# Product Snapshot - JPMorgan Equity Income Fund

> Audience: country=us, language=en, role=adv.
> Generated: 2026-10-20T00:32:49.899194412Z.

## Identity

- **Fund Name**: JPMorgan Equity Income Fund
- **Share Class Name**: JPMorgan Equity Income Fund-A
- **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-income-fund-a-4812c0464)
- **Ticker Symbol**: OIEIX
- **CUSIP**: 4812C0464
- **Fund Type**: MUTUAL FUND
- **Asset Class**: U.S. Equity

## Media

### A conservative approach to equities pays dividends.

The Equity Income Fund, which focuses on high-quality U.S. companies with healthy and sustainable dividends, seeks to provide lower volatility access to stock market growth.


- Experienced co-portfolio management team with an average of over 30 years of industry experience.
- Invests in high-quality U.S. companies with attractive valuations and healthy dividends.
- Outperformed its benchmark 57% of the time for rolling 5-year periods over 10 years.1
- Equity Income has provided less exposure to the downside, with 90% down capture over 10 years compared to US Fund Large Value average of 95% downside.

Excess growth of $100,000 over 10 years

Compared to benchmark and category average, in thousands (difference vs. benchmark)

- **Image**: [This chart shows how the Fund has outperformed its benchmark and its large value peers over the latest 10-year period](https://cdn.jpmorganfunds.com/content/dam/jpm-am-aem/americas/us/en/images/npe-featured-images/sto-einc-2q26-chart.svg)

 [Disclosure 1]

## Fund Facts

- **Ticker**: OIEIX
- **CUSIP**: 4812C0464
- **Share Class Number**: 3158
- **Asset Class**: U.S. Equity
- **Fund Inception Date**: 07/02/1987
- **Share Class Inception Date**: 02/18/1992
- **ESG Approach**: Integrated [Disclosure 2]

## Fund Stats

- **NAV  As of 10/19/2026**: $27.91
- **NAV Change ($) As of 10/19/2026**: $-0.08
- **NAV Change (%) As of 10/19/2026**: -0.29%
- **30 Day SEC Yield  As of 09/30/2026**: 0.81%
- **30 Day SEC Yield Unsubsidized As of 09/30/2026**: 0.81%
- **12-Month Rolling Dividend Yield As of 09/30/2026**: 1.16% [Disclosure 3]
- **Fund Assets As of 10/19/2026**: $42.78bn
- **Number of Holdings As of 09/30/2026**: 84
- **YTD  As of 10/19/2026**: 16.57%
- **YTD (Total Return w/Load) As of 10/19/2026**: 10.44%

## Fees & Charges

### Fees

- **Gross Expenses**: 0.95%
- **Net Expenses**: 0.95%


## Investment Terms

### Minimum Investments

#### IRA

- **Minimum Investment**: $1,000
- **Subsequent Investment**: $50

#### Regular

- **Minimum Investment**: $1,000
- **Subsequent Investment**: $50



## Portfolio Managers

### David Silberman

- **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/david-silberman/)
- **In the industry**: 37 years
- **With J.P. Morgan**: 37 years
- **Managing this fund**: 6 years

### Andrew Brandon

- **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/andrew-brandon/)
- **In the industry**: 28 years
- **With J.P. Morgan**: 26 years
- **Managing this fund**: 6 years

## Ratings

### Morningstar Overview Ratings

- **Category: **: Large Value
- **As of **: 09/30/2026
- **Overall**: 3 of 5 stars
- **Funds in Category**: 1055 Funds in Category
- **3 Year**: 3 of 5 stars
- **Funds in Category**: 1055 Funds in Category
- **5 Year**: 3 of 5 stars
- **Funds in Category**: 994 Funds in Category
- **10 Year**: 3 of 5 stars
- **Funds in Category**: 842 Funds in Category
 [Disclosure 4]

### Morningstar Overview Ranking

- **Category: **: Large Value
- **As of **: 09/30/2026
- **1 Year**: Rank 535
- **Funds in Category**: 1117 Funds in Category
- **Group Percentile**: 49%
- **3 Year**: Rank 643
- **Funds in Category**: 1055 Funds in Category
- **Group Percentile**: 61%
- **5 Year**: Rank 659
- **Funds in Category**: 994 Funds in Category
- **Group Percentile**: 68%
- **10 Year**: Rank 412
- **Funds in Category**: 842 Funds in Category
- **Group Percentile**: 54%
 [Disclosure 5]

### Morningstar Medalist Rating

- **Morningstar Medalist Rating™**: Silver
- **As of **: 09/01/2026
- **Category: **: Large Value
- **Analyst-Driven %: **: 100
- **Data Coverage %: **: 100
 [Disclosure 6]

### Lipper Rankings: Equity Income Funds

- **As of**: 09/30/2026
- **1 Year**: Rank 119
- **Funds in Category**: 484 Funds in Category
- **Group Percentile**: 25%
- **3 Year**: Rank 216
- **Funds in Category**: 446 Funds in Category
- **Group Percentile**: 49%
- **5 Year**: Rank 200
- **Funds in Category**: 415 Funds in Category
- **Group Percentile**: 49%
- **10 Year**: Rank 142
- **Funds in Category**: 341 Funds in Category
- **Group Percentile**: 42%
 [Disclosure 7]

## Portfolio

### Portfolio Stats

- **Number of Holdings** (As of 09/30/2026): 84
- **Fund Assets** (As of 09/30/2026): $41.92bn
- **Turnover Ratio (Trailing 12 month) (6/30/2025)**: 19.52%
- **Wtd. Avg. Market Cap**: $794.13bn
- **Median Market Cap**: $155.74bn
- **P/B Ratio**: 3.45 [Disclosure 8]
- **P/E Ratio (1 yr. forecast)**: 18.42 [Disclosure 9]
- **P/E Ratio (1 yr. trailing)**: 21.73 [Disclosure 10]


### Top 10 Holdings

_As of 09/30/2026_

| Holding | Weight |
| --- | ---: |
| Amazon.com, Inc. | 6.2% |
| Microsoft Corp. | 5.4% |
| Apple, Inc. | 3.8% |
| Johnson & Johnson | 2.5% |
| Philip Morris International, Inc. | 2.4% |
| ConocoPhillips | 2.0% |
| Wells Fargo & Co. | 2.0% |
| Bank of America Corp. | 1.9% |
| Chevron Corp. | 1.9% |
| AbbVie, Inc. | 1.8% |
| Total of top 10 | 29.9% |
 [Disclosure 11]

### Sector Breakdown

_As of 09/30/2026_

| Sector | Fund | Index |
| --- | ---: | ---: |
| Communication Services | 3.9% | 3.4% |
| Consumer Discretionary | 11.5% | 10.2% |
| Consumer Staples | 6.2% | 7.3% |
| Energy | 5.0% | 6.2% |
| Financials | 19.1% | 18.3% |
| Health Care | 14.7% | 13.3% |
| Industrials | 12.7% | 10.5% |
| Information Technology | 17.0% | 20.6% |
| Materials | 3.4% | 3.4% |
| Real Estate | 2.4% | 3.4% |
| Short-Term Investments | 0.3% | 0.0% |
| Utilities | 3.8% | 3.4% |
 [Disclosure 12]

### Risk Measures

_As of 09/30/2026_

| Risk Measures | Risk Measures |
| --- | ---: |
| Alpha | -0.05 |
| Beta | 0.91 |
| Sharpe Ratio | 1.07 |
| Standard Deviation | 11.53 |
| Tracking Error | 2.77 |
| R-squared | 95.00 |
 [Disclosure 13]

### Top 5 Quarterly Contributors

_As of 08/31/2026_

| Holding | Top 5 Quarterly Contributors |
| --- | ---: |
| Microsoft Corp. | 0.99% |
| Amazon.com, Inc. | 0.45% |
| Apple, Inc. | 0.45% |
| Bank of America Corp. | 0.41% |
| Johnson & Johnson | 0.41% |


### Top 5 Quarterly Detractors

_As of 08/31/2026_

| Holding | Top 5 Quarterly Detractors |
| --- | ---: |
| Alphabet, Inc., Class C | -0.33% |
| International Business Machines Corp. | -0.31% |
| NXP Semiconductors NV | -0.28% |
| Analog Devices, Inc. | -0.22% |
| Texas Instruments, Inc. | -0.18% |


## Commentary

**As of **: 06/30/2026

### Topline

Benchmark Russell 1000 Value Index

Markets The S&P 500 Index gained 15.20% in the second quarter of 2026. Within the index, information technology and industrials were the best performing sectors, returning 31.79% and 14.88%, respectively, while energy and utilities were the worst performing sectors, returning -13.45% and -0.53%, respectively.

Hurt Stock selection in technology hurt performance.

Helped Stock selection in health care contributed to portfolio results.

Outlook The U.S. equity market remains constructive amid evolving macroeconomic and geopolitical conditions. Continued strength in corporate earnings, coupled with robust AI-related investment, continue to support the outlook for equities. However, narrow market leadership and heightened return dispersion reinforce the case for active stock selection. We remain focused on high-conviction stocks and seek to take advantage of market dislocations for compelling stock selection opportunities.

### Quarter in Review

The JPMorgan Equity Income Fund (I Class Shares) underperformed the benchmark, the Russell 1000 Value Index, for the quarter ending June 30, 2026.

Within technology, underperformance was largely driven by an underweight to the highest-beta pockets of the AI trade within technology, such as Micron, as the stock rose more than 230% in the quarter. Enthusiasm was fueled by AI-driven demand and emerging bottlenecks in memory, while hyperscaler CapEx continued to climb.

Stock selection in health care was a bright spot, particularly led by CVS Health. The company delivered a strong earnings beat and raised guidance, driven primarily by better-than-expected results in its managed care business, Aetna, as Medicare Advantage margins continued to recover. We appreciate the company's diversified business model across insurance, pharmacy benefits and retail pharmacy, which provides multiple avenues for earnings growth. While we trimmed the position as shares have appreciated, we maintain conviction as CVS continues to execute on its multi-year earnings recovery, with significant embedded upside remaining as Aetna profitability normalizes toward historical levels.

### Looking Ahead

We believe wide valuation spreads and robust and improving earnings breadth provide a constructive backdrop for alpha generation. We've taken advantage of the opportunity set, initiating 13 new positions, year to date (most since 2021).

Health care: Managed care specifically presents an interesting opportunity, as the broader backdrop is more favorable on the underwriting cycle, valuations are undemanding, and there's a component of improving execution.

Stable businesses with underappreciated AI tailwinds: We identified a leader within paints and coatings, given its industry leadership (relationships across 19 of the top 20 U.S. homebuilders), and also an emerging AI opportunity to provide coatings to data centers.

Underappreciated AI disruptors: We’ve added to a bank, given improving margins and profits through 140 AI agents that work alongside humans (20% faster onboarding and 80% faster inquiry investigation).

## Documents

- [Factsheet: JPMorgan Equity Income Fund (A)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/us-equity/FS-EINC-A.PDF)
- [Fund Story: Equity Income Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fund-story/STO-EINC.pdf)
- [Commentary: Equity Income Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-EINC.PDF)
- [Section 19a Notice - December 2025](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/section-19-notices/section-19a-notice-aa-funds-12-2025.pdf)
- [Russell Rebalance Notification (May 2026) - Equity Income Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/russell-rebalance-notification-equity-income-fund.pdf)
- [Supplemental Data Sheet - Equity Income Fund (Quarterly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-EINC-1.PDF)
- [Supplemental Data Sheet - Equity Income Fund (Monthly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-EINC-2.PDF)
- [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812C0464/SP?site=JPMorganv3)
- [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812C0464/P?site=JPMorganv3)
- [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812C0464/AR?site=JPMorganv3)
- [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812C0464/NCSR?site=JPMorganv3)
- [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812C0464/SAR?site=JPMorganv3)
- [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812C0464/NCSRS?site=JPMorganv3)
- [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812C0464/QH1?site=JPMorganv3)
- [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812C0464/QH3?site=JPMorganv3)
- [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/4812C0464/S?site=JPMorganv3)
- [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/4812C0464/NPX?site=JPMorganv3)

## Disclosures

1. 1Chart source: Morningstar, J.P. Morgan Asset Management; data as of 6/30/26. Morningstar Large Value Category. Returns for I share class. Minimum eligibility requirements for the I share class apply; please see prospectus for further details. Other share classes may have higher expenses, which would result in lower returns. Ten-year growth with dividends and capital gains reinvested. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. The $0 value for benchmark growth is the baseline for the over and under comparison. Source: Morningstar, Large Value Category. I shares as of 6/30/26. Ranked: 1-yr. (478/1106), 3-yrs. (646/1054), 5-yrs. (617/991), 10-yrs. (390/830).

2. This Fund considers financially material environmental, social and governance ("ESG") factors as part of the Fund's investment process. In actively managed assets deemed by J.P. Morgan Asset Management to be ESG integrated under our governance process, we systematically assess financially material ESG factors amongst other factors in our investment decisions with the goals of managing risk and improving long-term returns. ESG integration does not change a strategy's investment objective, exclude specific types of companies or constrain a strategy's investable universe.

3. The 12-Month Rolling Dividend Yield represents the sum of the dividend yield (non-annualized) for the 12 most recent regularly declared income dividends as well as any special income distributions in the intervening period. Dividend yield (non-annualized) is calculated by dividing the dividend per share by the net asset value per share as of the relevant ex-dividend date.

4. Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

5. The ranking information is provided by Morningstar. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Morningstar category. Different share classes may have different rankings.

6. The Morningstar Medalist RatingTM is a summary expression of Morningstar's forward-looking analysis of investment strategies using a rating scale of Gold, Silver, Bronze, Neutral and Negative. Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with fees, forms the basis for Morningstar's conviction in those products' investment merits and determines the Medalist Rating assigned. Products are sorted by expected performance into rating groups defined by their Morningstar Category and their active or passive status. Analyst-covered products are assigned the three pillar ratings based on the analyst's qualitative assessment, subject to the Analyst Rating Committee's oversight, monitored and reevaluated at least every 14 months. Ratings are assigned monthly for vehicles covered either indirectly by analysts or by algorithm. For more detailed information including methodology, please go to global.morningstar.com/managerdisclosures.Ratings and rankings should not be used as the sole basis in evaluating an investment product and should not be considered an offer or solicitation to buy or sell the investment product.©2026Morningstar Inc. All rights reserved. Morningstar information is proprietary to Morningstar and/or its content providers, may not be copied or distributed and is not warranted to be accurate, complete or timely.

7. The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings.

8. P/B ratio is the relationship between a stock's price and the book value of that stock.

9. The number by which earnings per share is multiplied to estimate a stock's value based on the forecasted earnings for the next 12 months.

10. The number by which earnings per share is multiplied to estimate a stock's value based on the actual earnings over the last 12 months.

11. The top 10 holdings listed exclude cash and money markets. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable.

12. Due to rounding, values may not total 100%.

13. All risk measures are based on a 3 year time period. Risk measures are calculated based upon the broad-based index as stated in the prospectus.