# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0002071691-25-007751
**Filing Date:** 2025-11
**Character Count:** 85987
**Document Hash:** 0b744459517b46e21b427049c6bbed38
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007751.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007751

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 251528340

**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 Value Advantage Fund (Series ID: S000002796)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007658 | Class I      | JVASX           |
| C000007659 | Class L      | JVAIX           |
| C000007660 | Class A      | JVAAX           |
| C000007661 | Class C      | JVACX           |
| C000173221 | Class R3     | JVAPX           |
| C000173222 | Class R4     | JVAQX           |
| C000173223 | Class R5     | JVARX           |
| C000173224 | Class R6     | JVAYX           |
| C000190878 | Class R2     | JGAQX           |

## Nport-Ex

**JPMorgan Value Advantage Fund**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan Value Advantage Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF September 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.5%** | **Common Stocks — 97.5%** | **Common Stocks — 97.5%** |
| **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; 79489 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp; 99631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 179120 |
| **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp;&nbsp; 82822 |
| **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** |
| &nbsp;&nbsp;&nbsp; Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1705 | &nbsp;&nbsp;&nbsp;&nbsp; 48249 |
| **Banks — 10.7%** | **Banks — 10.7%** | **Banks — 10.7%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3340 | &nbsp;&nbsp;&nbsp;&nbsp; 172285 |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1475 | &nbsp;&nbsp;&nbsp;&nbsp; 37976 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 879 | &nbsp;&nbsp;&nbsp;&nbsp; 39154 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 121350 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 863 | &nbsp;&nbsp;&nbsp;&nbsp; 170626 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3977 | &nbsp;&nbsp;&nbsp;&nbsp; 104886 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3849 | &nbsp;&nbsp;&nbsp;&nbsp; 322599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 968876 |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp; 36833 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1763 | &nbsp;&nbsp;&nbsp;&nbsp; 44982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 81815 |
| **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp;&nbsp; 165479 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 36307 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 29248 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 231034 |
| **Broadline Retail — 1.3%** | **Broadline Retail — 1.3%** | **Broadline Retail — 1.3%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp;&nbsp; 113706 |
| **Building Products — 1.7%** | **Building Products — 1.7%** | **Building Products — 1.7%** |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 65740 |
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 983 | &nbsp;&nbsp;&nbsp;&nbsp; 52485 |
| &nbsp;&nbsp;&nbsp; Hayward Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2246 | &nbsp;&nbsp;&nbsp;&nbsp; 33964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 152189 |
| **Capital Markets — 4.1%** | **Capital Markets — 4.1%** | **Capital Markets — 4.1%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 47096 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 568 | &nbsp;&nbsp;&nbsp;&nbsp; 54205 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp;&nbsp; 61623 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp;&nbsp; 48924 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; 32835 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 128794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 373477 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2090 | &nbsp;&nbsp;&nbsp;&nbsp; 59806 |

---

------

**JPMorgan Value Advantage Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 661 | &nbsp;&nbsp;&nbsp;&nbsp; 45233 |
| **Construction & Engineering — 0.7%** | **Construction & Engineering — 0.7%** | **Construction & Engineering — 0.7%** |
| &nbsp;&nbsp;&nbsp; WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2919 | &nbsp;&nbsp;&nbsp;&nbsp; 61621 |
| **Construction Materials — 0.7%** | **Construction Materials — 0.7%** | **Construction Materials — 0.7%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 67575 |
| **Consumer Finance — 2.5%** | **Consumer Finance — 2.5%** | **Consumer Finance — 2.5%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp; 58729 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp;&nbsp; 165195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 223924 |
| **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp; 53163 |
| **Containers & Packaging — 3.0%** | **Containers & Packaging — 3.0%** | **Containers & Packaging — 3.0%** |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3228 | &nbsp;&nbsp;&nbsp;&nbsp; 63180 |
| &nbsp;&nbsp;&nbsp; International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp; 762 | &nbsp;&nbsp;&nbsp;&nbsp; 35376 |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp;&nbsp; 50933 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1377 | &nbsp;&nbsp;&nbsp;&nbsp; 59229 |
| &nbsp;&nbsp;&nbsp; Smurfit WestRock plc | &nbsp;&nbsp;&nbsp;&nbsp; 1442 | &nbsp;&nbsp;&nbsp;&nbsp; 61367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 270085 |
| **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1658 | &nbsp;&nbsp;&nbsp;&nbsp; 72863 |
| **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 34963 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1047 | &nbsp;&nbsp;&nbsp;&nbsp; 79026 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3697 | &nbsp;&nbsp;&nbsp;&nbsp; 55754 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 722 | &nbsp;&nbsp;&nbsp;&nbsp; 58216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 227959 |
| **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 54097 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 20518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 74615 |
| **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** |
| &nbsp;&nbsp;&nbsp; CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp; 26169 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 40469 |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp;&nbsp; 126855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 193493 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Flowco Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp;&nbsp; 12824 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 967 | &nbsp;&nbsp;&nbsp;&nbsp; 110743 |
| **Financial Services — 4.4%** | **Financial Services — 4.4%** | **Financial Services — 4.4%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp; 521 | &nbsp;&nbsp;&nbsp;&nbsp; 261796 |

---

------

**JPMorgan Value Advantage Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| &nbsp;&nbsp;&nbsp; Corpay, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp; 58486 |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2814 | &nbsp;&nbsp;&nbsp;&nbsp; 79839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 400121 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 633 | &nbsp;&nbsp;&nbsp;&nbsp; 68062 |
| **Ground Transportation — 1.5%** | **Ground Transportation — 1.5%** | **Ground Transportation — 1.5%** |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp;&nbsp; 49136 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp;&nbsp; 84102 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 133238 |
| **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp; 38583 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp; 764 | &nbsp;&nbsp;&nbsp;&nbsp; 72766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 111349 |
| **Health Care Providers & Services — 7.4%** | **Health Care Providers & Services — 7.4%** | **Health Care Providers & Services — 7.4%** |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp; 112371 |
| &nbsp;&nbsp;&nbsp; Cigna Group (The) | &nbsp;&nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp;&nbsp; 104669 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp;&nbsp; 57917 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 52917 |
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1598 | &nbsp;&nbsp;&nbsp;&nbsp; 106080 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp;&nbsp; 67411 |
| &nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp; 95721 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp; 72166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 669252 |
| **Hotel & Resort REITs — 0.8%** | **Hotel & Resort REITs — 0.8%** | **Hotel & Resort REITs — 0.8%** |
| &nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1253 | &nbsp;&nbsp;&nbsp;&nbsp; 15048 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3302 | &nbsp;&nbsp;&nbsp;&nbsp; 56199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 71247 |
| **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 51158 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 943 | &nbsp;&nbsp;&nbsp;&nbsp; 36940 |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; 30120 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; 41673 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp;&nbsp; 92336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 252227 |
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp;&nbsp; 53754 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp; 69904 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp; 27056 |
| **Insurance — 5.3%** | **Insurance — 5.3%** | **Insurance — 5.3%** |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 507 | &nbsp;&nbsp;&nbsp;&nbsp; 45970 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp; 58983 |

---

------

**JPMorgan Value Advantage Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; 31628 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1084 | &nbsp;&nbsp;&nbsp;&nbsp; 108810 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp; 32377 |
| &nbsp;&nbsp;&nbsp; Oscar Health, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp;&nbsp; 23275 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 18613 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp; 124346 |
| &nbsp;&nbsp;&nbsp; WR Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 38301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 482303 |
| **Interactive Media & Services — 1.7%** | **Interactive Media & Services — 1.7%** | **Interactive Media & Services — 1.7%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp; 457 | &nbsp;&nbsp;&nbsp;&nbsp; 111254 |
| &nbsp;&nbsp;&nbsp; Angi, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp;&nbsp; 8331 |
| &nbsp;&nbsp;&nbsp; IAC, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 988 | &nbsp;&nbsp;&nbsp;&nbsp; 33651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 153236 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 862 | &nbsp;&nbsp;&nbsp;&nbsp; 57786 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; 21653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 79439 |
| **Machinery — 1.6%** | **Machinery — 1.6%** | **Machinery — 1.6%** |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp;&nbsp; 83705 |
| &nbsp;&nbsp;&nbsp; Middleby Corp. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp; 439 | &nbsp;&nbsp;&nbsp;&nbsp; 58374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 142079 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| &nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 27204 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 654 | &nbsp;&nbsp;&nbsp;&nbsp; 53336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 80540 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp;&nbsp; 30197 |
| **Oil, Gas & Consumable Fuels — 5.3%** | **Oil, Gas & Consumable Fuels — 5.3%** | **Oil, Gas & Consumable Fuels — 5.3%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 729 | &nbsp;&nbsp;&nbsp;&nbsp; 113213 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp; 1433 | &nbsp;&nbsp;&nbsp;&nbsp; 135521 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp; 92563 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2210 | &nbsp;&nbsp;&nbsp;&nbsp; 62558 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 1236 | &nbsp;&nbsp;&nbsp;&nbsp; 78314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 482169 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp;&nbsp; 40221 |
| **Pharmaceuticals — 4.1%** | **Pharmaceuticals — 4.1%** | **Pharmaceuticals — 4.1%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 3029 | &nbsp;&nbsp;&nbsp;&nbsp; 136602 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 722 | &nbsp;&nbsp;&nbsp;&nbsp; 133901 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 684 | &nbsp;&nbsp;&nbsp;&nbsp; 57429 |
| &nbsp;&nbsp;&nbsp; Novo Nordisk A/S, ADR (Denmark) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 831 | &nbsp;&nbsp;&nbsp;&nbsp; 46103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 374035 |

---

------

**JPMorgan Value Advantage Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; TransUnion | &nbsp;&nbsp;&nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp;&nbsp; 48281 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp; 18767 |
| **Residential REITs — 1.6%** | **Residential REITs — 1.6%** | **Residential REITs — 1.6%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2174 | &nbsp;&nbsp;&nbsp;&nbsp; 72271 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp;&nbsp; 71577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 143848 |
| **Retail REITs — 0.9%** | **Retail REITs — 0.9%** | **Retail REITs — 0.9%** |
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1094 | &nbsp;&nbsp;&nbsp;&nbsp; 79749 |
| **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp;&nbsp; 53581 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 573 | &nbsp;&nbsp;&nbsp;&nbsp; 105315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 158896 |
| **Specialized REITs — 3.3%** | **Specialized REITs — 3.3%** | **Specialized REITs — 3.3%** |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 59590 |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp; 44959 |
| &nbsp;&nbsp;&nbsp; Public Storage | &nbsp;&nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp;&nbsp; 61607 |
| &nbsp;&nbsp;&nbsp; Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1558 | &nbsp;&nbsp;&nbsp;&nbsp; 41352 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp; 44331 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1957 | &nbsp;&nbsp;&nbsp;&nbsp; 48504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 300343 |
| **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 52903 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 888 | &nbsp;&nbsp;&nbsp;&nbsp; 22880 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp;&nbsp; 44854 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp; 100057 |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 55179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 275873 |
| **Technology Hardware, Storage & Peripherals — 2.2%** | **Technology Hardware, Storage & Peripherals — 2.2%** | **Technology Hardware, Storage & Peripherals — 2.2%** |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp; 4402 | &nbsp;&nbsp;&nbsp;&nbsp; 108101 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp;&nbsp; 92606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 200707 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| &nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp;&nbsp; 31062 |
| &nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 534 | &nbsp;&nbsp;&nbsp;&nbsp; 42610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 73672 |
| **Tobacco — 1.5%** | **Tobacco — 1.5%** | **Tobacco — 1.5%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 827 | &nbsp;&nbsp;&nbsp;&nbsp; 134156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $5,862,556)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 8859913 |

---

------

**JPMorgan Value Advantage Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — 2.4%** | **Short-Term Investments — 2.4%** | **Short-Term Investments — 2.4%** |
| **Investment Companies — 2.1%** | **Investment Companies — 2.1%** | **Investment Companies — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, 4.20% (b) (c) <br>(Cost $192,057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 192021 | &nbsp;&nbsp;&nbsp;&nbsp; 192098 |
| **Investment of Cash Collateral from Securities Loaned — 0.3%** | **Investment of Cash Collateral from Securities Loaned — 0.3%** | **Investment of Cash Collateral from Securities Loaned — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.20% (b) (c) <br>(Cost $25,526)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25526 | &nbsp;&nbsp;&nbsp;&nbsp; 25526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $217,583)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 217624 |
| **Total Investments — 99.9%** <br>**(Cost $6,080,139)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **9077537** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **11211** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **9088748** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

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

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at September 30, 2025. The total value of securities on loan at September 30, 2025 is $24,874.

(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(c) The rate shown is the current yield as of September 30, 2025.

------

**JPMorgan Value Advantage Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

**A. Valuation of Investments**— Investments are valued in accordance with U.S. generally accepted accounting principles ("GAAP") and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Fund are calculated on a valuation date.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's NAV per share as of the report date.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $9077537 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9077537 |

---

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

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

**B. Investment Transactions with Affiliates**— The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers.

------

**JPMorgan Value Advantage Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** | **For the period ended September 30, 2025** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**September 30,** <br>**2025**<br>| **Shares at** <br>**September 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.20% (a) (b)<br>| $176205 | $590032 | $574194 | $28 | $27 | $192098 | 192021 | $2109 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.20% <br> (a) (b)<br>|  | 81784 | 56257 | (1)<br>|  | 25526 | 25526 | 170 |  |
| **Total** | $176205 | $671816 | $630451 | $27 | $27 | $217624 |  | $2279 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of September 30, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan Value Advantage Fund

- **b. EDGAR series identifier (if any):** S000002796

- **c. LEI of Series:** 549300P7ZUUEK5GQXK57

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $9091211340.22

**Total Liabilities:** $30671232.53

**Net Assets:** $9060540107.69

**Cash Not Reported:** $639138.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000173223 | -0.59%               | 4.49%                | -0.57%               |
| Class ID C000173221 | -0.61%               | 4.43%                | -0.59%               |
| Class ID C000007660 | -0.62%               | 4.46%                | -0.58%               |
| Class ID C000173224 | -0.57%               | 4.49%                | -0.55%               |
| Class ID C000173222 | -0.59%               | 4.45%                | -0.54%               |
| Class ID C000007661 | -0.68%               | 4.41%                | -0.60%               |
| Class ID C000007658 | -0.59%               | 4.49%                | -0.57%               |
| Class ID C000190878 | -0.64%               | 4.42%                | -0.59%               |
| Class ID C000007659 | -0.59%               | 4.48%                | -0.55%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $38746386.71             | $-100560929.33                             |
| Month 2  | $110000967.68            | $275400416.95                              |
| Month 3  | $145266580.48            | $-209960596.16                             |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CBRE Group, Inc.                              | CBRE Group, Inc., Class A                                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    119110 | NS      | $18766971.60  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts, Inc.                   | Host Hotels & Resorts, Inc.                                           | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |   3301962 | NS      | $56199393.24  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp. plc                               | Eaton Corp. plc                                                       | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |    144548 | NS      | $54097089.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corp.                                   | Loews Corp.                                                           | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |   1140231 | NS      | $114467790.09 | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                                    | Chubb Ltd.                                                            | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |    208974 | NS      | $58982911.50  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Oscar Health, Inc.                            | Oscar Health, Inc., Class A                                           | CUSIP: 687793109<br>LEI: 254900AE8KDLFDOPKZ19 | Long             | EC               | CORP              | US        |   1229552 | NS      | $23275419.36  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp.                                    | PG&E Corp.                                                            | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |   3697180 | NS      | $55753474.40  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                              | Amazon.com, Inc.                                                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    517857 | NS      | $113705861.49 | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp.                                  | Gentex Corp.                                                          | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |   1704894 | NS      | $48248500.20  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos., Inc.                           | Carlisle Cos., Inc.                                                   | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |    199842 | NS      | $65740024.32  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil, Inc.                                   | Jabil, Inc.                                                           | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |    186349 | NS      | $40469412.33  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities, Inc.       | Mid-America Apartment Communities, Inc.                               | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |    512255 | NS      | $71577391.15  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings, Inc.            | BJ's Wholesale Club Holdings, Inc.                                    | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |    570117 | NS      | $53163410.25  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co.                      | Bristol-Myers Squibb Co.                                              | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |   3028867 | NS      | $136601901.70 | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group, Inc.                   | Kinsale Capital Group, Inc.                                           | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |     74374 | NS      | $31628287.24  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                                | Alphabet, Inc., Class C                                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    456802 | NS      | $111254127.10 | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands, Inc.                    | Constellation Brands, Inc., Class A                                   | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |    273510 | NS      | $36833591.70  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp.                      | SBA Communications Corp.                                              | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |    229280 | NS      | $44331288.00  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT, Inc.                  | Apple Hospitality REIT, Inc.                                          | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |   1252943 | NS      | $15047845.43  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy, Inc.                          | NextEra Energy, Inc.                                                  | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |   1046844 | NS      | $79026253.56  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                        | Southwest Airlines Co.                                                | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |   1260464 | NS      | $40221406.24  | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| American Express Co.                          | American Express Co.                                                  | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |    176809 | NS      | $58728877.44  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                         | MGIC Investment Corp.                                                 | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |   2814219 | NS      | $79839393.03  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                             | Johnson & Johnson                                                     | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    722150 | NS      | $133901053.00 | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                             | Merck & Co., Inc.                                                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    684245 | NS      | $57428682.85  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                         | American Homes 4 Rent, Class A                                        | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |   2173556 | NS      | $72270737.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties, Inc.                    | EastGroup Properties, Inc.                                            | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |    159846 | NS      | $27055533.96  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp. (The)                          | Middleby Corp. (The)                                                  | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |    439130 | NS      | $58373550.90  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp.                       | Regions Financial Corp.                                               | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |   3977480 | NS      | $104886147.60 | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co.                | Hewlett Packard Enterprise Co.                                        | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |   4401489 | NS      | $108100569.84 | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial, Inc.                 | Raymond James Financial, Inc.                                         | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |    190238 | NS      | $32835078.80  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp. (The)                       | Progressive Corp. (The)                                               | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     75371 | NS      | $18612868.45  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group, Inc.                     | Nexstar Media Group, Inc.                                             | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |    137574 | NS      | $27203882.76  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC, Inc.                                     | IAC, Inc.                                                             | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |    987694 | NS      | $33650734.58  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos., Inc. (The)                     | Williams Cos., Inc. (The)                                             | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |   1236215 | NS      | $78314220.25  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co.                              | Weyerhaeuser Co.                                                      | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |   1956582 | NS      | $48503667.78  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos., Inc. (The)                    | Travelers Cos., Inc. (The)                                            | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |    445333 | NS      | $124345880.26 | 1.37%             |  |  |  | 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        |    942577 | NS      | $36939592.63  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                         | Regency Centers Corp.                                                 | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |   1093953 | NS      | $79749173.70  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp.                        | General Dynamics Corp.                                                | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |    233107 | NS      | $79489487.00  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp.                               | TD SYNNEX Corp.                                                       | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |    774685 | NS      | $126854668.75 | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Sportswear Co.                       | Columbia Sportswear Co.                                               | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Long             | EC               | CORP              | US        |    593924 | NS      | $31062225.20  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone, Inc.                                | AutoZone, Inc.                                                        | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |     12331 | NS      | $52902949.44  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants, Inc.                      | Darden Restaurants, Inc.                                              | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |    158227 | NS      | $30120091.72  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co.                       | International Paper Co.                                               | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    762417 | NS      | $35376148.80  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                 | Medtronic plc                                                         | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |    764032 | NS      | $72766407.68  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                   | Capital One Financial Corp.                                           | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    777094 | NS      | $165194642.52 | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co.                 | Graphic Packaging Holding Co.                                         | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3228422 | NS      | $63180218.54  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International, Inc.             | Philip Morris International, Inc.                                     | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    827100 | NS      | $134155620.00 | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper, Inc.                        | Keurig Dr Pepper, Inc.                                                | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |   1763300 | NS      | $44981783.00  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                       | Arch Capital Group Ltd.                                               | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |    506666 | NS      | $45969806.18  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy, Inc.                                 | GoDaddy, Inc., Class A                                                | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |    158247 | NS      | $21652937.01  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy, Inc.                             | Xcel Energy, Inc.                                                     | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    721835 | NS      | $58215992.75  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Angi, Inc.                                    | Angi, Inc.                                                            | CUSIP: 00183L201<br>LEI: 5493003ENY577E6SZL06 | Long             | EC               | CORP              | US        |    512354 | NS      | $8330876.04   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group, Inc.         | Public Service Enterprise Group, Inc.                                 | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |    361817 | NS      | $30197246.82  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group, Inc.                           | Expedia Group, Inc.                                                   | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    194962 | NS      | $41673127.50  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                             | Wells Fargo & Co.                                                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   3848715 | NS      | $322599291.30 | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| WR Berkley Corp.                              | WR Berkley Corp.                                                      | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |    499885 | NS      | $38301188.70  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                           | Cisco Systems, Inc.                                                   | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    661111 | NS      | $45233214.62  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                           | Fifth Third Bancorp                                                   | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |    878887 | NS      | $39154415.85  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp.          | Cognizant Technology Solutions Corp., Class A                         | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    861579 | NS      | $57786103.53  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hunt Transport Services, Inc.              | JB Hunt Transport Services, Inc.                                      | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |    366223 | NS      | $49136139.91  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.                      | Berkshire Hathaway, Inc., Class B                                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |    520739 | NS      | $261796324.86 | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                | Morgan Stanley                                                        | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    387660 | NS      | $61622433.60  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay, Inc.                                  | Corpay, Inc.                                                          | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |    203032 | NS      | $58485397.92  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd.                   | Axalta Coating Systems Ltd.                                           | CUSIP: N/A<br>LEI: 529900AGLPA40GV6H619       | Long             | EC               | CORP              | BM        |   2089655 | NS      | $59805926.10  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.                  | Vertex Pharmaceuticals, Inc.                                          | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     74681 | NS      | $29248066.84  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings, Inc.                           | Post Holdings, Inc.                                                   | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |    633251 | NS      | $68061817.48  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos., Inc.                             | Lowe's Cos., Inc.                                                     | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |    398143 | NS      | $100057317.33 | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                          | Analog Devices, Inc.                                                  | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |    218073 | NS      | $53580536.10  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein, Inc.                            | Henry Schein, Inc.                                                    | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |   1598314 | NS      | $106080100.18 | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                 | Chevron Corp.                                                         | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    729040 | NS      | $113212621.60 | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group (The)                             | Cigna Group (The)                                                     | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |    363118 | NS      | $104668763.50 | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries, Inc.                       | Mohawk Industries, Inc.                                               | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |    416953 | NS      | $53753580.76  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                | ConocoPhillips                                                        | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |   1432724 | NS      | $135521363.16 | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares, Inc.               | First Citizens BancShares, Inc., Class A                              | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |     67825 | NS      | $121349777.00 | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp. (The)                    | Charles Schwab Corp. (The)                                            | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    567774 | NS      | $54205383.78  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings, Inc.                        | Hayward Holdings, Inc.                                                | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2143726 | NS      | $32413137.12  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                   | Marsh & McLennan Cos., Inc.                                           | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |    160658 | NS      | $32377406.74  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp.                       | WillScot Holdings Corp.                                               | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |   2919058 | NS      | $61621314.38  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial, Inc.                    | Ameriprise Financial, Inc.                                            | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     95870 | NS      | $47096137.50  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co. (The)                    | Procter & Gamble Co. (The)                                            | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    454953 | NS      | $69903528.45  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications, Inc.                  | Verizon Communications, Inc.                                          | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |   1657868 | NS      | $72863298.60  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                         | Walt Disney Co. (The)                                                 | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    967187 | NS      | $110742911.50 | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana, Inc.                                  | Humana, Inc.                                                          | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |    259105 | NS      | $67411347.85  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System, Inc.                 | Columbia Banking System, Inc.                                         | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1475347 | NS      | $37975431.78  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                         | Bank of America Corp.                                                 | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   3339503 | NS      | $172284959.77 | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                | Public Storage                                                        | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |    213282 | NS      | $61606505.70  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings, Inc.                        | Labcorp Holdings, Inc.                                                | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    333452 | NS      | $95720731.12  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                                    | TransUnion                                                            | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |    576282 | NS      | $48280905.96  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Prime Money Market Fund              | JPMorgan Prime Money Market Fund, Class IM                            | CUSIP: 46637K844<br>LEI: 549300YD7H8SEEU7VG41 | Long             | STIV             | RF                | US        | 192020712 | NS      | $192097520.18 | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA, Inc.                              | Murphy USA, Inc.                                                      | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |    142120 | NS      | $55179511.20  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp.                                     | CDW Corp.                                                             | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |    164296 | NS      | $26169066.88  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co.                          | Emerson Electric Co.                                                  | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |    156407 | NS      | $20517470.26  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier, Inc.                                | Rayonier, Inc.                                                        | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |   1558085 | NS      | $41351575.90  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials, Inc.               | Martin Marietta Materials, Inc.                                       | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |    107215 | NS      | $67575470.20  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                     | RTX Corp.                                                             | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    595414 | NS      | $99630624.62  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare, Inc.                          | HCA Healthcare, Inc.                                                  | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |    124160 | NS      | $52916992.00  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                            | State Street Corp.                                                    | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |   1110200 | NS      | $128794302.00 | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp.                          | Northern Trust Corp.                                                  | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |    363475 | NS      | $48923735.00  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie, Inc.                                  | AbbVie, Inc.                                                          | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    714688 | NS      | $165478859.52 | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group, Inc.                           | Omnicom Group, Inc.                                                   | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |    654195 | NS      | $53336518.35  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                           | Union Pacific Corp.                                                   | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |    355807 | NS      | $84102100.59  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp.                         | Western Digital Corp.                                                 | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |    771332 | NS      | $92606119.92  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.               | Regeneron Pharmaceuticals, Inc.                                       | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     64573 | NS      | $36307460.71  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings, Inc.                        | Booking Holdings, Inc.                                                | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      9475 | NS      | $51158083.25  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                           | EOG Resources, Inc.                                                   | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    825569 | NS      | $92562796.28  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.                      | UnitedHealth Group, Inc.                                              | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    208995 | NS      | $72165973.50  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp.                                   | FedEx Corp.                                                           | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |    351225 | NS      | $82822367.25  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corp.                                   | Dover Corp.                                                           | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |    501738 | NS      | $83704950.54  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                              | McDonald's Corp.                                                      | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |    303846 | NS      | $92335760.94  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands, Inc.                          | Kontoor Brands, Inc.                                                  | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |    534160 | NS      | $42609943.20  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                           | Kinder Morgan, Inc.                                                   | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |   2209749 | NS      | $62557994.19  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works, Inc.                       | Bath & Body Works, Inc.                                               | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |    888189 | NS      | $22879748.64  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp.                              | CVS Health Corp.                                                      | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    768238 | NS      | $57917462.82  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings, Inc.                         | Silgan Holdings, Inc.                                                 | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |   1377103 | NS      | $59229200.03  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp.                                 | Entergy Corp.                                                         | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    375184 | NS      | $34963396.96  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations, Inc.              | Fortune Brands Innovations, Inc.                                      | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |    983056 | NS      | $52485359.84  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp.                                | M&T Bank Corp.                                                        | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |    863402 | NS      | $170625503.24 | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora, Inc.                                 | Cencora, Inc.                                                         | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |    359551 | NS      | $112370474.03 | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                              | Novo Nordisk A/S                                                      | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    830833 | NS      | $46102923.17  | 0.51%             |  |  |  | No            |                  1 | On Loan: —       |
| Packaging Corp. of America                    | Packaging Corp. of America                                            | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |    233710 | NS      | $50932420.30  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments, Inc.                       | Texas Instruments, Inc.                                               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    573208 | NS      | $105315505.84 | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowco Holdings, Inc.                         | Flowco Holdings, Inc., Class A                                        | CUSIP: 342909108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    863583 | NS      | $12824207.55  | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology, Inc.                        | Align Technology, Inc.                                                | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |    308121 | NS      | $38582911.62  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co.                         | Lamar Advertising Co., Class A                                        | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |    367252 | NS      | $44958989.84  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock plc                          | Smurfit WestRock plc                                                  | CUSIP: N/A<br>LEI: 635400EGSEOPDW2EXS14       | Long             | EC               | CORP              | IE        |   1441561 | NS      | $61367251.77  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                 | Equinix, Inc.                                                         | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     76082 | NS      | $59590465.68  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Securities Lending Money Market Fund | JPMorgan Securities Lending Money Market Fund, Class Agency SL Shares | CUSIP: 46645V642<br>LEI: 5493002FD4HXUJXMRO62 | Long             | STIV             | RF                | US        |  25525994 | NS      | $25525994.50  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co., Inc.                            | Best Buy Co., Inc.                                                    | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |    593148 | NS      | $44853851.76  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer