		1.1
Equity Real Estate Investment Trusts (REITs)		1.0
Others (each less than 1.0%)		11.6
Short-Term Investments		4.2

Abbreviations

EAFE	Europe, Australasia and Far East
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT	Real Estate Investment Trust
USD	United States Dollar
(a)	Amount rounds to less than one thousand.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	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.
(d)	The rate shown is the current yield as of January 31, 2022.
*	Non-income producing security.

Futures contracts outstanding as of January 31, 2022 (amounts in thousands, except number of contracts):

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
MSCI EAFE E-Mini Index		40		03/2022		USD		4,470		(101	)
SPI 200 Index		26		03/2022		AUD		3,176		(168	)
										(269	)

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2022 (Unaudited) (continued)

Abbreviations
AUD	Australian Dollar
EAFE	Europe, Australasia and Far East
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
USD	United States Dollar

Written Call Options Contracts as of January 31, 2022 (amounts in thousands, except number of contracts):

Description

Counterparty

Number of Contracts

Notional Amount

Exercise Price

Expiration Date

Value ($)

MSCI EAFE Index

Exchange-Traded

752

USD 167,128

USD 2,370.00

3/18/2022

(432

)

Written Put Options Contracts as of January 31, 2022 (amounts in thousands, except number of contracts):

Description

Counterparty

Number of Contracts

Notional Amount

Exercise Price

Expiration Date

Value ($)

MSCI EAFE Index

Exchange-Traded

752

USD 167,128

USD 1,825.00

3/18/2022

(365

)

Total Written Options Contracts (Premiums Received $3,037)

(797

)

Abbreviations

EAFE	Europe, Australasia, and Far East
MSCI	Morgan Stanley Capital International
USD	United States Dollar

JPMorgan International Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2022 (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.

Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

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:

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	9,284	$	—	$	9,284
Belgium		—			982		—		982
China		—			1,059		—		1,059
Denmark		—			5,116		—		5,116
Finland		—			1,174		—		1,174
France		—			19,043		—		19,043
Germany		—			16,809		—		16,809
Hong Kong		—			3,854		—		3,854
Ireland		—			1,036		—		1,036
Italy		—			1,410		—		1,410
Japan		—			38,225		—		38,225
Luxembourg		—			202		—		202
Netherlands		711			9,518		—		10,229
Singapore		—			1,826		—		1,826
Spain		—			4,994		—		4,994
Sweden		—			3,856		—		3,856
Switzerland		—			18,089		—		18,089
United Kingdom		—			20,567		—		20,567
United States		—			3,465		—		3,465
Total Common Stocks		711			160,509		—		161,220
Options Purchased
Put Options Purchased		2,343			—		—		2,343
Short-Term Investments
Investment Companies		7,082			—		—		7,082
Total Investments in Securities	$	10,136		$	160,509	$	—	$	170,645
Depreciation in Other Financial Instruments
Futures Contracts	$	(269	)	$	—	$	—	$	(269	)
Options Written
Call Options Written		(432	)		—		—		(432	)
Put Options Written		(365	)		—		—		(365	)
Total Depreciation in Other Financial Instruments	$	(1,066	)	$	—	$	—	$	(1,066	)

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 amount in the table below.

	For the period ended January 31, 2022
Security Description	Value at October 31, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at January 31, 2022		Shares at January 31, 2022		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(a)(b)	$	3,536	$	25,539	$	21,993	$	—	$	—	$	7,082		7,082	$	—	(c)	$	—

(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 January 31, 2022.

(c) Amount rounds to less than one thousand.