NPORT-EX 2 JPMEIF.htm EDGAR HTML
JPMorgan Equity Income 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 Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 99.6%
Aerospace & Defense — 3.4%
General Dynamics Corp.
2,716
740,370
RTX Corp.
5,568
737,557
 
1,477,927
Air Freight & Logistics — 0.6%
United Parcel Service, Inc., Class B
2,199
241,810
Banks — 8.6%
Bank of America Corp.
28,634
1,194,903
PNC Financial Services Group, Inc. (The)
3,230
567,802
Truist Financial Corp.
11,319
465,758
Wells Fargo & Co.
21,629
1,552,765
 
3,781,228
Beverages — 1.9%
Coca-Cola Co. (The)
6,805
487,363
PepsiCo, Inc.
2,262
339,173
 
826,536
Biotechnology — 2.0%
AbbVie, Inc.
4,158
871,072
Capital Markets — 9.7%
Ares Management Corp.
3,050
447,102
Bank of New York Mellon Corp. (The)
6,638
556,704
Blackrock, Inc.
352
332,685
Blackstone, Inc.
3,661
511,786
Charles Schwab Corp. (The)
12,232
957,531
CME Group, Inc.
936
248,373
Goldman Sachs Group, Inc. (The)
961
524,970
Morgan Stanley
5,725
667,952
 
4,247,103
Chemicals — 1.9%
Air Products and Chemicals, Inc.
2,876
848,084
Commercial Services & Supplies — 0.4%
Republic Services, Inc.
807
195,523
Consumer Finance — 3.4%
American Express Co.
2,956
795,293
Capital One Financial Corp.
3,985
714,501
 
1,509,794
Consumer Staples Distribution & Retail — 1.1%
Walmart, Inc.
5,702
500,590
Containers & Packaging — 0.3%
Packaging Corp. of America
676
133,884
Diversified Telecommunication Services — 0.7%
Verizon Communications, Inc.
7,139
323,830
JPMorgan Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Electric Utilities — 2.0%
NextEra Energy, Inc.
6,794
481,585
Xcel Energy, Inc.
5,787
409,691
 
891,276
Electrical Equipment — 1.5%
Eaton Corp. plc
2,475
672,893
Electronic Equipment, Instruments & Components — 0.7%
Corning, Inc.
6,327
289,658
Food Products — 1.3%
Hershey Co. (The)
1,182
202,193
Mondelez International, Inc., Class A
5,392
365,850
 
568,043
Ground Transportation — 3.2%
Norfolk Southern Corp.
3,171
750,949
Union Pacific Corp.
2,844
671,913
 
1,422,862
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories
4,675
620,056
Becton Dickinson & Co.
1,724
394,897
Medtronic plc
3,801
341,571
 
1,356,524
Health Care Providers & Services — 6.7%
Cencora, Inc.
1,000
278,122
Cigna Group (The)
1,580
519,613
CVS Health Corp.
9,632
652,586
Quest Diagnostics, Inc.
1,293
218,730
UnitedHealth Group, Inc.
2,404
1,259,235
 
2,928,286
Health Care REITs — 1.2%
Alexandria Real Estate Equities, Inc.
1,354
125,290
Ventas, Inc.
5,657
388,975
 
514,265
Hotels, Restaurants & Leisure — 2.4%
McDonald's Corp.
2,457
767,603
Yum! Brands, Inc.
1,868
293,955
 
1,061,558
Household Products — 1.5%
Procter & Gamble Co. (The)
3,914
667,075
Industrial Conglomerates — 1.2%
3M Co.
1,140
167,453
Honeywell International, Inc.
1,684
356,448
 
523,901
JPMorgan Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Industrial REITs — 0.7%
Prologis, Inc.
2,885
322,483
Insurance — 4.1%
Arthur J Gallagher & Co.
1,635
564,238
Chubb Ltd.
996
300,865
Marsh & McLennan Cos., Inc.
646
157,553
Progressive Corp. (The)
1,762
498,748
Travelers Cos., Inc. (The)
968
255,965
 
1,777,369
IT Services — 0.5%
International Business Machines Corp.
837
207,998
Machinery — 4.3%
Deere & Co.
1,716
805,609
Dover Corp.
3,637
638,930
Parker-Hannifin Corp.
708
430,104
 
1,874,643
Media — 1.7%
Comcast Corp., Class A
19,793
730,375
Multi-Utilities — 2.6%
CMS Energy Corp.
4,492
337,387
Dominion Energy, Inc.
9,000
504,618
Public Service Enterprise Group, Inc.
3,642
299,767
 
1,141,772
Oil, Gas & Consumable Fuels — 6.9%
Chevron Corp.
5,806
971,324
ConocoPhillips
9,508
998,472
EOG Resources, Inc.
4,649
596,219
Exxon Mobil Corp.
4,019
478,020
 
3,044,035
Pharmaceuticals — 4.7%
Bristol-Myers Squibb Co.
13,704
835,805
Eli Lilly & Co.
237
195,675
Johnson & Johnson
4,463
740,108
Merck & Co., Inc.
3,111
279,308
 
2,050,896
Residential REITs — 0.5%
AvalonBay Communities, Inc.
991
212,737
Semiconductors & Semiconductor Equipment — 4.0%
Analog Devices, Inc.
3,309
667,344
Lam Research Corp.
1,525
110,873
NXP Semiconductors NV (China)
2,088
396,828
Texas Instruments, Inc.
3,180
571,494
 
1,746,539
JPMorgan Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Software — 1.6%
Microsoft Corp.
1,919
720,402
Specialized REITs — 0.4%
Digital Realty Trust, Inc.
1,115
159,768
Specialty Retail — 4.5%
Home Depot, Inc. (The)
1,744
639,027
Lowe's Cos., Inc.
3,272
763,215
TJX Cos., Inc. (The)
4,731
576,235
 
1,978,477
Technology Hardware, Storage & Peripherals — 1.7%
Apple, Inc.
368
81,812
Hewlett Packard Enterprise Co.
19,861
306,449
Seagate Technology Holdings plc
4,015
341,060
 
729,321
Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B
2,463
156,341
Tobacco — 2.2%
Philip Morris International, Inc.
6,207
985,202
Total Common Stocks
(Cost $27,967,931)
43,692,080
Short-Term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan Prime Money Market Fund Class IM Shares, 4.43% (a) (b)
(Cost $55,029)
55,014
55,031
Total Investments — 99.7%
(Cost $28,022,960)
43,747,111
Other Assets in Excess of Liabilities — 0.3%
151,221
NET ASSETS — 100.0%
43,898,332
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
 
(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.
JPMorgan Equity Income 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.
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)
$43,747,111
$—
$—
$43,747,111
 
 
(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 Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (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, 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 Prime Money Market Fund Class IM Shares,
4.43%  (a) (b)
$75,282
$4,218,248
$4,238,478
$(23
)
$2
$55,031
55,014
$4,616
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.38%  (a) (b)
—
7,552
7,552
—
—
—
—
1
—
Total
$75,282
$4,225,800
$4,246,030
$(23
)
$2
$55,031
$4,617
$—
 
 
(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.