# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0002071691-25-001884
**Filing Date:** 2025-9
**Character Count:** 180101
**Document Hash:** 1cc8bcf760517bdcf3eb47f63fe2bb82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-001884.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0002071691-25-001884

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**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:** 251341902

**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 Research Market Neutral Fund (Series ID: S000002614)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007189 | Class A      | JMNAX           |
| C000081099 | Class C      | JMNCX           |
| C000081100 | Class I      | JMNSX           |

## Nport-Ex

**JPMorgan Research Market Neutral Fund**

**Schedule of Portfolio Investments as of July 31, 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 Research Market Neutral Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 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>|
| **Long Positions — 98.3%** | **Long Positions — 98.3%** | **Long Positions — 98.3%** |
| **Common Stocks — 78.4%** | **Common Stocks — 78.4%** | **Common Stocks — 78.4%** |
| **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 609 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 5364 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 4331 |
| &nbsp;&nbsp;&nbsp; TransDigm Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12242 |
| **Banks — 2.8%** | **Banks — 2.8%** | **Banks — 2.8%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 1561 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp (a) | &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 2522 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 1453 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 576 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 4422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10534 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 711 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2772 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 3051 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 966 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 1637 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 1227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6881 |
| **Broadline Retail — 1.2%** | **Broadline Retail — 1.2%** | **Broadline Retail — 1.2%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 4432 |
| **Building Products — 1.5%** | **Building Products — 1.5%** | **Building Products — 1.5%** |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 1078 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 4784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5862 |
| **Capital Markets — 4.2%** | **Capital Markets — 4.2%** | **Capital Markets — 4.2%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 5688 |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 1383 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 3075 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 1259 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 2576 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 1743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15724 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 771 |

---

------

**JPMorgan Research Market Neutral Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 1726 |
| **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1864 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp; Maplebear, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 1807 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 1262 |
| **Electric Utilities — 3.3%** | **Electric Utilities — 3.3%** | **Electric Utilities — 3.3%** |
| &nbsp;&nbsp;&nbsp; Entergy Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 3862 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 3261 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 5326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12449 |
| **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 932 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2774 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 785 |
| **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 1866 |
| **Entertainment — 2.0%** | **Entertainment — 2.0%** | **Entertainment — 2.0%** |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2901 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 1597 |
| &nbsp;&nbsp;&nbsp; Warner Music Group Corp., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 1981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7764 |
| **Financial Services — 7.8%** | **Financial Services — 7.8%** | **Financial Services — 7.8%** |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 2296 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 1160 |
| &nbsp;&nbsp;&nbsp; Corpay, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 6574 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 8280 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 875 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 7646 |
| &nbsp;&nbsp;&nbsp; Toast, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 1786 |
| &nbsp;&nbsp;&nbsp; WEX, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 868 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29485 |

---

------

**JPMorgan Research Market Neutral Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 412 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1297 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 2412 |
| &nbsp;&nbsp;&nbsp; Saia, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 521 |
| &nbsp;&nbsp;&nbsp; XPO, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3631 |
| **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 1489 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 880 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 2126 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5745 |
| **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** | **Health Care Providers & Services — 1.4%** |
| &nbsp;&nbsp;&nbsp; Cigna Group (The) | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 2242 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 878 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 1320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5476 |
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 876 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 2080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2956 |
| **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** |
| &nbsp;&nbsp;&nbsp; Carnival Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 3360 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 2198 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 1740 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 2817 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 2781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13081 |
| **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** |
| &nbsp;&nbsp;&nbsp; 3M Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 3383 |
| **Insurance — 4.1%** | **Insurance — 4.1%** | **Insurance — 4.1%** |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 5527 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 923 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 5041 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 4053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15544 |

---

------

**JPMorgan Research Market Neutral Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Interactive Media & Services — 1.7%** | **Interactive Media & Services — 1.7%** | **Interactive Media & Services — 1.7%** |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 4018 |
| &nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 2361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6379 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 3344 |
| **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1410 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 2550 |
| &nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4849 |
| **Machinery — 0.8%** | **Machinery — 0.8%** | **Machinery — 0.8%** |
| &nbsp;&nbsp;&nbsp; AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 697 |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 994 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 1062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3017 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 924 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 2404 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3761 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 471 |
| **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 4036 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 2270 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 2171 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 849 |
| &nbsp;&nbsp;&nbsp; Sempra | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 1283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10609 |
| **Oil, Gas & Consumable Fuels — 2.4%** | **Oil, Gas & Consumable Fuels — 2.4%** | **Oil, Gas & Consumable Fuels — 2.4%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 1557 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 568 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 1194 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1422 |
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 729 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 924 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; TC Energy Corp. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 2608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9200 |

---

------

**JPMorgan Research Market Neutral Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 561 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 1521 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3473 |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 675 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 1108 |
| **Semiconductors & Semiconductor Equipment — 7.2%** | **Semiconductors & Semiconductor Equipment — 7.2%** | **Semiconductors & Semiconductor Equipment — 7.2%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 2091 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 1669 |
| &nbsp;&nbsp;&nbsp; ASML Holding NV (Registered), NYRS (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 7387 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 2693 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 2271 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 3432 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 2170 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 3456 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27103 |
| **Software — 5.0%** | **Software — 5.0%** | **Software — 5.0%** |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 1567 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 1225 |
| &nbsp;&nbsp;&nbsp; Figma, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 5762 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 2049 |
| &nbsp;&nbsp;&nbsp; PTC, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 861 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 590 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 2377 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 2499 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 1361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18822 |
| **Specialized REITs — 1.5%** | **Specialized REITs — 1.5%** | **Specialized REITs — 1.5%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 1859 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 2444 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5856 |
| **Specialty Retail — 4.1%** | **Specialty Retail — 4.1%** | **Specialty Retail — 4.1%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1929 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 608 |

---

------

**JPMorgan Research Market Neutral Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 4569 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 3691 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 2311 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 2502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15610 |
| **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 1364 |
| &nbsp;&nbsp;&nbsp; Sandisk Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 577 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 2591 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 2125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6657 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 1842 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $239,192)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 296828 |
| **Short-Term Investments — 19.9%** | **Short-Term Investments — 19.9%** | **Short-Term Investments — 19.9%** |
| **Investment Companies — 19.9%** | **Investment Companies — 19.9%** | **Investment Companies — 19.9%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class Institutional Shares, 4.28% (b) (c)(Cost $75,602) | &nbsp;&nbsp;&nbsp;&nbsp; 75587 | &nbsp;&nbsp;&nbsp;&nbsp; 75602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Long Positions <br>(Cost $314,794)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 372430 |
| **Short Positions — (75.5)%** | **Short Positions — (75.5)%** | **Short Positions — (75.5)%** |
| **Common Stocks — (75.5)%** | **Common Stocks — (75.5)%** | **Common Stocks — (75.5)%** |
| **Aerospace & Defense — (1.1)%** | **Aerospace & Defense — (1.1)%** | **Aerospace & Defense — (1.1)%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (172)<br>|
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1783)<br>|
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1648)<br>|
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (527)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (4130)<br>|
| **Air Freight & Logistics — (0.2)%** | **Air Freight & Logistics — (0.2)%** | **Air Freight & Logistics — (0.2)%** |
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (919)<br>|
| **Automobiles — (0.8)%** | **Automobiles — (0.8)%** | **Automobiles — (0.8)%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp; (154)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1706)<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (917)<br>|
| &nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (227)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (2850)<br>|
| **Banks — (1.9)%** | **Banks — (1.9)%** | **Banks — (1.9)%** |
| &nbsp;&nbsp;&nbsp; KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp; (143)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2562)<br>|
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1768)<br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2965)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (7295)<br>|

---

------

**JPMorgan Research Market Neutral Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Beverages — (0.7)%** | **Beverages — (0.7)%** | **Beverages — (0.7)%** |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (242)<br>|
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (199)<br>|
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (803)<br>|
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1269)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (2513)<br>|
| **Biotechnology — (1.5)%** | **Biotechnology — (1.5)%** | **Biotechnology — (1.5)%** |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2567)<br>|
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2823)<br>|
| &nbsp;&nbsp;&nbsp; Moderna, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (417)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (5807)<br>|
| **Broadline Retail — (1.3)%** | **Broadline Retail — (1.3)%** | **Broadline Retail — (1.3)%** |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4974)<br>|
| **Building Products — (0.7)%** | **Building Products — (0.7)%** | **Building Products — (0.7)%** |
| &nbsp;&nbsp;&nbsp; Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (551)<br>|
| &nbsp;&nbsp;&nbsp; Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1956)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (2507)<br>|
| **Capital Markets — (5.1)%** | **Capital Markets — (5.1)%** | **Capital Markets — (5.1)%** |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1938)<br>|
| &nbsp;&nbsp;&nbsp; Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3551)<br>|
| &nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (919)<br>|
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (710)<br>|
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (997)<br>|
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3582)<br>|
| &nbsp;&nbsp;&nbsp; KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1088)<br>|
| &nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1814)<br>|
| &nbsp;&nbsp;&nbsp; Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3038)<br>|
| &nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1657)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (19294)<br>|
| **Chemicals — (0.4)%** | **Chemicals — (0.4)%** | **Chemicals — (0.4)%** |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1487)<br>|
| **Commercial Services & Supplies — (1.6)%** | **Commercial Services & Supplies — (1.6)%** | **Commercial Services & Supplies — (1.6)%** |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1983)<br>|
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (803)<br>|
| &nbsp;&nbsp;&nbsp; Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1711)<br>|
| &nbsp;&nbsp;&nbsp; Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1461)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (5958)<br>|
| **Communications Equipment — (0.3)%** | **Communications Equipment — (0.3)%** | **Communications Equipment — (0.3)%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1147)<br>|
| **Consumer Finance — (0.6)%** | **Consumer Finance — (0.6)%** | **Consumer Finance — (0.6)%** |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2440)<br>|
| **Consumer Staples Distribution & Retail — (4.3)%** | **Consumer Staples Distribution & Retail — (4.3)%** | **Consumer Staples Distribution & Retail — (4.3)%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2380)<br>|

---

------

**JPMorgan Research Market Neutral Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** |
| &nbsp;&nbsp;&nbsp; Kroger Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1735)<br>|
| &nbsp;&nbsp;&nbsp; Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8083)<br>|
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4229)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (16427)<br>|
| **Containers & Packaging — (0.5)%** | **Containers & Packaging — (0.5)%** | **Containers & Packaging — (0.5)%** |
| &nbsp;&nbsp;&nbsp; Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (200)<br>|
| &nbsp;&nbsp;&nbsp; International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp; (40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1850)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (2050)<br>|
| **Distributors — (0.4)%** | **Distributors — (0.4)%** | **Distributors — (0.4)%** |
| &nbsp;&nbsp;&nbsp; Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1364)<br>|
| **Electric Utilities — (4.0)%** | **Electric Utilities — (4.0)%** | **Electric Utilities — (4.0)%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3443)<br>|
| &nbsp;&nbsp;&nbsp; Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3873)<br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1531)<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2843)<br>|
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (850)<br>|
| &nbsp;&nbsp;&nbsp; PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2695)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (15235)<br>|
| **Electrical Equipment — (0.6)%** | **Electrical Equipment — (0.6)%** | **Electrical Equipment — (0.6)%** |
| &nbsp;&nbsp;&nbsp; Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (558)<br>|
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1680)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (2238)<br>|
| **Electronic Equipment, Instruments & Components — (0.2)%** | **Electronic Equipment, Instruments & Components — (0.2)%** | **Electronic Equipment, Instruments & Components — (0.2)%** |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (926)<br>|
| **Energy Equipment & Services — (0.4)%** | **Energy Equipment & Services — (0.4)%** | **Energy Equipment & Services — (0.4)%** |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1420)<br>|
| **Entertainment — (1.2)%** | **Entertainment — (1.2)%** | **Entertainment — (1.2)%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1148)<br>|
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2132)<br>|
| &nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1202)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (4482)<br>|
| **Financial Services — (1.6)%** | **Financial Services — (1.6)%** | **Financial Services — (1.6)%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (776)<br>|
| &nbsp;&nbsp;&nbsp; Block, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1283)<br>|
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2690)<br>|
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1415)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (6164)<br>|
| **Food Products — (0.5)%** | **Food Products — (0.5)%** | **Food Products — (0.5)%** |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107)<br>|
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1103)<br>|
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (765)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1975)<br>|

---

------

**JPMorgan Research Market Neutral Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Gas Utilities — (0.4)%** | **Gas Utilities — (0.4)%** | **Gas Utilities — (0.4)%** |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1530)<br>|
| **Ground Transportation — (0.8)%** | **Ground Transportation — (0.8)%** | **Ground Transportation — (0.8)%** |
| &nbsp;&nbsp;&nbsp; Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (237)<br>|
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (657)<br>|
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2201)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (3095)<br>|
| **Health Care Equipment & Supplies — (0.9)%** | **Health Care Equipment & Supplies — (0.9)%** | **Health Care Equipment & Supplies — (0.9)%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (467)<br>|
| &nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (928)<br>|
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (609)<br>|
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (718)<br>|
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (674)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (3396)<br>|
| **Health Care Providers & Services — (1.6)%** | **Health Care Providers & Services — (1.6)%** | **Health Care Providers & Services — (1.6)%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (966)<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1882)<br>|
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1475)<br>|
| &nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (448)<br>|
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1083)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (5854)<br>|
| **Hotels, Restaurants & Leisure — (1.7)%** | **Hotels, Restaurants & Leisure — (1.7)%** | **Hotels, Restaurants & Leisure — (1.7)%** |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (551)<br>|
| &nbsp;&nbsp;&nbsp; Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1481)<br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1409)<br>|
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3023)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (6464)<br>|
| **Household Durables — (0.2)%** | **Household Durables — (0.2)%** | **Household Durables — (0.2)%** |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (187)<br>|
| &nbsp;&nbsp;&nbsp; NVR, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (310)<br>|
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (197)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (694)<br>|
| **Household Products — (0.4)%** | **Household Products — (0.4)%** | **Household Products — (0.4)%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (331)<br>|
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (536)<br>|
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (563)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1430)<br>|
| **Insurance — (5.4)%** | **Insurance — (5.4)%** | **Insurance — (5.4)%** |
| &nbsp;&nbsp;&nbsp; Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2724)<br>|
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5704)<br>|
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3717)<br>|
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1249)<br>|
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1723)<br>|
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2738)<br>|

---

------

**JPMorgan Research Market Neutral Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1169)<br>|
| &nbsp;&nbsp;&nbsp; WR Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1565)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (20589)<br>|
| **Interactive Media & Services — (1.2)%** | **Interactive Media & Services — (1.2)%** | **Interactive Media & Services — (1.2)%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2991)<br>|
| &nbsp;&nbsp;&nbsp; Snap, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; (180)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1694)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (4685)<br>|
| **IT Services — (1.8)%** | **IT Services — (1.8)%** | **IT Services — (1.8)%** |
| &nbsp;&nbsp;&nbsp; Accenture plc (Ireland), Class A | &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1941)<br>|
| &nbsp;&nbsp;&nbsp; Infosys Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1267)<br>|
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1872)<br>|
| &nbsp;&nbsp;&nbsp; MongoDB, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1349)<br>|
| &nbsp;&nbsp;&nbsp; Shopify, Inc. (Canada), Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (207)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (6636)<br>|
| **Life Sciences Tools & Services — (1.6)%** | **Life Sciences Tools & Services — (1.6)%** | **Life Sciences Tools & Services — (1.6)%** |
| &nbsp;&nbsp;&nbsp; Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1345)<br>|
| &nbsp;&nbsp;&nbsp; ICON plc \* | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (316)<br>|
| &nbsp;&nbsp;&nbsp; Illumina, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1146)<br>|
| &nbsp;&nbsp;&nbsp; Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1811)<br>|
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (209)<br>|
| &nbsp;&nbsp;&nbsp; Waters Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1356)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (6183)<br>|
| **Machinery — (3.2)%** | **Machinery — (3.2)%** | **Machinery — (3.2)%** |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1013)<br>|
| &nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2775)<br>|
| &nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3992)<br>|
| &nbsp;&nbsp;&nbsp; Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2053)<br>|
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2086)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (11919)<br>|
| **Media — (0.9)%** | **Media — (0.9)%** | **Media — (0.9)%** |
| &nbsp;&nbsp;&nbsp; Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2988)<br>|
| &nbsp;&nbsp;&nbsp; Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (406)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (3394)<br>|
| **Multi-Utilities — (1.2)%** | **Multi-Utilities — (1.2)%** | **Multi-Utilities — (1.2)%** |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2998)<br>|
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1507)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (4505)<br>|
| **Oil, Gas & Consumable Fuels — (2.5)%** | **Oil, Gas & Consumable Fuels — (2.5)%** | **Oil, Gas & Consumable Fuels — (2.5)%** |
| &nbsp;&nbsp;&nbsp; APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1477)<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1203)<br>|
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1427)<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1449)<br>|

---

------

**JPMorgan Research Market Neutral Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2676)<br>|
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1083)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (9315)<br>|
| **Passenger Airlines — (0.1)%** | **Passenger Airlines — (0.1)%** | **Passenger Airlines — (0.1)%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (509)<br>|
| **Pharmaceuticals — (1.6)%** | **Pharmaceuticals — (1.6)%** | **Pharmaceuticals — (1.6)%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1905)<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (956)<br>|
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1339)<br>|
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1910)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (6110)<br>|
| **Professional Services — (2.8)%** | **Professional Services — (2.8)%** | **Professional Services — (2.8)%** |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1433)<br>|
| &nbsp;&nbsp;&nbsp; Dayforce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1759)<br>|
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1965)<br>|
| &nbsp;&nbsp;&nbsp; Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2160)<br>|
| &nbsp;&nbsp;&nbsp; Robert Half, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (923)<br>|
| &nbsp;&nbsp;&nbsp; TransUnion | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (844)<br>|
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1336)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (10420)<br>|
| **Residential REITs — (0.1)%** | **Residential REITs — (0.1)%** | **Residential REITs — (0.1)%** |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (368)<br>|
| **Retail REITs — (1.7)%** | **Retail REITs — (1.7)%** | **Retail REITs — (1.7)%** |
| &nbsp;&nbsp;&nbsp; NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2011)<br>|
| &nbsp;&nbsp;&nbsp; Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2597)<br>|
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1756)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (6364)<br>|
| **Semiconductors & Semiconductor Equipment — (8.1)%** | **Semiconductors & Semiconductor Equipment — (8.1)%** | **Semiconductors & Semiconductor Equipment — (8.1)%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (789)<br>|
| &nbsp;&nbsp;&nbsp; ARM Holdings plc \* | &nbsp;&nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5333)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2226)<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (91)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1808)<br>|
| &nbsp;&nbsp;&nbsp; KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7563)<br>|
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3715)<br>|
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (615)<br>|
| &nbsp;&nbsp;&nbsp; Qorvo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1980)<br>|
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1928)<br>|
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2405)<br>|
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2433)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (30795)<br>|
| **Software — (2.7)%** | **Software — (2.7)%** | **Software — (2.7)%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3919)<br>|
| &nbsp;&nbsp;&nbsp; Bill Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1364)<br>|

---

------

**JPMorgan Research Market Neutral Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1198)<br>|
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (647)<br>|
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3174)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (10302)<br>|
| **Specialized REITs — (0.8)%** | **Specialized REITs — (0.8)%** | **Specialized REITs — (0.8)%** |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1327)<br>|
| &nbsp;&nbsp;&nbsp; Public Storage | &nbsp;&nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1571)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (2898)<br>|
| **Specialty Retail — (1.8)%** | **Specialty Retail — (1.8)%** | **Specialty Retail — (1.8)%** |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3814)<br>|
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1662)<br>|
| &nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1467)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (6943)<br>|
| **Technology Hardware, Storage & Peripherals — (1.0)%** | **Technology Hardware, Storage & Peripherals — (1.0)%** | **Technology Hardware, Storage & Peripherals — (1.0)%** |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1212)<br>|
| &nbsp;&nbsp;&nbsp; HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (687)<br>|
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1962)<br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (3861)<br>|
| **Trading Companies & Distributors — (0.8)%** | **Trading Companies & Distributors — (0.8)%** | **Trading Companies & Distributors — (0.8)%** |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2992)<br>|
| **Wireless Telecommunication Services — (0.3)%** | **Wireless Telecommunication Services — (0.3)%** | **Wireless Telecommunication Services — (0.3)%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1155)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Proceeds $(286544))<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; (286008)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short Positions <br>(Proceeds $(286544))<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; (286008)<br>|
| **Total Investments — 22.8%** <br>**(Cost $28,250)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **86422** |
| **Other Assets Less Liabilities — 77.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **292348** |
| **Net Assets — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **378770** |

---

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

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

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

\* Non-income producing security. 

(a) All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is $51,635.

------

**JPMorgan Research Market Neutral Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 2025 (Unaudited) (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the current yield as of July 31, 2025.

**Futures contracts outstanding as of July 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Short Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (10513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

------

**JPMorgan Research Market Neutral Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 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.

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 ("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; $372430 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $372430 |
| **Total Liabilities for Securities Sold Short** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $(286008)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(286008)<br>|
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $(55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(55)<br>|

---

&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 an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer.

------

**JPMorgan Research Market Neutral Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF July 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** | **For the period ended July 31, 2025** |
| **Security Description** | **Value at** <br>**October 31,** <br>**2024**<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>**July 31,** <br>**2025**<br>| **Shares at** <br>**July 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.28% (a) (b)<br>| $86511 | $408605 | $419493 | $(14)<br>| $(7)<br>| $75602 | 75587 | $2708 | $— |

---

&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 July 31, 2025.

Futures contracts are generally valued on the basis of available market quotations.

------

## 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 Research Market Neutral Fund

- **b. EDGAR series identifier (if any):** S000002614

- **c. LEI of Series:** 5493003YB1CVJN6VG156

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $664385130.46

**Total Liabilities:** $285823612.16

**Net Assets:** $378561518.30

**Cash Not Reported:** $289106138.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000081099 | 1.26%                | 1.16%                | 1.07%                |
| Class ID C000081100 | 1.34%                | 1.26%                | 1.06%                |
| Class ID C000007189 | 1.24%                | 1.22%                | 1.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1963367.57             | $5684979.38                                |
| Month 2  | $1353269.47              | $2772439.13                                |
| Month 3  | $5423189.05              | $-2050017.73                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ball Corp.                                   | Ball Corp.                                            | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Short            | EC               | CORP              | US        |     -3492 | NS      | $-199951.92   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                 | Oracle Corp.                                          | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      8074 | NS      | $2048938.98   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp. plc                              | Eaton Corp. plc                                       | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |      2422 | NS      | $931791.84    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health, Inc.                        | Elevance Health, Inc.                                 | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Short            | EC               | CORP              | US        |     -6647 | NS      | $-1881632.76  | -0.50%            |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                          | Cisco Systems, Inc.                                   | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Short            | EC               | CORP              | US        |    -16842 | NS      | $-1146603.36  | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.                 | Cadence Design Systems, Inc.                          | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      3361 | NS      | $1225319.77   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp.                           | Lam Research Corp.                                    | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     28392 | NS      | $2692697.28   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                            | Exxon Mobil Corp.                                     | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      8273 | NS      | $923597.72    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot, Inc. (The)                       | Home Depot, Inc. (The)                                | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Short            | EC               | CORP              | US        |    -10378 | NS      | $-3814018.78  | -1.01%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Prime Money Market Fund             | JPMorgan Prime Money Market Fund, Class Institutional | CUSIP: 4812A2603<br>LEI: 549300YD7H8SEEU7VG41 | Long             | STIV             | RF                | US        |  75586797 | NS      | $75601914.71  | 19.97%            |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co.                      | International Paper Co.                               | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Short            | EC               | CORP              | US        |    -39592 | NS      | $-1850530.08  | -0.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | Taiwan Semiconductor Manufacturing Co. Ltd.           | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     14305 | NS      | $3456374.10   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group, Inc.                              | CME Group, Inc.                                       | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      4525 | NS      | $1259217.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.                     | Berkshire Hathaway, Inc., Class B                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Short            | EC               | CORP              | US        |     -1645 | NS      | $-776242.60   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings, Inc.                   | Crowdstrike Holdings, Inc., Class A                   | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      2209 | NS      | $1004145.13   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co.                        | National Fuel Gas Co.                                 | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Short            | EC               | CORP              | US        |    -17634 | NS      | $-1530454.86  | -0.40%            |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup, Inc.                             | PulteGroup, Inc.                                      | CUSIP: 745867101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1746 | NS      | $-197158.32   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology, Inc.                   | Microchip Technology, Inc.                            | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     12589 | NS      | $850890.51    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK, Inc.                                 | AMETEK, Inc.                                          | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      5787 | NS      | $1069726.95   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Music Group Corp.                     | Warner Music Group Corp., Class A                     | CUSIP: 934550203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67694 | NS      | $1980726.44   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.                       | Verisk Analytics, Inc., Class A                       | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Short            | EC               | CORP              | US        |     -4793 | NS      | $-1335857.03  | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Snap, Inc.                                   | Snap, Inc., Class A                                   | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Short            | EC               | CORP              | US        |   -179663 | NS      | $-1694222.09  | -0.45%            |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson plc                     | Willis Towers Watson plc                              | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Short            | EC               | CORP              | IE        |     -3702 | NS      | $-1169128.62  | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation, Inc.                    | Rockwell Automation, Inc.                             | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Short            | EC               | CORP              | US        |     -4778 | NS      | $-1680470.38  | -0.44%            |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets, Inc.                    | Cboe Global Markets, Inc.                             | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Short            | EC               | CORP              | US        |     -2945 | NS      | $-709862.80   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corp.                                          | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     19296 | NS      | $3432179.52   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                              | Starbucks Corp.                                       | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Short            | EC               | CORP              | US        |    -33902 | NS      | $-3022702.32  | -0.80%            |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                      | KeyCorp                                               | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Short            | EC               | CORP              | US        |   -142963 | NS      | $-2561896.96  | -0.68%            |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc.                                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     18929 | NS      | $4431468.19   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Revvity, Inc.                                | Revvity, Inc.                                         | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Short            | EC               | CORP              | US        |    -20599 | NS      | $-1810652.10  | -0.48%            |  |  |  | No            |                  1 | On Loan: No      |
| NVR, Inc.                                    | NVR, Inc.                                             | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Short            | EC               | CORP              | US        |       -41 | NS      | $-309529.09   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)                   | Procter & Gamble Co. (The)                            | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Short            | EC               | CORP              | US        |     -3741 | NS      | $-562908.27   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                    | Consolidated Edison, Inc.                             | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Short            | EC               | CORP              | US        |    -28967 | NS      | $-2998084.50  | -0.79%            |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings, Inc.              | Hilton Worldwide Holdings, Inc.                       | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      6490 | NS      | $1739839.20   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein, Inc.                           | Henry Schein, Inc.                                    | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Short            | EC               | CORP              | US        |    -21807 | NS      | $-1475243.55  | -0.39%            |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma, Inc.                        | Williams-Sonoma, Inc.                                 | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Short            | EC               | CORP              | US        |     -7842 | NS      | $-1466846.10  | -0.39%            |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co.                     | Bristol-Myers Squibb Co.                              | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     35132 | NS      | $1521566.92   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HP, Inc.                                     | HP, Inc.                                              | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Short            | EC               | CORP              | US        |    -27689 | NS      | $-686687.20   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp.                                | Danaher Corp.                                         | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     12934 | NS      | $2550067.44   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp.                                | Stryker Corp.                                         | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      5414 | NS      | $2126240.22   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace, Inc.                       | Howmet Aerospace, Inc.                                | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     24021 | NS      | $4318255.17   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp.                           | Devon Energy Corp.                                    | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Short            | EC               | CORP              | US        |    -36213 | NS      | $-1202995.86  | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences, Inc.                 | Neurocrine Biosciences, Inc.                          | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      7536 | NS      | $966341.28    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.                      | Boston Scientific Corp.                               | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     11917 | NS      | $1250331.64   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                            | Eversource Energy                                     | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Short            | EC               | CORP              | US        |    -58597 | NS      | $-3873261.70  | -1.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Heartland Express, Inc.                      | Heartland Express, Inc.                               | CUSIP: 422347104<br>LEI: 5299005V45FZIQGLOG39 | Short            | EC               | CORP              | US        |    -30312 | NS      | $-237039.84   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Saia, Inc.                                   | Saia, Inc.                                            | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      1723 | NS      | $520759.52    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb, Inc.                                 | Airbnb, Inc., Class A                                 | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Short            | EC               | CORP              | US        |     -4166 | NS      | $-551620.06   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp.                           | Brown-Forman Corp., Class A                           | CUSIP: 115637100<br>LEI: 549300873K3LXF7ARU34 | Short            | EC               | CORP              | US        |     -6949 | NS      | $-199019.36   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp.                                | Centene Corp.                                         | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Short            | EC               | CORP              | US        |    -37055 | NS      | $-966023.85   | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest, Inc.                              | Pinterest, Inc., Class A                              | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61162 | NS      | $2360853.20   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy, Inc.                         | NextEra Energy, Inc.                                  | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     45891 | NS      | $3261014.46   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works, Inc.                    | Illinois Tool Works, Inc.                             | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Short            | EC               | CORP              | US        |    -15595 | NS      | $-3991852.15  | -1.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co. (The)                             | Boeing Co. (The)                                      | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      2743 | NS      | $608507.12    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates, Inc.                | Jack Henry & Associates, Inc.                         | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      5153 | NS      | $875056.70    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy, Inc.                        | Cheniere Energy, Inc.                                 | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      6603 | NS      | $1557515.64   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores, Inc.                            | Ross Stores, Inc.                                     | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |     18323 | NS      | $2501822.42   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co.                         | American Express Co.                                  | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      3619 | NS      | $1083202.89   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp.                               | M&T Bank Corp.                                        | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Short            | EC               | CORP              | US        |     -9370 | NS      | $-1768119.00  | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US, Inc.                            | T-Mobile US, Inc.                                     | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Short            | EC               | CORP              | US        |     -4845 | NS      | $-1155096.45  | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo, Inc.                                  | Qorvo, Inc.                                           | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Short            | EC               | CORP              | US        |    -23686 | NS      | $-1980149.60  | -0.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson                                     | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     11848 | NS      | $1951839.52   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                             | Mastercard, Inc., Class A                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     13498 | NS      | $7646212.06   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T, Inc.                                   | AT&T, Inc.                                            | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     46033 | NS      | $1261764.53   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                        | American Homes 4 Rent, Class A                        | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     31947 | NS      | $1108241.43   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.               | Thermo Fisher Scientific, Inc.                        | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Short            | EC               | CORP              | US        |      -448 | NS      | $-209520.64   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software, Inc.                        | Paycom Software, Inc.                                 | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Short            | EC               | CORP              | US        |     -9330 | NS      | $-2160268.20  | -0.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                      | Republic Services, Inc.                               | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Short            | EC               | CORP              | US        |     -3481 | NS      | $-802892.65   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.                     | Skyworks Solutions, Inc.                              | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Short            | EC               | CORP              | US        |    -35082 | NS      | $-2404520.28  | -0.64%            |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co.                               | Ford Motor Co.                                        | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Short            | EC               | CORP              | US        |   -154096 | NS      | $-1705842.72  | -0.45%            |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                | Netflix, Inc.                                         | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Short            | EC               | CORP              | US        |     -1839 | NS      | $-2132136.60  | -0.56%            |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                                   | TransUnion                                            | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Short            | EC               | CORP              | US        |     -8863 | NS      | $-843668.97   | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp.                      | Regions Financial Corp.                               | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     57369 | NS      | $1453156.77   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks, Inc.                        | Arista Networks, Inc.                                 | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      6258 | NS      | $771110.76    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp.                                 | Waters Corp.                                          | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Short            | EC               | CORP              | US        |     -4695 | NS      | $-1355728.20  | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                        | Colgate-Palmolive Co.                                 | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Short            | EC               | CORP              | US        |     -3940 | NS      | $-330369.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co.               | Hewlett Packard Enterprise Co.                        | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     65938 | NS      | $1364257.22   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial, Inc.                | Raymond James Financial, Inc.                         | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     10425 | NS      | $1742330.25   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group, Inc.                       | WEC Energy Group, Inc.                                | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Short            | EC               | CORP              | US        |    -13813 | NS      | $-1506722.04  | -0.40%            |  |  |  | No            |                  1 | On Loan: No      |
| ICON plc                                     | ICON plc                                              | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Short            | EC               | CORP              | IE        |     -1871 | NS      | $-316554.49   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB, Inc.                                | MongoDB, Inc., Class A                                | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Short            | EC               | CORP              | US        |     -5670 | NS      | $-1348836.30  | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)     | PNC Financial Services Group, Inc. (The)              | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Short            | EC               | CORP              | US        |    -15582 | NS      | $-2964787.14  | -0.78%            |  |  |  | No            |                  1 | On Loan: No      |
| PTC, Inc.                                    | PTC, Inc.                                             | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      4006 | NS      | $860528.86    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings, Inc.                     | TKO Group Holdings, Inc.                              | CUSIP: 87256C101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -7151 | NS      | $-1201439.51  | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp. (The)                      | Progressive Corp. (The)                               | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     16745 | NS      | $4052959.80   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                              | ASML Holding NV (Registered)                          | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |     10633 | NS      | $7386851.43   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp.                                 | Bruker Corp.                                          | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Short            | EC               | CORP              | US        |    -34996 | NS      | $-1344896.28  | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery, Inc.                  | Warner Bros Discovery, Inc.                           | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |    121242 | NS      | $1596757.14   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International, Inc.            | Choice Hotels International, Inc.                     | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Short            | EC               | CORP              | US        |    -11594 | NS      | $-1480669.74  | -0.39%            |  |  |  | No            |                  1 | On Loan: No      |
| Block, Inc.                                  | Block, Inc.                                           | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Short            | EC               | CORP              | US        |    -16608 | NS      | $-1283134.08  | -0.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare, Inc.                      | Molina Healthcare, Inc.                               | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Short            | EC               | CORP              | US        |     -6859 | NS      | $-1082830.33  | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Acuity, Inc.                                 | Acuity, Inc.                                          | CUSIP: 00508Y102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1792 | NS      | $-557939.20   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co.                         | Eastman Chemical Co.                                  | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Short            | EC               | CORP              | US        |    -20486 | NS      | $-1487488.46  | -0.39%            |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems, Inc.               | FactSet Research Systems, Inc.                        | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Short            | EC               | CORP              | US        |     -3836 | NS      | $-1545524.40  | -0.41%            |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear, Inc.                              | Maplebear, Inc.                                       | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37671 | NS      | $1807077.87   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies plc                       | Trane Technologies plc                                | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |     10921 | NS      | $4784271.68   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                                 | Target Corp.                                          | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Short            | EC               | CORP              | US        |    -42077 | NS      | $-4228738.50  | -1.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies, Inc.                      | Dell Technologies, Inc., Class C                      | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Short            | EC               | CORP              | US        |     -9134 | NS      | $-1211990.46  | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings plc                             | ARM Holdings plc                                      | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Short            | EC               | CORP              | GB        |    -37725 | NS      | $-5333371.88  | -1.41%            |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources, Inc.                     | Franklin Resources, Inc.                              | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Short            | EC               | CORP              | US        |   -149242 | NS      | $-3581808.00  | -0.95%            |  |  |  | No            |                  1 | On Loan: No      |
| Adobe, Inc.                                  | Adobe, Inc.                                           | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Short            | EC               | CORP              | US        |    -10624 | NS      | $-3800098.56  | -1.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices, Inc.                 | Advanced Micro Devices, Inc.                          | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Short            | EC               | CORP              | US        |     -4477 | NS      | $-789339.87   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                                 | Fastenal Co.                                          | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Short            | EC               | CORP              | US        |    -64870 | NS      | $-2992453.10  | -0.79%            |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill, Inc.                 | Chipotle Mexican Grill, Inc., Class A                 | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51262 | NS      | $2198114.56   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp.                                    | PPL Corp.                                             | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Short            | EC               | CORP              | US        |    -75517 | NS      | $-2695201.73  | -0.71%            |  |  |  | No            |                  1 | On Loan: No      |
| Aflac, Inc.                                  | Aflac, Inc.                                           | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Short            | EC               | CORP              | US        |    -27412 | NS      | $-2723656.32  | -0.72%            |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group, Inc. (The)                    | Carlyle Group, Inc. (The)                             | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Short            | EC               | CORP              | US        |    -15153 | NS      | $-919180.98   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global                             | Paramount Global, Class B                             | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Short            | EC               | CORP              | US        |    -32266 | NS      | $-405583.62   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                           | General Motors Co.                                    | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Short            | EC               | CORP              | US        |    -17183 | NS      | $-916541.22   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk, Inc.                               | Autodesk, Inc.                                        | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      5169 | NS      | $1566775.59   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies, Inc.                  | L3Harris Technologies, Inc.                           | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Short            | EC               | CORP              | US        |     -5998 | NS      | $-1648370.36  | -0.44%            |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co.                                  | Deere & Co.                                           | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1330 | NS      | $697412.10    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group, Inc.                        | TransDigm Group, Inc.                                 | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1916 | NS      | $3081809.36   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas, Inc.                                 | Ventas, Inc.                                          | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     30967 | NS      | $2080363.06   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co.                              | Halliburton Co.                                       | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Short            | EC               | CORP              | US        |    -63386 | NS      | $-1419846.40  | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan, Inc.                       | Freeport-McMoRan, Inc.                                | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     11705 | NS      | $471009.20    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc           | Johnson Controls International plc                    | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Short            | EC               | CORP              | IE        |     -5251 | NS      | $-551355.00   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co. (The)                           | Southern Co. (The)                                    | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     56378 | NS      | $5326593.44   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | S&P 500 E-Mini Index                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -34 | NC      | $-59698.10    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| MSCI, Inc.                                   | MSCI, Inc.                                            | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |      4589 | NS      | $2576081.04   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy, Inc.                     | Diamondback Energy, Inc.                              | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      8033 | NS      | $1194185.78   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group, Inc.                  | Kinsale Capital Group, Inc.                           | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Short            | EC               | CORP              | US        |     -6213 | NS      | $-2738006.97  | -0.72%            |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp.                                | Veralto Corp.                                         | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Short            | EC               | CORP              | US        |    -16327 | NS      | $-1711559.41  | -0.45%            |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities, Inc.      | Mid-America Apartment Communities, Inc.               | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Short            | EC               | CORP              | US        |     -2581 | NS      | $-367611.83   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Amgen, Inc.                                  | Amgen, Inc.                                           | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Short            | EC               | CORP              | US        |     -8699 | NS      | $-2567074.90  | -0.68%            |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd.                                 | Infosys Ltd.                                          | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Short            | EC               | CORP              | IN        |    -75774 | NS      | $-1266941.28  | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton, Inc.                              | DR Horton, Inc.                                       | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Short            | EC               | CORP              | US        |     -1310 | NS      | $-187120.40   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Sandisk Corp.                                | Sandisk Corp.                                         | CUSIP: 80004C200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13432 | NS      | $576501.44    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone, Inc.                               | AutoZone, Inc.                                        | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       512 | NS      | $1929410.56   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.                         | Otis Worldwide Corp.                                  | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     12391 | NS      | $1061784.79   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos., Inc. (The)                         | TJX Cos., Inc. (The)                                  | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Short            | EC               | CORP              | US        |    -13346 | NS      | $-1661977.38  | -0.44%            |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment, Inc.              | Live Nation Entertainment, Inc.                       | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      8703 | NS      | $1285433.10   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp.                               | McKesson Corp.                                        | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      1266 | NS      | $878021.64    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies, Inc.                     | Roper Technologies, Inc.                              | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      1072 | NS      | $590028.80    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Washington, Inc. | Expeditors International of Washington, Inc.          | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Short            | EC               | CORP              | US        |     -7910 | NS      | $-919458.40   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands, Inc.                         | Conagra Brands, Inc.                                  | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Short            | EC               | CORP              | US        |     -5833 | NS      | $-106510.58   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                         | Meta Platforms, Inc., Class A                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      5195 | NS      | $4018020.80   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                | Medtronic plc                                         | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      9750 | NS      | $879840.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings, Inc.               | United Airlines Holdings, Inc.                        | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |      4130 | NS      | $364720.30    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                  | Capital One Financial Corp.                           | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      3632 | NS      | $780880.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp.                         | Carrier Global Corp.                                  | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     15706 | NS      | $1077745.72   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line, Inc.              | Old Dominion Freight Line, Inc.                       | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Short            | EC               | CORP              | US        |     -4400 | NS      | $-656700.00   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Workday, Inc.                                | Workday, Inc., Class A                                | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Short            | EC               | CORP              | US        |    -13407 | NS      | $-3075297.66  | -0.81%            |  |  |  | No            |                  1 | On Loan: No      |
| WEX, Inc.                                    | WEX, Inc.                                             | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |      5118 | NS      | $868422.24    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies, Inc.                  | Keysight Technologies, Inc.                           | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |      4792 | NS      | $785456.72    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon plc                                      | Aon plc, Class A                                      | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | IE        |     15536 | NS      | $5526310.56   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half, Inc.                            | Robert Half, Inc.                                     | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Short            | EC               | CORP              | US        |    -25000 | NS      | $-922750.00   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp.                                   | IDEX Corp.                                            | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |      6079 | NS      | $993977.29    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp.                               | Carnival Corp.                                        | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |    112855 | NS      | $3359693.35   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper, Inc.                       | Keurig Dr Pepper, Inc.                                | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     37371 | NS      | $1220163.15   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                       | Southwest Airlines Co.                                | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Short            | EC               | CORP              | US        |    -16451 | NS      | $-508829.43   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Shopify, Inc.                                | Shopify, Inc., Class A                                | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Short            | EC               | CORP              | CA        |     -5221 | NS      | $-638058.41   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                      | Arch Capital Group Ltd.                               | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |     10727 | NS      | $923165.62    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp.                                | Comcast Corp., Class A                                | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     13026 | NS      | $432853.98    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM, Inc.                               | QUALCOMM, Inc.                                        | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Short            | EC               | CORP              | US        |    -13136 | NS      | $-1927839.36  | -0.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                        | Gilead Sciences, Inc.                                 | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Short            | EC               | CORP              | US        |    -25136 | NS      | $-2822521.44  | -0.75%            |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp.                  | Pinnacle West Capital Corp.                           | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Short            | EC               | CORP              | US        |     -9376 | NS      | $-849653.12   | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group, Inc.                          | Expedia Group, Inc.                                   | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1027 | NS      | $185085.94    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone, Inc.                             | Blackstone, Inc.                                      | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      7997 | NS      | $1383161.12   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                 | Royal Caribbean Cruises Ltd.                          | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Short            | EC               | CORP              | LR        |     -4433 | NS      | $-1409117.71  | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co.                     | Arthur J Gallagher & Co.                              | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     17550 | NS      | $5041237.50   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                                   | US Bancorp                                            | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     12808 | NS      | $575847.68    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp.                       | ON Semiconductor Corp.                                | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Short            | EC               | CORP              | US        |    -10913 | NS      | $-615056.68   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial, Inc.                         | Voya Financial, Inc.                                  | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Short            | EC               | CORP              | US        |    -20213 | NS      | $-1414910.00  | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Corning, Inc.                                | Corning, Inc.                                         | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Short            | EC               | CORP              | US        |    -14649 | NS      | $-926402.76   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                            | Wells Fargo & Co.                                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     54850 | NS      | $4422555.50   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK, Inc.                                  | ONEOK, Inc.                                           | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Short            | EC               | CORP              | US        |    -13191 | NS      | $-1083113.01  | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                 | Zimmer Biomet Holdings, Inc.                          | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Short            | EC               | CORP              | US        |     -7351 | NS      | $-673719.15   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                          | Kinder Morgan, Inc.                                   | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Short            | EC               | CORP              | US        |    -51637 | NS      | $-1448934.22  | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.        | Alexandria Real Estate Equities, Inc.                 | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     11457 | NS      | $875658.51    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson, Inc.                        | Harley-Davidson, Inc.                                 | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Short            | EC               | CORP              | US        |     -9351 | NS      | $-227509.83   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo, Inc.                                | PepsiCo, Inc.                                         | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      6095 | NS      | $840622.40    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                          | Fifth Third Bancorp                                   | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     60665 | NS      | $2521844.05   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp.                          | Realty Income Corp.                                   | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Short            | EC               | CORP              | US        |    -46275 | NS      | $-2597415.75  | -0.69%            |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                               | Broadcom, Inc.                                        | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Short            | EC               | CORP              | US        |     -7578 | NS      | $-2225658.60  | -0.59%            |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp.         | Cognizant Technology Solutions Corp., Class A         | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     46603 | NS      | $3344231.28   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                               | Alphabet, Inc., Class C                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Short            | EC               | CORP              | US        |    -15508 | NS      | $-2990872.88  | -0.79%            |  |  |  | No            |                  1 | On Loan: No      |
| NiSource, Inc.                               | NiSource, Inc.                                        | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     19988 | NS      | $848490.60    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group, Inc.                   | Simon Property Group, Inc.                            | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Short            | EC               | CORP              | US        |    -10719 | NS      | $-1755665.01  | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts, Inc.                        | Electronic Arts, Inc.                                 | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Short            | EC               | CORP              | US        |     -7531 | NS      | $-1148402.19  | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings, Inc.                        | Affirm Holdings, Inc.                                 | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33488 | NS      | $2295937.28   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks, Inc.                     | Palo Alto Networks, Inc.                              | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Short            | EC               | CORP              | US        |     -3726 | NS      | $-646833.60   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| American International Group, Inc.           | American International Group, Inc.                    | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Short            | EC               | CORP              | US        |    -47885 | NS      | $-3717312.55  | -0.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Corpay, Inc.                                 | Corpay, Inc.                                          | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     20351 | NS      | $6574390.55   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management, Inc.               | Apollo Global Management, Inc.                        | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      7983 | NS      | $1160089.56   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp.                                    | Fox Corp., Class A                                    | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Short            | EC               | CORP              | US        |    -53590 | NS      | $-2988178.40  | -0.79%            |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker, Inc.                 | Stanley Black & Decker, Inc.                          | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Short            | EC               | CORP              | US        |    -30835 | NS      | $-2085987.75  | -0.55%            |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp.                                   | AGCO Corp.                                            | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |      2240 | NS      | $264252.80    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.                 | Vertex Pharmaceuticals, Inc.                          | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      2685 | NS      | $1226695.95   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos., Inc.                            | Lowe's Cos., Inc.                                     | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     16508 | NS      | $3690693.56   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                         | Analog Devices, Inc.                                  | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      9309 | NS      | $2091080.67   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay, Inc.                                   | eBay, Inc.                                            | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Short            | EC               | CORP              | US        |    -48011 | NS      | $-4405009.25  | -1.16%            |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.        | International Business Machines Corp.                 | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Short            | EC               | CORP              | US        |     -6844 | NS      | $-1732558.60  | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials, Inc.                      | Applied Materials, Inc.                               | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      9271 | NS      | $1669336.26   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis, Inc.                                 | Zoetis, Inc.                                          | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Short            | EC               | CORP              | US        |    -13102 | NS      | $-1910140.58  | -0.50%            |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp. (The)                         | Allstate Corp. (The)                                  | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Short            | EC               | CORP              | US        |    -28065 | NS      | $-5704211.25  | -1.51%            |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp.                                    | EQT Corp.                                             | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     13558 | NS      | $728742.50    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings, Inc.                        | PayPal Holdings, Inc.                                 | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Short            | EC               | CORP              | US        |    -39114 | NS      | $-2689478.64  | -0.71%            |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                    | KLA Corp.                                             | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Short            | EC               | CORP              | US        |     -8604 | NS      | $-7563174.12  | -2.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                | Chevron Corp.                                         | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3744 | NS      | $567740.16    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group (The)                            | Cigna Group (The)                                     | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      3874 | NS      | $1035830.12   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp.                              | TC Energy Corp.                                       | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     54470 | NS      | $2608023.60   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings plc              | Seagate Technology Holdings plc                       | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | IE        |     16504 | NS      | $2591293.04   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                            | Merck & Co., Inc.                                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Short            | EC               | CORP              | US        |    -12239 | NS      | $-956110.68   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines, Inc.                        | Delta Air Lines, Inc.                                 | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      3680 | NS      | $195812.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co., Inc.            | American Electric Power Co., Inc.                     | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Short            | EC               | CORP              | US        |    -30437 | NS      | $-3443642.18  | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage                                        | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Short            | EC               | CORP              | US        |     -5777 | NS      | $-1570997.38  | -0.41%            |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries, Inc.          | Huntington Ingalls Industries, Inc.                   | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Short            | EC               | CORP              | US        |     -6393 | NS      | $-1782751.98  | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp.                         | Dollar General Corp.                                  | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Short            | EC               | CORP              | US        |    -22687 | NS      | $-2379866.30  | -0.63%            |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp. (The)                   | Charles Schwab Corp. (The)                            | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     31465 | NS      | $3075074.45   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp.                   | Edwards Lifesciences Corp.                            | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     18767 | NS      | $1488410.77   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce, Inc.                               | Dayforce, Inc.                                        | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Short            | EC               | CORP              | US        |    -30505 | NS      | $-1759223.35  | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Bill Holdings, Inc.                          | Bill Holdings, Inc.                                   | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Short            | EC               | CORP              | US        |    -31821 | NS      | $-1363529.85  | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co., Inc.                              | KKR & Co., Inc.                                       | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Short            | EC               | CORP              | US        |     -7425 | NS      | $-1088356.50  | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology, Inc.                      | Micron Technology, Inc.                               | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     20807 | NS      | $2270875.98   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp.                                 | Cintas Corp.                                          | CUSIP: 172908105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -11350 | NS      | $-2525942.50  | -0.67%            |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp.                                 | Ameren Corp.                                          | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     39906 | NS      | $4035693.78   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co. (The)                          | Coca-Cola Co. (The)                                   | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     10469 | NS      | $710740.41    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp.                             | CMS Energy Corp.                                      | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |     30760 | NS      | $2270088.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems, Inc.               | Monolithic Power Systems, Inc.                        | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Short            | EC               | CORP              | US        |     -5223 | NS      | $-3714806.52  | -0.98%            |  |  |  | No            |                  1 | On Loan: No      |
| XPO, Inc.                                    | XPO, Inc.                                             | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |      5806 | NS      | $698403.74    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                             | ServiceNow, Inc.                                      | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      2650 | NS      | $2499268.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial, Inc.                   | Ameriprise Financial, Inc.                            | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     10977 | NS      | $5688171.63   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills, Inc.                          | General Mills, Inc.                                   | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Short            | EC               | CORP              | US        |    -22526 | NS      | $-1103323.48  | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings, Inc.                         | IQVIA Holdings, Inc.                                  | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |      4782 | NS      | $888782.52    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies, Inc.                   | Agilent Technologies, Inc.                            | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     12278 | NS      | $1409637.18   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                 | Exelon Corp.                                          | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Short            | EC               | CORP              | US        |    -34064 | NS      | $-1530836.16  | -0.40%            |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.              | Automatic Data Processing, Inc.                       | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Short            | EC               | CORP              | US        |     -4631 | NS      | $-1433294.50  | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands, Inc.                   | Constellation Brands, Inc., Class A                   | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Short            | EC               | CORP              | US        |     -4809 | NS      | $-803295.36   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                    | APA Corp.                                             | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Short            | EC               | CORP              | US        |    -76582 | NS      | $-1477266.78  | -0.39%            |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                          | Synchrony Financial                                   | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Short            | EC               | CORP              | US        |    -35019 | NS      | $-2439773.73  | -0.64%            |  |  |  | No            |                  1 | On Loan: No      |
| Illumina, Inc.                               | Illumina, Inc.                                        | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Short            | EC               | CORP              | US        |    -11154 | NS      | $-1145627.34  | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co. (The)                             | Kroger Co. (The)                                      | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Short            | EC               | CORP              | US        |    -24756 | NS      | $-1735395.60  | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                        | Walt Disney Co. (The)                                 | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     24359 | NS      | $2901400.49   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana, Inc.                                 | Humana, Inc.                                          | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      8973 | NS      | $2242083.51   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corp.                                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     10800 | NS      | $5761800.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies, Inc.                      | Uber Technologies, Inc.                               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Short            | EC               | CORP              | US        |    -25084 | NS      | $-2201121.00  | -0.58%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                 | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     33024 | NS      | $1561044.48   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE, Inc.                                   | NIKE, Inc., Class B                                   | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     24661 | NS      | $1841930.09   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                              | Eli Lilly & Co.                                       | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Short            | EC               | CORP              | US        |     -2573 | NS      | $-1904200.11  | -0.50%            |  |  |  | No            |                  1 | On Loan: No      |
| WR Berkley Corp.                             | WR Berkley Corp.                                      | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Short            | EC               | CORP              | US        |    -22741 | NS      | $-1564808.21  | -0.41%            |  |  |  | No            |                  1 | On Loan: No      |
| Paychex, Inc.                                | Paychex, Inc.                                         | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Short            | EC               | CORP              | US        |    -13613 | NS      | $-1964764.29  | -0.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co.                         | Emerson Electric Co.                                  | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      5312 | NS      | $772949.12    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on, Inc.                                | Snap-on, Inc.                                         | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Short            | EC               | CORP              | US        |     -6392 | NS      | $-2053046.48  | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp. (The)          | Bank of New York Mellon Corp. (The)                   | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Short            | EC               | CORP              | US        |    -19104 | NS      | $-1938100.80  | -0.51%            |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co.                                       | 3M Co.                                                | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     22672 | NS      | $3383115.84   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer, Inc.                                 | Pfizer, Inc.                                          | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Short            | EC               | CORP              | US        |    -57496 | NS      | $-1339081.84  | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials, Inc.              | Martin Marietta Materials, Inc.                       | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      3003 | NS      | $1726364.64   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp.                                  | Intel Corp.                                           | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Short            | EC               | CORP              | US        |    -91316 | NS      | $-1808056.80  | -0.48%            |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                    | RTX Corp.                                             | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     27487 | NS      | $4331126.59   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab, Inc.                                 | Ecolab, Inc.                                          | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      3901 | NS      | $1021125.76   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International, Inc.                 | Mondelez International, Inc., Class A                 | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     13672 | NS      | $884441.68    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                                 | AbbVie, Inc.                                          | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     16141 | NS      | $3050971.82   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group, Inc.                          | Omnicom Group, Inc.                                   | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     33361 | NS      | $2403660.05   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain, Inc.                          | Iron Mountain, Inc.                                   | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Short            | EC               | CORP              | US        |    -13629 | NS      | $-1326919.44  | -0.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock, Inc.                              | Blackrock, Inc.                                       | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Short            | EC               | CORP              | US        |     -3211 | NS      | $-3551398.11  | -0.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp.                       | Northrop Grumman Corp.                                | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Short            | EC               | CORP              | US        |      -914 | NS      | $-527021.54   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp.                     | Marathon Petroleum Corp.                              | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      1162 | NS      | $197760.78    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                        | NXP Semiconductors NV                                 | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |     10151 | NS      | $2169979.27   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp.                        | Western Digital Corp.                                 | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |     26999 | NS      | $2124551.31   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical, Inc.                     | Intuitive Surgical, Inc.                              | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Short            | EC               | CORP              | US        |     -1493 | NS      | $-718267.37   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co.                             | Baker Hughes Co.                                      | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41428 | NS      | $1866331.40   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.              | Regeneron Pharmaceuticals, Inc.                       | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      3001 | NS      | $1636925.46   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                   | Occidental Petroleum Corp.                            | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Short            | EC               | CORP              | US        |    -60900 | NS      | $-2675946.00  | -0.71%            |  |  |  | No            |                  1 | On Loan: No      |
| Dentsply Sirona, Inc.                        | Dentsply Sirona, Inc.                                 | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Short            | EC               | CORP              | US        |    -64864 | NS      | $-928203.84   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                         | United Rentals, Inc.                                  | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       404 | NS      | $356707.76    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                       | Sempra                                                | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     15711 | NS      | $1283274.48   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT, Inc.                               | NNN REIT, Inc.                                        | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Short            | EC               | CORP              | US        |    -48737 | NS      | $-2010888.62  | -0.53%            |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co. (The)                            | Hershey Co. (The)                                     | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      2214 | NS      | $412091.82    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co., Inc.                          | Donaldson Co., Inc.                                   | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Short            | EC               | CORP              | US        |    -38565 | NS      | $-2775523.05  | -0.73%            |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                          | EOG Resources, Inc.                                   | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     11851 | NS      | $1422357.02   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.                     | UnitedHealth Group, Inc.                              | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      5289 | NS      | $1319922.84   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna, Inc.                                | Moderna, Inc.                                         | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Short            | EC               | CORP              | US        |    -14108 | NS      | $-417032.48   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp.                                | Moody's Corp.                                         | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Short            | EC               | CORP              | US        |     -5890 | NS      | $-3037649.70  | -0.80%            |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp.                         | Kimberly-Clark Corp.                                  | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Short            | EC               | CORP              | US        |     -4304 | NS      | $-536364.48   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys, Inc.                               | Synopsys, Inc.                                        | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      2149 | NS      | $1361327.03   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive, Inc.                    | O'Reilly Automotive, Inc.                             | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     23508 | NS      | $2311306.56   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group, Inc. (The)         | Hartford Insurance Group, Inc. (The)                  | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Short            | EC               | CORP              | US        |    -13853 | NS      | $-1723174.67  | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                             | McDonald's Corp.                                      | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      9388 | NS      | $2817057.16   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp.                       | General Dynamics Corp.                                | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Short            | EC               | CORP              | US        |      -553 | NS      | $-172320.33   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co. (The)                        | Kraft Heinz Co. (The)                                 | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Short            | EC               | CORP              | US        |    -27860 | NS      | $-765035.60   | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings, Inc.                 | LPL Financial Holdings, Inc.                          | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Short            | EC               | CORP              | US        |     -4584 | NS      | $-1814026.32  | -0.48%            |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands, Inc.                            | Yum! Brands, Inc.                                     | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     19295 | NS      | $2781374.25   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.                       | Waste Management, Inc.                                | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Short            | EC               | CORP              | US        |     -6374 | NS      | $-1460665.84  | -0.39%            |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.                 | Charter Communications, Inc., Class A                 | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |      3431 | NS      | $924174.16    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge, Inc.                               | Enbridge, Inc.                                        | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Short            | EC               | CORP              | CA        |    -31510 | NS      | $-1427087.90  | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                          | Abbott Laboratories                                   | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Short            | EC               | CORP              | US        |     -3702 | NS      | $-467155.38   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy, Inc.                        | Dominion Energy, Inc.                                 | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     37147 | NS      | $2171242.15   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp.                                   | Pool Corp.                                            | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Short            | EC               | CORP              | US        |     -4425 | NS      | $-1363519.50  | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp.                                | Entergy Corp.                                         | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     42703 | NS      | $3861632.29   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp.                           | Brown-Forman Corp., Class B                           | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Short            | EC               | CORP              | US        |     -8381 | NS      | $-241791.85   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co.                    | Molson Coors Beverage Co., Class B                    | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Short            | EC               | CORP              | US        |    -26042 | NS      | $-1268766.24  | -0.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings, Inc.                       | Labcorp Holdings, Inc.                                | CUSIP: 504922105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1722 | NS      | $-447857.76   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                            | FirstEnergy Corp.                                     | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Short            | EC               | CORP              | US        |    -66562 | NS      | $-2842863.02  | -0.75%            |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International, Inc.                   | Lennox International, Inc.                            | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Short            | EC               | CORP              | US        |     -3212 | NS      | $-1956108.00  | -0.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar, Inc.                            | Caterpillar, Inc.                                     | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Short            | EC               | CORP              | US        |     -2312 | NS      | $-1012702.24  | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| Toast, Inc.                                  | Toast, Inc., Class A                                  | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |     36562 | NS      | $1785688.08   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                         | American Tower Corp.                                  | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      8921 | NS      | $1859047.19   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture plc                                | Accenture plc, Class A                                | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Short            | EC               | CORP              | IE        |     -7267 | NS      | $-1941015.70  | -0.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets, Inc.                       | Tradeweb Markets, Inc., Class A                       | CUSIP: 892672106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -11957 | NS      | $-1656642.35  | -0.44%            |  |  |  | No            |                  1 | On Loan: No      |
| NetApp, Inc.                                 | NetApp, Inc.                                          | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Short            | EC               | CORP              | US        |    -18843 | NS      | $-1962121.59  | -0.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores, Inc.                      | Burlington Stores, Inc.                               | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     16739 | NS      | $4569077.44   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp.            | Booz Allen Hamilton Holding Corp.                     | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      6289 | NS      | $674998.37    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments, Inc.                      | Texas Instruments, Inc.                               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      5982 | NS      | $1083100.92   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                             | Salesforce, Inc.                                      | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      9201 | NS      | $2376894.33   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc.          | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    104262 | NS      | $8279445.42   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage, Inc.                    | Extra Space Storage, Inc.                             | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11554 | NS      | $1552395.44   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne, Inc.                               | Teradyne, Inc.                                        | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Short            | EC               | CORP              | US        |    -22651 | NS      | $-2433396.93  | -0.64%            |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                | Equinix, Inc.                                         | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      3113 | NS      | $2444234.21   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City Ltd.            | Canadian Pacific Kansas City Ltd.                     | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     32790 | NS      | $2411704.50   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp.                                  | Sysco Corp.                                           | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Short            | EC               | CORP              | US        |   -101542 | NS      | $-8082743.20  | -2.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life, Inc.                             | Globe Life, Inc.                                      | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Short            | EC               | CORP              | US        |     -8892 | NS      | $-1249059.24  | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom, Inc.                                 | Dexcom, Inc.                                          | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Short            | EC               | CORP              | US        |     -7533 | NS      | $-608440.41   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co., Inc.                           | Best Buy Co., Inc.                                    | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      9347 | NS      | $608115.82    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-02

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer