JPMorgan Trust IV NPORT-P JPMorgan Hedged Equity 2 Fund (Mar 2022 report)

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited)

Investments	Shares (000)		Value ($000)
COMMON STOCKS — 98.9%
Aerospace & Defense — 1.0%
Northrop Grumman Corp.		28		12,430
Raytheon Technologies Corp.		296		29,374
Textron, Inc.		144		10,683
				52,487
Air Freight & Logistics — 1.2%
FedEx Corp.		72		16,647
United Parcel Service, Inc., Class B		208		44,572
				61,219
Airlines — 0.2%
Southwest Airlines Co. *		202		9,273
Auto Components — 0.2%
Aptiv plc *		37		4,416
Magna International, Inc. (Canada)		120		7,695
				12,111
Automobiles — 2.4%
General Motors Co. *		215		9,388
Rivian Automotive, Inc., Class A *		46		2,335
Tesla, Inc. *		107		114,952
				126,675
Banks — 3.6%
Bank of America Corp.		836		34,455
Citigroup, Inc.		378		20,210
Fifth Third Bancorp		296		12,745
Regions Financial Corp.		610		13,579
SVB Financial Group *		13		7,160
Truist Financial Corp.		317		17,992
US Bancorp		636		33,778
Wells Fargo & Co.(a)		982		47,578
				187,497
Beverages — 1.6%
Coca-Cola Co. (The)		962		59,659
Constellation Brands, Inc., Class A		77		17,787
PepsiCo, Inc.		38		6,286
				83,732
Biotechnology — 2.6%
AbbVie, Inc.(a)		423		68,541
Biogen, Inc. *		42		8,911
BioMarin Pharmaceutical, Inc. *		32		2,437
Moderna, Inc. *		20		3,463
Neurocrine Biosciences, Inc. *		32		3,015
Regeneron Pharmaceuticals, Inc. *		37		25,730
Vertex Pharmaceuticals, Inc. *		97		25,244
				137,341
Building Products — 0.7%
Masco Corp.		191		9,716
Trane Technologies plc		181		27,586
				37,302
Capital Markets — 2.9%
Goldman Sachs Group, Inc. (The)		59		19,544
Intercontinental Exchange, Inc.		125		16,475
Morgan Stanley		242		21,190
S&P Global, Inc.		99		40,799
State Street Corp.		338		29,422
T. Rowe Price Group, Inc.		140		21,154
				148,584
Chemicals — 1.8%
Air Products and Chemicals, Inc.		31		7,684
Celanese Corp.		46		6,623
DuPont de Nemours, Inc.		129		9,508
Eastman Chemical Co.		150		16,851
Linde plc (United Kingdom)		114		36,470
PPG Industries, Inc.		132		17,313
				94,449
Commercial Services & Supplies — 0.1%
Cintas Corp.		14		5,912
Communications Equipment — 0.1%
Motorola Solutions, Inc.		19		4,609
Construction Materials — 0.2%
Martin Marietta Materials, Inc.		24		9,283
Consumer Finance — 0.6%
American Express Co.		84		15,636
Capital One Financial Corp.		113		14,807
				30,443
Containers & Packaging — 0.1%
Avery Dennison Corp.		45		7,789
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B * (a)		235		82,901
Voya Financial, Inc.		66		4,347
				87,248
Diversified Telecommunication Services — 0.3%
Verizon Communications, Inc.		318		16,208
Electric Utilities — 2.0%
Edison International		152		10,658
Evergy, Inc.		105		7,195
Exelon Corp.		549		26,162
FirstEnergy Corp.		358		16,439
NextEra Energy, Inc.		494		41,822
				102,276
Electrical Equipment — 0.6%
Eaton Corp. plc		191		28,952
Energy Equipment & Services — 0.1%
Baker Hughes Co.		129		4,712
Entertainment — 0.7%
Netflix, Inc. *		68		25,487
Walt Disney Co. (The) *		66		9,004
				34,491
Equity Real Estate Investment Trusts (REITs) — 2.6%
Camden Property Trust		94		15,640
Equinix, Inc.		20		15,113
Equity LifeStyle Properties, Inc.		126		9,609
Host Hotels & Resorts, Inc.		259		5,042
Kimco Realty Corp.		349		8,621
Prologis, Inc.		245		39,529
SBA Communications Corp.		26		9,086
Sun Communities, Inc.		73		12,762
UDR, Inc.		39		2,234
Ventas, Inc.		269		16,628
				134,264

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)		Value ($000)
Food & Staples Retailing — 0.4%
Costco Wholesale Corp.		36		20,655
Food Products — 0.5%
Mondelez International, Inc., Class A		412		25,874
Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		266		31,453
ABIOMED, Inc. *		6		1,958
Baxter International, Inc.		231		17,941
Boston Scientific Corp. *		465		20,616
Dexcom, Inc. *		12		6,348
Intuitive Surgical, Inc. *		54		16,435
Medtronic plc		247		27,402
Zimmer Biomet Holdings, Inc.		147		18,798
				140,951
Health Care Providers & Services — 3.1%
Anthem, Inc.		76		37,413
Centene Corp. *		286		24,076
Humana, Inc.		24		10,299
McKesson Corp.		37		11,469
UnitedHealth Group, Inc.(a)		156		79,635
				162,892
Hotels, Restaurants & Leisure — 2.1%
Booking Holdings, Inc. *		9		20,415
Chipotle Mexican Grill, Inc. *		4		6,156
Expedia Group, Inc. *		70		13,742
Hilton Worldwide Holdings, Inc. *		101		15,258
McDonald’s Corp.		195		48,169
Royal Caribbean Cruises Ltd. *		29		2,437
Yum! Brands, Inc.		41		4,829
				111,006
Household Durables — 0.5%
DR Horton, Inc.		18		1,374
Lennar Corp., Class A		218		17,698
PulteGroup, Inc.		22		928
Toll Brothers, Inc.		105		4,919
				24,919
Household Products — 1.5%
Kimberly-Clark Corp.		119		14,670
Procter & Gamble Co. (The)(a)		416		63,604
				78,274
Industrial Conglomerates — 0.3%
Honeywell International, Inc.		92		17,856
Insurance — 2.1%
Arthur J Gallagher & Co.		96		16,678
Chubb Ltd.		71		15,155
Hartford Financial Services Group, Inc. (The)		319		22,942
Progressive Corp. (The)		332		37,799
Prudential Financial, Inc.		102		12,004
Travelers Cos., Inc. (The)		33		6,019
				110,597
Interactive Media & Services — 6.4%
Alphabet, Inc., Class A * (a)		52		143,775
Alphabet, Inc., Class C * (a)		39		109,924
Meta Platforms, Inc., Class A * (a)		324		72,048
ZoomInfo Technologies, Inc., Class A *		130		7,762
				333,509
Internet & Direct Marketing Retail — 4.1%
Amazon.com, Inc. * (a)		65		213,237
IT Services — 4.6%
Accenture plc, Class A		146		49,214
Affirm Holdings, Inc. *		60		2,799
Automatic Data Processing, Inc.		87		19,850
FleetCor Technologies, Inc. *		60		14,922
International Business Machines Corp.		111		14,458
Mastercard, Inc., Class A(a)		194		69,415
Shopify, Inc., Class A (Canada) *		7		4,730
Visa, Inc., Class A(a)		287		63,667
				239,055
Life Sciences Tools & Services — 1.6%
Danaher Corp.		63		18,432
Illumina, Inc. *		19		6,754
Thermo Fisher Scientific, Inc.		101		59,731
				84,917
Machinery — 2.5%
Deere & Co.		124		51,402
Dover Corp.		66		10,433
Ingersoll Rand, Inc.		149		7,505
Otis Worldwide Corp.		299		23,036
Parker-Hannifin Corp.		62		17,624
Stanley Black & Decker, Inc.		159		22,218
				132,218
Media — 1.2%
Charter Communications, Inc., Class A *		51		27,961
Comcast Corp., Class A		719		33,664
Fox Corp., Class A		31		1,228
Interpublic Group of Cos., Inc. (The)		54		1,910
				64,763
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		164		8,168
Nucor Corp.		40		5,888
				14,056
Multiline Retail — 0.1%
Dollar General Corp.		20		4,479
Multi-Utilities — 0.8%
Ameren Corp.		93		8,753
CenterPoint Energy, Inc.		760		23,290
DTE Energy Co.		74		9,806
				41,849
Oil, Gas & Consumable Fuels — 3.7%
Cheniere Energy, Inc.		64		8,805
Chevron Corp.		274		44,633
ConocoPhillips		547		54,691
Coterra Energy, Inc.		103		2,783
Diamondback Energy, Inc.		207		28,323
EOG Resources, Inc.		169		20,180
Phillips 66		40		3,424
Pioneer Natural Resources Co.		117		29,308
Williams Cos., Inc. (The)		71		2,365
				194,512
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		52		14,256

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)		Value ($000)
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		715		52,183
Eli Lilly & Co.		168		48,129
Johnson & Johnson		267		47,321
Merck & Co., Inc.		192		15,716
Pfizer, Inc.		379		19,597
				182,946
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.		73		6,449
Leidos Holdings, Inc.		154		16,680
				23,129
Road & Rail — 1.1%
Lyft, Inc., Class A *		143		5,481
Norfolk Southern Corp.		101		28,757
Uber Technologies, Inc. *		43		1,521
Union Pacific Corp.		78		21,445
				57,204
Semiconductors & Semiconductor Equipment — 6.5%
Advanced Micro Devices, Inc. *		332		36,340
Analog Devices, Inc.		203		33,453
Applied Materials, Inc.		138		18,254
KLA Corp.		20		7,325
Lam Research Corp.		65		34,862
Microchip Technology, Inc.		166		12,497
Micron Technology, Inc.		148		11,546
NVIDIA Corp.(a)		300		81,966
NXP Semiconductors NV (China)		148		27,471
QUALCOMM, Inc.		94		14,403
Texas Instruments, Inc.		317		58,236
				336,353
Software — 8.8%
Ceridian HCM Holding, Inc. *		24		1,643
Fortinet, Inc. *		19		6,423
Intuit, Inc.		81		39,124
Microsoft Corp.(a)		1,159		357,362
Oracle Corp.		220		18,223
salesforce.com, Inc. *		80		16,981
Workday, Inc., Class A *		77		18,468
				458,224
Specialty Retail — 3.0%
AutoNation, Inc. *		30		3,012
AutoZone, Inc. *		5		10,184
Best Buy Co., Inc.		198		17,967
Burlington Stores, Inc. *		24		4,284
Home Depot, Inc. (The)		96		28,817
Lowe’s Cos., Inc.		233		47,132
O’Reilly Automotive, Inc. *		46		31,740
TJX Cos., Inc. (The)		247		14,984
				158,120
Technology Hardware, Storage & Peripherals — 7.5%
Apple, Inc.(a)		2,110		368,362
Seagate Technology Holdings plc		255		22,935
				391,297
Textiles, Apparel & Luxury Goods — 0.7%
NIKE, Inc., Class B		252		33,878
Tobacco — 0.8%
Altria Group, Inc.		373		19,472
Philip Morris International, Inc.		210		19,763
				39,235
Wireless Telecommunication Services — 0.5%
T-Mobile US, Inc. *		194		24,956
TOTAL COMMON STOCKS (Cost $4,948,103)				5,152,074
	No. of Contracts
OPTIONS PURCHASED — 0.7%
PUT OPTIONS PURCHASED — 0.7%
Index Funds — 0.7%
S&P 500 Index 4/29/2022 at USD 4,270.00, European Style Notional Amount: USD 5,181,430 Counterparty: Exchange-Traded* (Cost $133,010)		11,437		33,911
	Shares (000)
SHORT-TERM INVESTMENTS — 3.1%
INVESTMENT COMPANIES — 3.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.26% (b) (c) (Cost $161,453)		161,453		161,453
Total Investments — 102.7% (Cost $5,242,566)				5,347,438
Liabilities in Excess of Other Assets — (2.7)%				(138,127	)
Net Assets — 100.0%				5,209,311

Percentages indicated are based on net assets.

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations

USD	United States Dollar
(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, 2022.
*	Non-income producing security.

Futures contracts outstanding as of March 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
S&P 500 E-Mini Index		113		06/2022		USD		25,603		1,914

Abbreviations

USD United States Dollar

Written Call Options Contracts as of March 31, 2022 (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

11,437

USD 5,181,430

USD 4,695.00

4/29/2022

(23,503

)

Written Put Options Contracts as of March 31, 2022 (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

11,437

USD 5,181,430

USD 3,600.00

4/29/2022

(3,831

)

Total Written Options Contracts (Premiums Received $110,196)

(27,334

)

Abbreviations

USD United States Dollar

JPMorgan Hedged Equity 2 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 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.

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)	$	5,347,438		$	—	$	—	$	5,347,438
Appreciation in Other Financial Instruments
Futures Contracts(a)	$	1,914		$	—	$	—	$	1,914
Depreciation in Other Financial Instruments
Options Written(a)
Call Options Written		(23,503	)		—		—		(23,503	)
Put Options Written		(3,831	)		—		—		(3,831	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(25,420	)	$	—	$	—	$	(25,420	)

(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 amount in the table below.

	For the period ended March 31, 2022
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at March 31, 2022		Shares at March 31, 2022		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.26%(a)(b)	$	82,933	$	3,256,327	$	3,177,807	$	—	$	—	$	161,453		161,453	$	28	$	—

(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, 2022.