# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0002071691-25-007786
**Filing Date:** 2025-11
**Character Count:** 61948
**Document Hash:** 8f961f2373f62c83069f1ae75a2a4723
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007786.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007786

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Trust I
- **CENTRAL INDEX KEY:** 0001217286

**ORGANIZATION NAME:**
- **EIN:** 331043149
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 251528392

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JP MORGAN MUTUAL FUND SERIES
- **DATE OF NAME CHANGE:** 20030204

## Series and Classes Contracts Data

### JPMorgan U.S. Value Fund (Series ID: S000002768)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007583 | Class I      | VGIIX           |
| C000007584 | Class A      | VGRIX           |
| C000007586 | Class C      | VGICX           |
| C000162364 | Class R2     | VGRTX           |
| C000162365 | Class R5     | VGIFX           |
| C000162366 | Class R6     | VGINX           |
| C000190876 | Class R3     | JGAVX           |
| C000190877 | Class R4     | JGRUX           |

## Nport-Ex

**JPMorgan U.S. Value Fund**

**Schedule of Portfolio Investments as of September 30, 2025**

**(Unaudited)** 

---

| |
|:---|
| &nbsp;&nbsp; THE "UNAUDITED MUTUAL FUNDS HOLDINGS" LIST ("the <br> List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS <br> NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR <br> SALES LITERATURE WITH THE GENERAL PUBLIC. The list is <br> submitted for the general information of the shareholders of the Fund. <br> It is not authorized for distribution to prospective investors in the Fund <br> unless preceded or accompanied by a prospectus. The list has been <br> created from the books and records of the Fund. Holdings are <br> available 60 days after the fund's fiscal quarter, using a trade date <br> accounting convention, by contacting the appropriate service center. <br> The list is subject to change without notice. The list is for <br> informational purposes only and is not intended as an offer or <br> solicitation with respect to the purchase or sale of any security.<br>|
| &nbsp;&nbsp; JPMorgan Asset Management is the marketing name for the asset <br> management business of J.P. Morgan Chase & Co.<br>|
| J.P. Morgan Distribution Services, Inc., member FINRA. |
|© J.P. Morgan Chase & Co., 2025. |

---

------

**JPMorgan U.S. Value Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Aerospace & Defense — 4.2%** | **Aerospace & Defense — 4.2%** | **Aerospace & Defense — 4.2%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp;&nbsp; 111295 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 39728 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 714 | &nbsp;&nbsp;&nbsp;&nbsp; 119385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 270408 |
| **Banks — 8.8%** | **Banks — 8.8%** | **Banks — 8.8%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3298 | &nbsp;&nbsp;&nbsp;&nbsp; 170153 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp;&nbsp; 67949 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 49562 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp;&nbsp; 65596 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2631 | &nbsp;&nbsp;&nbsp;&nbsp; 220564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 573824 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 45646 |
| **Biotechnology — 2.3%** | **Biotechnology — 2.3%** | **Biotechnology — 2.3%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 86707 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 32605 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 32676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 151988 |
| **Broadline Retail — 1.8%** | **Broadline Retail — 1.8%** | **Broadline Retail — 1.8%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp;&nbsp; 115180 |
| **Building Products — 1.8%** | **Building Products — 1.8%** | **Building Products — 1.8%** |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1987 | &nbsp;&nbsp;&nbsp;&nbsp; 118617 |
| **Capital Markets — 8.3%** | **Capital Markets — 8.3%** | **Capital Markets — 8.3%** |
| &nbsp;&nbsp;&nbsp; Ares Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp; 51169 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 382 | &nbsp;&nbsp;&nbsp;&nbsp; 41598 |
| &nbsp;&nbsp;&nbsp; Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 49544 |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 59792 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 1425 | &nbsp;&nbsp;&nbsp;&nbsp; 136045 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 94130 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp;&nbsp; 105748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 538026 |
| **Chemicals — 2.1%** | **Chemicals — 2.1%** | **Chemicals — 2.1%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 381 | &nbsp;&nbsp;&nbsp;&nbsp; 103781 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1226 | &nbsp;&nbsp;&nbsp;&nbsp; 35100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 138881 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; 33127 |
| **Construction Materials — 1.4%** | **Construction Materials — 1.4%** | **Construction Materials — 1.4%** |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp;&nbsp; 91644 |
| **Consumer Finance — 3.2%** | **Consumer Finance — 3.2%** | **Consumer Finance — 3.2%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp;&nbsp; 100052 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 504 | &nbsp;&nbsp;&nbsp;&nbsp; 107048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 207100 |

---

------

**JPMorgan U.S. Value Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp; 63859 |
| **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** |
| &nbsp;&nbsp;&nbsp; Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 869 | &nbsp;&nbsp;&nbsp;&nbsp; 43798 |
| **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 397 | &nbsp;&nbsp;&nbsp;&nbsp; 36964 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 936 | &nbsp;&nbsp;&nbsp;&nbsp; 70667 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 623 | &nbsp;&nbsp;&nbsp;&nbsp; 50270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 157901 |
| **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp; 124086 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 549 | &nbsp;&nbsp;&nbsp;&nbsp; 62842 |
| **Financial Services — 2.2%** | **Financial Services — 2.2%** | **Financial Services — 2.2%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 90335 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 759 | &nbsp;&nbsp;&nbsp;&nbsp; 50051 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 140386 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 747 | &nbsp;&nbsp;&nbsp;&nbsp; 46679 |
| **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1701 | &nbsp;&nbsp;&nbsp;&nbsp; 60399 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp; 99512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 159911 |
| **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** | **Health Care Equipment & Supplies — 1.8%** |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp; 40468 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp;&nbsp; 30387 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp; 478 | &nbsp;&nbsp;&nbsp;&nbsp; 45535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 116390 |
| **Health Care Providers & Services — 3.9%** | **Health Care Providers & Services — 3.9%** | **Health Care Providers & Services — 3.9%** |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp; 51622 |
| &nbsp;&nbsp;&nbsp; Cigna Group (The) | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; 66585 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 867 | &nbsp;&nbsp;&nbsp;&nbsp; 65349 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; 73013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 256569 |
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 753 | &nbsp;&nbsp;&nbsp;&nbsp; 52736 |
| **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2313 | &nbsp;&nbsp;&nbsp;&nbsp; 39371 |
| **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 31683 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 85208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 116891 |

---

------

**JPMorgan U.S. Value Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Products — 1.0%** | **Household Products — 1.0%** | **Household Products — 1.0%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp; 64850 |
| **Industrial Conglomerates — 1.3%** | **Industrial Conglomerates — 1.3%** | **Industrial Conglomerates — 1.3%** |
| &nbsp;&nbsp;&nbsp; 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp; 543 | &nbsp;&nbsp;&nbsp;&nbsp; 84318 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp; 22754 |
| **Insurance — 3.3%** | **Insurance — 3.3%** | **Insurance — 3.3%** |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp;&nbsp; 58458 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 43979 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp; 73090 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 36625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 212152 |
| **Interactive Media & Services — 2.6%** | **Interactive Media & Services — 2.6%** | **Interactive Media & Services — 2.6%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp; 529 | &nbsp;&nbsp;&nbsp;&nbsp; 128749 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 43305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 172054 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 43104 |
| **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp; 67646 |
| **Machinery — 3.3%** | **Machinery — 3.3%** | **Machinery — 3.3%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 64947 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp;&nbsp; 80911 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 66628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 212486 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1866 | &nbsp;&nbsp;&nbsp;&nbsp; 58625 |
| **Multi-Utilities — 1.7%** | **Multi-Utilities — 1.7%** | **Multi-Utilities — 1.7%** |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp; 62973 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 553 | &nbsp;&nbsp;&nbsp;&nbsp; 46182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 109155 |
| **Oil, Gas & Consumable Fuels — 5.4%** | **Oil, Gas & Consumable Fuels — 5.4%** | **Oil, Gas & Consumable Fuels — 5.4%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp;&nbsp; 119735 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 117270 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 714 | &nbsp;&nbsp;&nbsp;&nbsp; 80085 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp;&nbsp; 31434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 348524 |
| **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1512 | &nbsp;&nbsp;&nbsp;&nbsp; 68193 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 37569 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 514 | &nbsp;&nbsp;&nbsp;&nbsp; 95303 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp; 55987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 257052 |

---

------

**JPMorgan U.S. Value Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 17820 |
| **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 38795 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 482 | &nbsp;&nbsp;&nbsp;&nbsp; 118579 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp; 48551 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp; 314 | &nbsp;&nbsp;&nbsp;&nbsp; 71460 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp; 90946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 368331 |
| **Software — 1.7%** | **Software — 1.7%** | **Software — 1.7%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp; 110053 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; 31085 |
| **Specialty Retail — 6.1%** | **Specialty Retail — 6.1%** | **Specialty Retail — 6.1%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 62028 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp; 92679 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp;&nbsp; 108339 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp;&nbsp; 43745 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 629 | &nbsp;&nbsp;&nbsp;&nbsp; 90950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 397741 |
| **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 677 | &nbsp;&nbsp;&nbsp;&nbsp; 81245 |
| **Tobacco — 1.8%** | **Tobacco — 1.8%** | **Tobacco — 1.8%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 741 | &nbsp;&nbsp;&nbsp;&nbsp; 120182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $4,609,655)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 6445037 |
| **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** |
| **Investment Companies — 0.9%** | **Investment Companies — 0.9%** | **Investment Companies — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, 4.20% (a) (b) <br>(Cost $55,535)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55523 | &nbsp;&nbsp;&nbsp;&nbsp; 55545 |
| **Total Investments — 100.0%** <br>**(Cost $4,665,190)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **6500582** |
| **Other Assets in Excess of Liabilities — 0.0% ^** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1291** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **6501873** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (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 <br> Investment Management Inc.<br>|
| (b) | The rate shown is the current yield as of September 30, 2025. |

---

------

**JPMorgan U.S. Value Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $6500582 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6500582 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

**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.

------

**JPMorgan U.S. Value Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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 September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**September 30,** <br>**2025**<br>| **Shares at** <br>**September 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.20% (a) (b)<br>| $184750 | $104766 | $233985 | $7 | $7 | $55545 | 55523 | $1062 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.20% <br> (a) (b)<br>| 23649 | 8136 | 31785 |  |  |  |  | 218 |  |
| **Total** | $208399 | $112902 | $265770 | $7 | $7 | $55545 |  | $1280 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of September 30, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** JPMorgan Trust I

- **b. Investment Company Act file number:** 811-21295

- **c. CIK number of Registrant:** 0001217286

- **d. LEI of Registrant:** 549300DM5WZMCZZ70R78

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 277 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

  - **Telephone number:** 800-480-4111

**Item A.2. Information about the Series.**

- **a. Name of Series:** JPMorgan U.S. Value Fund

- **b. EDGAR series identifier (if any):** S000002768

- **c. LEI of Series:** 549300JZNNMRZLPYEY24

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $6504382597.67

**Total Liabilities:** $3819189.90

**Net Assets:** $6500563407.77

**Cash Not Reported:** $194553.11

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007583 | 0.26%                | 3.14%                | 0.89%                |
| Class ID C000190877 | 0.24%                | 3.15%                | 0.88%                |
| Class ID C000190876 | 0.23%                | 3.12%                | 0.86%                |
| Class ID C000007584 | 0.23%                | 3.12%                | 0.85%                |
| Class ID C000162366 | 0.26%                | 3.17%                | 0.90%                |
| Class ID C000162365 | 0.26%                | 3.15%                | 0.89%                |
| Class ID C000162364 | 0.21%                | 3.09%                | 0.84%                |
| Class ID C000007586 | 0.18%                | 3.08%                | 0.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $26990428.85             | $-16270755.60                              |
| Month 2  | $15715557.01             | $174788459.30                              |
| Month 3  | $-600496.44              | $50338969.50                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                         | Title                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Host Hotels & Resorts, Inc.                  | Host Hotels & Resorts, Inc.                  | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |   2313223 | NS      | $39371055.46  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp. plc                              | Eaton Corp. plc                              | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |    331558 | NS      | $124085581.50 | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock, Inc.                              | Blackrock, Inc.                              | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     42495 | NS      | $49543645.65  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                            | Exxon Mobil Corp.                            | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    278788 | NS      | $31433347.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co.                         | Vulcan Materials Co.                         | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    297912 | NS      | $91643689.44  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                                | Walmart, Inc.                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    619634 | NS      | $63859480.04  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                                   | Chubb Ltd.                                   | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |    155815 | NS      | $43978783.75  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc.                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    524569 | NS      | $115179615.33 | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp.                       | Northrop Grumman Corp.                       | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     65201 | NS      | $39728273.32  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co.                     | Bristol-Myers Squibb Co.                     | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |   1512036 | NS      | $68192823.60  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                              | Eli Lilly & Co.                              | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     49239 | NS      | $37569357.00  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                               | Alphabet, Inc., Class C                      | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    528635 | NS      | $128749054.25 | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.                      | Boston Scientific Corp.                      | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    311249 | NS      | $30387239.87  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.        | International Business Machines Corp.        | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |    152764 | NS      | $43103890.24  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                      | Republic Services, Inc., Class A             | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |    144358 | NS      | $33127273.84  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy, Inc.                         | NextEra Energy, Inc.                         | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    936107 | NS      | $70666717.43  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co.                         | American Express Co.                         | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |    301216 | NS      | $100051906.56 | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    513986 | NS      | $95303284.12  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                            | Merck & Co., Inc.                            | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    667068 | NS      | $55987017.24  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co.                       | Becton Dickinson & Co.                       | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |    216209 | NS      | $40467838.53  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp. (The)                      | Progressive Corp. (The)                      | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    295970 | NS      | $73089791.50  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot, Inc. (The)                       | Home Depot, Inc. (The)                       | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |    228730 | NS      | $92679108.70  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos., Inc. (The)                   | Travelers Cos., Inc. (The)                   | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |    131170 | NS      | $36625287.40  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp.                       | General Dynamics Corp.                       | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |    326379 | NS      | $111295239.00 | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co.                                  | Deere & Co.                                  | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |    142035 | NS      | $64946924.10  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas, Inc.                                 | Ventas, Inc.                                 | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    753487 | NS      | $52736555.13  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                              | Citigroup, Inc.                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    669450 | NS      | $67949175.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone, Inc.                               | AutoZone, Inc.                               | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |     14458 | NS      | $62028289.92  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                         | Meta Platforms, Inc., Class A                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     58968 | NS      | $43304919.84  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                | Medtronic plc                                | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |    478112 | NS      | $45535386.88  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals, Inc.             | Air Products and Chemicals, Inc.             | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |    380541 | NS      | $103781141.52 | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                  | Capital One Financial Corp.                  | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    503567 | NS      | $107048272.86 | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp.                         | Carrier Global Corp.                         | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |   1986887 | NS      | $118617153.90 | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International, Inc.            | Philip Morris International, Inc.            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    740947 | NS      | $120181603.40 | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp.                                | Comcast Corp., Class A                       | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   1865843 | NS      | $58624787.06  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy, Inc.                            | Xcel Energy, Inc.                            | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    623305 | NS      | $50269548.25  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                        | Cardinal Health, Inc.                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |    328884 | NS      | $51621632.64  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group, Inc.        | Public Service Enterprise Group, Inc.        | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |    553343 | NS      | $46182006.78  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone, Inc.                             | Blackstone, Inc.                             | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |    349967 | NS      | $59791861.95  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co.                     | Arthur J Gallagher & Co.                     | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |    188732 | NS      | $58457849.68  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                            | Wells Fargo & Co.                            | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   2631405 | NS      | $220564367.10 | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo, Inc.                                | PepsiCo, Inc.                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    325019 | NS      | $45645668.36  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.                     | Berkshire Hathaway, Inc., Class B            | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |    179685 | NS      | $90334836.90  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley                               | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    665247 | NS      | $105747663.12 | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd.                  | Axalta Coating Systems Ltd.                  | CUSIP: N/A<br>LEI: 529900AGLPA40GV6H619       | Long             | EC               | CORP              | BM        |   1226426 | NS      | $35100312.12  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices, Inc.                 | Advanced Micro Devices, Inc.                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    239785 | NS      | $38794815.15  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp.                                   | Ball Corp.                                   | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |    868664 | NS      | $43798038.88  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.                 | Vertex Pharmaceuticals, Inc.                 | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     83433 | NS      | $32675700.12  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos., Inc.                            | Lowe's Cos., Inc.                            | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |    431097 | NS      | $108338987.07 | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                         | Analog Devices, Inc.                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |    482619 | NS      | $118579488.30 | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                | Chevron Corp.                                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    771041 | NS      | $119734956.89 | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group (The)                            | Cigna Group (The)                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |    230997 | NS      | $66584885.25  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                               | ConocoPhillips                               | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |   1239774 | NS      | $117270222.66 | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares, Inc.              | First Citizens BancShares, Inc., Class A     | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |     27701 | NS      | $49561521.16  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp. (The)                   | Charles Schwab Corp. (The)                   | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |   1425000 | NS      | $136044750.00 | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology, Inc.                      | Micron Technology, Inc.                      | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |    290168 | NS      | $48550909.76  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp.                             | CMS Energy Corp.                             | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    859580 | NS      | $62972830.80  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos., Inc. (The)                         | TJX Cos., Inc. (The)                         | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    629235 | NS      | $90949626.90  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                  | AvalonBay Communities, Inc.                  | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     92249 | NS      | $17819739.33  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)                   | Procter & Gamble Co. (The)                   | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    422063 | NS      | $64849979.95  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)              | Goldman Sachs Group, Inc. (The)              | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |    118202 | NS      | $94130162.70  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                        | Walt Disney Co. (The)                        | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    548839 | NS      | $62842065.50  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corp.                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    212479 | NS      | $110053498.05 | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp.                        | Ares Management Corp.                        | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |    320028 | NS      | $51169276.92  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   3298177 | NS      | $170152951.43 | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis, Inc.                               | Prologis, Inc.                               | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    198694 | NS      | $22754436.88  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Prime Money Market Fund             | JPMorgan Prime Money Market Fund, Class IM   | CUSIP: 46637K844<br>LEI: 549300YD7H8SEEU7VG41 | Long             | STIV             | RF                | US        |  55522922 | NS      | $55545131.46  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp. (The)          | Bank of New York Mellon Corp. (The)          | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |    381776 | NS      | $41598312.96  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co.                                       | 3M Co.                                       | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |    543355 | NS      | $84317828.90  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                    | RTX Corp.                                    | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    713469 | NS      | $119384767.77 | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                 | Mondelez International, Inc., Class A        | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    747226 | NS      | $46679208.22  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                                 | AbbVie, Inc.                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    374480 | NS      | $86707099.20  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                          | Union Pacific Corp.                          | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |    421001 | NS      | $99512006.37  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                        | NXP Semiconductors NV                        | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |    313791 | NS      | $71459624.43  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp.                        | Western Digital Corp.                        | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |    676701 | NS      | $81244722.06  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.              | Regeneron Pharmaceuticals, Inc.              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     57988 | NS      | $32604912.76  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings, Inc.                       | Booking Holdings, Inc.                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      5868 | NS      | $31682916.36  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                          | EOG Resources, Inc.                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    714282 | NS      | $80085297.84  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.                     | UnitedHealth Group, Inc.                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    211449 | NS      | $73013339.70  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.               | Thermo Fisher Scientific, Inc.               | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    139471 | NS      | $67646224.42  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                    | O'Reilly Automotive, Inc.                    | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |    405760 | NS      | $43744985.60  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corp.                                  | Dover Corp.                                  | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |    484989 | NS      | $80910714.87  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                        | Parker-Hannifin Corp.                        | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     87883 | NS      | $66628496.45  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                             | McDonald's Corp.                             | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |    280391 | NS      | $85208020.99  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp.                             | CVS Health Corp.                             | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    866810 | NS      | $65348805.90  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp.                                | Entergy Corp.                                | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    396657 | NS      | $36964465.83  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                         | American Tower Corp.                         | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    161633 | NS      | $31085258.56  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp.                               | M&T Bank Corp.                               | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |    331931 | NS      | $65596204.22  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments, Inc.                      | Texas Instruments, Inc.                      | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    494998 | NS      | $90945982.54  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    759036 | NS      | $50050833.84  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp.                                    | CSX Corp.                                    | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |   1700902 | NS      | $60399030.02  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

**Name of Signer:** Timothy J. Clemens

**Title:** Treasurer and Principal Financial Officer