NPORT-EX 2 JPMEInF.htm EDGAR HTML
JPMorgan Equity Index 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 Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 99.6%
Aerospace & Defense — 2.1%
Axon Enterprise, Inc. *
16
8,577
Boeing Co. (The) *
169
28,796
GE Aerospace
242
48,355
General Dynamics Corp.
57
15,569
Howmet Aerospace, Inc.
91
11,827
Huntington Ingalls Industries, Inc.
9
1,797
L3Harris Technologies, Inc.
42
8,873
Lockheed Martin Corp.
47
21,065
Northrop Grumman Corp.
31
15,682
RTX Corp.
300
39,719
Textron, Inc.
41
2,969
TransDigm Group, Inc.
13
17,464
 
220,693
Air Freight & Logistics — 0.3%
CH Robinson Worldwide, Inc.
27
2,736
Expeditors International of Washington, Inc.
31
3,789
FedEx Corp.
50
12,159
United Parcel Service, Inc., Class B
165
18,108
 
36,792
Automobile Components — 0.0% ^
Aptiv plc (Jersey) *
52
3,073
Automobiles — 1.7%
Ford Motor Co.
876
8,788
General Motors Co.
224
10,534
Tesla, Inc. *
630
163,246
 
182,568
Banks — 3.5%
Bank of America Corp.
1,491
62,197
Citigroup, Inc.
423
29,995
Citizens Financial Group, Inc.
99
4,032
Fifth Third Bancorp
151
5,911
Huntington Bancshares, Inc.
327
4,912
JPMorgan Chase & Co. (a)
629
154,390
KeyCorp
224
3,585
M&T Bank Corp.
37
6,676
PNC Financial Services Group, Inc. (The)
89
15,665
Regions Financial Corp.
205
4,446
Truist Financial Corp.
296
12,189
US Bancorp
351
14,826
Wells Fargo & Co.
740
53,148
 
371,972
Beverages — 1.3%
Brown-Forman Corp., Class B
41
1,391
Coca-Cola Co. (The)
871
62,419
Constellation Brands, Inc., Class A
35
6,420
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Beverages — continued
Keurig Dr Pepper, Inc.
269
9,197
Molson Coors Beverage Co., Class B
39
2,359
Monster Beverage Corp. *
157
9,224
PepsiCo, Inc.
309
46,289
 
137,299
Biotechnology — 1.9%
AbbVie, Inc.
397
83,258
Amgen, Inc.
121
37,674
Biogen, Inc. *
33
4,509
Gilead Sciences, Inc.
281
31,433
Incyte Corp. *
36
2,189
Moderna, Inc. *
76
2,161
Regeneron Pharmaceuticals, Inc.
24
15,020
Vertex Pharmaceuticals, Inc. *
58
28,024
 
204,268
Broadline Retail — 3.8%
Amazon.com, Inc. *
2,123
403,942
eBay, Inc.
108
7,303
 
411,245
Building Products — 0.5%
A O Smith Corp.
27
1,737
Allegion plc
19
2,553
Builders FirstSource, Inc. *
26
3,237
Carrier Global Corp.
182
11,525
Johnson Controls International plc
149
11,904
Lennox International, Inc.
7
4,042
Masco Corp.
48
3,318
Trane Technologies plc
50
17,010
 
55,326
Capital Markets — 3.2%
Ameriprise Financial, Inc.
22
10,483
Bank of New York Mellon Corp. (The)
162
13,549
Blackrock, Inc.
33
31,017
Blackstone, Inc.
165
23,029
Cboe Global Markets, Inc.
24
5,332
Charles Schwab Corp. (The)
384
30,027
CME Group, Inc.
81
21,519
FactSet Research Systems, Inc.
9
3,892
Franklin Resources, Inc.
70
1,343
Goldman Sachs Group, Inc. (The)
70
38,371
Intercontinental Exchange, Inc.
129
22,310
Invesco Ltd.
101
1,530
KKR & Co., Inc.
152
17,567
MarketAxess Holdings, Inc.
8
1,836
Moody's Corp.
35
16,227
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Capital Markets — continued
Morgan Stanley
278
32,497
MSCI, Inc.
17
9,884
Nasdaq, Inc.
93
7,067
Northern Trust Corp.
44
4,352
Raymond James Financial, Inc.
41
5,766
S&P Global, Inc.
71
36,027
State Street Corp.
65
5,814
T. Rowe Price Group, Inc.
50
4,604
 
344,043
Chemicals — 1.3%
Air Products and Chemicals, Inc.
50
14,769
Albemarle Corp.
27
1,906
CF Industries Holdings, Inc.
39
3,061
Corteva, Inc.
154
9,711
Dow, Inc.
158
5,532
DuPont de Nemours, Inc.
94
7,028
Eastman Chemical Co.
26
2,284
Ecolab, Inc.
57
14,382
International Flavors & Fragrances, Inc.
58
4,467
Linde plc
107
49,908
LyondellBasell Industries NV, Class A
58
4,108
Mosaic Co. (The)
72
1,931
PPG Industries, Inc.
52
5,711
Sherwin-Williams Co. (The)
52
18,212
 
143,010
Commercial Services & Supplies — 0.6%
Cintas Corp.
77
15,869
Copart, Inc. *
197
11,169
Republic Services, Inc.
46
11,064
Rollins, Inc.
63
3,416
Veralto Corp.
56
5,425
Waste Management, Inc.
82
19,034
 
65,977
Communications Equipment — 0.9%
Arista Networks, Inc. *
232
18,016
Cisco Systems, Inc.
896
55,323
F5, Inc. *
13
3,455
Juniper Networks, Inc.
75
2,697
Motorola Solutions, Inc.
38
16,470
 
95,961
Construction & Engineering — 0.1%
Quanta Services, Inc.
33
8,446
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Construction Materials — 0.1%
Martin Marietta Materials, Inc.
14
6,578
Vulcan Materials Co.
29
6,935
 
13,513
Consumer Finance — 0.6%
American Express Co.
125
33,612
Capital One Financial Corp.
86
15,385
Discover Financial Services
56
9,644
Synchrony Financial
88
4,633
 
63,274
Consumer Staples Distribution & Retail — 2.0%
Costco Wholesale Corp.
100
94,502
Dollar General Corp.
50
4,353
Dollar Tree, Inc. *
46
3,416
Kroger Co. (The)
150
10,143
Sysco Corp.
110
8,264
Target Corp.
103
10,764
Walgreens Boots Alliance, Inc.
161
1,803
Walmart, Inc.
976
85,725
 
218,970
Containers & Packaging — 0.2%
Amcor plc
326
3,156
Avery Dennison Corp.
18
3,219
Ball Corp.
67
3,498
International Paper Co.
119
6,332
Packaging Corp. of America
20
3,974
Smurfit WestRock plc
111
5,015
 
25,194
Distributors — 0.1%
Genuine Parts Co.
31
3,729
LKQ Corp.
58
2,489
Pool Corp.
9
2,727
 
8,945
Diversified Telecommunication Services — 0.8%
AT&T, Inc.
1,616
45,694
Verizon Communications, Inc.
947
42,983
 
88,677
Electric Utilities — 1.6%
Alliant Energy Corp.
58
3,717
American Electric Power Co., Inc.
120
13,115
Constellation Energy Corp.
70
14,199
Duke Energy Corp.
175
21,305
Edison International
87
5,135
Entergy Corp.
96
8,252
Evergy, Inc.
52
3,569
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Electric Utilities — continued
Eversource Energy
83
5,128
Exelon Corp.
226
10,426
FirstEnergy Corp.
115
4,667
NextEra Energy, Inc.
463
32,814
NRG Energy, Inc.
46
4,353
PG&E Corp.
479
8,237
Pinnacle West Capital Corp.
26
2,438
PPL Corp.
166
6,001
Southern Co. (The)
247
22,678
Xcel Energy, Inc.
129
9,150
 
175,184
Electrical Equipment — 0.7%
AMETEK, Inc.
52
8,963
Eaton Corp. plc
89
24,182
Emerson Electric Co.
127
13,917
GE Vernova, Inc.
62
18,959
Generac Holdings, Inc. *
13
1,699
Hubbell, Inc.
12
3,997
Rockwell Automation, Inc.
26
6,576
 
78,293
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A
273
17,881
CDW Corp.
30
4,807
Corning, Inc.
173
7,944
Jabil, Inc.
25
3,355
Keysight Technologies, Inc. *
39
5,829
TE Connectivity plc (Switzerland)
67
9,491
Teledyne Technologies, Inc. *
10
5,221
Trimble, Inc. *
55
3,632
Zebra Technologies Corp., Class A *
12
3,268
 
61,428
Energy Equipment & Services — 0.3%
Baker Hughes Co.
223
9,795
Halliburton Co.
196
4,957
Schlumberger NV
315
13,181
 
27,933
Entertainment — 1.5%
Electronic Arts, Inc.
53
7,715
Live Nation Entertainment, Inc. *
35
4,609
Netflix, Inc. *
96
89,791
Take-Two Interactive Software, Inc. *
37
7,657
TKO Group Holdings, Inc.
15
2,290
Walt Disney Co. (The)
407
40,164
Warner Bros Discovery, Inc. *
503
5,392
 
157,618
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Financial Services — 5.0%
Apollo Global Management, Inc.
101
13,778
Berkshire Hathaway, Inc., Class B *
412
219,738
Corpay, Inc. *
16
5,472
Fidelity National Information Services, Inc.
119
8,904
Fiserv, Inc. *
128
28,280
Global Payments, Inc.
56
5,458
Jack Henry & Associates, Inc.
16
2,996
Mastercard, Inc., Class A
183
100,481
PayPal Holdings, Inc. *
223
14,530
Visa, Inc., Class A
388
135,951
 
535,588
Food Products — 0.7%
Archer-Daniels-Midland Co.
108
5,171
Bunge Global SA
30
2,296
Conagra Brands, Inc.
108
2,865
General Mills, Inc.
124
7,419
Hershey Co. (The)
33
5,688
Hormel Foods Corp.
66
2,027
J M Smucker Co. (The)
24
2,836
Kellanova
61
4,992
Kraft Heinz Co. (The)
196
5,975
Lamb Weston Holdings, Inc.
32
1,711
McCormick & Co., Inc. (Non-Voting)
57
4,679
Mondelez International, Inc., Class A
291
19,756
The Campbell's Co.
44
1,768
Tyson Foods, Inc., Class A
64
4,111
 
71,294
Gas Utilities — 0.1%
Atmos Energy Corp.
36
5,523
Ground Transportation — 0.9%
CSX Corp.
434
12,775
JB Hunt Transport Services, Inc.
18
2,646
Norfolk Southern Corp.
51
12,072
Old Dominion Freight Line, Inc.
42
6,997
Uber Technologies, Inc. *
470
34,261
Union Pacific Corp.
136
32,134
 
100,885
Health Care Equipment & Supplies — 2.5%
Abbott Laboratories
390
51,789
Align Technology, Inc. *
16
2,509
Baxter International, Inc.
115
3,934
Becton Dickinson & Co.
65
14,805
Boston Scientific Corp. *
332
33,467
Cooper Cos., Inc. (The) *
45
3,789
Dexcom, Inc. *
88
6,006
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Health Care Equipment & Supplies — continued
Edwards Lifesciences Corp. *
133
9,623
GE HealthCare Technologies, Inc.
103
8,308
Hologic, Inc. *
50
3,120
IDEXX Laboratories, Inc. *
18
7,741
Insulet Corp. *
16
4,146
Intuitive Surgical, Inc. *
80
39,761
Medtronic plc
289
25,937
ResMed, Inc.
33
7,400
Solventum Corp. *
31
2,366
STERIS plc
22
5,013
Stryker Corp.
77
28,776
Zimmer Biomet Holdings, Inc.
45
5,072
 
263,562
Health Care Providers & Services — 2.4%
Cardinal Health, Inc.
54
7,491
Cencora, Inc.
39
10,804
Centene Corp. *
112
6,777
Cigna Group (The)
62
20,276
CVS Health Corp.
284
19,228
DaVita, Inc. *
10
1,515
Elevance Health, Inc.
52
22,707
HCA Healthcare, Inc.
40
13,908
Henry Schein, Inc. *
28
1,922
Humana, Inc.
27
7,186
Labcorp Holdings, Inc.
19
4,369
McKesson Corp.
28
18,985
Molina Healthcare, Inc. *
13
4,115
Quest Diagnostics, Inc.
25
4,228
UnitedHealth Group, Inc.
207
108,496
Universal Health Services, Inc., Class B
13
2,483
 
254,490
Health Care REITs — 0.3%
Alexandria Real Estate Equities, Inc.
35
3,208
Healthpeak Properties, Inc.
158
3,184
Ventas, Inc.
98
6,766
Welltower, Inc.
137
21,011
 
34,169
Hotel & Resort REITs — 0.0% ^
Host Hotels & Resorts, Inc.
157
2,236
Hotels, Restaurants & Leisure — 2.1%
Airbnb, Inc., Class A *
97
11,640
Booking Holdings, Inc.
8
34,322
Caesars Entertainment, Inc. *
48
1,196
Carnival Corp. *
236
4,606
Chipotle Mexican Grill, Inc. *
305
15,318
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Darden Restaurants, Inc.
26
5,478
Domino's Pizza, Inc.
8
3,571
DoorDash, Inc., Class A *
76
13,957
Expedia Group, Inc.
28
4,667
Hilton Worldwide Holdings, Inc.
54
12,324
Las Vegas Sands Corp.
77
2,988
Marriott International, Inc., Class A
52
12,269
McDonald's Corp.
161
50,388
MGM Resorts International *
50
1,493
Norwegian Cruise Line Holdings Ltd. *
99
1,877
Royal Caribbean Cruises Ltd.
56
11,450
Starbucks Corp.
256
25,080
Wynn Resorts Ltd.
20
1,684
Yum! Brands, Inc.
63
9,885
 
224,193
Household Durables — 0.3%
DR Horton, Inc.
64
8,116
Garmin Ltd.
35
7,508
Lennar Corp., Class A
52
6,033
Mohawk Industries, Inc. *
12
1,347
NVR, Inc. *
1
4,875
PulteGroup, Inc.
45
4,685
 
32,564
Household Products — 1.2%
Church & Dwight Co., Inc.
55
6,095
Clorox Co. (The)
28
4,083
Colgate-Palmolive Co.
183
17,117
Kimberly-Clark Corp.
74
10,618
Procter & Gamble Co. (The)
528
89,951
 
127,864
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)
160
1,988
Vistra Corp.
77
8,994
 
10,982
Industrial Conglomerates — 0.5%
3M Co.
122
17,947
Honeywell International, Inc.
147
30,994
 
48,941
Industrial REITs — 0.2%
Prologis, Inc.
209
23,323
Insurance — 2.4%
Aflac, Inc.
111
12,388
Allstate Corp. (The)
60
12,352
American International Group, Inc.
134
11,611
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Insurance — continued
Aon plc, Class A
49
19,428
Arch Capital Group Ltd.
84
8,116
Arthur J Gallagher & Co.
57
19,767
Assurant, Inc.
11
2,422
Brown & Brown, Inc.
53
6,646
Chubb Ltd.
84
25,332
Cincinnati Financial Corp.
35
5,201
Erie Indemnity Co., Class A
6
2,353
Everest Group Ltd.
10
3,515
Globe Life, Inc.
19
2,489
Hartford Insurance Group, Inc. (The)
65
8,010
Loews Corp.
40
3,655
Marsh & McLennan Cos., Inc.
111
26,978
MetLife, Inc.
130
10,463
Principal Financial Group, Inc.
47
3,996
Progressive Corp. (The)
132
37,319
Prudential Financial, Inc.
80
8,899
Travelers Cos., Inc. (The)
51
13,497
Willis Towers Watson plc
22
7,592
WR Berkley Corp.
68
4,809
 
256,838
Interactive Media & Services — 6.1%
Alphabet, Inc., Class A
1,313
203,041
Alphabet, Inc., Class C
1,064
166,249
Match Group, Inc.
57
1,763
Meta Platforms, Inc., Class A
493
284,110
 
655,163
IT Services — 1.2%
Accenture plc, Class A (Ireland)
141
43,933
Akamai Technologies, Inc. *
34
2,722
Cognizant Technology Solutions Corp., Class A
111
8,517
EPAM Systems, Inc. *
13
2,156
Gartner, Inc. *
17
7,258
GoDaddy, Inc., Class A *
32
5,726
International Business Machines Corp.
208
51,755
VeriSign, Inc. *
18
4,649
 
126,716
Leisure Products — 0.0% ^
Hasbro, Inc.
29
1,815
Life Sciences Tools & Services — 1.0%
Agilent Technologies, Inc.
64
7,512
Bio-Techne Corp.
36
2,086
Charles River Laboratories International, Inc. *
12
1,733
Danaher Corp.
144
29,533
IQVIA Holdings, Inc. *
38
6,639
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Life Sciences Tools & Services — continued
Mettler-Toledo International, Inc. *
5
5,560
Revvity, Inc.
27
2,898
Thermo Fisher Scientific, Inc.
86
42,843
Waters Corp. *
13
4,926
West Pharmaceutical Services, Inc.
16
3,650
 
107,380
Machinery — 1.6%
Caterpillar, Inc.
107
35,480
Cummins, Inc.
31
9,700
Deere & Co.
57
26,759
Dover Corp.
31
5,427
Fortive Corp.
77
5,620
IDEX Corp.
17
3,085
Illinois Tool Works, Inc.
60
14,910
Ingersoll Rand, Inc.
91
7,258
Nordson Corp.
12
2,463
Otis Worldwide Corp.
89
9,211
PACCAR, Inc.
118
11,494
Parker-Hannifin Corp.
29
17,618
Pentair plc
37
3,254
Snap-on, Inc.
12
3,974
Stanley Black & Decker, Inc.
35
2,668
Westinghouse Air Brake Technologies Corp.
38
6,974
Xylem, Inc.
55
6,533
 
172,428
Media — 0.5%
Charter Communications, Inc., Class A *
22
8,007
Comcast Corp., Class A
849
31,327
Fox Corp., Class A
49
2,776
Fox Corp., Class B
30
1,565
Interpublic Group of Cos., Inc. (The)
84
2,277
News Corp., Class A
85
2,316
News Corp., Class B
25
764
Omnicom Group, Inc.
44
3,667
Paramount Global, Class B (b)
134
1,602
 
54,301
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.
323
12,247
Newmont Corp.
256
12,372
Nucor Corp.
53
6,361
Steel Dynamics, Inc.
32
3,986
 
34,966
Multi-Utilities — 0.7%
Ameren Corp.
61
6,100
CenterPoint Energy, Inc.
147
5,315
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Multi-Utilities — continued
CMS Energy Corp.
67
5,052
Consolidated Edison, Inc.
78
8,624
Dominion Energy, Inc.
189
10,602
DTE Energy Co.
47
6,450
NiSource, Inc.
106
4,241
Public Service Enterprise Group, Inc.
112
9,230
Sempra
142
10,174
WEC Energy Group, Inc.
71
7,793
 
73,581
Office REITs — 0.0% ^
BXP, Inc.
33
2,201
Oil, Gas & Consumable Fuels — 3.4%
APA Corp.
83
1,750
Chevron Corp.
376
62,935
ConocoPhillips
287
30,161
Coterra Energy, Inc.
166
4,791
Devon Energy Corp.
148
5,530
Diamondback Energy, Inc.
42
6,725
EOG Resources, Inc.
127
16,236
EQT Corp.
134
7,176
Expand Energy Corp.
48
5,270
Exxon Mobil Corp.
980
116,533
Hess Corp.
62
9,938
Kinder Morgan, Inc.
435
12,414
Marathon Petroleum Corp.
71
10,363
Occidental Petroleum Corp.
152
7,507
ONEOK, Inc.
140
13,857
Phillips 66
93
11,479
Targa Resources Corp.
49
9,840
Texas Pacific Land Corp.
4
5,619
Valero Energy Corp.
71
9,412
Williams Cos., Inc. (The)
275
16,398
 
363,934
Passenger Airlines — 0.1%
Delta Air Lines, Inc.
145
6,297
Southwest Airlines Co.
133
4,480
United Airlines Holdings, Inc. *
74
5,112
 
15,889
Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A
53
3,479
Kenvue, Inc.
431
10,349
 
13,828
Pharmaceuticals — 3.4%
Bristol-Myers Squibb Co.
457
27,860
Eli Lilly & Co.
177
146,484
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Pharmaceuticals — continued
Johnson & Johnson
542
89,877
Merck & Co., Inc.
569
51,111
Pfizer, Inc.
1,276
32,324
Viatris, Inc.
269
2,340
Zoetis, Inc.
101
16,596
 
366,592
Professional Services — 0.7%
Automatic Data Processing, Inc.
92
27,982
Broadridge Financial Solutions, Inc.
26
6,387
Dayforce, Inc. *
36
2,088
Equifax, Inc.
28
6,798
Jacobs Solutions, Inc.
27
3,334
Leidos Holdings, Inc.
29
3,984
Paychex, Inc.
72
11,129
Paycom Software, Inc.
11
2,316
Verisk Analytics, Inc.
32
9,460
 
73,478
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A *
66
8,701
CoStar Group, Inc. *
95
7,516
 
16,217
Residential REITs — 0.3%
AvalonBay Communities, Inc.
32
6,863
Camden Property Trust
24
2,937
Equity Residential
77
5,506
Essex Property Trust, Inc.
15
4,435
Invitation Homes, Inc.
128
4,469
Mid-America Apartment Communities, Inc.
26
4,410
UDR, Inc.
68
3,061
 
31,681
Retail REITs — 0.3%
Federal Realty Investment Trust
17
1,698
Kimco Realty Corp.
153
3,249
Realty Income Corp.
197
11,428
Regency Centers Corp.
37
2,710
Simon Property Group, Inc.
69
11,466
 
30,551
Semiconductors & Semiconductor Equipment — 9.8%
Advanced Micro Devices, Inc. *
365
37,476
Analog Devices, Inc.
112
22,521
Applied Materials, Inc.
183
26,548
Broadcom, Inc.
1,055
176,657
Enphase Energy, Inc. *
30
1,850
First Solar, Inc. *
24
3,047
Intel Corp.
975
22,135
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
KLA Corp.
30
20,334
Lam Research Corp.
289
21,006
Microchip Technology, Inc.
121
5,861
Micron Technology, Inc.
251
21,792
Monolithic Power Systems, Inc.
11
6,243
NVIDIA Corp.
5,512
597,458
NXP Semiconductors NV (China)
57
10,873
ON Semiconductor Corp. *
95
3,860
QUALCOMM, Inc.
249
38,242
Skyworks Solutions, Inc.
36
2,338
Teradyne, Inc.
36
3,028
Texas Instruments, Inc.
205
36,823
 
1,058,092
Software — 9.7%
Adobe, Inc. *
98
37,581
ANSYS, Inc. *
20
6,231
Autodesk, Inc. *
48
12,670
Cadence Design Systems, Inc. *
62
15,701
Crowdstrike Holdings, Inc., Class A *
56
19,548
Fair Isaac Corp. *
6
10,136
Fortinet, Inc. *
143
13,784
Gen Digital, Inc.
122
3,240
Intuit, Inc.
63
38,686
Microsoft Corp.
1,673
628,165
Oracle Corp.
365
51,053
Palantir Technologies, Inc., Class A *
461
38,943
Palo Alto Networks, Inc. *
149
25,432
PTC, Inc. *
27
4,197
Roper Technologies, Inc.
24
14,231
Salesforce, Inc.
216
57,810
ServiceNow, Inc. *
46
36,917
Synopsys, Inc. *
35
14,922
Tyler Technologies, Inc. *
10
5,601
Workday, Inc., Class A *
48
11,249
 
1,046,097
Specialized REITs — 1.0%
American Tower Corp.
105
22,888
Crown Castle, Inc.
98
10,197
Digital Realty Trust, Inc.
71
10,206
Equinix, Inc.
22
17,864
Extra Space Storage, Inc.
48
7,086
Iron Mountain, Inc.
66
5,689
Public Storage
36
10,617
SBA Communications Corp.
24
5,325
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Specialized REITs — continued
VICI Properties, Inc.
237
7,740
Weyerhaeuser Co.
163
4,782
 
102,394
Specialty Retail — 1.9%
AutoZone, Inc. *
4
14,405
Best Buy Co., Inc.
44
3,224
CarMax, Inc. *
35
2,698
Home Depot, Inc. (The)
224
81,948
Lowe's Cos., Inc.
127
29,644
O'Reilly Automotive, Inc. *
13
18,536
Ross Stores, Inc.
74
9,490
TJX Cos., Inc. (The)
253
30,821
Tractor Supply Co.
120
6,625
Ulta Beauty, Inc. *
10
3,826
Williams-Sonoma, Inc.
28
4,381
 
205,598
Technology Hardware, Storage & Peripherals — 7.3%
Apple, Inc.
3,381
751,115
Dell Technologies, Inc., Class C
70
6,401
Hewlett Packard Enterprise Co.
296
4,562
HP, Inc.
211
5,845
NetApp, Inc.
46
4,020
Seagate Technology Holdings plc
48
4,048
Super Micro Computer, Inc. * (b)
113
3,881
Western Digital Corp. *
78
3,165
 
783,037
Textiles, Apparel & Luxury Goods — 0.3%
Deckers Outdoor Corp. *
34
3,820
Lululemon Athletica, Inc. *
25
7,138
NIKE, Inc., Class B
266
16,879
Ralph Lauren Corp.
9
1,982
Tapestry, Inc.
47
3,281
 
33,100
Tobacco — 0.7%
Altria Group, Inc.
381
22,898
Philip Morris International, Inc.
350
55,554
 
78,452
Trading Companies & Distributors — 0.3%
Fastenal Co.
129
10,010
United Rentals, Inc.
15
9,212
WW Grainger, Inc.
10
9,855
 
29,077
Water Utilities — 0.1%
American Water Works Co., Inc.
44
6,472
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Wireless Telecommunication Services — 0.3%
T-Mobile US, Inc.
108
28,789
Total Common Stocks
(Cost $4,248,444)
10,703,983
 
NO. OF
RIGHTS
(000)
Rights — 0.0% ^
Health Care Equipment & Supplies — 0.0% ^
ABIOMED, Inc., CVR ‡ *
(Cost $10)
10
10
 
SHARES
(000)
Short-Term Investments — 1.4%
Investment Companies — 1.4%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 4.21% (c) (d)
(Cost $150,094)
150,094
150,094
Investment of Cash Collateral from Securities Loaned — 0.0% ^
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.38% (c) (d)
(Cost $5,081)
5,081
5,081
Total Short-Term Investments
(Cost $155,175)
155,175
Total Investments — 101.0%
(Cost $4,403,629)
10,859,168
Liabilities in Excess of Other Assets — (1.0)%
(109,759
)
NET ASSETS — 100.0%
10,749,409
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CVR
Contingent Value Rights
REIT
Real Estate Investment Trust
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable inputs.
 
*
Non-income producing security.
 
(a)
Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.
 
(b)
The security or a portion of this security is on loan at March 31, 2025. The total value of securities on loan at March 31, 2025 is $4,996.
 
(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 March 31, 2025.
 
JPMorgan Equity Index 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
155
06/20/2025
USD
43,840
(107
)
 
Abbreviations
 
USD
United States Dollar
JPMorgan Equity Index 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 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
$10,703,983
$—
$—
$10,703,983
Rights
—
—
10
10
Short-Term Investments
Investment Companies
150,094
—
—
150,094
Investment of Cash Collateral from Securities Loaned
5,081
—
—
5,081
Total Short-Term Investments
155,175
—
—
155,175
Total Investments in Securities
$10,859,158
$—
$10
$10,859,168
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Depreciation in Other Financial Instruments
Futures Contracts
$(107
)
$—
$—
$(107
)
B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. 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 Chase & Co.  (a)
$130,535
$12,487
$16,031
$3,659
$23,740
$154,390
629
$2,325
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.38%  (b) (c)
10,453
125,402
130,775
1
—
5,081
5,081
285
—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 4.31%  (b) (c)
2,022
19,657
21,679
—
—
—
—
23
—
JPMorgan U.S. Government Money Market Fund
Class Institutional Shares, 4.21%  (b) (c)
31,098
580,370
461,374
—
—
150,094
150,094
1,047
—
Total
$174,108
$737,916
$629,859
$3,660
$23,740
$309,565
$3,680
$—
 
 
(a)
Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.
(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.